From i-Bank to AI unicorn and VC: Building the next wave of AI investments

Michael (centre, with silver tie) has developed the courage to embrace challenges head-on through the QFIN programme. (Photo courtesy of the interviewee)

Daring to defy limits — from humanities to quantitative finance

Though Michael studied the arts stream in secondary school, his fascination with mathematics ran deep. His stellar results earned him a place in CUHK’s Quantitative Finance (QFIN) Programme through the Early Admission Scheme, making him the first arts student ever admitted to the programme. Reflecting on his university years, Michael recalls them as richly rewarding — not only did he meet an exceptional group of peers, but he also developed the courage to embrace challenges head-on.

Michael (far left) says studying Quantitative Finance gave him the privilege of learning from former programme director Professor Chow Ying-foon (centre) and meeting a group of exceptional classmates — many of whom remain close friends today. (Photo courtesy of the interviewee)

Making the leap from finance to venture capital

After graduation, Michael embarked on a career in finance, working in the several bulge bracket investment banks. There, he facilitated corporations with IPO fundraising and other equity capital market transactions, gaining extensive experience.

In 2019, he reached a pivotal turning point by joining SenseTime, which was the largest AI unicorn founded in Asia. The role shifted him from an investment banking perspective to hands-on engagement with the operations of an AI company.

During his time at SenseTime, Michael led his company to raise over US$ 4 billion in funding, successfully listed on Hong Kong Stock Exchange, and established a joint venture with Saudi Arabia’s Public Investment Fund (PIF). He travelled extensively to meet the investors and study the global development of AI technologies and markets. These experiences, he says, gave him a far more profound understanding of the technology and the industry.

“In investment banking, you work on many deals at the same time, which may not allow you to go deep dive into every company. At SenseTime, I had to uncover the story behind every figure — and learn how an AI company actually runs. That experience has been invaluable to the investment work I do today.”

Michael (far left) said his time at SenseTime gave him a much deeper understanding of both the technology and the industry. (Photo courtesy of the interviewee)

Understanding every “impossible” technology

Two years ago, Michael transitioned into the venture capital field, joining his current firm to manage a US$150 million fund focused on AI infrastructure start-ups. “When you first encounter these start-ups, their ideas sound like scenes straight out of science fiction. But once you look into their research, you realise that technological progress has already gone far beyond imagination,” he says.

One start-up, for instance, is developing space-based data centres to handle the exponential growth in AI compute demand. “Space offers unlimited solar energy and extremely low temperatures, which help address the power required for to run GPUs and cool servers. These data centres in space could substantially reduce operating costs of running AI compute to around one-tenth of the terrestrial ones, resolving the strain on the resources of Earth,” he explains.

To gain insight into the technologies of the start-ups in which his VC is interested, Michael often travels overseas to meet them in person. (Photo courtesy of the interviewee)

Another company is pioneering the concept of a “neuro-computer”, which extracts neurons from human skin cells to cultivate brain-like structures. When integrated with computer systems, these hybrid models can achieve high-efficiency learning at extremely low energy consumption. “A child can learn to recognise animals after seeing just a few pictures, but a computer needs massive datasets — the energy difference is nearly a million-fold. Neuron computers combine the strengths of both, training AI in the real world. Some robotics firms, drug discovery companies and cryptocurrency ventures have already begun testing the technology,” Michael shares.

Michael emphasised the importance of reading piles of AI research papers to follow the latest technologies and identify start-ups with real potential

Investing with precision – spotting start-ups with real potential

Michael notes that while many venture capital firms spread their bets across start-ups of various types, hoping one will eventually stand out, his fund takes a very different approach – focusing exclusively on the niche market of AI infrastructure. When it comes to identifying truly promising ventures amid a sea of theoretical ideas, Michael adopts a method that is simple yet rigorous. He personally researches each company’s background, technical barriers, commercialisation path, etc. He consults industry experts to understand the technology, analyses the competitive landscape, and reviews the profiles of existing investors and partners. “For some start-ups we incubated were then supported by organisations like NASA or NVIDIA, that in itself is a strong validation of potential,” he says.

As a young Asian venture capital firm founded just two years ago, winning the trust of overseas start-ups has not been easy, so the value Michael’s team provides extends far beyond mere financial backing. They have adopted a hands-on, relationship-driven approach — visiting founders in person, building mutual trust, and connecting them with potential clients, technical talent and technology start-ups. They even arrange for founders to visit Asia and give talks to better understand local market needs.

Michael (middle) travelled to the United States with his sons to witness the launch of the first space-based data centre in person early this month. (Photo courtesy of the interviewee)

Keeping pace with the times and embracing the AI future

In an AI-driven world, Michael believes staying ahead of the curve is vital. He encourages fellow alumni to experiment with a range of AI tools to appreciate their transformative potential. To remain well-informed, he regularly tunes in to international VC podcasts and tech programmes that offer fresh perspectives on emerging AI developments.

First published in the CUHK Business School Alumni Website on 13 November 2025, this article is republished with permission from the School’s Alumni Affairs and Development Office.