DCM Ventures
About DCM Ventures
DCM Ventures was founded in 1996 by David Chao and Dixon Doll and was formerly called Doll Capital Management. Its Asia work began in the late 1990s, and it now has offices in Silicon Valley, Beijing and Tokyo. Its largest announced fund family, closed in July 2020, totals $880 million: $780 million for DCM IX and $100 million for a seed-stage A-fund. Wikipedia puts assets under management near $4.5 billion as of 2025. Xinhe Lin is listed as a co-founder, and Osuke Honda and Ramon Zeng as general partners. The firm has also said it is spinning off its pre-seed and seed team into a separate firm that Honda will lead.
DCM's investment scope has expanded over time to include AI-native applications, alongside consumer internet, e-commerce, enterprise software and fintech. A clear public example is Mendel, a clinical AI platform, whose $18 million Series A was led by DCM. Another example is its investment in Lingopal.ai, which raised a $14 million Series A in February 2025. On the Lounge deals desk, a DCM-led seed round in APTSell was logged in July 2026, with the amount undisclosed. Public sources do not name the partners who lead the firm's AI deals.
Directory profiles list Seed, Series A, Series B and Growth as stages. One profile gives a check range of $5 million to $25 million with a $10 million sweet spot. Another gives average checks of about $12 million at Series A and $24.7 million at Series B. A third source lists checks of $500K to $10M, so the published figures conflict and the firm has not confirmed any of them. The 2020 fund announcement said 82% of its companies were first funded at seed or Series A.
- Mendel: clinical AI platform that reads unstructured text in medical documents; $18 million Series A led by DCM.
- Lingopal.ai: AI company; $14 million Series A in February 2025.
- APTSell: seed round, amount undisclosed, July 2026, led by DCM (Lounge deals desk).
- dcm.com
- en.wikipedia.org/wiki/DCM_Ventures
- businesswire.com/news/home/20200709005187/en/DCM-Closes-$880-Million-f
- news.crunchbase.com/venture/dcm-ventures-closes-on-880m-in-largest-fun
- superscout.co/investor/dcm-ventures
- connect.visible.vc/investors/doll-capital-management
- pitchbook.com/profiles/investor/11165-50
Investing activity
DCM Ventures appears in 1 AI deal tracked by the AI Lounge deals desk, and led 1 of them. The rounds are mostly Seed. The most recent is APTSell (Seed, Jul 2026).
Deals
Frequently asked questions about DCM Ventures
When was DCM Ventures founded and by whom?
DCM Ventures was founded in 1996 by David Chao and Dixon Doll in Menlo Park, California. It was formerly known as Doll Capital Management.
Does DCM Ventures invest in AI startups?
Yes. Its scope includes AI-native applications, and its public examples include Mendel, a clinical AI platform, and Lingopal.ai. The firm's AI-specific partners are not named in public sources.
What stages does DCM Ventures invest in?
Directory profiles list Seed, Series A, Series B and Growth. The firm's 2020 fund announcement said 82% of its companies were first funded at seed or Series A.
How large are DCM Ventures' funds?
The firm announced a $880 million fund family in July 2020, including $780 million for DCM IX. Wikipedia estimates total assets under management at about $4.5 billion as of 2025.
Where does DCM Ventures invest geographically?
The firm primarily invests in the United States, with activity in Japan, China and South Korea. It has offices in Silicon Valley, Beijing and Tokyo.
What AI companies has DCM Ventures invested in?
DCM Ventures's AI investments include APTSell. The 1 round on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is DCM Ventures based?
DCM Ventures is based in Menlo Park, California, United States.
What stage does DCM Ventures invest at?
In the rounds tracked on AI Lounge, DCM Ventures has invested at Seed. DCM Ventures led 1 of those rounds.
How can founders reach DCM Ventures?
Founders on AI Lounge can see DCM Ventures's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add DCM Ventures to their Investor Pipeline to track the conversation.