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Top 50 Biotech VC Funds & Investors in China (June 2026)

The most active venture capital funds investing in China Biotech startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in China Biotech startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Qiming Venture Partners
VC Fund
58 China, United States, Hong Kong Series B, Series A, Series C Health Care, Biotechnology, Medical $5M–$142M
HSG
VC Fund
42 China, United States, Hong Kong Series A, Series B, Series C Health Care, Biotechnology, Software $4.4M–$214M
BioVenture
VC Fund
33 China, United States, Hong Kong Series A, Series B, Seed Health Care, Medical, Biotechnology $1.6M–$73M
Lilly Asia Ventures
VC Fund
30 China, United States, Hong Kong Series A, Series B, Series C Biotechnology, Health Care, Medical $14M–$259M
Med-Fine Capital
VC Fund
28 China, Hong Kong, United States Series A, Seed, Series B Medical, Health Care, Biotechnology $2.8M–$60M
Kaitai Capital
VC Fund
26 China, United States, Singapore Series A, Series B, Angel Biotechnology, Health Care, Pharmaceutical $425k–$57M
Matrix Partners China
VC Fund
25 China, United States, Hong Kong Series A, Series B, Series C Health Care, Biotechnology, Software $2.8M–$200M
Frees Fund
VC Fund
25 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Health Care, Biotechnology $425k–$35M
Sherpa Healthcare Partners
VC Fund
22 China, United States, Kenya Series A, Series B, Series C Biotechnology, Health Care, Medical $2.8M–$156M
IDG Capital
VC Fund
22 China, United States, India Series A, Series B, Series C Software, Internet, E-Commerce $3M–$190M
Linear Capital
VC Fund
19 China, Singapore, Switzerland Seed, Angel, Series A Artificial Intelligence, Software, Manufacturing $1.4M–$122M
Legend Capital
VC Fund
19 China, United States, South Korea Series B, Series A, Series C Health Care, Medical, Biotechnology $2.8M–$200M
Northern Light Venture Capital
VC Fund
19 China, United States, South Korea Series A, Series B, Seed Health Care, Medical, Biotechnology $1.3M–$100M
TF Capital
VC Fund
18 China, United States Series A, Series B Biotechnology, Health Care, Medical $5.7M–$120M
CDH Investments
VC Fund
18 China, United States, Canada Series A, Series B, Series C Manufacturing, Health Care, Biotechnology $8.3M–$300M
Hillhouse Investment
VC Fund
17 China, United States, Singapore Series B, Series A, Series C Biotechnology, Health Care, Software $2.9M–$230M
Highlight Capital
VC Fund
16 China, United States, Portugal Series A, Series B, Seed Health Care, Medical, Biotechnology $2.8M–$84M
Delian Capital
VC Fund
16 China, United States, France Series A, Seed, Series B Biotechnology, Manufacturing, Health Care $199k–$50M
CD Capital
VC Fund
15 China, United States Series A, Series B, Seed Health Care, Biotechnology, Medical Device $1.4M–$34M
Puhua Capital
VC Fund
15 China, United Kingdom, United States Series A, Series B, Seed Health Care, Medical, Manufacturing $1.4M–$112M
Baidu Ventures
VC Fund
14 China, United States, Singapore Series A, Seed, Series B Artificial Intelligence, Health Care, Biotechnology $1.4M–$145M
Green Pine Capital Partners
VC Fund
14 China, United States, Canada Series A, Series B, Angel Biotechnology, Software, Manufacturing $425k–$150M
Cowin Capital
VC Fund
14 China, Hong Kong, United States Series A, Series B, Seed Manufacturing, Health Care, Biotechnology $1.4M–$50M
Gaorong Capital
VC Fund
14 China, United States, Hong Kong Series A, Series B, Seed Information Technology, Software, Artificial Intelligence $2.8M–$110M
SDIC Venture Capital
VC Fund
13 China, United States, Hong Kong Series B, Series A, Series C Manufacturing, Biotechnology, Electronics $2.8M–$170M
Prox Ventures
VC Fund
12 China, United States, United Kingdom Seed, Series A Medical, Biotechnology, Health Care $1.9M–$28M
K2VC
VC Fund
12 China, United States, Japan Series A, Seed, Angel E-Commerce, Manufacturing, Biotechnology $425k–$24M
Shenzhen Capital Group
VC Fund
12 China, United States, Japan Series A, Series B, Series C Manufacturing, Health Care, Software $1.4M–$142M
BioTrack Capital
VC Fund
12 China, United States, Singapore Series A, Series B, Seed Biotechnology, Health Care, Medical $3M–$168M
Cowin Venture
VC Fund
12 China, United States, Hong Kong Series A, Angel, Series B Health Care, Medical, Biotechnology $425k–$257M
LYFE Capital
VC Fund
11 China, United States, France Series B, Series A, Series C Biotechnology, Health Care, Medical $6.5M–$148M
Oriental Fortune Capital
VC Fund
11 China, United States Series A, Series B, Seed Software, Manufacturing, Information Technology $1.4M–$100M
Pan-Lin Capital
VC Fund
11 China, United States, Canada Series A, Seed, Series B Health Care, Biotechnology, Medical $1k–$57M
Shunwei Capital
VC Fund
11 China, United States, India Series A, Series B, Series C Manufacturing, Software, Internet $1.4M–$130M
Addor Capital
VC Fund
11 China, Hong Kong, Singapore Series A, Series B Manufacturing, Semiconductor, Electronics $1.4M–$43M
Legend Star
VC Fund
11 China, United States, France Series A, Seed, Angel Health Care, Medical, Biotechnology $425k–$50M
ZhenFund
VC Fund
11 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Software, E-Commerce $413k–$28M
ZSVC
VC Fund
10 China, United States, India Series A, Seed, Series B Manufacturing, Medical, Health Care $1.4M–$85M
Hillhouse Ventures
VC Fund
10 China, Singapore, Norway Series A, Series B, Seed Manufacturing, Biotechnology, Health Care $10M–$120M
Sinovation Ventures
VC Fund
10 China, United States, Hong Kong Series A, Seed, Series B Software, Artificial Intelligence, Internet $1M–$110M
Shunxi Fund
VC Fund
10 China Series A, Seed, Series B Biotechnology, Manufacturing, Medical $419k–$85M
Empower Investment
VC Fund
10 China, United States, India Angel, Series A, Seed Information Technology, Health Care, Artificial Intelligence $142k–$14M
Lapam Capital
VC Fund
10 China, United States Series A, Series B, Series C Biotechnology, Pharmaceutical, Health Care $13M–$100M
Shenzhen Guozhong Venture Capital Management
VC Fund
9 China Series A, Series B, Seed Manufacturing, Health Care, Biotechnology
Huagai Capital
VC Fund
9 China, United States, Germany Series A, Series B, Angel Health Care, Biotechnology, Medical $425k–$90M
Source Code Capital
VC Fund
9 China, United States, Singapore Series A, Series B, Series C Software, Artificial Intelligence, E-Commerce $2M–$200M
EFung Capital
VC Fund
9 China, United States, India Series A, Series C, Series B Biotechnology, Health Care, Pharmaceutical
Tsinghua Capital
VC Fund
9 China, Australia Seed, Angel, Series A Manufacturing, Artificial Intelligence, Biotechnology
Redhill Capital
VC Fund
9 China Seed, Series A Health Care, Biotechnology, Medical
Oriza Seed Capital (Oriza Yuandian)
VC Fund
9 China, United States, Singapore Series A, Seed, Angel Manufacturing, Health Care, Biotechnology $213k–$90M
Access all 50 VC funds in China Biotech startups.

