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§ Venture Capital · San Francisco, CA, USA
VC firm investing in early-stage tech by non-traditional founders in software, hardware, tech-enabled sectors.
Conductive Ventures is a San Francisco Bay Area-based venture capital firm that invests in early-stage, capital-efficient technology companies led by non-traditional founders across the software and hardware sectors. The firm currently manages $450 million in total assets under management across three investment vehicles, which includes a $200 million oversubscribed third fund that was officially announced in 2022. Operating with a focus on entrepreneurs who demonstrate strong unit economics outside conventional venture hubs, the firm reports that over half of its 24 portfolio companies are headquartered outside the Bay Area. Furthermore, the firm maintains a diverse investment strategy where more than 67% of its backed founders are immigrants or minorities, with a portfolio featuring recognizable entities like Beyond Meat, Desktop Metal, DJI, Box, and Sprinklr. Conductive Ventures was founded in 2017 by Carey Lai and Paul Yeh.
Key people at Conductive Ventures.
Conductive Ventures has more than 26 tracked investments across 23 companies. The latest tracked deal is $23.0M Series A in Checkbox in January 2026.
Key people at Conductive Ventures.
Conductive Ventures is a venture capital firm managing $450 million in assets, focused on backing unconventional founders who build transformative, capital-efficient technology companies. Their investment philosophy centers on early-stage (primarily Series A and B) investments in companies demonstrating efficient growth and strong potential, often in diverse geographies. They invest broadly across software, hardware, and tech-enabled services, with a particular emphasis on companies transforming industries from analog to digital and from digital to intelligent. Conductive Ventures supports founders with a hands-on, patient approach, leveraging a global network to accelerate growth and scale sustainably[1][2][4].
Founded in 2017 by Carey Lai and Paul Yeh, Conductive Ventures is based in Palo Alto, California. The firm was established with a mission to invest in early efficient growth technology companies, especially those led by non-traditional founders who have demonstrated capital efficiency and revenue traction. Over time, Conductive has evolved to focus on a broad range of sectors including AI, enterprise software, blockchain, and hardware, while maintaining a commitment to supporting founders through operational guidance and strategic partnerships[2][4][6].
Conductive Ventures rides the trend of digital transformation and intelligent automation, investing in companies that shift industries from analog to digital and further into AI-driven intelligence. The timing is favorable due to increasing demand for capital-efficient growth models amid a more cautious investment environment. Their focus on unconventional founders and diverse geographies helps broaden the innovation ecosystem beyond traditional tech hubs. By supporting companies that scale efficiently and sustainably, Conductive Ventures influences the startup ecosystem by promoting long-term value creation and operational discipline[1][2][4].
Looking ahead, Conductive Ventures is likely to continue expanding its portfolio in AI, deep tech, and enterprise software, capitalizing on the accelerating adoption of intelligent technologies. Their patient, founder-first approach positions them well to nurture companies through inflection points and market shifts. As capital efficiency remains a critical factor in startup success, Conductive’s model and network will likely increase in relevance, potentially leading to more high-impact exits and broader influence in shaping the future of technology innovation[1][2][4].
