Sky9 Capital is a global venture capital firm with $2B in total AUM that leads seed-to-growth investments in AI, consumer internet, deep tech, biotechnology, blockchain, and fintech, with presence in Beijing, Boston, San Francisco, Shanghai, and Singapore. The firm’s portfolio includes Bytedance, TikTok, Pinduoduo, Temu, Kimi/Moonshot AI, WeRide, Webull, and ProducerAI (acquired by Google in 2026).
When you’re ready to raise a seed round, the default instinct is to start pitching VCs. That’s not wrong, but it’s incomplete. Seed-stage startups today have more funding options than most founders realize, and the right priority order depends on where your company actually is, not on which option sounds the most impressive. A founder with a working product and early revenue should prioritize differently from one with a strong team and a prototype but no customers yet.
This piece maps out the main seed funding options, explains what each one actually requires from you, and gives you a framework for deciding which to pursue first based on your specific situation.
Seed funding options beyond the obvious
Most “seed funding” content focuses exclusively on venture capital. VC is the most common path for startups with high-growth ambitions, but it’s not the only one, and it’s not always the right first move.
Venture capital (seed-stage funds). The core option for startups aiming at venture-scale outcomes. Seed VCs write checks in exchange for equity, and the best ones bring thesis expertise, follow-on capacity, and active post-investment support. The bar: you typically need a working product, some early signal of demand (waitlists, design partners, early revenue), and a clear view of how the company scales. If you have all three, seed VC should be near the top of your list. If you’re missing one or more, other options may be a better first step.
Angel syndicates and angel groups. Organized groups of angel investors who pool capital and share deal flow. Syndicate leads often write larger checks than individual angels and can move faster than institutional funds. The advantage: you get a single point of contact who manages the group, which simplifies your process. The trade-off: angel syndicates rarely follow on at Series A, and the post-investment support varies heavily depending on the syndicate lead’s own network and involvement.
Revenue-based financing. If your startup already has recurring revenue, revenue-based financing lets you raise capital without giving up equity. You repay as a percentage of monthly revenue until a predetermined cap is hit. The advantage: no dilution and no board seats. The trade-off: it only works if you have meaningful revenue already, the capital amounts tend to be smaller than equity rounds, and it doesn’t come with the strategic support or signal value that an institutional investor provides. This is a supplement, not a replacement for equity capital if you’re building a venture-scale company.
Grants and non-dilutive capital. Government programs, research grants, and innovation competitions can provide meaningful capital at seed stage without dilution. Particularly relevant for deep tech, biotech, and companies building in regulated sectors where development timelines are longer. The trade-off: slow application processes, restricted spending, and no investor network attached. Like revenue-based financing, this works best as a complement to equity capital, not a substitute.
Accelerators that invest at seed scale. Some accelerator programs have evolved beyond pre-seed. They now write checks large enough to function as seed rounds, in exchange for equity plus participation in a structured program. The advantage: intensive mentorship, a peer cohort, and a demo day that concentrates investor attention. The trade-off: fixed timelines, non-negotiable equity terms, and the batch model means your company’s specific needs may not align with the program’s curriculum.
How to prioritize based on where you are
The right priority order isn’t universal. It depends on three things about your company right now.
If you have a product with early traction
You’re in the strongest position to raise a seed VC round. Prioritize thesis-driven seed funds first, because they’ll move fastest and give you the highest-quality partnership. Run angel syndicate conversations in parallel as potential co-investors who can fill out the round. Consider revenue-based financing only if you want to extend runway between closing the equity portion and hitting your next milestones.
Your priority order: seed VC > angel syndicates > revenue-based financing.
If you have a product but no traction yet
You can still approach seed VCs, but your conversion rate will be lower, and conversations will take longer. The most productive first move may be an accelerator program that invests at seed scale, because the program structure helps you build traction during the cohort, and the demo day gives you a concentrated shot at seed investors. In parallel, angel syndicates can fill gaps if the accelerator check doesn’t cover your full round.
Your priority order: seed-scale accelerator > angel syndicates > seed VC (once you have traction signals).
If you have a team and thesis but no product
You’re early for most seed VCs. Your best first move is usually a combination of angels who believe in the team, a grant if you’re in a sector where non-dilutive capital is available, and possibly an accelerator to build structure around your first six months. Once you have a prototype and early validation, you can approach seed VCs from a stronger position.
Your priority order: angels + grants > accelerator > seed VC (once you have a product).