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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

Qiming Venture Partners
VC Fund · Shanghai, Shanghai, China · 58 investments in China Biotech startups

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong in China, and Singapore.Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companiesin the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.Since our debut, we have backed over 530 fast-growing and innovative companies. Over 200 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 70 portfolio companies that have achieved unicorn or super unicorn status.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 716
  • Round size: Series A $5M–$64M; Series B $10M–$100M; Series C $15M–$142M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — raised $887M in 2023

Portfolio highlights

  • Fitlens — Fitlens
  • Duet — Duet is a dating application helps you find meaningful relationships based on shared interests and experiences.
  • Woof — Woof is a street fashion community and e-commerce platform for young generations.
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HSG
VC Fund · Beijing, Beijing, China · 42 investments in China Biotech startups, 10 in the past 12 months

We help founders build enduring companies.

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Investment focus

  • Industry: Health Care, Biotechnology, Software
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 751
  • Round size: Series A $4.4M–$100M; Series B $12M–$200M; Series C $26M–$214M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: Likely actively investing — fund raised in 2024

Portfolio highlights

  • MarqVision — Effortlessly discover and remove counterfeits to protect your sales and reputation.
  • Midas — Midas is the first neobroker of Turkey, providing zero commission Turkish and American stocks.
  • Yunzhou Zhiwei — Yunzhou Zhiwei is a high-tech startup focused on serving large-scale equipment maintenance industries such as aviation, aerospace, shipbuilding, and rail transit. It leverages smart maintenance concepts and advanced digital technologies to make complex equipment maintenance more efficient and lean. The company drives industrial transformationtoward intelligent maintenance, helping enterprises enhance growth, efficiency, and operational excellence.
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BioVenture
VC Fund · Suzhou, Jiangsu, China · 33 investments in China Biotech startups

