How Hard Tech VCs Impact Dealflow for Strategic LPs: A Conversation with GC Ventures’ Tony Sun
GC Ventures’ Director of Corporate Venture Capital Tony Sun.
This is the first in our weekly 25 Years In Hard Tech interview series, where we hear from past and current Pangaea LPs and CEOs who’ve been instrumental in our journey. Check back next week for the next edition.
GC Ventures is one of many long-term partners we’ve had the privilege of working with over our 25 years, as a partner in both Pangaea’s Fund IV and Impact Fund, and as co-investors in innovative companies like Ardent, and Tidal Vision, and exited portfolio company ESS.
Our partnership combines GC’s deep industrial expertise with Pangaea’s venture capital rigor to accelerate breakthrough hard tech innovations with global impact.
GC Ventures is led by one of the leading figures in global corporate venture capital (CVC) today, Tianyi (Tony) Sun. Tony is responsible not only for developing and executing investment strategies in North America and managing GC’s investment portfolio, but he also leads tech scouting and market intelligence activities for GC. His role enables him to facilitate collaboration with emerging technologies and support new corporate initiatives alike.
Beyond his day-to-day role at GC Ventures, the Pangaea team collaborates with Tony in his capacity as board observer for both Ardent and Tidal Vision. We were extremely grateful to Tony for taking a few minutes out of his day to share his thoughts.
In this interview, Tony offers a behind-the-scenes look at GC Ventures’ strategic approach to identifying and scaling early-stage hard tech opportunities that align with sustainability goals and GC’s circular economy vision. He shines light on the unique value CVC brings, not just capital, but critical market connections and adoption pathways that help startups grow. Among Tony’s insights is how this partnership model has fostered meaningful progress for portfolio companies like Ardent, demonstrating the power of combining corporate resources with venture agility.
And now, our interview with Tony:
Pangaea Ventures: Please describe the investment philosophy and key criteria that GC Ventures uses when evaluating opportunities in hard tech.
Tony Sun: We invest in early-stage opportunities that have strategic synergies with PTT Global Chemical (GC) in the areas of advanced materials, circular economy and decarbonization. Just like any other investor, when we perform due diligence, we evaluate all aspects of an opportunity to understand the corresponding risk and reward.
Beyond the synergies with the GC ecosystem and fair economic deal terms, three other important things we look for are efficiency gain, sustainability impact, and a strong team.
PV: How does GC Ventures approach partnerships and collaboration with companies like Pangaea Ventures to support breakthrough innovation and scaling in hard tech?
TS: GC Ventures is the primary interface between the GC ecosystem and emerging technology providers. We scout for innovations that can have business impact potential to both GC and the world.
Peer referrals, internal market research, and cold inbounds are the three primary ways we get to know innovations.
Within peer referral, dealflow from VC funds like Pangaea has demonstrated to be critical for us: over the years, many of the highest quality collaborations and most successful investments are rooted from such a partnership.
Many thanks to Pangaea and other funds we had the privilege to be part of!
PV: From your vantage point, what are some unique challenges and opportunities that corporate venture capital can help address for hard tech startups focused on long-term impact?
TS: One of the major challenges hard tech startups face is to secure initial customers. CVC teams often have a wide network both inside their corresponding corporate and with their peer organizations. Thus, beyond capital, one of the key supports CVC can provide is to identify internal champions, who are believers of the technology and ready to take the risk.
PV: Could you share examples of how GC Ventures’ strategic support has accelerated the growth or market readiness of portfolio companies such as Ardent, Tidal Vision or ESS?
TS: Our investments primarily focus on early-stage companies while our BU’s comfort zone is mature technology; the venture team’s goal has been to prepare a portfolio company to be ready to work with GC and other customers in the future. Depending on the stage of the technology and GC’s existing footprint in their supply chain, we brainstorm with the portfolio company as well as business units to explore a model that makes the most sense: development collaborator, pilot customer, expansion channel into Southeast Asia, future manufacturing / operation partner, etc.
One specific example I can share is Ardent, a co-investment with Pangaea Ventures, which is an industrial gas separation platform that has potential applications not only in traditional O&G operations but also in carbon capture. The GC Ventures team has been an active advocate of its technology not just at GC, but also within the broader PTT ecosystem, leading to many on-going collaboration conversations.
PV: Looking ahead, what trends or technologies in sustainable hard tech are you most excited about, and how do you see GC Ventures and partners like Pangaea playing a role in shaping that future?
TS: At GC Ventures, we truly believe that CVC and VC can complement each other in the type of support they can provide to portfolio companies. By working closely with reputable VC funds like Pangaea, we hope to make more impact in sectors where we think the world very much needs. One such example is green chemicals, which is also the core of GC’s innovation efforts, where we can add significant value to startups as well.