Fusion Fund
About Fusion Fund
Fusion Fund invests at seed and Series A in AI, enterprise infrastructure and healthcare technology.
Fusion Fund was founded in 2015 in Palo Alto by Lu Zhang, who serves as founder and managing partner. The firm announced Fusion Fund III with $120 million in committed capital in December 2022, aimed at seed and early-stage startups in the US and Canada. In March 2025 it announced Fusion Fund IV with $190 million, which it said was oversubscribed within about five months and brought total assets under management above $500 million. A Fusion Fund Supernova Fund I is listed as opening for fundraising in July 2023, with its size not disclosed. Other named team members include Ivneet Bhullar, an investment partner, and Auguste Fagniez, a senior associate.
The firm says it backs technical founders whose companies hold data or technology advantages. Its thesis covers enterprise AI, healthcare AI and deep tech, with an emphasis on foundational innovation. Recent AI rounds on public trackers include Blumind's $20 million Series A in the first quarter of 2025, Rhino Federated Computing's $15 million Series A in 2024, and Somite AI's $47 million Series A led by Khosla Ventures in the second quarter of 2025. PitchBook lists Fusion Fund as a co-investor in Palona AI's Series A in August 2026. Tracxn names vCluster and Nimble Science among the firm's most notable investments. Startup Intros describes a network of serial entrepreneurs and a CXO group of executives from Global 1000 companies that the firm offers to portfolio companies.
PitchBook lists the firm as investing at pre-seed, seed and Series A. Founder Network profile f4.fund gives a typical check range of $500K to $5M at those stages, and another profile lists an average check of $500K to $2.5M. The firm's fund announcements do not state check sizes.
- Palona AI: business and productivity software; Series A, Fusion Fund co-investor, August 2026 (PitchBook)
- Blumind: Series A, $20 million, first quarter 2025 (f4.fund)
- Somite AI: Series A, $47 million led by Khosla Ventures, second quarter 2025 (f4.fund)
- Rhino Federated Computing: Series A, $15 million, 2024 (f4.fund)
- Bodo.ai: Series A, $22.5 million, December 2021 (Crunchbase)
- vCluster and Nimble Science: named by Tracxn among the firm's most notable investments; round details not stated
- privateequityinternational.com/institution-profiles/fusion-fund.html
- pitchbook.com/profiles/investor/163995-04
- newsfilecorp.com/release/147972/Fusion-Fund-Continues-Focus-on-Deep-Te
- prnewswire.com/news-releases/fusion-fund-celebrates-10-years-with-190m
- en.wikipedia.org/wiki/Lu_Zhang_(venture_capitalist))
- f4.fund/firms/fusion-fund
- crunchbase.com/organization/fusion-fund/recent_investments
- tracxn.com/d/venture-capital/fusion-fund/__p8CYMRglcviMRH_01UAy3UNmohi
Investing activity
Fusion Fund is listed on AI Lounge as a venture capital investor based in Palo Alto, California, United States. The deals desk records Series A and later AI rounds and seeds over $10M, so smaller checks may not show here yet.
Deals
Frequently asked questions about Fusion Fund
Who founded Fusion Fund?
Fusion Fund was founded in 2015 in Palo Alto by Lu Zhang, who is its founder and managing partner. Zhang is listed as the key contact on the firm's public profiles.
How much capital has Fusion Fund raised across its funds?
Fusion Fund III closed with $120 million in committed capital, announced in December 2022. Fusion Fund IV was announced in March 2025 with $190 million, bringing total assets under management above $500 million.
What check size does Fusion Fund write?
Public profiles cite typical checks of $500K to $5M at pre-seed, seed and Series A. The firm has not published its own check size range.
Does Fusion Fund invest in AI startups?
Yes. The firm focuses on enterprise AI, healthcare AI and deep tech, and its public portfolio includes AI companies such as Blumind and Somite AI.
What stages does Fusion Fund invest in?
The firm invests at pre-seed, seed and Series A, according to PitchBook and other public profiles. It is based in Palo Alto and focuses on the US and Canada.
Where is Fusion Fund based?
Fusion Fund is based in Palo Alto, California, United States.
How can founders reach Fusion Fund?
Founders on AI Lounge can see Fusion Fund'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 Fusion Fund to their Investor Pipeline to track the conversation.