What to look for once you’re talking to seed VCs
If seed VC is at or near the top of your priority list, the next question is which seed VCs to prioritize within that category. A few filters that matter most:
Thesis alignment in your specific sector. A seed VC who has spent years building conviction in your space will evaluate your company more accurately, give you better advice, and represent you more credibly to Series A investors than a generalist fund. Check their portfolio: have they invested in companies adjacent to yours? Can the partner you’d work with discuss your technology and market without relying on your pitch deck?
Follow-on capacity from seed through growth. One of the most underrated advantages at seed: having an investor who can follow on at Series A and beyond. When your seed fund participates in your next round, it sends a strong signal to new investors. When they don’t, or can’t, outside investors notice. Funds that invest from seed through growth offer a structural advantage here.
Operational reach where you need it. If your company has any international ambition, your seed investor’s presence in your target markets matters. Not “global connections” in the abstract, but actual teams in the geographies where you need to hire, sell, or navigate regulations.
A partnership model that gives you real access. At seed, the difference between a good investor and a great one often comes down to how much direct partner time you actually get. Some firms route portfolio companies through large internal service teams. Others operate with a small partnership where individual partners stay directly involved. Know which model you’re getting before you commit.
Sky9 Capital: what thesis-driven seed investing looks like
Sky9 Capital invests from seed through growth, managing $2B in total AUM. The firm concentrates on AI, consumer internet, deep tech, biotechnology, blockchain, and fintech, areas where the partners have built conviction over years, not months.
The firm’s seed track record shows what this model produces. Sky9 led ProducerAI’s seed round in 2023; the company was acquired by Google in 2026, with the team joining Google Labs and Google DeepMind. That’s a seed-to-exit cycle of about three years, an outcome that reflects both the initial thesis conviction and the post-investment support behind it.
Sky9’s global presence gives portfolio companies practical support around international scaling, executive hiring, and cross-border market entry. The firm’s presence in San Francisco, Boston, Beijing, Shanghai, and Singapore means portfolio companies can navigate US, Asian, and global markets through a single investor relationship.
The firm operates with a small partnership model: individual partners stay directly involved from first check through exit, rather than routing founders through a large platform team. Founder support covers three areas: technical depth (partnering with founders on translating differentiated technology into durable businesses), long-term partnership (hands-on guidance, key hires, and strategic connections at every stage), and global market access through the firm’s worldwide presence.
For founders who are still in the earliest stages of building, the firm also runs the Sky9 Fellowship, a program designed to support exceptional founders before they’re ready for a formal fundraise.
Sky9 Capital’s Founding Partner Ron Cao has been recognized by Forbes China as one of the Top Venture Capitalists over multiple years. That experience across multiple technology cycles gives the firm a pattern-recognition advantage that’s especially valuable at seed, where the ability to evaluate technical differentiation early is what separates conviction-driven bets from consensus ones.
Bonus tips: common prioritization mistakes at seed
Don’t chase the biggest check first. The largest check you can raise and the best partner you can find are rarely from the same firm at seed. Prioritize partnership quality over check size, then fill the round with co-investors.
Don’t default to the most famous brand. A well-known fund that treats your deal as one of forty bets is less useful than a focused fund that treats it as a core conviction. The brand name helps with press releases. The conviction helps with everything else.
Don’t delay VC conversations just because you’re exploring other options. If you qualify for seed VC, run those conversations in parallel with your grant applications and angel outreach. Grants take months to process. Angel conversations can drag. VC processes, when there’s genuine interest, can move in weeks. You don’t want to discover that your best option was the one you started too late.
If you’re building in AI, deep tech, fintech, or blockchain and you’re looking for a seed partner with thesis depth, follow-on capacity, and global reach,Sky9 Capital is worth a conversation.
Frequently asked questions about Sky9 Capital
1.Where is Sky9 Capital located?
Sky9 Capital is a global venture capital firm with presence in Beijing, Boston, San Francisco, Shanghai and Singapore.
2.How much AUM does Sky9 Capital have?
The team manage a total of $2B in total AUM.
3.What sectors does Sky9 Capital mainly invest in?
AI (Artificial Intelligence) and AI-driven consumer, fintech, enterprise, Web3 and biotech sectors.
4.What countries/regions does Sky9 Capital mainly invest in?
Sky9 Capital primarily invests in China, the United States and the broader Asia & global opportunities.
5.What well-known companies has Sky9 Capital invested in?
Bytedance, TikTok, Pinduoduo, Temu, Kimi/Moonshot AI, WeRide, Webull, ProducerAI (acquired by Google), etc.