From Gamma to OpusClip, Building Silicon Valley’s “Most AI-Savvy VC”
Z Potentials: An Interview with Alex Ren, Founding Partner of Fellows Fund
In this dynamic age of artificial intelligence, AI is reshaping industries and society, driving breakthroughs in areas like healthcare, finance, and robotics while transforming everyday experiences with practical applications.
Meanwhile, the AI landscape is growing increasingly competitive, demanding higher levels of technical sophistication and market positioning from both entrepreneurs and investors.
In this interview, we(Z Potentials) speak with Alex Ren, a seasoned Silicon Valley entrepreneur and investor, and the Founding Partner of Fellows Fund. Focused on early-stage AI startups, Fellows Fund combines keen insight into AI trends with a vast network of resources to invest in companies like Gamma and OpusClip.
Gamma, a leading AI-driven presentation tool, has attracted over 40 million users, generated 150 million pieces of content and 2.5 million websites, and processed more than 500 million images—becoming an industry leader.
OpusClip, an AI-powered video-editing platform, has reached tens of millions of dollars in ARR(Annual Recurring Revenue) and amassed 10 million users, standing out for its strong execution and growth. These examples highlight Fellows Fund’s precise judgment in cutting-edge AI applications and its ability to help entrepreneurs achieve rapid success.
A unique feature of Fellows Fund is its community of nearly 30 top-tier AI experts (Fellows) from diverse backgrounds, who provide technical, business, and industry insights to the fund’s portfolio. Recently, Rik van der Kooi, former CVP (Corporate Vice President) of Microsoft’s Advertising business, joined as a Distinguished Fellow. He helped grow Microsoft’s advertising division beyond USD 10 billion in annual revenue and led several key acquisitions. Alongside Rik, the Fellows Community includes industry luminaries such as Lilian Weng (former VP at OpenAI), Jianchang Mao (General Partner, former VP at Google), Xuedong Huang (CTO of Zoom), Dragomir Anguelov(VP and Head of Research of Waymo), Deepak Agarwal(Chief AI Officer of Pinterest) and Charles Elkan(former Head of Machine Learning at Goldman Sachs). Their collective expertise deepens Fellows Fund’s technical perspective and bolsters the strategic resources it offers founders.
Alex’s own career spans technology R&D, sales and marketing, and venture capital. He previously founded an AI headhunting company(TalentSeer) and AI-focused media platforms(Robinly and CrossMinds), forging a unique ecosystem that connects technology, talent, and capital. In this interview, Alex reveals how Fellows Fund uses its elite AI Fellows community to draw in and support top entrepreneurs, as well as his insights on emerging trends in the AI sector.
Join us for an inside look at how Fellows Fund is carving out its place amid the new wave of AI-driven industry transformation.
Fellows Fund Core Team (from left to right)
Vijay Narayanan (Venture Partner, former Chief AI Officer at ServiceNow)
Alex Ren (Founding Partner)
Jianchang Mao (General Partner, former VP of Assistant Engineering at Google)
Charles Elkan (Venture Partner, former Managing Director and Global Head of Machine Learning at Goldman Sachs)
“Our fund is called ‘Fellows Fund.’ ‘Fellow’ is the highest rank of engineer in the tech world. As long as you are excellent—no matter your background—we’ll invite you to join.”
“The most valuable asset in Silicon Valley is the equity of outstanding early-stage startups.”
“My biggest advice for founders: spend as much time with your customers as possible, listen to their issues, and solve their problems quickly.”
“The fewer unknowns, the lower the risk. Gaining a deep industry understanding and finding front-line experts are crucial to reducing uncertainty.”
“When your product is working and ready to scale, that’s when PR can amplify your voice. Shouting alone can’t replace the product itself.”
“There’s room for AI-driven revenue growth—from a few hundred thousand to hundreds of millions—across various verticals in the next three to five years. That’s the golden opportunity for AI entrepreneurs.”
“As an early-stage fund, our edge comes from seeing opportunities more clearly and investing earlier than bigger funds.”
01. Approaching Investment with an Entrepreneurial Mindset
Building Deep, Trust-Based Partnerships: How an Entrepreneurial Mindset Reshapes Early-Stage Investing
ZP: Please start by briefly introducing your background and experience, and share how these have shaped your values and influenced your perspective on future entrepreneurship and setting up the fund.
