Conductive Ventures, recently formed by former Kleiner Perkins partner Paul Yeh and ex-Intel Capital director Cary Lai, has raised $100 million for a debut fund that will invest in "expansion stage" enterprise software and hardware startups Why it matters: Conductive is seeking to fill the so-called "Series B gap," which has emerged, with many VC firms moving either very early or very late in the private capital cycle. “I think the historical perspective is that you pay up so you get less ownership, and there’s risk that hasn’t been mitigated in that round,” Lai tells Axios of investing in his new firm's Series B sweet spot.