Taipei-based venture capital firm Ondine Capital, which invests in frontier technologies, said on November 3 that it had held the first close of its third US dollar-denominated fund to back AI and semiconductor startups.

The firm said Fund III has commitments from institutional and strategic limited partners, including semiconductor companies in Taiwan.

It plans to invest across the AI stack, from foundation models and chips to infrastructure, software, and physical AI applications.

Ondine named AI startup Recursive Superintelligence, autonomous freight company Bot Auto, and photonics company Salience Labs as early portfolio companies.

It also appointed Brian Yen, former head of Headline Asia’s Taipei office, as partner.

The raise comes as AI has driven a large share of global late-stage venture funding, while Taiwan’s listed AI and chip companies have benefited from an AI stock boom, even as early-stage startups still face funding challenges.

🔗 Source: Ondine Capital