Early-stage (pre-seed to Series A) technology investing focused on defensible AI, data moats, and deep tech across healthcare, enterprise AI, and industrial automation/technology, in the US and Canada.

How much does Fusion Fund manage?

Fusion Fund manages ~$500M in assets, and was founded in 2015.

What stages does Fusion Fund invest at?

Fusion Fund invests at Pre-Seed, Seed, Series A, with typical checks of $500K-$2.5M.

All funds

FundVerified

Fusion Fund

Palo Alto-based venture capital firm founded in 2015 by Lu Zhang, investing pre-seed through Series A in deep-tech and data-moat startups across healthcare, enterprise AI, and industrial automation; participated in Reality Defender's April 2025 strategic investment round.

Fusion Fund is a Silicon Valley venture capital firm founded in 2015 by Lu Zhang, a Stanford-trained materials scientist and former medical-device entrepreneur. The firm backs early-stage (pre-seed to Series A) startups with technical or data advantages in healthcare, enterprise AI/networks, edge computing, data privacy, and industrial technology/automation. Since its 2015 launch with a $15M first fund, the firm has grown to roughly $500M in total AUM, invested in 75+ startups, and produced at least five unicorns (including GrubMarket, Lightricks, and Element Biosciences) with 10 exits. In March 2025 it closed an oversubscribed Fund IV at $190M (against a $150M target).

Overview

Firm: Fusion Fund
Headquarters: Palo Alto, CA
Founded: 2015
AUM: ~$500M
Avg. check: $500K-$2.5M
Stages: Pre-Seed, Seed, Series A
Thesis: Early-stage (pre-seed to Series A) technology investing focused on defensible AI, data moats, and deep tech across healthcare, enterprise AI, and industrial automation/technology, in the US and Canada.

Portfolio companies1

CompanyReality DefenderAI platform for real-time detection of deepfakes and synthetic media across audio, video, image, and text.

Partners1

FounderLu ZhangFounder and Managing Partner of Fusion Fund (founded 2015), a Palo Alto venture capital firm with ~$500M AUM; a Stanford-trained materials scientist and serial entrepreneur who previously founded and exited a medical-device company.

Frequently asked

What is Fusion Fund?: Early-stage (pre-seed to Series A) technology investing focused on defensible AI, data moats, and deep tech across healthcare, enterprise AI, and industrial automation/technology, in the US and Canada.
How much does Fusion Fund manage?: Fusion Fund manages ~$500M in assets, and was founded in 2015.
What stages does Fusion Fund invest at?: Fusion Fund invests at Pre-Seed, Seed, Series A, with typical checks of $500K-$2.5M.

Sources & citations4

Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.

1
Fund IV closed oversubscribed at $190M (vs $150M target); firm AUM ~$500M; founded 2015 with $15M first fund; 75+ portfolio companies, 5+ unicorns (GrubMarket, Lightricks, Element Biosciences), 10 exits; HQ Palo Alto, CA
Forbes: Fusion Fund Raises $190 Million To Back The Next Tech Giant
Verified2025-03-07
2
HQ address 550 Lytton Ave, Palo Alto, CA 94301; founding year 2015; Lu Zhang background
Fusion Fund: Fusion Fund — Lu Zhang team bio page
Verified2026-08-09
3
David Gerster's name and Investment Partner title confirmed via Fusion Fund's own dedicated team-bio page
Fusion Fund: Fusion Fund — David Gerster team bio page
Verified2026-08-09
4
Fusion Fund made a strategic investment in Reality Defender, alongside BNY and Samsung Next, announced April 3, 2025
PR Newswire: Reality Defender Announces Strategic Investments from BNY, Samsung Next, and Fusion Fund
Verified2025-04-03

Overview

Portfolio companies1

Partners1

Frequently asked

Tags

Sources & citations4