Leonis Capital combines Jay Zhao's traditional venture track record with Jenny Xiao's background as an OpenAI researcher, along with research fellows from schools like Stanford, MIT, and Harvard, and it built an internal system called Alfa to track signals such as GitHub activity and hiring trends across thousands of AI startups. The fund is built for technical founders, evaluating startups based on questions like whether frontier labs could absorb their technology and what becomes possible if underlying models improve, and its Fund II investors include researchers and executives from Nvidia, OpenAI, and Anthropic.