Oak Grove Ventures, a new venture capital fund, has been launched to invest in early-stage web3, artificial intelligence (AI) and biotechnology startups.

Oak Grove has $60 million in capital and is founded by Shawn Shi, co-founder of crypto payment solutions provider Alchemy Pay. The fund's other members include Sally Wang, former vice president of Sino Global Capital (now Ryze Labs), and Zac Pan, former associate partner at Lightspeed Venture Partners — who have both joined Oak Grove as investment partners — Wang told The Block.

The fund's technical partners are Ethan Wang, former tech lead of Libra (which later became Diem before being scrapped), and Rongjian Lan, former co-founder and CTO of Harmony, and its technical advisor is Michael Li, former vice president of Coinbase, Wang …