---
title: "Matter Venture Partners Closes $450M Fund II — ASML and TSMC as LPs"
description: "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."
date: 2026-09-18T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-matter-venture-partners-450m-fund-ii
---

# 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.

**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](/fund/kleiner-perkins)**, Nitto Denko, Quanta Computer, Resonac, and Sojitz ([Business Wire](https://www.businesswire.com/news/home/2026091659635/en/), [Pulse2](https://pulse2.com/matter-venture-partners-closes-450-million-fund-ii/)). 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](/fund/kleiner-perkins), Nitto, Quanta, Resonac, Sojitz. |
| Kleiner | **LP**, plus Hsieh’s 17-year HardTech seat. Not GP. |
| Proof on this site | [Eridu](/startup/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](/2026-swish-ventures-250m-fund-iii) and [Cherubic VI $68.88M](/2026-cherubic-ventures-68-88m-fund-vi), not [a16z Growth $8.5B](/2026-a16z-8-5b-growth-fund). |

**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](/startup/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](/startup/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](/2026-a16z-8-5b-growth-fund).
- **Operators:** If you already sit in [Eridu](/startup/eridu)’s networking tape, Fund II is more of the same bottleneck thesis — physical layer under AI.

### Sources

1. [Business Wire — Fund II](https://www.businesswire.com/news/home/2026091659635/en/)
2. [Pulse2](https://pulse2.com/matter-venture-partners-closes-450-million-fund-ii/)
3. [Eridu Series A](https://eridu.ai/pr/eridu-emerges-from-stealth-with-over-200m-in-funding/)

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)

**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.