The composition of venture capital syndication has great inpact on the development of the portfolio company. This paper examines the impact of VC heterogeneity on the hazard rate of hightech company’s IPO or highprice M&A. Based on the survival analysis, it shows that VC syndications which are more diversified in industry and geography scope tend to be more beneficial to the hightech company, whereas similar background in ownership type leads to desirable outcome. Further analysis reveals subtler variations of the heterogeneity effect across different rounds. The heterogeneity effect tends to be greater for the hightech firms which have received many rounds of investment.