A VC from the Crypto world says AI is crazy, they're conservative
Original language:i don't know where you're going
A LOT OF PEOPLE SAY THE AI INDUSTRY IS GETTING MORE AND MORE ALIKECriptoIndustry。
Impa VenturesJingwen, a man who used to be in the Crypto industry, said they even seemed conservative compared to AI today。
Jingwen claims to be a 93-year-old girl who “mistakes” Crypto and then accidentally earns the first barrel of gold in her life。
At the peak of the FBG Capital (Crypto Fund), she was in that encrypted world. Between words, millions of dollars can be invested. A story can grow wild gold coins。
TwoIn 024, she founded Impa Ventures with Shiran and James. Shiran works with Jingwen at FBG, while James is ShiranCapitalOld colleague。
Jingwen said they were a Problem First fund — looking at the problem first, then the solution。
Impa Ventures is currently on a $50 million scale, focusing on the early days. So far, eight of the nine projects they have invested are to B。
Three months ago, Liu's wife shared part of this story in “China's Investment Past”. At that time, he had a conversation with James, the inner world of James as a man who had missed a lot of investors. We end this part of the paper, which will help you understand the team spirit of this new fund. Recently we talked to Jingwen and James again。
this is "elsewhere."Nebulon VenturesI don't knowSource ActivationI don't knowCreek StoneI don't knowSmall fundsThe fifth new fund story followed。
AI seems to be playing Cripto's game
hereI decided to make oneAIInvestmentsFundBeforeI don't knowYou've been investing a long time in Crypto. Can you tell the story
Jingwen:2017, fromSu Shih People ' s CollegeGraduated. Unfortunately, the dissertation was related to Crypto, so I talked to a lot of people. Someone who thought I was looking for a job introduced me to FBG Capital's boss, Zhou Suk-ki。
IT WAS HARD TO GET PEOPLE FROM A SERIOUS BACKGROUND AT THE TIME. I'M FROM THE NUS COMPUTER, AND I'M FROM SU SE-MIN。
the process was particularly absurd: the boss was more than an hour late and sat down and asked me what the offer's pay was, and i said 7,000 new dollars, and he said, "well, i'll give you double." i felt like this place was a lot of money。
here's where we're goingBut this salary is still tempting you。
Jingwen:i thought i'd be here for three months to see what happened to these guys。
And that was the height of barbarism. At that time, the FBG was Asia's top block chain fund, and the LP had Redwood, Ribbit Capital, and the owner was very rich, so it was easy to throw. My job is to fly around the world and participate in various activities, Berlin, San Francisco, Tokyo, Singapore. In the company, sometimes I meet the boss in the hallway and I say I look at the last project — hundreds of thousands, millions of dollars, two or three words, and the money goes out。
here's where we're goingHow long did this peak last
Jingwen:It's only half a year. By 2018, it's the end of the cow market, and by 2019 it's gone to bear. My work also happened at 180 degrees: from paying to asking for money. Turns out it's a million dollars. That's it. And then it was totally gone。
now, what kind of world is Crypto
Jingwen:Crypto is a world where the acceleration button is pressed. It is essentially a process of development of new technologies from their emergence to their arrival. There's a lot of similarities with what's happening with AI。
THERE'S ONE MORE THING THAT LOOKS LIKE NOW: STACKING TEAMS, BLOWING NARRATIVES, PAINTING DATA AND WITHDRAWING. NOW IN THE AI GAME, THE BACK SWITCH IS THE INSTITUTION AND THE LP, BUT THE LOGIC OF THE GAME REMAINS THE SAME。
Speaking of Crypto -- I don't think the world is over. It is moving in a more solid direction: real applications, fundamental aspects of the chain, especially the combination with AI, many of which I think are truly promising。
We just don't want to copy the game in AI. Impa is going with her own money — we have no difference between our own money and our attitude towards external funds. Just so we can find that real Alpha more pure。
WE'RE A CONSERVATIVE AI FUND
elseher: let's introduce your fund。
Jingwen:Since 2024, I, Shiran and James have worked together on this early fund for AI. Shiran and James were colleagues with Wigand, and me and Shiran were colleagues with FBG. We have invested in nine projects。
The “Chinese Founder + Global Market” is the great opportunity afforded us by the times and is still early. Day one global is the largest feature of our fund: me and Shiran are in Singapore, James General Base Shanghai; three of the nine projects we're throwing are in Shenzhen, two in Singapore, one in the United States, one in Sydney and one in Shanghai。
impa Ventures
Jingwen:Impa is the NPC in The Legend of Zelda. Impa will give the map and guide when the lead starts the main line. She's a key part of the mission, but she's definitely not. What we can do is to be part of them at their earliest stages。
