Rick Hao raises $50M to back deeptech innovation from day zero
Ex-Speedinvest partner Rick Hao has launched his first VC fund, Ruya Ventures, and announced he has raised $50 million for the venture. The fund is focused on supporting global deeptech innovation, as it shifts from the lab into real-world deployment.
Ruya Ventures aims to build a portfolio of 20 deeptech companies worldwide. Rather than pursuing a broad approach, Ruya Ventures will focus on targeted technology value chains based on where the firm has built deep conviction through extensive academic research networks, prior commercialisation experience, and previous investments; this covers AI, batteries, robotics, semiconductors, materials science, and novel computing.
“Deeptech is a marathon not a sprint. Any successful founder in the space will tell you that getting out of the lab is not the hardest part of the journey. Yes, timelines are lengthy and capital requirements hefty but deeptech failures are not down to the science being wrong. Most deeptech companies stall because no one helps founders figure out how to cross the chasm between a working prototype and a product that can be manufactured at scale and adopted by the market,” explained Rick Hao, Founder and Solo GP.
It is taking a stand as a day-zero fund and a long-term strategic partner to startups, aiming to back founders in their first round, and even before incorporation. The firm will work closely with entrepreneurs from the earliest stages, supporting founders through some of the most challenging aspects of company building, including commercialisation, manufacturing, supply chain development, and international expansion.
Hao continued: “We are interested in the work that happens after the check is written that closes that gap. It’s the commercialisation, the manufacturing strategy, the global network that most early-stage investors are not set up to do well.”
The fund has already deployed capital into WLF Energy (developing energy infrastructure from generation to grid), MegaCool (cooling hardware tailored to modern compute needs), and three additional stealth-mode startups across AI, robotics, and semiconductors.
Ruya Ventures’ inaugural fund reached its final close in less than a year and was highly oversubscribed. Despite strong demand from limited partners, solo GP and Founder Rick Hao did not increase the fund size beyond the optimum needed to execute his strategy of building a focussed portfolio and providing critical support at the early stages.
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