Alex Ren: Many years ago, I studied semiconductors and conducted research on autonomous driving systems during my undergraduate and graduate years.
However, I discovered I preferred the business side of technology, so I joined a company to focus on enterprise software sales and marketing. After moving to Silicon Valley, I was captivated by the startup culture, dove into entrepreneurship, and eventually transitioned into venture capital.
My core value is straightforward: Build Trust! In both entrepreneurship and investing—especially at the early stage—I emphasize building deep, long-term relationships and partnering closely with teams I believe in. It’s not just about closing deals; it’s about supporting founders and helping them thrive.
I grew up in a region of China known for its historic merchant culture, which deeply influenced me. My hometown was famously the birthplace of an early banking system in ancient China—“piaohao.” This system was built on trust: turning silver into a piece of paper to redeem elsewhere took immense faith.
That principle applies equally to today’s investment world. Silicon Valley often favors quick transactions, but we focus on forming long-term partnerships. We’re willing to invest time, resources, and patience in projects we believe in. This value system has guided me throughout my entrepreneurship journey and into VC investing.
ZP: You’ve had a diverse career in tech, from founding an AI headhunting company to building AI-focused media platforms, then establishing Fellows Fund. What inspired you to start an AI headhunting firm in the first place, and what convinced you of AI’s potential back then?
Alex Ren: Around 2014 or 2015, I realized it was time to launch my own company—I was in my 30s and felt I’d miss my chance if I waited. I was lucky enough to get some good advice early on. A mentor suggested I connect with top-tier engineers on the front lines of emerging technologies—those closest to new developments. Soon after, I attended a talk at Stanford by Geoffrey Hinton (the “father of deep learning,” later a Turing Award and Nobel Prize winner). Hearing about deep learning and backpropagation made me realize AI was ripe with untapped opportunities.
By 2016, I decided to go all-in on AI but needed a concrete path. I pivoted my social networking startup into an AI headhunting firm, which allowed me to meet high-caliber engineers and founders and learn about cutting-edge technologies directly from them. Launching an AI media platform gave me access to influential researchers and entrepreneurs. Between 2017 and 2018, we interviewed more than 200 top figures in AI, gaining insights into everything from research trends to commercial applications.
Come 2020, I noticed that headhunting and media were somewhat transactional, whereas the real value in Silicon Valley lay in the ecosystem of early-stage startups. That realization led me to found Fellows Fund, investing directly in entrepreneurs—a far more meaningful and impactful way to drive the industry forward.
ZP: Fellows Fund was established in 2021—right after the pandemic subsided. Many at the time doubted the tech outlook, especially with Web3 seemingly at a plateau. Why launch a fund in that climate, and why focus so heavily on AI from the start?
Alex Ren: We were already convinced of AI’s potential back in 2016 with our AI headhunting business. We even built a knowledge base to track emerging AI trends, paying special attention to generative AI research. Though no major breakthrough had arrived yet, we believed it was imminent. Discussing with our Fellows, we concluded the tipping point could come any day.
We also saw limitations in traditional venture capital models: even top VCs often lacked deep understanding of AI’s academic and technological developments. Our solution was to adopt a “Fellow” model—inviting frontline experts from academia and industry to partner with us. Because we focus on AI, we bring a strong depth of expertise that larger funds often don’t have. This differentiated approach gave us a shot at building a competitive, successful fund.
ZP: Many large VCs were slow to recognize the impact of AI research or open-source AI projects. But from an insider’s perspective—be it big tech or startups—these were brimming with opportunity. You stood out by moving early and having firsthand entrepreneurial experience in AI. How did that shape your view as an investor?
Alex Ren: My mix of technical and commercial experience is indeed a differentiator. I spent years in Sales & Marketing, which gave me a holistic approach to VC: founders are our “customers.” We have capital, networks, and knowledge, and our job is to help them succeed.
That’s why our foundational principle is Build Trust. Whether we’re recruiting new Fellows or supporting AI founders, the key is cultivating strong, long-term relationships. Over time, that trust network keeps growing and becomes a powerful force in supporting our investments.
ZP: Can you give us a snapshot of Fellows Fund?
Alex Ren: Fellows Fund is an early-stage, AI-focused VC headquartered in Silicon Valley. We’ve already invested in nearly 50 companies since inception, including five that are now recognized as top players globally. We’re preparing to close our second fund.