That recognition, in fact, is the starting point of our entire approach to investment — since the founders are the main protagonists, what we need to do is not write about narratives, but find the person who is really trying to solve the problem。
as a new fund, there should be a lot of people asking, what are your differences
Jingwen:We look at the starting point of the project as different from that of most funds — not the first track, but the first issue. So, it's not the same thing that eventually cast。
We're real AI Belever, believing that AI is reshaping the lowest infrastructure in many industries. This is not a narrative. This is what really happened. But we've been through the Crypto round -- seeing how the bubble grew and how it broke. So know the difference between waves and oceans。
TRUST AI, BUT DON'T BELIEVE IN A LOT OF AI NARRATIVES。
@elsewhere: how exactly do we distinguish between waves and oceans
Jingwen:Al Belever, but Skeptical. Long-term optimism for the industry and doubts about specific projects。
The judgment is reflected in several things:
- WhatProblem First, not Narrative First。
FROM THE POINT OF VIEW, NOT THE TRACK. IT'S NOT A "AI+X" THEME BEFORE LOOKING FOR PROJECTS; IT'S A REAL, UNDERESTIMATED PAIN, AND THEN IT'S: WHO'S WORKING ON IT? IT DOESN'T HOLD? THE FOUNDERS WHO CAN ANSWER BOTH QUESTIONS ARE BETTER THAN ANY LIGHT BACKGROUND。
- WhatGlobal by default, not Global by signature。
I went to Israel for a six-month VC internship in college, which was the first time that I really understood how venture capital works, and where I met a group of founders who pushed small local markets out of global ambition. The Israeli business is naturally day one global. That experience affected me deeply, and I decided to do VC from that time on。
Many of the projects that Crypto invested in were not Chinese teams, but real global developers -- - A lot of good developers, like Berlin, San Francisco, Sweden, and so on。
- WhatYoung but experienced。
James is the only one on our team after 80, the rest after 90/95/00. There is no burden of history, but all three of our partners have had a full cycle and have had successful exit experiences. People who have seen Bear City will judge “real need” and “foam narrative” differently。
what kind of game do you want to play in AI
Jingwen:Our methodology is four words — “respect for common sense”, especially business commons. Maybe someone will think we're too conservative。
Many people now go to the founders with a "colour bubble" and think that if it's from a big factory or a famous lab, it will work. But what exactly did you create for the client? Does your productivity increase really cover costs
Impa is more concerned with value creation。
what's not sexyI don't knowBut common sense projects
Jingwen:We voted for a project called Light Year Touch. The founder met more than 100 investors, and everybody thought to B was not sexy. But after talking to him, he solved the real need for China's supply chain to go to sea: Many small factories did not have the ability to market overseas, and he used AI to automate their clients and deliver them. This is a typical “distribution intelligence” process。
model companies create intelligence, but how to sell it to a specific scene is an opportunity to start a business. while such projects are not fancy, their operations are solid。
Also in Australia, we've invested in a medical program for Admin AI. It does not touch the clinic, but deals with appointments, consultations and a summary of the most cumbersome administrative processes. Overseas, these processes were originally carried out on a manual basis and now AI is able to upgrade the whole process line。
WE PREFER PROJECTS THAT FIRST ADDRESS THE EXISTENCE OF DEFINED “POINTS OF PAIN” RATHER THAN THE NEED FOR YY TO BE EMPTY。
i'm sorry, I'm sorryExcess of incomeThe business. Can this be done
Jingwen:FOR EXAMPLE, WE'VE PUT IN A FRONT-END DIGITAL COMPANY, BET ON 3D TO BE REAL-TIME DIGITAL. THE SUBJECT OF DIGITALS IS NOT NEW TO THE CAPITAL MARKET, BUT THE LOGIC OF THIS COMPANY IS SIMPLE: THEY HAND OVER THE RENDERING TO THE USER ' S OWN EQUIPMENT, WITH CLOUD-DRIVEN DATA ONLY, AT 99 PER CENT LOWER COST THAN THE MAINSTREAM CLOUD PROGRAMME。
We estimate that if we serve hundreds of thousands of active overseas users, we can run away with millions of dollars in ARRs. The team, which has the best scientists in the 3D digital population, aims to achieve the LPM model of Cai Ho Hoon Anuttacon, but can operate on mobile phones and PC browsers. The prospects for multi-model AI and social entertainment are high。
Our core is to find the extremes in Power Law. It's a multi-billion-dollar business, and we're not gonna make it。
here's where we're goingYour dream is big..
