Ondine Capital has announced the first close of its third US dollar-denominated venture fund, with commitments from institutional and strategic limited partners, including several leading Taiwanese semiconductor companies.
In a statement on Tuesday, Taiwan-based Ondine Capital said Fund III will invest across the artificial intelligence (AI) value chain, including foundation models, next-generation semiconductors, AI infrastructure, AI-native software, and physical AI. The strategy draws on its experience in semiconductors and deep technology.
Odine Capital, a venture firm focused on frontier technologies, including semiconductors, AI, enterprise software, clean energy, did not disclose the size of the close or the fund’s target.
The firm cited three early investments. Recursive Superintelligence, founded by former Salesforce chief scientist Richard Socher, builds recursive self-improving AI systems. The company recently raised $650 million at a $4 billion pre-money valuation, led by Google Ventures, with participation from Nvidia and AMD.
Bot Auto, founded by former TuSimple co-founder and CTO Xiaodi Hou, works on autonomous freight. It recently launched driverless freight operations on the Houston-to-Dallas corridor with Ryan Transportation.
Salience Labs develops silicon-photonics optical switching for AI data centres. It recently closed a $125 million round led by Bullhound Capital, with strategic backing from AMD Ventures and Intel Capital. It is working with Tower Semiconductor.
Alongside the close, Ondine appointed Brian Yen as partner. Yen was previously principal and head of the Taipei office at Headline Asia. He focuses on consumer technology, agentic services, and physical AI, including respond.io, forest inc., Braid, and iMotorbike.
At Ondine, he will focus on early-stage founders building intelligent software and physical AI platforms.
Yen said the convergence of AI and semiconductors is creating opportunities across the technology stack. The firm expects significant value creation as the technologies mature, he added.
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