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The three venture firms were the first investors in the AI chip company, which raised a $27m Series A round in 2016.

With the Tokyo-based financial group as an anchor investor, Across plans to invest in more than 20 micro VCs focused on AI, fintech and blockchain, climate and health tech.

Investors are more wary of SaaS as they see a structural shift from enterprise products built around systems of record, seat licenses and humans manually navigating workflows to platforms pushing software toward systems of action, automation and outcomes.

Seeing the impact of AI on the VC industry, Cheng was re-evaluating how to be most useful to founders as an investor and liked Costanoa’s level of dedication to a smaller portfolio of start-ups.

AI-driven tech disruptions have raised questions over the sustainability of the recent pricing recovery in venture secondaries.

VC firms worldwide collected $21bn in the first quarter, the same amount they raised in Q1 2025, in a prelude to what may turn out to be another poor year for fundraising.

The disconnect between GPs and LPs was on full display in the first quarter, according to our new report.

As due diligence intensifies, minor discrepancies or the wrong response during a background check can derail commitments and delay fundraises.

The firm’s seventh fund may invest across a wide range of secondaries strategies.

The larger fund size will enable the deep tech, defense and space investor to lead rounds and write bigger initial checks for portfolio companies.