A New Venture: Oak Grove Ventures Launches with $60 Million Investment
A venture capital fund called Oak Grove Ventures was launched with $60 million investment in The intersection of web3, artificial intelligence and biotechnology.
According to Oak Grove’s September 19 Coindesk report, the team includes Sally Wang, formerly of Sino Global Capital (A.S.C.) venture company concentration of capital on blockchain technology), Ethan Wang (former tech lead on Facebook supported digital currency project Libra), Xun Xi (co-founder of Cryptocurrency payment gateway Alchemy Pay), and Michael Lee (former Vice President at Coinbase).
Shared Enthusiasm for Innovation
“We understand that journey of building pioneer technologies is not just about capital; it is about enhancing a community of visionaries, pioneers, and founders who share our enthusiasm for innovation. With this venture, we have a strategy simple yet profound: raising money for ‘Institutional’.”
Sally Wang, Oak Grove head of Investments
Track Record of Notable Investments
Previously a family office which manages investments for the wealthy family, Oak Grove Ventures has a track record of notable early-stage investments. They have supported over 30 projects, including SpaceX, the aerospace manufacturing company founded by Elon Musk, and Neuralink, the neurotechnology company also founded by Musk.
Continued Flow of Venture Capital
The new fund comes with a value of $60 million venture capital continues to flow into cryptocurrency and blockchain startups, despite recent volatility in the digital asset market.
Focusing on Web3, AI, and Biotechnology
Oak Grove aims to leverage expertise from the cryptocurrency ecosystem to identify promising opportunities at the intersection of Web3, artificial intelligence, and biotechnology.