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.

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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.

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