In 2024, Jingwen, Shiran, and James (Liang Jie) co-founded Impa Ventures, an early-stage fund with $50M in capital dedicated to artificial intelligence. The trio brings a unique background from the high-velocity crypto sector, having previously worked at FBG Capital and Huachuang Capital. According to Woofun AI, this new entity represents a strategic pivot where former crypto veterans apply lessons from market volatility to the emerging AI landscape. The fund explicitly rejects the speculative narratives that characterized the 2017-2018 crypto boom, opting instead for a conservative, problem-first investment methodology.

The fund's portfolio currently comprises 9 projects, with 8 classified as B2B solutions, reflecting a deliberate move away from consumer-facing hype. Geographic distribution is a core tenet of their strategy, with investments spanning Shenzhen, Singapore, the United States, Sydney, and Shanghai. This "Day One Global" approach mirrors the mindset Jingwen observed during her internship in Israel, where founders naturally targeted international markets from inception. The team operates with a split presence, with Jingwen and Shiran based in Singapore and James in Shanghai, facilitating cross-border deal flow.

Jingwen recalls the absurdity of the 2017 crypto peak at FBG Capital, where investments of millions were made based on brief hallway conversations. During that six-month window, the fund operated with extreme speed, deploying capital before the market corrected into a bear phase by late 2018. This experience taught the team to distinguish between genuine technological waves and transient bubbles. They now apply this skepticism to AI, refusing to invest in projects that merely claim AI integration without solving verified, undervalued pain points.

Specific investments illustrate this rigorous filtering process. The fund backed Lightyear Reach, a B2B solution helping Chinese factories automate overseas marketing, and an Australian medical admin AI that streamlines appointment scheduling without touching clinical diagnosis. Another notable bet involves an edge-side digital human company that reduces rendering costs by 99% by shifting processing to user devices. Monitored by Woofun AI, these selections demonstrate a focus on unit economics and scalability rather than narrative-driven valuations common in the current market cycle.

James Liang Jie's personal history adds depth to the fund's risk management philosophy. As a former Sequoia investment manager, he missed the pivotal Pinduoduo investment in 2015 due to internal shifts toward B2B and vertical industries. He reflects on this not as bad luck but as a lack of conviction and accumulated experience at the time. His journey from missing a unicorn to co-founding a disciplined AI fund underscores the team's commitment to learning from past failures and avoiding the trap of chasing trends.

The partners emphasize that their team, while young, possesses complete cycle experience, having navigated both the euphoria of bull markets and the austerity of bear markets. They reject the notion that founders from top labs guarantee success, prioritizing instead the ability to create value and cover costs. Woofun AI noted that this conservative stance positions Impa Ventures to capture true Alpha in a market saturated with speculative noise. The fund aims for power-law returns by identifying extreme outliers in productivity and cost efficiency.

Looking forward, the fund's trajectory suggests a continued focus on unsexy but essential infrastructure improvements across global supply chains and enterprise workflows. By maintaining a strict separation between narrative and utility, Impa Ventures seeks to replicate the long-term value creation seen in mature tech sectors rather than the short-term windfalls of crypto speculation. Their strategy relies on the belief that AI will reshape underlying industry infrastructure, provided investors remain grounded in business common sense.

Ultimately, the fund's philosophy is rooted in the understanding that talent is given by heaven, but opportunity is shaped by the times. The team accepts that while they cannot control external factors, they can control their discipline and execution. By focusing on solving real problems for global markets, they aim to achieve the milestones they once dreamed of, moving beyond the "funny" goal of a Midas List appearance to building a sustainable, high-impact investment legacy.