Key Takeaways
- • Jenny Lee, senior managing partner at Granite Asia, says later-stage Asian startups are preparing for IPOs when they are four to five years old, versus a typical holding period of eight to 10 years before going public.
- • Granite Asia, which invests from first round through public listing in both equity and credit, has made more than 40 equity investments over the last two years, according to Lee.
- • Lee says later-stage portfolio companies are showing productivity gains and reaching profitability faster, while early-stage funding activity is rising.
- • Granite Asia is focusing on artificial intelligence for science, robotics, region-specific consumer AI applications such as India-focused apps and Japanese content tools, and energy storage technology.
Summary
Newly formed companies are reaching the initial public offering stage far sooner than in the past, according to venture capitalist Jenny Lee, senior managing partner at Granite Asia and the first woman to enter the top 10 of the Forbes Global 100 VC Midas list. Speaking to CNBC in an interview on the sidelines of the DBS Asia Future Forward Conference in Singapore, Lee contrasted the trend with Western markets, where companies tend to remain private for longer. Asian firms, she said, are moving on a more accelerated timeline.
Lee noted that the average holding period before a company goes public is eight to 10 years, but that the later-stage companies Granite Asia is currently seeing are preparing for IPOs at four to five years old. She also said the firm has made more than 40 equity investments in the last two years. Granite Asia works with startups from their first funding round through public listing, across both equity and credit.
Lee described a split in activity across stages. Early-stage funding activity is increasing, while companies in later stages are reporting productivity gains and reaching profitability more quickly, she said.
On sector focus, Lee said Granite Asia is concentrating on artificial intelligence for science and on robotics. The firm is also interested in region-specific consumer technology, including apps that would appeal specifically in India and AI tools that help create Japanese content. Energy is another priority: Lee pointed to companies with energy-related technology such as storage, noting that many Asian countries import a large share of their energy needs and that growth in renewables adoption makes storage technology increasingly important.
Lee noted that the average holding period before a company goes public is eight to 10 years, but that the later-stage companies Granite Asia is currently seeing are preparing for IPOs at four to five years old. She also said the firm has made more than 40 equity investments in the last two years. Granite Asia works with startups from their first funding round through public listing, across both equity and credit.
Lee described a split in activity across stages. Early-stage funding activity is increasing, while companies in later stages are reporting productivity gains and reaching profitability more quickly, she said.
On sector focus, Lee said Granite Asia is concentrating on artificial intelligence for science and on robotics. The firm is also interested in region-specific consumer technology, including apps that would appeal specifically in India and AI tools that help create Japanese content. Energy is another priority: Lee pointed to companies with energy-related technology such as storage, noting that many Asian countries import a large share of their energy needs and that growth in renewables adoption makes storage technology increasingly important.
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