Suzhou Industrial Park Bioventure Investment Management Limited (Bioventure) was established in September 2013. Bioventure its first element of the new bio-industry funds 540 million yuan fund size. Bioventure specialize in the field of life sciences in the early stages of the venture capital investments as having high strength and growth, greaterdevelopment space, excellent management team, biotechnology, drug discovery, medical devices and healthcare services companies, and provide capital, management , operation and other aspects of post-investment support and services.Bioventure brought together senior investment professionals team with bio-pharmaceutical industry investment experience, strong fund management, entrepreneurship and venture capital and operating experience in business, have a deep understanding of the domestic and foreign markets, capable of its forward-looking international perspective and extensive The industry has the potential resources to help innovative companies grow rapidly and gain greater success, while giving fund investors bring considerable returns.Suzhou Industrial Park, the core investor BioBay has the country's best medical and pharmaceutical incubator function, use the platform, the project team has great resources and industrial service advantages, Yuan-sheng venture has successfully invested in 20 projects have been cast projects in their own development and follow-up financing, has made outstanding achievements in the industry for all to see, and won the Venture's trust and praise.By focusing and extensive industry resources, Bioventure determined to become one of China's most successful medical and pharmaceutical venture fund. Bioventure expectations and in the medical and pharmaceutical industry where there joint venture development cooperation.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 152
  • Round size: Seed $1.6M–$20M; Series A $1.9M–$42M; Series B $3M–$73M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • MacroLux — MacroLux Medical Technology Co., Ltd.
  • Ubiquitin Bio — Ubiquitin Bio is a research and development manufacturer of in vitro diagnostic products.
  • Yulu Qianxing — Yulu Qianxing is an AI-powered platform that focuses on quantum mechanics, and molecular simulation algorithms to enable novel drug research and development by simulating processes.
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Lilly Asia Ventures
VC Fund · Shanghai, Shanghai, China · 30 investments in China Biotech startups

Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm headquartered in China, with offices in Shanghai, Hong Kong, and Palo Alto.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 209
  • Round size: Series A $14M–$100M; Series B $25M–$112M; Series C $28M–$259M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: May invest from a new fund soon — raised $40M in 2019

Portfolio highlights

  • Passage Bio — Passage Bio, a genetic medicines company, is changing the future of CNS disorders and transforming the lives of patients and their families.
  • Langlai Technology — Langlai Technology is a clinical-stage innovative drug research and development company. Adhering to the dual-drive strategy of synchronously improving the R&D pipeline and platform construction, it has built a full-process new drug R&D process from concept verification, candidate compound screening, preclinical druggability development toclinical research. system.
  • Alebund Pharmaceuticals — Alebund Pharmaceuticals is a biopharmaceutical company dedicated to developing innovative therapies for the treatment of renal diseases and related chronic conditions.
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Med-Fine Capital
VC Fund · Shanghai, Shanghai, China · 28 investments in China Biotech startups

Med-Fine Capital is a venture capital firm focusing on early stage investments in China healthcare industry. The company is headquartered in Shanghai with offices in Beijing and Shenzhen.

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Investment focus

  • Industry: Medical, Health Care, Biotechnology
  • Stage:Series A, Seed, Series B
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 75
  • Round size: Seed $8M–$21M; Series A $2.8M–$40M; Series B $11M–$60M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: May invest from a new fund soon — raised $69M in 2019

Portfolio highlights

  • Zhuanma Biotech — Zhuanma Biotechnology is a gene editing service provider dedicated to clinically developing effective ultra-small gene editors into genetic therapeutics that are "curable once and for all."
  • Excalipoint Therapetics — Excalipoint Therapeutics is a Private limited company.
  • Beijing Ansong Technology — Beijing Ansong Technology Co., Ltd. is an enterprise focusing on the research and development, production, and sales of orthopedic medical devices. The company cooperates with domestic and foreign universities, research institutes, and doctors in hospitals, and is committed to creating original orthopedic products with independent knowledgeproducts.Beijing Ansong Technology was founded on June 27, 2011 by Liang Tao in Fengtai, Beijing.
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Kaitai Capital
VC Fund · Hangzhou, Zhejiang, China · 26 investments in China Biotech startups

KAITAI CAPITAL, founded in 2009, is a professional investment management organization that mainly engaged in innovative investment, industrial investment, and wealth management business. Fields of investment include biopharma, healthcare services, agriculture tech, consumer business, digital technology and etc.

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Investment focus

  • Industry: Biotechnology, Health Care, Pharmaceutical
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 122
  • Round size: Angel $425k–$14M; Series A $1.4M–$35M; Series B $4.3M–$57M
  • Lead/follow: 34% lead, 66% follow

Portfolio highlights

  • Yushi Space — Yushi Space is a liquid rocket developer that focuses on the development and manufacture of large-capacity, low-cost and rapidly reusable liquid rockets.
  • Primelink Bio — Primelink Bio is a Biotechnology firm that is working to to develop next generation of drug delivery systems.
  • Astrocyte Pharmaceuticals — Astrocyte Pharmaceuticals Inc. is a privately held drug development company dedicated to accelerating the recovery and well-being of brain injury patients. The company is committed to proving the neuroprotective benefits of selective astrocyte activation, and advancing breakthrough therapeutic agents for treating brain injury resulting from stroke,TBI, concussion, and neurodegenerative disorders such as Alzheimer’s disease.
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Matrix Partners China
VC Fund · Beijing, Beijing, China · 25 investments in China Biotech startups

Matrix Partners China builds long-term relationships with entrepreneurs and helps them build significant, industry-leading companies.Since its inception in 1977, Matrix Partners China has made hundreds of investments and played an active role in the development of many successful businesses, 50 of which went on to IPO, and 75 of which have goneon to profitable M&A events. The firm consistently ranks in the top venture firms in terms of returns to its investors.Matrix Partners China combines local knowledge with global experience and vision. Its team consists of both former entrepreneurs and experienced investors. Its past successes include Focus Media, Eachnet, and Baidu, among others. The company invests across multiple sectors and stages.