In the past 18 months, we’ve made 27 investments, collectively seeing about a 1.5x valuation increase. About half have already raised subsequent rounds, validating our approach. Our main portfolio companies include Gamma, OpusClip, Motion, Physical Intelligence, K-Scale Labs, Evidently, Harmonic, Diffuse Bio, Artisan AI, Truewind AI, LiveX AI, Taskade, Mysten Labs, Obsidian Security, OmniML, Yoneda Labs, and others.
Our day-to-day operations are managed by me and my partner, JC Mao, with strong support from our venture partners, Charles Elkan and Nick Chong, as well as our Fellows.
Our Fellows community—nearly 30 domain experts—forms the backbone of our strategy. In total, we have about 20,000 members in our broader network. They help us identify and support promising startups while building a robust ecosystem for the long term.
ZP: Could you highlight some notable Fellows?
Alex Ren: Absolutely. We have leaders like Xuedong Huang—currently CTO at Zoom, formerly CTO for Microsoft Azure AI, and a member of the U.S. National Academy of Engineering. We also have JC Mao, a former Google VP now serving as our General Partner; Lilian Weng, a former Vice President of Research, Safety at OpenAI and a leading voice in AI safety and large language models; and Dragomir Anguelov, VP at Waymo with deep expertise in autonomous driving. Beyond these, our Fellows include renowned experts spanning cybersecurity, healthcare, and robotics.
Lilian Weng spent seven years at OpenAI, culminating in her role as VP of Research, Safety. She led pioneering projects in robotics—most famously teaching a robotic hand to solve a Rubik’s Cube—and later drove the development and safety of large language models, founding the Applied AI Research team and unifying OpenAI’s safety initiatives into an 80-plus-person group. Weng’s work shaped OpenAI’s APIs, introduced safer deployment practices, and resulted in OpenAI’s safest model to date—the o1-preview—earning her recognition on Business Insider’s 2024 AI Power List.
Most recently, Rik van der Kooi joined us as a Distinguished Fellow. Formerly a CVP at Microsoft, he grew its advertising business beyond USD 10 billion and served as CFO at General Motors, bringing over three decades of global leadership in business, operations, and finance.
We put significant emphasis on diversity in both our team and our investments, drawing founders from various ethnicities and nationalities. This breadth of perspectives fuels our global outlook and drives meaningful innovation.
ZP: Your approach seems radically different from most funds, which often stretch their investors too thin. Founders might feel they’re wasting time talking to someone who doesn’t really “get” their sector. How do you avoid that mismatch?
Alex Ren: Our name, “Fellows Fund,” stems from “Fellow”—the highest technical rank in engineering. If you’re truly exceptional, we want you in our network, regardless of your background. The question we ask: “Would a founder want this person as a co-founder, advisor, or investor?” If the answer is yes, they’re the right fit.
We pair each founder with relevant Fellows who genuinely understand the technology and can speak the founder’s language. That leads to deeper conversations, more practical advice, and stronger collaboration.
Our overarching goal is to reduce “unknowns”—uncertainty drives risk. Having real experts on hand significantly lowers that uncertainty. Fellows from places like OpenAI and Zoom are often ahead of the curve, giving us critical insights.
I also view myself as a “startup” CEO in the VC world. I prefer fast-paced, first-principles thinking. I text founders rather than sending formal emails to ensure quick responses. When issues arise, we jump in immediately, almost like a co-founder would. We’re hands-on, from product feedback to community engagement. That genuine involvement is how we provide real value.
02. Leading the Pack Among Top Investors in AI
Seizing Market Opportunities and Clarifying Investment Strategies
ZP: Let’s talk about the AI market. Many first-time founders feel uncertain about going global. What advice do you have for early-stage AI entrepreneurs looking to scale internationally?
Alex Ren: Entrepreneurs should first gauge the maturity and limitations of current AI technology. When ChatGPT launched, content generation was already advanced. Building a large model from scratch requires immense resources—so a better approach for many is leveraging existing infrastructure to deliver AI-driven solutions quickly. Gamma, for instance, applies generative tech to slide creation; while the tech barrier seems low, success actually hinges on user experience, product design, and marketing.
If you lack strong product and go-to-market capabilities, certain directions may not fit you. Generally, we see AI startups pass through three phases:
Generative AI: Focused on content creation. This space is relatively mature, and if it’s consumer-facing, you may need to hit a few million dollars in ARR within a year to stand out.
