Andrew Chung, former partner at Khosla Ventures, has announced the launch of a new venture capital firm, 1955 Capital, with an initial close of $200 million.

 

The firm plans to invest between $10 million and $15 million per investment in Series B and C rounds in technologies within the agriculture, food, energy, health, and education sectors. However, importantly, Chung plans to act as a bridge, helping Western technologies that may have experienced some growth in developed countries, to gain traction in developing markets where they present solutions to some of the most challenging environmental and social issues, and present themselves as unique investment opportunities.

 

"We believe that China, India, and other developing countries face fundamental challenges that put the future of their societies at risk and place severe pressure on governments and business leaders for solutions," said Chung in a company statement. "We founded 1955 Capital because we believe disruptive technology is critical to solving these issues and can help bring nations closer together by matching the ingenuity of the West with the growing survival-driven demands of the East.”

 

During his tenure with Khosla, Chung did just this, helping at least ten companies gain a presence in China – such as biofuel startup, LanzaTech, which he was successful in helping secure pilot projects with major steel manufacturers in China, according to Forbes.

 

Currently, Chung is the only general partner on the fund, which will be headquartered in Silicon Valley, according to Fortune, but that the process of recruiting for the team has begun. And although the initial focus will be on bringing Western technologies to China, plans are in the pipeline to grow 1955 Capital through expansion into other developing countries such as India.

 

"By taking a more collaborative and solutions-oriented approach, I believe this will create the added benefit of more productive partnerships and stronger political and diplomatic ties between the U.S. and China and other countries," states Chung.