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Investment focus

  • Industry: Health Care, Biotechnology, Software
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 432
  • Round size: Series A $2.8M–$60M; Series B $9.5M–$113M; Series C $14M–$200M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • Lexin — LexinFintech Holdings is an online consumer finance platform for educated young adults in China. As one of China's leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company's Dingsheng online investment platform, and theCompany's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company's more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions. By serving the credit needs of China's educated young adults, Lexin helps its more than 20 million registered users to enjoy a better quality of life through the use of better credit.
  • Ouli Biomedical — Ouli Biomedical is a pharmaceutical company. They offer nucleic acid drug discovery, laboratory research and development, process and analysis development, CMC services, API production, and drug registration.
  • Ucello Therapeutics — Ucello Therapeutics is engaged in development of allogeneic cell therapies using its proprietary CAR-T cell technology platform CBT-X20.
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Frees Fund
VC Fund · Beijing, Beijing, China · 25 investments in China Biotech startups

By adopting revolutionary mechanisms, FREES FUND is devoted to change the long-established rules in the venture capital. By leveraging the cutting-edge technologies and resources, FREES FUND aims at investing in great startups and helping them grow into great enterprises that are valuable to our society. We mainly invest in early-stagestartups, and hope to become their first-round institutional investor. Our primary interested areas are broad-sense TMT (Technology, Media, Telecom), B2B and deep technology.

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Investment focus

  • Industry: Artificial Intelligence, Health Care, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 194
  • Round size: Seed $1.4M–$14M; Angel $425k–$17M; Series A $1.4M–$35M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: May invest from a new fund soon — raised $130M in 2015

Portfolio highlights

  • SoundAI — Sound Technology is a science and technology innovation company that specializes in acoustics frontier technology and artificial intelligence interaction. It is committed to lead the more interactive experience of artificial intelligence in the real environment and realize the human-computer interaction vision that "listen to you and know whatyou think".
  • Jiajin Biotech — Jiajin Biotech is a pharmaceutical R&D service provider. It specializes in the development of antibody-small nucleic acid conjugates.
  • Optical Standard Technology — Optical Standard Technology focuses on the design and manufacture of optical computing chips and optical computing boards for use in scenarios requiring large amounts of AI computing power, such as large model reasoning and training, autonomous driving, smart cities, quantitative finance, AI security.
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Sherpa Healthcare Partners
VC Fund · Beijing, Beijing, China · 22 investments in China Biotech startups

Sherpa Venture Capital is an investment firm that focuses on the investment and cultivation of the Pharmaceutical and Biotech industry. It also specializes in the investment and management of sector leaders and innovators within the Pharma, GeneTech, MedTech, Medical services, and various sub-sectors, where they have established robust portfoliosources, lasting value-adding cooperations and relationships, as well as mature all-cycle services with key resources. It was founded in 2018 and is headquartered in Beijing, China.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Kenya

Investor stats

  • Total investments: 97
  • Round size: Series A $2.8M–$43M; Series B $14M–$100M; Series C $12M–$156M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Brise Pharma — Brise Pharma operates in the scientific research and technical service industry.
  • Yosemite Clinic — Yosemite Clinic is a full-service clinic providing convenient walk-in medical services in a state-of-the-art environment in Central Pudong. They offer family medicine, internal medicine, surgery, orthopedics (sports medicine), dermatology, medical cosmetology, dentistry, gynecology, pediatrics, ophthalmology, anesthesiology, rehabilitationmedicine, medical imaging, laboratory, pharmacy and more. Their onsite facilities and equipment include CT, X-ray, Ultrasound, Laboratory and Operating Rooms. Their doctors come from China and across the world, enabling us to serve you in many languages including, English, Japanese, Malay, Mandarin Chinese and Cantonese.
  • Huihe Healthcare — Huihe Healthcare specializes in the development of medical devices for structural heart disease. The company was founded in 2019 and is headquartered in Shanghai, China.
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IDG Capital
VC Fund · Beijing, Beijing, China · 22 investments in China Biotech startups

IDG Capital is a global investment firm partnering with founders to build enduring businesses through capital, expertise, and long-term support.

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Investment focus

  • Industry: Software, Internet, E-Commerce
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 705
  • Round size: Series A $3M–$112M; Series B $7.4M–$142M; Series C $14M–$190M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Polymaker — Polymaker is a high quality 3D printing filament manufacturers. PLA, PETG, ABS, ASA, TPU, Nylon, PC, Carbon Fiber and more. Find the best filament for your application.
  • Ripple — Discover why hundreds of financial institutions choose Ripple to provide a better international payments experience for their customers in real-time.
  • Singularity Energy Technology — Singularity Energy is committed to core technology research and product development in advanced energy storage systems, and contributes industry-leading solutions to promote large-scale clean energy integration and achieve global carbon neutrality goals.
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

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Linear Capital
VC Fund · Shanghai, Shanghai, China · 19 investments in China Biotech startups

Linear Capital is a Frontier Tech Fund founded in 2014 by Harry Wang, Facebook's first Chinese R&D manager. We currently manage 10 funds with AUM of more than $2 billion.

