Particle Future Research
Investment Thesis
Particle Future is an early-stage venture fund founded in 2021 by a group of entrepreneurs and investors. Its homepage describes the mission as being long-term partners to world-class entrepreneurs in HardTech. The firm defines HardTech as not hardware only, but technology innovations that are hard to do and hard to find. The name is explained on the site: Particle represents the truth of macro phenomena, and Future is both the perspective and the objective. Its stated values are Insight Matters (success is built on industry and technology insight), Founders First (it respects and prioritizes founders' business vision and interests), and Learning Together (a leveled relationship with founders who challenge each other to learn).
Value Add
The site lists three support pillars. Network: a proprietary founders network of public company founders and CEOs, domain experts and fellow entrepreneurs. Research: a dedicated research team that works with founders on product-market fit, competitive intelligence and macro trends. Software: tools built specifically for startup founders. The firm describes a hands-on approach to mentoring and guiding portfolio companies and says it measures success by societal impact as well as financial returns.
Stage Focus
Third-party databases (Tracxn, Capital Atlas) show entries at Seed, Series A and Series B. Disclosed deals are few: a $25M Series B in FranklinWH (August 2023), two China-based seed rounds in January 2024 (Gecko Motors and Gecko Industrial Technology, per Tracxn), and a $10M Series A in PuppyGraph (November 2026).
Check Size
The firm does not publish check sizes. The only disclosed round sizes are the $25M Series B (which it led, size of its own check not disclosed) and the $10M Series A co-led with defy.vc. Check size is left unset.
Lead Tendency
The firm led FranklinWH's $25M Series B and co-led PuppyGraph's $10M Series A with defy.vc, so it leads or co-leads on the rounds that are public.
Recent Activity
On 2026-11-10 PuppyGraph announced a $10M Series A led by Particle Future and defy.vc, bringing total funding to $15M. Before that the last public deal was the January 2024 pair of China seed investments. Tracxn counts four portfolio companies and about one new investment a year. The SEC Form D for Particle Future Venture Fund I LP (filed February 2022) shows a Cayman-domiciled fund administered via Maples Group. The firm appears to be actively investing, at a slow pace.
Portfolio Highlights
- FranklinWH: residential energy management and battery storage, San Jose, Series B led by Particle Future in 2023.
- PuppyGraph: graph query engine for data lakes and warehouses, Santa Clara, Series A in 2026.
- Gecko Motors: new energy commercial vehicle chassis technology, Shenzhen.
- Gecko Industrial Technology: power plant equipment and services, Zhengzhou.
The firm publishes no portfolio page on its own site, so this list comes from press releases and third-party databases and may be incomplete.
Team
The website names no team. Tracxn lists Lei Yang (Partner, Hong Kong), a second partner shown as Xiao S. (United States) and a venture partner shown as Xiao A (San Francisco). The SEC Form D names Manchun Lu as executive officer, director and general partner of the issuer. Only Lei Yang and Manchun Lu are recorded here because the other two names are partial.
Decision Process
Not disclosed. A small partnership of roughly four people suggests a partnership process.
Founder Preferences
World-class entrepreneurs working on technically difficult problems, with a founder-first stance. Portfolio founders span US-based Chinese-American teams and China-based industrial and EV founders.
Geographic Focus
LinkedIn describes the firm as based in Silicon Valley with offices in Hong Kong and Shanghai. Capital Atlas and Tracxn place headquarters in Palo Alto. Portfolio is split between the United States (FranklinWH, PuppyGraph) and China (the two Gecko companies). Contact: [email protected].
Gaps
No disclosed fund size beyond a SEC Form D remaining-amount figure, no check sizes, no portfolio page, and an incomplete team list. Confidence in stage and check size is low.