Drum Tower launches China VC fund

Focus areas will include software, mobile applications, the internet-of-things (IoT) and artificial intelligence (AI), especially where businesses have a significant connection to China. The fund will target start-ups originating from academic centers and innovation hubs in particular.

Drum is co-founded and managed by Michael Cheng and Stan Fung, who have invested together globally since 2009 with a focus on Greater China. Cheng previously worked at Fidelity Capital while Fung's resume includes FarSight Ventures and Zero Stage Capital.

The firm claims that its team has one of the most successful track records in early-stage investment in China and the US, with a gross IRR of more than 80% on institutional investments.

"Increasingly, [entrepreneurs] are seeking venture capital investors who have the experience and global networks to help them achieve their goals," Fung said in a statement. "The Drum Tower team is exactly the team for these aspiring global entrepreneurs."

Recent investments by Drum include education technology company AhaSchool, trading services provider ECO Capacity Exchange, and IoT platform operator Chansheng. The firm has also backed Seedlink Technology, an employee hiring service that assists corporate recruitment by using AI to analyze job candidates' personality traits.

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• Topics
• Greater China
• Technology
• Fundraising
• GPs
• Venture
• China
• Venture