Today, Linear Venture announced publicily it has successfully completed fundraising a new duel-currency investment fund in both USD and RMB. The Limited Partners on the fund include a top hedge fund in Asia, Alibaba Group, Tencent Group, Baidu, Dian Ping, Qunar, Bai Xing, Facebook, Twitter, LinkedIn, additional unnamed Founders and C-suite decision makers from top IT companies, both locally and globally.
Additionally the LPs also included professionals who have over 10 years of experience in the investment industry. Currently, Linear’s total assets under management is US$100 million.
Linear Ventures was founded by Zhang Chuan Michael and Wang Huai Harry in September 2014. Zhang wasa former top management personell from JD.com and Tmall and Wang was an early-stage employee at Facebook.
The two partners are striving to be the kind of investor who deeply understand the potential of the quirky IT professionals.
So far, Linear Ventures has already invested in over 30 startups, including Horizon Robotics, Rokid, Ayla Networks, Fraud Metrics, Ping++, Kujiale.com, Tezign, Yin Cheng Ku, Sensors Analytics, Bongmi.com, Shu Shu, Tao Data, Seeta and many others.
Among these startups, most of them have closed at least next round fund raising.
“We will fully pay attention to startups that focus on data driven strategies, or have a core focus on intelligence development or, finally, can be applied to business operations,” said Zhang.
Linear will focus on seed and pre-A series rounds. Their first single investment size will range from US$500,000 to US$2 million.
“Linear Venture’s new batch fund will place an emphasis on greater AI, including big data, IoT, robotics etc, and data driven fintech,” said Wang.
For Linear Venture, for every penny it has already invested, they are fully prepared to invest a follow-up round in the future.
Linear Venture has used its dual currency fund to invest in companies like Tao Data, which use Big Data to help enterprises operate intelligently, and Seeta, which provides face perception services based on deep learning technology. Also, portfolio company LambdaCal is building a cloud-based HPC SaaS platform for industrial simulations. Another company is one of the hottest technology-startup media companies.