Abstract: The impact of venture capital on technology innovation is an important topic both in theory and practice. This paper analyzes the influence of venture capital to the technology innovation of the invested enterprise from the perspective of specialized investment strategy. It is based on enterprises as samples which are listed on Shenzhen Growth Enterprises Market. It finds that venture capital can promote the technology innovation of the invested enterprise effectively. The specialized ability of industry is stronger, and the level of enterprises’ technological innovation is higher. Further inspection finds that the industry specialization of venture capital investment makes more influence on high-tech enterprises’ technology innovation. Stage specialization and regional specialization strategy can strengthen the effect of industry specialization to the technology innovation of the invested enterprise. Industry specialization increases the possibility of early-stage and investment proximity; different specializations partly strengthen each other. The paper finds out the mechanism of promoting technical innovation from the perspective of specialization.