Today, Ruvento is announcing a new $25 million seed money for hardware startups in need of capital fromSingapore, China and theU.S. The money, managedby Slava Solonitsyn andAlex Toh, will write 70 percent of its checks between $100 k and $500 k.The rest of the capital will be set aside for follow-on investments of up to$ two million.
Ruvento is not the first investor to take a cross-boarder approach to the hardware space. HAX, among others, has a large accelerator presence in Shenzhen. Meanwhile, italso operates a separate program in the United States for post-accelerator startups that already have their preliminary furnish chains figured out.
Ruvento is particularly interested in infrastructure hardware. Specifically, the team believes there is a lot of untapped potential around IOT and sensor integratings. The firm also cites commercial applications of drones and robotics as areas of interest and plans to keep its eyes onstartupscreatively leveragingadvancements in virtual reality and augmented reality to solve problems.
Hardware shouldnt meangimmicks , noted Slava Solonitsyn, managing partner of Ruvento.We are not investing in things you dont need.
The innate properties of Asia willplay an integral role in Ruventos investment strategy.In a place like Singapore for example, 12 percent of the limited land mass is used for roads. This is a huge incentive for be invested in alternate methods of transportation like cycling and connected autoes that is unique to the region. Singapore was the first testing ground of nuTonomy, a self-driving auto company that beat Uber to real-world road tests of autonomous technologies.
We ensure startups in Asia already putting innovative last-mile delivery options on the street because there arefewerregulatory obstacles, added Solonitsyn.
At the start, Ruvento was fighting for footing in larger $2+ million syndicated seed rounds. The firm was an investor in a larger post-seed round forBoom Technology, a frontier startup looking to build supersonic jets toserve the masses. Some day after that bargain, the team decided thatRuventos sweet spot would be the first or second fund into smaller rounds.
Ruvento has already written checks to over 14 companies from this fund. Some of the companies like Boom and Prenavseem to line up with the aforementioned thesis, but it seems that Solonitsyn isnt afraid to allow for some wiggle room. The firm also invested in Glance Clockand Naked Labs ,whichcould be characterized more as customer bets.
Prenav, an early Ruvento bet, is building precise autonomous drones for commercial applications
On the LP front, Ruvento is backed by family office money. The firm agreed to an eight year money lifecycle with the potential for a two year extension.