Jingwen:I had a funny dream when I went to college, and I wanted to go to Midas List。
i don't know where you're goingTHIS IS THE DREAM OF MANY VC INVESTORS。
Jingwen:I knew Midas List when I was in college. I don't think it's that bad. My thinking is this: First-level market investment is what I like to do, and I want to do a militone in what I like to do。
It's silly to look at that so-called “dream” now, but many times people have no goal, and it's better to have such a “fun” goal than nothing。
Dialogue with James three months ago
@Liu Xian
When the series “China's investment history” was first updated, one person was written under the title: the forgotten man in the myth of multicapitality。
THE STORY IS PROBABLY: AN INVESTMENT MANAGER IN REDWOOD, WHO MET HUANG YUEN IN THE EARLY YEARS, THEN PUSHED A LOT (ALSO KNOWN AT THE TIME) ONTO IC. HOWEVER, VARIOUS EVENTS HAVE NOT PASSED. UNTIL SIX MONTHS AFTER HE LEFT, REDWOOD WAS COMMITTED. THIS CRUCIAL ROUND OF HISTORY WAS FOLLOWED BY A LEGENDARY INVESTMENT IN THE REDWOOD。
It's about a billion-dollar return or nothing, that's the difference。
This man is Liang Jie. Between 2012 and 2016, he worked in Redwood, and it was during that period that he saw a lot of yellow tungsten and a lot of it。
TO BE SURE, SUCH STORIES ARE NOT UNCOMMON IN THE INVESTMENT INDUSTRY. AS LONG AS I DON'T HAVE A PARTNER — EVEN A MANAGEMENT PARTNER — 10 INVESTORS COULD HAVE NINE, AND I'VE HAD A LONG-SUFFERING STORY。
Liang Jie was one of the most impressed. It even became a long story about him。
A FEW YEARS AGO, HE TRAVELLED FROM SHANGHAI TO BEIJING, AND WE MET IN THE LOBBY OF WESTIN, THE SHINMA BRIDGE. LATE IN THE NIGHT OF THE MEETING, HE WAS TRYING TO TALK TO HIM ABOUT THE BUSINESS, BUT SOMEHOW THE STORY CAME UP VERY QUICKLY, AND HE WENT THROUGH HIS PHONE WITH THE B.P. HIS MEMORY CAN BE PRECISE IN THE LAYOUT AND WORDING OF EACH PAGE IN IT。
After leaving the Redwood, he went to two more funds and later made a fund to see the sea. But it can only be described as peaceful years。
Perhaps because I was in the investment industry when I met Liang Jian, and in a myth of legends, such a reverse story came out by chance, inevitably with more memories。
Around 2020, the entire VC industry in China was fully to B. Liang Jian was still looking at To C and the platform, remembering that he had said that if there was only to be a chance of investing in To B in China, he would quit. It's not his commitment。
i don't know where you're goingI didn't tell you to write, and that's not a good story. What's the mood when you see it
Liang Jie:A little unexpected. But I don't want to be labeled "bad luck."。
first of all, i don't think luck explains everything. must be my own accumulation — for example, the ability to handle things and relationships, for example, not strong enough; and secondly, luck is important, but it also needs to build. for those on the card table, there's always a chance。
i don't know where you're goingIf you go back 10 years now, you'll be more confident to push over a lotICYeah
Liang Jie:Absolutely. Compared to 10 years ago, there has been some progress in business perceptions and in driving things。
i don't know where you're going: There was a comment in the comment section: If you believe so, why didn't you buy a lot of stocks later in phase two
Liang Jie:IN 2015, INVESTMENTS AS AN EARLY COMPANY AND THE PURCHASE OF SHARES IN SECONDARY MARKETS AFTER IPO IN 2018 WERE TWO DIFFERENT EVENTS OVER A PERIOD OF TIME。
Perhaps the more appropriate question is: If I look at it this way, why don't I add more, or throw a little
Frankly, it wasn't. A comparison of the valuation of $600 million and the cash available at that time seemed to be of little significance. But it turns out that I don't know that well -- I don't think I can do hundreds of billions of dollars. After leaving Redwood, I talked to Colin about other possibilities, he introduced me to the LP, joined his fund, etc。
i don't know where you're going: Have you ever regretted leaving Redwood? For example, another six months, maybe a story about you。
Liang Jie:In mid-2015, a relatively large turn took place and was one of the reasons I left。
In August of that year, Redwood offsite, it was discussed that the emphasis of venture had shifted from to C to To B, and that vertical trades such as education and health care were the subject of discussion. I don't feel like it。
To be fair, Neil's response was still positive at the stage of my push. But mostly speaking, was there any way I could've done that? Maybe not. It's just that the story is big, it's growing fast, it's human。
