Meet Homan Yuen, Managing Partner at Keymaker

Homan Yuen grew up in a small farm town in northwest Indiana, where his family was, by his account, the first and last Asian family in the community. He followed the familiar path of achievement, studying physics at Berkeley and later pursuing doctoral research at Stanford, before an unexpected turn led him into company building. Solar Junction, the company that grew out of that work, set world records in solar-cell efficiency and was eventually acquired, giving him a firsthand view of both the promise of deep technology and the difficulty of turning it into a business.

Homan later spent eight years investing at the early stage with Fusion Fund, bringing to venture the perspective of someone who had already built a company himself. Now, with Keymaker, a new venture firm focused on industrial automation, AI data center infrastructure, and energy, he is beginning a new chapter, working again at the earliest stages with technical founders. In this conversation, he reflects on the long movement from science to startups to investing, and on what he learned along the way about building companies, evaluating technology, and navigating a career that did not unfold in a straight line. What emerges is a career shaped not by a single leap but by a series of thoughtful recalibrations.

Sam: Let’s start at the beginning. Where were you born, and where did you grow up?

Homan: I was born and raised in northwest Indiana, in a small farm town. To the best of my knowledge, we were the first and last Asian family in that town. It was an interesting experience growing up there. As a kid, I did not spend too much time thinking about being Asian, except that people often assumed I was Japanese, which I am not. I’m Chinese. But I did not really see myself as different. After that, I spent about a decade in Southern California before moving to the Bay Area for college.

Sam: Walk me through college and your early career.

Homan: I studied physics at Berkeley, which was a big contrast from where I had grown up because there were so many more Asians there. After Berkeley, I went to Stanford for my PhD in materials science and electrical engineering, where I worked on semiconductor lasers and detectors. After that, I started a solar cell company, Solar Junction, based on some of my PhD research. We built high-efficiency solar cells, set world records in performance, installed them around the world and on space satellites, and eventually sold the company to a sovereign wealth fund.

Sam: What led you to start the company, and what was that founder journey like?

Homan: For most of my life, I thought I would become a researcher or professor. I actually went to Berkeley intending to study astrophysics, but over time I became more interested in seeing the research I worked on being applied in the real world more quickly. Even after Stanford, I still thought I would stay in research, either in industry or academia. When VCs first approached me about starting a company, I said no several times before finally saying yes. That obviously took my career in a very different direction.  We built a very strong team (we have our own “mafia” that’s doing well in their own journeys) to create the world’s most efficient and commercially viable multi-junction solar cells.  Starting from the raw substrates, we deposited our own proprietary materials, fabricated devices, and created products that converted 45% of the sun’s light into electricity.  

It was an up-and-down journey, like most founder journeys are. There were very high highs and very low lows. But I think we built a strong product, strong technology, and ultimately a strong company that had a successful exit. That experience shaped where I am today.

Sam: What made you decide to become an investor?

Homan: To be honest, I naively thought venture capital would not be that hard. I know now that it can be just as hard, sometimes harder, in different ways. But I felt there were a lot of things I had learned as a founder that I could bring to other founders. I also thought I could be a different kind of investor: someone highly technical who could evaluate technology with a different lens, connect with very technical founders, and use that experience to help build great companies and generate returns.

Sam: How has your founder background shaped the way you work with founders now?

Homan: It gives me a certain level of empathy. When you have gone through the founder journey yourself, you understand how hard and lonely it can be. Many founders see investors either as adversarial or as people they need to be afraid of. I think investors should be partners. Having been a founder helps me build trust more quickly. It gives me credibility and allows founders to work with me more openly.

Sam: What do you look for in a founder?

Homan: Because I tend to invest in more technical companies, I look for technical founders who understand that the best technology does not always win. Often it does not. A great business is not just about the technology. It is also about the product, the business model, the ability to communicate, and the ability to sell. A lot of technical founders are not naturally strong storytellers, so I look for founders who can bridge that gap and who are coachable. Those are some of the biggest things I look for.

Sam: You first started your venture career as a partner at Fusion Fund. What was your focus there?

Homan: I was a partner at Fusion Fund from 2015 to 2023, and I focused on industrial and enterprise deep tech companies. That included areas like robotics, supply chain and logistics, both hardware and software, especially at the seed and early stages.

Sam: And now you are starting a new firm. What can you share about that?

Homan: My partner Tim Wang and I have known each other for a long time. We got to know each other better over time, worked on some deals together, and saw a lot of alignment in how we think about founders, companies, and the role investors should play. After I took some time off from Fusion Fund, we had the chance to talk more seriously about what building a firm together could look like.

We spent a lot of time thinking through different scenarios, our goals, and what kind of firm we actually wanted to create. Starting a firm is a bit like another marriage, and we wanted to make sure we were doing it for the right reasons. That process led us to form Keymaker. We are focused on areas we know well and care deeply about: industrial automation, AI data center infrastructure, and energy.

Sam: What stage and type of companies are you focused on?

Homan: We are focused on pre-seed and seed-stage companies. If a company does not yet have revenue, we want to believe it can have revenue within the next 12 to 18 months. Deep tech has been a very hot area, but a lot of capital is going into companies that may not commercialize for ten or more years, and that can be a problem if you are trying to generate returns for LPs on a typical fund timeline. We are looking for companies where the technology is ready and can be commercialized today.

Sam: What are some of the biggest lessons you have learned over the course of your career?

Homan: Treating people with respect always matters. Working hard, doing a good job, having a strong reputation, and building strong relationships will open doors over time. I never planned for my career to take the path it did. There were a lot of sharp left turns. But the opportunities I have had came from working hard, building trust, and treating people well.

Sam: Is there anything you wish you had done differently earlier in your career?

Homan: One thing I wish I had done more of earlier is investing in community and relationships. As an Asian American, I think a lot of us are raised to focus on grades, achievement, and hard work, but not always on networking or building social capital. In undergrad and grad school, I was very focused on achievement. Looking back, I think community and relationships are incredibly important, not just for your career but for your life more broadly. I do invest in that now, but I wish I had done more of it earlier.

Sam: Do you think Asian Americans have to navigate careers differently?

Homan: Yes. I think Asian Americans are still often pigeonholed into certain stereotypes. Because of that, we have to self-advocate more, both individually and collectively. I see too many cases where Asian Americans are passed over, sometimes for reasons that do not feel appropriate. That happens professionally, in education, and socially. We need to be better about standing up for ourselves.

Sam: What were you like as a kid?

Homan: In some ways, I was the model Asian kid. I studied hard, got very good grades, and won a lot of awards. But I was also pretty angsty and had a lot of repressed emotions from growing up and trying to become that overachieving Asian kid. It took time to unpack that, but I think I am better for it now.

Sam: How would your friends describe you outside of work?

Homan: They would probably say I work too much and do not see them enough. But they would also say I am very caring, empathetic, and always willing to help. That has been pretty consistent throughout my life.

Sam: What do you do for fun?

Homan: I like being outdoors and staying active. I am also a big Cal football and basketball fan, even though that has meant a lot of pain over the years. I have had football season tickets since 1996. I like camping, leisure travel, and spending time with small groups of close friends. I am an introvert, so I prefer deeper one-on-one or small group relationships over big social settings.

Sam: What is the most Asian thing you do?

Homan: I wear slippers around the house, and I even bring them with me when I travel so I can wear them in hotel rooms. That might be the most Asian thing I do.