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Investment focus

  • Industry: Artificial Intelligence, Software, Manufacturing
  • Stage:Seed, Angel, Series A
  • Geography: China, Singapore, Switzerland

Investor stats

  • Total investments: 85
  • Round size: Seed $1.4M–$120M; Angel $1.4M–$122M; Series A $5.7M–$50M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: Likely still investing — raised $500M in 2021

Portfolio highlights

  • NewPro — NewPro is in the process of increasing production and establishing regulations for lactoferrin raw materials, with the goal of bringing the product to market as quickly as feasible.
  • Juehua Medical — Juehua Medical is a medical technology company focusing on the field of visual health.
  • Deepin Technology — Deepin Technology is a company that utilizes artificial intelligence, quantum chemistry, and high-throughput experiment technologies to enhance the efficiency and workflow of chemical material innovation. it offers efficient R&D solutions for chemical materials, aiming to solve lab bottlenecks, promote innovative research, and enhance customervalue.
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Legend Capital
VC Fund · Beijing, Beijing, China · 19 investments in China Biotech startups

Legend Capital, a subsidiary of Legend Holdings Ltd., started its vintage year in April, 2001 with a mission to become a top-notch and the most respected venture capital investment manager in China.Managing up to US$700 million across four funds, Legend Capital focuses on driving high-growth ventures with operations substantially based in Chinaor on markets related to China.Legend Capital mainly invests in early stage IT companies, specifically, in sectors of network applications and services, outsourcing and professional services, Infrastructure (IC design/key components), and mid-market growth stage companies in the fields of consumer goods, clean technology, health care, equipment manufacturing and modern services.Among over 60 portfolio companies are Joyo.com (acquired by Amazon.com), SinoCom (0299.HK), Solarfun Power (Nasdaq: SOLF), Spreadtrum Communications (Nasdaq: SPRD), China Sunshine Paper (2002.HK), and VanceInfo (NYSE:VIT), Eyang (0117.HK), etc.As an active investor, Legend Capital provides its portfolio companies extensive business resources and tailored services to assist with business development, company image building, and other critical company building activities on Chinese market so as to add value and maximize returns. Legend Capital is proud and thankful that it has the opportunity to blaze a trail with its innovative practice for China's venture capital industry.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, South Korea

Investor stats

  • Total investments: 372
  • Round size: Series A $2.8M–$94M; Series B $12M–$113M; Series C $14M–$200M
  • Lead/follow: 39% lead, 61% follow
  • Last fund: Likely still investing — raised $177M in 2021

Portfolio highlights

  • Dipeak — Dipeak is a big data computing and artificial intelligence company that helps businesses traverse the AI era. Dipeak offers computer software services connected to data intelligence engines that integrate computing intelligence.
  • Bespin Global — Bespin Global provides consulting, migration, managed services, and solutions for hybrid cloud. They rapidly implement architectures optimized for various industry areas into a hybrid cloud environment interacting with IDB using AWS, MS Azure, and Flexcloud. Bespin Global is a premium brand for strengthening Hostway's cloud business that hasprovided corporate professional hosting services and managed services since 1998 and is dedicated to Hostway's cloud managed service provider (MSP) business.
  • Volant Aerotech — Volant Aerotech is a company specializing in the R&D, manufacturing, and service of passenger eVTOL, an electric vertical take-off and landing aircraft.
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Northern Light Venture Capital
VC Fund · Beijing, Beijing, China · 19 investments in China Biotech startups

Supporting the next generation of entpreneurs in enterprise, healthcare, and consumer with disruptive potential.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, South Korea

Investor stats

  • Total investments: 236
  • Round size: Seed $1.3M–$100M; Series A $4.3M–$40M; Series B $11M–$62M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: Likely still investing — raised $375M in 2021

Portfolio highlights

  • VOC AI — VOC AI offers AI tools for ecommerce insights and customer service solutions.
  • RootData — RootData operates as a Web3 asset data platform that pioneers in encapsulating both on-chain and off-chain data of Web3 assets.
  • Spiro Medical — Spiro Medical is revolutionizing the treatment paradigm for patients with severe, chronic airway diseases.
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TF Capital
VC Fund · Pudong, Shandong, China · 18 investments in China Biotech startups

TF Capital is a proprietary trading company that specializes in foreign exchange and invests in early stage ventures.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B
  • Geography: China, United States

Investor stats

  • Total investments: 61
  • Round size: Series A $5.7M–$120M; Series B $11M–$110M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Vybio — Vybio focuses on the research and development of new drugs for oncology and hepatitis B. The core members of the team have 30 years of experience in tumor and hepatitis B drug research and development, and come from well-known pharmaceutical companies such as WuXi AppTec, Pfizer, BMS, etc., using a specific tumor microenvironment to independentlyinnovate prodrug design and screening, and developed a series of global drugs. Preclinical research on precisely targeted small molecule anticancer prodrug compounds protected by intellectual property rights is being carried out in an orderly manner.
  • QL Biopharma — QL Biopharma focuses on developing innovative drugs and premium me-too drugs targeting metabolic diseases.
  • Vivatides Therapeutics — Vivatides Therapeutics develops new RNA treatments to help improve patients' lives using biotechnology research.
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CDH Investments
VC Fund · Kowloon City, Kowloon, Hong Kong · 18 investments in China Biotech startups

CDH Investments is an international alternative asset fund manager with over $27 billion of assets under management. CDH Investments was established in 2002 by the former private equity group of China International Capital Corporation and is managed by an experienced team of senior private equity professionals who have worked together for manyyears focusing all their professional time on investing in China. CDH has consistently delivered superior returns relative to industry peers and is well positioned to continue to generate superior returns due to the team's proven investment experience and expertise investing in China.