Agentic AI: The current wave, requiring deep industry expertise, market insight, and rapid product iteration. You need to know exactly where customers are, how to reach them, and how to refine your product quickly.
Discovery AI: The most challenging layer—often in robotics or life sciences—demanding profound technical expertise.
For technical founders lacking product or market experience, consider bringing on a co-founder with complementary skills. The ultimate goal is “founder-market fit,” aligning your strengths with a real market gap.
ZP: You’ve been investing in AI earlier than many mainstream funds, scoring wins like Gamma. How did you spot these opportunities early, and how do you execute them?
Alex Ren: For a smaller fund like ours, the key is moving faster and seeing trends more clearly than the larger funds. We started scanning global AI deals in early 2022, leading us to invest in Truewind AI (accounting automation) and Gamma. Both were early-stage in their niches, but we foresaw their potential to become category leaders.
We don’t compete directly with large funds; we often collaborate. When they see our portfolio companies emerge as market leaders, they jump in with follow-on investments. Meanwhile, we keep adding value from our unique vantage point.
AI is already boosting productivity both in the digital realm (think AI agents) and in physical applications (like robots). It’s expanding into entertainment, healthcare, and scientific research—areas poised for transformative impact on how we live and work.
ZP: Gamma and OpusClip are prime examples of generative AI in action. Could you walk us through other notable AI investments you’ve made, and what made them stand out?
Alex Ren: Gamma is a great case study. Last April, we noticed a competitor with ten times the capital and five times the team, yet poor user retention and product experience. Gamma, while smaller, had far stronger retention and user feedback—suggesting a superior product.
Gamma also excelled at capital efficiency. With only USD 20 million raised, they built a product that later skyrocketed to 40 million users, 150 million pieces of content, 2.5 million websites, and 500 million processed images. It was a textbook example of executing effectively with limited resources.
We also invest in heavily technical companies. For example, K-Scale Labs was started by a former Tesla engineer with deep hardware-robotics knowledge, not a common mix. We’ve backed Harmonic, a math-oriented AI startup launched by a Robinhood co-founder and backed by Sequoia, Thrive Capital, OpenAI, and Jeff Bezos. To access such deals, we constantly track the front lines of research in robotics, large models, and biotech—and we offer meaningful, hands-on support to stand out among investors.
ZP: OpusClip intrigues many readers. How did that partnership come about?
Alex Ren: It started with a practical problem. We hosted an AI Summit last May, generating over ten hours of footage that needed editing. The manual process took ages, and even doing it myself via iMovie consumed a whole weekend. I thought, “AI can handle this faster.” So we searched for a solution and found OpusClip.
After one conversation, we realized we were a perfect match. We led their Pre-A round, targeting USD 3 million in ARR(Annual Recurring Revenue). They hit that milestone in just a month and then grew by another USD 1–2 million monthly after that. We also helped refine their AI strategy and later fundraising.
Some investors passed because the early AI-editing demos weren’t flawless. But early-stage AI often needs time for iteration, much like early autonomous vehicles sometimes needing human intervention. If the market is real and the team can iterate quickly, we’ll back them through growing pains.
ZP: How do you identify opportunities in emerging AI fields, and how is tech changing business models?
Alex Ren: AI is reshaping every sector, but each has its own adoption curve. Look at biotech: DeepMind’s work has already won top accolades, revealing how AI can revolutionize entire industries. We focus on startups that solve a clear pain point in a vertical domain—like LiveX AI, which reduces churn in customer support.
Another example is Evidently AI in healthcare. The U.S. spends more than 17% of its GDP on healthcare, so efficiency gains are crucial. Evidently’s founder, Feng Niu, is on his third startup; his first(Alation) reached USD 150 million ARR(Annual Recurring Revenue) last year and his second(Lattice Data) was sold to Apple for USD 200 million. We joined their Series A because they fit our vertical expertise strategy perfectly, and their entire team is product-driven and humble, focusing on execution over hype.
ZP: Some founders rely heavily on PR, hoping it helps them attract investors more easily. What’s your take?
Alex Ren: PR can be powerful at the right time—when your product works and is ready to scale—but it won’t substitute for the product itself. In Silicon Valley, product-led growth (PLG) is a defining mindset. Eric Yuan, founder of Zoom, famously dives straight into debugging a product the minute he hears about an issue—he’s the epitome of PLG.