i don't know where you're going: How long did it take you to calm yourself down
Liang Jie:After that, it's okay. There are more important propositions at every stage。
Roshon said, "One of them is that he gets a lot of cursing after he's red, and he's upset, and a friend asked him, "Did you feel ashamed that you've won a lot of bad awards?" He said no. Then why do you get the wrong prize and not the wrong insult
I think that this industry, or whatever it is, is a smart, hard-working, lucky few; it's too greedy for us to think that we're not stupid, that we can do things, that we're comparing ourselves with a very lucky few or that we're asking for。
i don't know where you're going: actually pushIC♪ And no story in ♪VCThe industry is common. Why is your story so memorable
Liang Jie:It's probably because of the size of it that you can't avoid. It's like you talked about a girlfriend that didn't work out and then became a big star
i don't know where you're going: I remember how you got into engineeringVCIndustry
Liang Jie:I study undergraduate materials, master's microelectronics. I read it when I was a master's degreeGreat GameTHIS BOOK OPENED A WINDOW FOR A SCIENTIST: CAPITAL MARKETS WERE SO WONDERFUL AND SO IMPORTANT. A SEED TO MAKE VC BEGINS TO SPROUT。
The Master graduated in 2006 and made every effort to enter VC. But there has been no chance. A Swiss parent fund, Adveq, interviewed me five times in 2008, almost gave me offer. Their founders came to Shanghai once, and I've been talking to you since the day we met。
And then I spent $499 on a financial training because a lot of people were wondering if I had a financial background that I didn't know how to model. And I've put more than 100 CVs on the Chinese VC that I can find. Finally, in 2011, the only offer — Walden International。
i don't know where you're going: Then Redwood。
Liang Jie:Right. Of course, it became even more obvious when we left, when Redwood was already the center of the universe。
i don't know where you're going: How have you been these years
Liang Jie:MAKING ITS OWN FUND, THE SKY-LINE INVESTMENT, ON A SCALE NOT DONE (WITHOUT THE MONEY OF THE INSTITUTION) — UNSATISFIED, BUT ONLY ACCEPTABLE — AI CAME, BUT FOUND IT DIFFICULT TO GET INVOLVED — ENCOUNTERING LIKE-MINDED PARTNERS AND RETURNING TO THE TABLE — DISCOVERS THAT OPPORTUNITIES ARE HIGH AND THAT THERE ARE FEW PARTICIPANTS — THANKS AND HOPE。
i don't know where you're going: Does it sometimes feel like a little bit of luck
Liang Jie:A lot smarter than me than me left the industry. I'm still involved in this technology wave. I'm lucky。
Early investment feedback cycles are long and ugly. We all look forward to that small probability of good luck, irrationality and health。
last year, the grand lotus in hangzhou went to see the state of australia. i came out to talk to the tv station and the reporters asked why you smiled when china lost. i said that none of the players on the chinese team were particularly bad at the scene today, and they all played very well, especially wang xiaodong. australia is clearly better than us, losing zero to two. i can't accept that。
It's like a kid's test. It's like a 70-point test
i don't know where you're going: Once he gets 75, you'll still want him to try 90。
Liang Jie:Of course, I'd be happier if he took a 90. But that's not what to expect。
i don't know where you're going: Can you, as an investor, try to evaluate yourself
Liang Jie:You can use a kick-ball analogy. It's a lot less than I get when I get involved. I didn't interrupt even when I played badly. I've been playing baseball in Little County since junior high。
I'm the main player in the post-graduation team (as long as steady attendance is basically the main force), but I'm never the one who can decide the game. Over time, however, I realized that, starting in previous years, I had become the one who could decide the game。
Why is that? I'm a winner; I'm a body that basically keeps up and even improves when others fall very noticeably; and then my understanding of football deepens。
Comparable investment, I think I can keep doing. I missed my chance to be famous in World War I, but I could hold on to it and I could influence the game。
i don't know where you're going: Finally I want to ask you: 75 points or 90 points this time
Liang Jie:Most of our lives have been decided by us: our birth, our IQ, our opportunity. If we really have achieved something, we should be grateful for something beyond ourselves. So-called gifted, and given by the age of opportunity, can't really ask, but thanks and be yourself