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Investment focus

  • Industry: Manufacturing, Health Care, Biotechnology
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 261
  • Round size: Series A $8.3M–$198M; Series B $14M–$142M; Series C $14M–$300M
  • Lead/follow: 47% lead, 53% follow

Portfolio highlights

  • ZSPepLib — Zonsen PepLib Biotech Inc. Zonsen PepLib Biotech Inc. is a high-tech biopharmaceutical enterprise that is dedicated to advancing global innovation in the discovery of new peptide drugs. Founded in September 2017, PepLib is headquartered in Zhuzhou, China, with a subsidiary in New Jersey, USA.
  • Vision Medicals — Vision Medicals is a provider of pathogenic gene diagnostic services, focusing on infection-precise medical treatment, high-throughput sequencing-based pathogen metagenomics and CRISPR-based rapid diagnosis and other new technologies, effectively improving the detection ability of clinical pathogens and shortening The reporting cycle acceleratedthe development of the infection-accurate medical industry. The company developed a pathogenic nucleic acid enrichment technology with independent intellectual property rights for the detection of pathogenic micronucleic acids in clinical samples. The pathogen macro was established through the accumulation of pathogen detection big data. Genomics intelligent analysis and reporting system.
  • Aibo Medical Robot — Aibo Medical Robot was established in Shenzhen in June 2020, focusing on the vascular interventional surgery robot market. It is reported that behind this "new" company is the accumulation of years of scientific research and technology - that is , the nearly 30 years of research and development accumulation of the founding team.
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Hillhouse Investment
VC Fund · Changyang, Beijing, China · 17 investments in China Biotech startups

Founded in 2005, Hillhouse is a leading global investment management firm, active across public equity, private equity, real estate and private credit. The firm invests over a long-term horizon and partners with exceptional entrepreneurs to deliver sustainable value creation for quality companies.Hillhouse is a full life-cycle private equityfirm, investing for the long term across opportunities in the healthcare, business services, consumer, and industrials sectors. The firm manages capital on behalf of global institutions such as non-profit foundations, endowments, and pensions.

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Investment focus

  • Industry: Biotechnology, Health Care, Software
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 331
  • Round size: Series A $2.9M–$142M; Series B $14M–$230M; Series C $15M–$220M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: May invest from a new fund soon — raised $11B in 2018

Portfolio highlights

  • Sainte — Sainte is a company which provides professional nutritional solutions for babies with different nutritional needs
  • Vita Dynamics — Vita Dynamics involves learning through real-world interactions by developing robots that can physically engage with their environment, they can adapt more naturally and efficiently.
  • Horizon Continental Technology — Horizon Continental Technology is a joint venture between Continental Group and Horizon Robotics
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Highlight Capital
VC Fund · Nanjin, Jiangsu, China · 16 investments in China Biotech startups, 23 in the past 12 months

Highlight Capital is an investment firm dedicated to support healthcare companies to generate robust and sustained growth prospect.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Portugal

Investor stats

  • Total investments: 140
  • Round size: Seed $8.5M–$84M; Series A $2.8M–$73M; Series B $7.6M–$70M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: Likely still investing — raised $563M in 2021

Portfolio highlights

  • Yixiu — Yixiu provides sleep health products such as smart wearables, smart home sleep scene hardware, sleep data analysis platforms, energy management apps, and more.
  • Yushi Space — Yushi Space is a liquid rocket developer that focuses on the development and manufacture of large-capacity, low-cost and rapidly reusable liquid rockets.
  • PoShell Robotics — PoShell Robotics is a general-purpose home robot, aiming to create a home-friendly and structurally stable robot.
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Delian Capital
VC Fund · Beijing, Beijing, China · 16 investments in China Biotech startups, 8 in the past 12 months

Founded in 2011, Delian Capital specializes in the field of tech-driven industry such as high-end manufacturing, cutting-edge technologies, and healthcare. Their investments range from robotics, Smart manufacturing Semiconductor, AI, big data, enterpriseservices, healthcare, etc.Examples of their investment portfolio: YueBoo、Hunan zhongli、Esafenet、Venus MedTech、MicuRx、Rokae、 IMI、12 Sigma Technologies.

