01
Verified product
A working product in a real operating environment, with evidence that customers use it to solve a consequential problem.
Venture Capital · Strategic Execution
We invest before the shape of the future becomes obvious.
We back verified products with real orders, an emerging moat and room for non-linear growth—then bring the capital, operating judgment and cross-market access required to compound that advantage.
Venture
CapitalStrategic
Execution
CapitalStrategic
Execution
FAM CAPITAL
Capital with consequence. Judgment across cycles.
01 / Our thesis
The next economy will be intelligent, open and programmable.
Fam Capital combines investment judgment with operating depth. We work across capital formation, venture building, market strategy and ecosystem access—helping strong technical ideas become enduring companies and networks.
Our focus is not technology for its own sake. We invest where new systems create structural advantages in coordination, intelligence, ownership and trust.
02
Verified orders
Signed, paid or repeatable commercial demand that can be substantiated by customer quality, retention and revenue durability.
03
Emerging moat
A legible structural advantage in technology, data, distribution, network effects, regulatory position or ecosystem coordination.
04
Non-linear upside
A large, expanding market where capital and institutional execution can accelerate growth without weakening the edge.
02 / Our platform
Selective. Concentrated.
We invest when evidence can support the next institutional milestone. Typical initial commitments range from US$5M to US$20M, calibrated to company evidence, ownership dynamics and the work ahead.
Evidence before expansion.
Moat before momentum.
Series A
A technical edge becomes a repeatable business. We look for active deployment, verified orders and the first evidence of a moat.
Growth
Distribution begins to compound the advantage. We underwrite demand quality, unit economics, expanding access and defensibility.
Pre-IPO
Market leadership becomes institution-ready. We look for governance, category relevance and scale without compromising the edge.
Invest + Build
Capital is only the beginning. We work at the bottlenecks between an exceptional product and an institution-ready company.
One point of view. Three connected markets.
Our research pages make the underlying system legible: AI and Physical AI sit within the Intelligence Layer; Crypto develops the Digital Economy Layer. Each applies the same preference for useful systems, verifiable demand and durable advantage.
Explore research →03 / Portfolio context
Two compounding layers, one long-term view.
Our portfolio is organized by the technical and economic layer in which each system compounds. Research focus remains distinct from portfolio context.
Digital Economy Layer
Open infrastructure · programmable markets · coordination
01 · Open infrastructure
Ethereum
Programmable settlement for an open digital economy.
02 · Decentralized data
IPFS
A content-addressed protocol for a more resilient internet.
03 · Digital assets
OKX
Global market access across exchange, wallet and onchain products.
04 · Digital assets
HTX
Liquidity infrastructure connecting participants across crypto markets.
05 · Open finance
Aave
Non-custodial liquidity markets built for composable finance.
06 · Open infrastructure
Polkadot
Shared security and interoperability for sovereign systems.
07 · Decentralized compute
Livepeer
Open video infrastructure for media and AI-native applications.
08 · AI × data
Ocean Protocol
Infrastructure for publishing and exchanging data as an economic asset.
09 · Decentralized data
Arweave
A permanent information layer for applications built to endure.
10 · Mining infrastructure
Poolin
Industrial coordination for global proof-of-work infrastructure.
Research context
Circle
Digital dollars for the internet economy.
Research context
Stripe · Chainlink · Solana
Money, coordination and high-throughput rails for open markets.
Intelligence Layer
Frontier intelligence · embodied autonomy · real-world deployment
01 · Frontier intelligence
Anthropic
Frontier models advancing reliable, high-performance intelligence.
02 · Embodied autonomy
Tesla
Autonomy at scale across vehicles, robotics, data and compute.
03 · Physical AI infrastructure
NVIDIA
Compute, simulation and deployment infrastructure for embodied intelligence.
04 · Embodied AI platforms
AGIBOT
Embodied AI systems, data infrastructure and real-world robot platforms.
05 · Embodied robotics
Unitree
High-performance humanoid and quadruped platforms for the physical world.
Research focus
Physical Intelligence · Skild AI · Field AI
Robot foundation models, generalizable policies and risk-aware autonomy.
Research focus
Figure · 1X · Apptronik · Agility Robotics
General-purpose and industrial humanoid approaches.
Research focus
Boston Dynamics · Dexterity · Waymo · Waabi · NEURA
High-value deployment, mobility, logistics and cognitive robotics.
04 / Team
Judgment built across cycles.
Investment, technology, market expansion and operating experience—brought together around a shared long-term view.
Investment · Technology · Global strategy
Michael Liu
More than a decade across international business development, technology transfer, AI, cybersecurity, crypto venture and mining.
Growth · Ecosystem · Market expansion
Fay Chen
An early crypto pioneer and investor with two decades of marketing and large-scale user-growth experience across OKX and its ecosystem.
Investment banking · Fund management · Capital markets
Free Wang
More than two decades across investment banking and large-fund management, with focus on capital formation, execution, stewardship and institutional partnerships.
Venture building · Partnerships · Operations
Tim Lei
An entrepreneur and early crypto investor with operating experience across centralized exchanges, wallets, social applications and strategic partnerships.
For founders building consequential systems