Jay Zhao
Partner at Leonis Capital
· San Francisco, California, United States
Check size
Undisclosed
Lead stage
seed
Deals tracked
23
Sectors
AI, AI Applications
AI
AI Applications
Automation
Foundation Models
automation
enterprise software
seed
Series A
pre-seed
early-stage
United States
San Francisco Bay Area
About Jay
Jay Zhao is Managing Partner at Leonis Capital, a research-driven pre-seed VC fund focused on AI-first startups. With 20+ years in venture capital across Granite Ventures, Walden Venture Capital, and T Fund, Jay has led board seats and investments in 15+ companies spanning SaaS, infrastructure, and frontier AI. His portfolio includes public exits (Marqeta, Innoviz) and acquisitions (HireVue, Mixamo, Sense), alongside active positions in growth-stage companies like Lime and Workboard
Investment thesis
Research-driven early-stage partner for technical, AI-first founders.
Jay Zhao leads a research-driven, conviction-led investment strategy at Leonis Capital, focusing on AI-native companies and the automation economy at the earliest stages. The firm combines deep technical expertise with institutional investing experience, identifying breakthrough AI applications and infrastructure companies through rigorous first-principles analysis rather than market momentum. Leonis differentiates itself by employing technical rigor, publishing comprehensive research on AI valuation and absorption risk, and engaging with founders at a level of technical depth uncommon in venture capital. The firm has achieved top-1% venture returns in its debut fund by backing companies like MaintainX and Motion AI early, demonstrating an ability to spot transformative technical founders before consensus recognition
Investment philosophy
Jay Zhao leads conviction-led, research-driven investments at Leonis Capital, with a focus on AI-native and automation-oriented companies. He emphasizes technical diligence, original research, and hands-on support for founders at the earliest stages.
Investment focus
Leonis Capital invests in pre-seed and seed-stage AI-first startups, prioritizing research-driven founders building transformative applications and infrastructure. Jay's thesis emphasizes technical depth, contrarian insight, and the intersection of cutting-edge AI research with commercial opportunity
Areas of expertise
Recent activity
Live platform data · proprietary, citable layer
Notable portfolio
Lime
Sleeper
Kubit
Plus One Robotics
MaintainX
Spectro Cloud
Motion AI
Method Financial
Manifold Markets
Anthropic
Marqeta
Workboard
HireVue
Mixamo
Sense
Notable deals
Marqeta (NASDAQ: MQ) – Board seat, public exit
HireVue (Acquired by Cornerstone Growth) – Board seat, AI-powered hiring platform
Lime – Board seat, $1.5B funded mobility platform
Mixamo (Acquired by Adobe) – Board seat, 3D animation software
Innoviz (NASDAQ: INVZ) – Portfolio support, autonomous vehicle LiDAR
Frequently asked
Does Jay Zhao invest at seed stage?
Yes. They invest at seed, Series A, pre-seed stage.
Their geographic focus includes United States, San Francisco Bay Area.
What is their typical check size?
Check size is not publicly disclosed. They currently invest through Leonis Capital.
What sectors does Jay Zhao focus on?
Jay Zhao primarily invests in AI, AI Applications, Automation, Foundation Models.
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