· Investment Strategies · 3 sources · Verified
Matter Venture Partners Closes $450M Fund II — ASML and TSMC as LPs
Matter closed Fund II at $450 million on September 16, 2026. Strategic LPs include ASML, TSMC, and Kleiner Perkins. Founding partner Wen Hsieh spent 17 years at Kleiner. Directory overlap: Eridu. Do not mix Fund II with Rhoda’s $450M Series A.
By Venture Capital Tracker Editorial
Matter Venture Partners closed Fund II at $450 million, announced September 16, 2026. Named strategic LPs include ASML, TSMC, the Development Bank of Japan, Kleiner Perkins, Nitto Denko, Quanta Computer, Resonac, and Sojitz (Business Wire, Pulse2). There is Last verified September 18, 2026**.
A Kleiner HardTech spin-out whose LPs are fabs and equipment vendors, not a Kleiner vehicle. The digit collision to watch is Rhoda AI’s $450 million Series A — same number, different instrument.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Fund closed. $450M Fund II. Early-stage HardTech (semiconductors, robotics/Physical AI, AI infra, quantum, manufacturing, energy, scientific AI). |
| Who the LPs are | ASML, TSMC, DBJ, Kleiner Perkins, Nitto, Quanta, Resonac, Sojitz. |
| Kleiner | LP, plus Hsieh’s 17-year HardTech seat. Not GP. |
| Proof on this site | Eridu — Matter co-investor on the >$200M Series A. |
| $450M twice | Fund II and (Pulse2) Rhoda Series A. Do not add them. |
| Tracker next step | Do not expect a directory profile. Size vs Swish III $250M and Cherubic VI $68.88M, not a16z Growth $8.5B. |
Investigate further when: you want a HardTech check next to a foundry LP who can also be a customer.
Wait or pass when: you treat this as a Kleiner fund, or you merge Fund II with Rhoda’s round.
What closed
| Field | Detail |
|---|---|
| Firm | Matter Venture Partners — Los Altos / Silicon Valley. Founded 2023 by Wen Hsieh, Haomiao Huang, Mel Tang. |
| Vehicle | Fund II · $450M · Sep 16, 2026 |
| Mandate | Early-stage HardTech. Same strategy as Fund I (firm). |
| Named LPs | ASML, DBJ, Kleiner Perkins, Nitto Denko, Quanta, Resonac, Sojitz, TSMC |
| Directory overlap | Eridu |
| Firm AUM / Fund I size | Not disclosed in the Fund II wire |
GP /fund/ | None. Do not invent one. |
Hsieh ran Kleiner’s HardTech practice. Huang invested alongside him there. Tang’s operating résumé (Ring, SpinLaunch, Demand Media) is the “CFO-as-company-builder” pitch. The LP list is the product: equipment, materials, foundry, EMS, and trading companies that Pulse2 says can sit as collaborators, customers, co-investors, or suppliers.
Portfolio names — only what we can use
Pulse2’s Fund II story names several holdings. Use only the one we already cover as a Tracker fact: Eridu (>$200M Series A, March 2026; Matter co-investor). Other names in that article (Q.ai/Apple, Rhoda, Path Robotics, Volta, ChipAgents, Ambiq IPO) are Pulse2’s list, not new Tracker entity pages.
Do not headline Rhoda’s $450M Series A as this close.
What is not proven
- Fund I size, remaining dry powder, and check-size range.
- How often ASML/TSMC become customers vs names on an LP slide.
- Performance. A 2023 vintage with a 2026 Fund II is a raise, not a DPI print.
Practical takeaway
- Founders (chips/robots/energy hardware): This is a supply-chain LP fund. Bring a manufacturing path, not only a model demo.
- LPs: Compare $450M to other 2026 HardTech vehicles; do not analogize to a16z Growth.
- Operators: If you already sit in Eridu’s networking tape, Fund II is more of the same bottleneck thesis — physical layer under AI.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