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Investment focus

  • Industry: Biotechnology, Manufacturing, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, France

Investor stats

  • Total investments: 90
  • Round size: Seed $199k–$50M; Series A $1.6M–$17M; Series B $9.9M–$29M
  • Lead/follow: 26% lead, 74% follow

Portfolio highlights

  • Rigerna — Rigerna develops unique small nucleic acid medicines and innovative nucleic acid therapies for nonliver tissues.
  • Neowise — XinjingZhiyuan is an immune cell therapy company focusing on solid tumors.
  • MingShi Brain-Computer Interaction — Mindtrix (明视脑机) develops brain–computer‑interface technology focused on reconstructing visual information and neural signals from the brain, primarily for visual‑reconstruction and implantable‑BCI applications. It conducts research and builds systems to decode brain‑wave patterns and translate them into machine‑interpretable outputs, aiming atadvanced neurotechnology and human–machine interfaces. The company also works on underlying hardware and software platforms that support high‑precision neural data acquisition, processing, and real‑time feedback loops.
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CD Capital
VC Fund · Shanghai, Shanghai, China · 15 investments in China Biotech startups

CD Capital is a venture capital firm specialized in life sciences and medical technology. They are currently managing both RMB and USD funds with total size of $600M. CD Capital is operated by a professional team with diversified and profound industry backgrounds. They have made over 40 investments with high growth potential and earned a reputationas a premier venture capital firm with main focus on China healthcare industry. With broad network around China and the world, they have been able to seize the global trend, capture investment opportunities as well as help to define the future for China healthcare industry. Ultimately, they strive to grow best-in-class companies and deliver solid financial return to their investors.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical Device
  • Stage:Series A, Series B, Seed
  • Geography: China, United States

Investor stats

  • Total investments: 67
  • Round size: Seed $1.4M–$14M; Series A $1.4M–$27M; Series B $7.1M–$34M
  • Lead/follow: 39% lead, 61% follow

Portfolio highlights

  • Pipi Bear
  • Senas Medical — Senas Medical focuses on innovative cardiac electrophysiology solutions.
  • Greenon Biotech — Greenon Biotech specializes in the research, development, production, and promotion of alternative antibiotic preparations for animals, which primarily include bacteriophages, probiotics, plant extracts, novel acid preparations, high-efficiency disinfectants, and so on.
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Puhua Capital
VC Fund · Hangzhou, Zhejiang, China · 15 investments in China Biotech startups

Puhua Capital is an equity investment firm that focuses on early and middle project. Puhua Capital provides the required resources and management experience for the invested enterprise, investing funds and more resources and wisdom. Puhua Capital has invested nearly 300 excellent start-ups.

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Investment focus

  • Industry: Health Care, Medical, Manufacturing
  • Stage:Series A, Series B, Seed
  • Geography: China, United Kingdom, United States

Investor stats

  • Total investments: 177
  • Round size: Seed $1.4M–$29M; Series A $1.4M–$112M; Series B $2.8M–$100M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • Lc Space
  • TCab Tech — TCab Tech is building a air mobility ecosystem in order to provide the general public with zero-emission airborne ridesharing.
  • Interstellar Lightyear — Interstellar Lightyear Technology is a developer specializing in dexterous robotic hands, focusing on creating intelligent dexterous hands with advanced capabilities for precise manipulation.
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Baidu Ventures
VC Fund · Beijing, Beijing, China · 14 investments in China Biotech startups

Doma Protocol is a purpose-built blockchain to modernize and unlock the liquidity of over 362M existing and future domains

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Investment focus

  • Industry: Artificial Intelligence, Health Care, Biotechnology
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 200
  • Round size: Seed $1.9M–$14M; Series A $1.4M–$42M; Series B $8M–$145M
  • Lead/follow: 24% lead, 76% follow

Portfolio highlights

  • Zeabur — A platform that help you deploy your service with one click, No matter what programming language you use, what framework you use.
  • Fastlane — We take innovative brands global. Fastlane is a full-service D2C solutions provider that assists enterprises with brand development, business infrastructure, and sales creation/growth in European, North American and Asian markets. We offer a superior one-stop solution, with expertise in go-to-market strategy, traditional and digital marketing,PR, logistics, e-commerce, sales, and platform development. We work with companies big and small, and our custom-tailored solutions range in scope from basic consulting services to 360° turnkey operations.
  • Automation Hero — Reduce your company's document processing time with an intelligent automation platform that's simple, secure, and accurate.
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Green Pine Capital Partners
VC Fund · Shenzhen, Guangdong, China · 14 investments in China Biotech startups

Shenzhen Green Pine Capital Partners Co. Ltd. (“GPCP”) was established in 2007, with the investment team assembled in 2000. GPCP is one of the most time-honored Chinese VC companies that boast experience in areas such as biotech, new materials, new resources and AI, etc. Currently, GPCP manages assets over 15 billion RMB through 21 special fundsand have invested 7 billion RMB into 388 enterprises among which 14 are listed on NEEQ and 48 of them are either listed or acquired by listed companies, including BGI(300676.SZ), Aurora(600666.SH), Nationz Tech(300077.SZ), Foresee(002530.SZ), Qudian(NASDAQ:QD), etc. GPCP invested in the angel round of BGI (Beijing Genomics Institute), Royole, Kuang-Chi, Appotronics, BMF, C-one, Arrayed Materials and other star enterprises.GPCP is based in Shenzhen, with branches in Beijing, Shanghai and Guangzhou. GPCP also runs two GPI incubators and an incubator for overseas Chinese scientists who start businesses in China.

