Core Tech Fund will seed startups emerging from US-China tech decoupling.
SHANGHAI – June 6th, 2022 – Oakseed Ventures announces the first closing of a new fund to continue seeding unparalleled core technology startups that will be highly sought after by Chinese venture capital in subsequent rounds. Oakseed Core Tech Fund will back highly technical founders building future tech giants to emerge from the US- China tech decoupling. Oakseed Ventures is founded by Chee-We Ng, one of few investors who has focused on early-stage deep tech investments for a decade; he was the first investor in world-class companies like Kyligence and Zilliz that have raised hundreds of millions of dollars since. He holds an MBA from Harvard and a Master’s and Bachelor’s from MIT where he graduated top from the School of Engineering.
“The public equity market is turbulent because of spiking inflation and supply chain disruptions resulting from the Ukraine war and Covid. This is the best time to invest in early-stage venture sectors with robust long-term growth. The US-China decoupling means a decade from now, we will see a second group of companies providing critical hardware and software, not just to Chinese corporates but others. Oakseed Core Tech Fund will seed and assist founders in key areas like access to customers and deliver financial returns to our investors as these startups succeed,” says Chee-We.
Oakseed Core Tech Fund will invest in AI, 5G, SaaS, Web3.0, cloud, data and enterprise infrastructure.
“If you can make it, we can sell it,” says Chee-We. “The time I spent at tech corporate venture has let me build a network of executives in the IT industry with deep relationships in large corporate customers across the financial, telecom, internet, and manufacturing sectors. Our job is not just investing, but helping startups access these customers even while they are in a pre-product or pre-revenue stage. This helps them refine their product and strategy based on critical market input. “
Oakseed Ventures will also assist startups with access to global markets. A key partner is SiS Group, Asia’s leading IT Distributor. Mr. Lim KH Kia Hong, Co-Founder and Chairman of SiS Group says, “we have been in this business for over 30 years, being the first to bring companies like 3Com, Symantec, HTC and WordPerfect into Asia when they were still startups. We’re excited about our partnership with Oakseed Ventures and bringing new cloud and core tech companies to Asia in the next phase of the global economy.”
Last year, Oakseed Ventures co-led a seed investment in Resnics, a “Pensando of China” providing Data Processing Units (DPUs) to next generation data centers. Within six months, it has received a Series A financing of several tens of millions of dollars at a valuation that is several times the previous round’s.
“The market is hot for startups rising to the opportunity presented by the US-China tech decoupling,” says Chee-We.
“Chee-We was quite visionary when he was one of my first investors,” says Luke Han, co-founder and CEO of Kyligence, provider of AI-augmented data and services management platform ranked one of the fastest-growing tech companies by Deloitte last year. “Back then, the enterprise market in China was very nascent compared to now. As an investor, Chee-We was very helpful in introducing investors and partners, and discussing with me on topics like strategy and financing. I highly recommend him to other entrepreneurs. Today, I’m excited that Kyligence is a global company with businesses in US, China and Southeast Asia.”
“We look forward to backing exceptionally motivated and self-driven entrepreneurs building future tech giants that will emerge from the US-China tech decoupling, so as to deliver the best return for our investors,” says Chee-We.
To learn more about Oakseed Ventures, visit oakseedvc.com or email [email protected]
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