Another example is Dylan Field, Figma’s founder, who dropped out of college and obsessed over user pain points. He tackled even the smallest bugs with extraordinary urgency, which paid off in building a leading design platform.
My top advice is to stay close to customers. Listen to their problems and fix them promptly. If big companies are too slow to respond, that’s your opportunity to build trust and gain market share.
03. Never Let Circumstances Limit You
Building a Global AI-Native Perspective with Fellows Fund
ZP: How do you see Fellows Fund evolving in the next five years?
Alex Ren: We’re at a rare moment where AI has enormous opportunities for application and growth. We track how AI startups scale in different verticals. According to a Morgan Stanley report, most AI revenue today is driven by a handful of foundational or inference-related companies, while application-focused startups, such as GitHub Copilot, are still in the USD 200 million ARR range. Many others hover in the tens of millions. Going public usually requires USD 400–500 million ARR, so there’s a massive runway for growth—potentially a hundredfold—within the next three to five years.
We want to capture that momentum by investing in category-defining, sector-leading companies. As an early-stage fund, if we don’t land a few unicorns or at least truly transformative companies in such a vibrant market, we’ll have missed the boat. Given our direct access to top founders in Silicon Valley, we have a strong chance to shape a portion of the AI landscape.
ZP: What about your growth and expansion strategy as a fund?
Alex Ren: In the near term, we’re focused on helping more entrepreneurs achieve breakout success. When even a few startups hit major milestones—like what Zoom accomplished—it lifts the entire ecosystem. Success stories create a domino effect, inspiring more people to try big ideas.
Silicon Valley remains a prime destination for founders aiming high, largely thanks to abundant risk capital and a culture that tolerates failure. This environment encourages ambitious innovation. In other regions, risk capital might be scarce or require personal guarantees that discourage taking risks. We’ll therefore stay deeply rooted in Silicon Valley for at least the next few years, while also staying alert to global trends. Our approach is to concentrate our efforts where we can have the greatest impact.
ZP: For founders looking to break into the U.S. market but who’ve never operated there, do you have any suggestions on leveraging Silicon Valley’s resources effectively?
Alex Ren: Many founders have core strengths, such as expertise in consumer-facing products or AI-integrated hardware, yet struggle with productization and go-to-market (GTM)—especially on the B2B side, which demands local customer insights, distribution channels, and market knowledge. Finding a partner or team member who truly understands U.S. market dynamics can help bridge these gaps.
Most importantly, adopt an open mindset. Engage deeply with user feedback and be willing to pivot or iterate quickly. The ability to adapt on the fly is crucial to success here.
ZP: Are there any AI startups on your radar that you haven’t yet invested in but find promising?
Alex Ren: A few, such as LangChain and Cursor. Cursor was founded by four MIT undergraduates who challenged GitHub with minimal initial resources—and they’ve grown impressively. I admire that drive to iterate quickly and obsess over customer needs, which I believe underpins genuine entrepreneurial spirit.
ZP: Any books you’re reading lately or role models you particularly admire?
Alex Ren: I’ve found Meditations by Marcus Aurelius especially influential. It advocates for rational thinking and stepping outside oneself to see the bigger picture—a mindset crucial for investors. Stoic philosophy teaches discipline and focus, turning away from distractions to stay committed to your goals. Many successful people in Silicon Valley maintain this ethos, reinvesting time and energy into building new ventures rather than indulging in lavish lifestyles.
As for role models, I don’t have a single idol but draw lessons from great investors. Stephen Schwarzman’s book What It Takes includes a story about Blackstone during the 2008 financial crisis. A junior analyst noticed warning signs in India’s real estate market, prompting Schwarzman to sell key assets early. This story underscores the importance of listening to insights from every team member and staying alert to subtle market signals.
At Fellows Fund, we encourage open dialogue. When evaluating deals, each team member must state reasons to invest, reasons to hesitate, and any open questions. We debate extensively, sometimes switching our opinions, which isn’t indecisiveness but thorough diligence.
Because we’re an early-stage fund, every check matters, and we treat every investment with deep care.
Ultimately, we’re entrepreneurs in the VC arena, fully committed to nurturing the next generation of AI success stories. That’s what drives us every day. Thank you!
Disclaimer
The content of this interview has been edited for clarity and brevity, with approval from Mr. Alex Ren. It reflects only the interviewee’s personal views. We welcome your thoughts in the comments. For more information about Fellows Fund (fellowsfundvc.com), please visit its official website.
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