Ondine Capital
Status
ACTIVE
Global HQ
Taipei, Taiwan
Countries of investment
- Taiwan
- China
- Singapore
- Malaysia
- Indonesia
- Vietnam
- United States
- United Kingdom
Investment stages
- Seed
- Series A
- Series B
- Series C
- Growth
Industries
- AI
- Generative AI
- Machine Learning
- Deep Tech
- Robotics
- Autonomous Vehicles
- Enterprise Software
- Clean Energy
- E-Commerce
- Mobility
About
Ondine Capital is a Taipei-based venture capital firm with an office in Singapore, founded by Randolph Hsu and Founding and Managing Partner Yen An Cho, which started out backing Southeast Asian and Greater China consumer tech companies such as Carsome, Love Bonito and Sayurbox before moving toward semiconductors and AI. In November 2026 it announced the first close of Fund III, its third US dollar fund, of undisclosed size, with commitments from institutional and strategic LPs including several leading Taiwanese semiconductor companies. Fund III will invest across the AI value chain, from foundation models and next-generation semiconductors to AI infrastructure, AI-native software and physical AI. Recent portfolio companies include Recursive Superintelligence, Bot Auto and Salience Labs, which raised a $125M Series B in October 2026. With the close, the firm added Brian Yen, formerly Principal and Head of the Taipei office at Headline Asia, as Partner.
Ondine Capital is a Taipei-based venture capital firm with an office in Singapore, founded by Randolph Hsu and Founding and Managing Partner Yen An Cho, which started out backing Southeast Asian and Greater China consumer tech companies such as Carsome, Love Bonito and Sayurbox before moving toward semiconductors and AI. In November 2026 it announced the first close of Fund III, its third US dollar fund, of undisclosed size, with commitments from institutional and strategic LPs including several leading Taiwanese semiconductor companies. Fund III will invest across the AI value chain, from foundation models and next-generation semiconductors to AI infrastructure, AI-native software and physical AI. Recent portfolio companies include Recursive Superintelligence, Bot Auto and Salience Labs, which raised a $125M Series B in October 2026. With the close, the firm added Brian Yen, formerly Principal and Head of the Taipei office at Headline Asia, as Partner.
Investment Thesis
Ondine Capital backs AI and semiconductor startups with core technical barriers, along with other frontier technologies such as AI infrastructure, AI-native software, physical AI, enterprise software and clean energy. It works with technical founders from inception through later rounds, looking for teams that could set the next industry standard. Its edge is long-term capital combined with a network of industrial partners, including leading Taiwanese semiconductor companies among its LPs.
Manager's Experience
Founding and Managing Partner Yen An Cho previously worked at JD.com, MediaTek and the law firm Jones Day, and co-founder Randolph Hsu built the firm's early Southeast Asia portfolio including Carsome, Love Bonito, Dekoruma and Sayurbox, with Dekoruma acquired by Blibli in 2024. New Partner Brian Yen was Principal and Head of the Taipei office at Headline Asia, previously founded Ein Prosit Corp and studied at IESE Business School.
Team
Yen An Cho - Founding and Managing Partner
Randolph Hsu - Founder
Brian Yen - Partner
Portfolio
Recursive Superintelligence
Salience Labs
Bot Auto
Evotrex
SWAP Energi
iMotorbike
Carsome
Love Bonito
Sayurbox
Dekoruma