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Investment focus

  • Industry: Biotechnology, Software, Manufacturing
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 166
  • Round size: Angel $425k–$2.9M; Series A $1.4M–$100M; Series B $4M–$150M
  • Lead/follow: 30% lead, 70% follow
  • Last fund: May invest from a new fund soon — raised $138M in 2019

Portfolio highlights

  • MindRank AI — MindRank AI is a developer of proprietary end-to-end AI-driven drug discovery platform (Molecule Pro™).
  • Ruitai Biotechnology — Ruitai is a developer for ophthalmic regenerative medicine, specialising in the R&D and sale of repair materials and medical device products
  • Signet Therapeutics — Signet Therapeutics is a cutting-edge firm that conducts research and development on cancer-targeted drugs using AI and organoid disease models.
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Cowin Capital
VC Fund · Shenzhen, Guangdong, China · 14 investments in China Biotech startups

Cowin Capital is a private placement equity investment company focusing on investing in a pioneering enterprise on a long-term basis. It has 18 years of experience in capital management, whose capital management scale was among the front rank, which invested more than 300 companies, of which 60 more became public companies, and 150 moresuccessfully exit.The company was successfully listed on NEEQ, with code 832793, as the third listed famous domestic venture capital institution in NEEQ. It is committed to supporting the growth of small and medium enterprises, continue to launch high-quality listed companies in China Capital Market.

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Investment focus

  • Industry: Manufacturing, Health Care, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, Hong Kong, United States

Investor stats

  • Total investments: 264
  • Round size: Seed $1.4M–$20M; Series A $4.3M–$43M; Series B $2.8M–$50M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: May invest from a new fund soon — raised $75M in 2014

Portfolio highlights

  • HUAUN — HUAUN is a security vendor that focuses on vulnerability management and AI offense and defense.
  • Sinsegye — Sinsegye operates as a product-driven enterprise company. Sinsegye is an industrial control supercomputing infrastructure supplier.
  • Digital China — Digital China is a robotics company focused on developing humanoid interactive robots that can break traditional boundaries and create emotionally resonated partners.
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Gaorong Capital
VC Fund · Wangjing, Beijing, China · 14 investments in China Biotech startups

Gaorong Capital is a venture capital firm that focuses on early and growth stage investments in TMT, including AI and frontier technologies.

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Investment focus

  • Industry: Information Technology, Software, Artificial Intelligence
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 257
  • Round size: Seed $2.8M–$57M; Series A $2.8M–$73M; Series B $14M–$110M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: May invest from a new fund soon — raised $1.2B in 2020

Portfolio highlights

  • PDD Holdings — Pinduoduo is an e-commerce platform allowing users to participate in group buying deals, mostly through Tencent’s Wechat app. The company was founded in 2015 and is based in Shanghai, China.
  • Linton Automobile — Linton Automobile is a manufacturer of automotive accessories and parts.c
  • Cornerstone Robotics — Cornerstone Robotics operates to improve the accessibility of high-end medical services in China.
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SDIC Venture Capital
VC Fund · Xicheng, Hebei, China · 13 investments in China Biotech startups

ounded in 2016, SDIC Venture Capital Co., Ltd. (SDICVC) is a fund management company founded by the State Development and Investment Corp. (SDIC), under a market driven governance structure. SDICVC currently manages four funds, with total asset under management at RMB 14 Billion.SDICVC puts into practice the marketization and industrializationof the nation’s scientific and technological achievements, focusing on an investment strategy of "serving the national innovation strategy and focusing on the transformation of scientific and technological achievements". SDICVC puts its expertise and experience to work to achieve its goals of policy orientation and return on investment, faithfully implementing the national development strategy, striving to realize the synergy between the government, the society and the market, realizing its positioning as "an ideal, trustworthy, respected, influential partner” and its role as a leading professional venture fund management institution.

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Investment focus

  • Industry: Manufacturing, Biotechnology, Electronics
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 148
  • Round size: Series A $8.5M–$99M; Series B $2.8M–$170M; Series C $14M–$75M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: May invest from a new fund soon — last raise in 2018

Portfolio highlights

  • Parylene — Parylene is a provider of protective coating application solutions
  • Yanshengchao — Room A204-1, Floor 2, Building 2, Yard 9, Yike Road Life Science Park, Changping District Beijing China
  • Alnan Aluminium — Alnan Aluminium is an industrial company that offers aluminum products, fabrication, and non-ferrous metal smelting services.
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Prox Ventures
VC Fund · Shanghai, Shanghai, China · 12 investments in China Biotech startups

Proxima Ventures focuses in the healthcare industry, supporting outstanding enterprises with innovative technologies or service models that have tremendous potential.They manage multiple funds in RMB and US dollar, covering from seed to growth stages. Their team members with multidisciplinary backgrounds and resourceful networks, have many yearsof remarkable venture capital experience and achievements. They believe that active and effective collaboration with entrepreneurs will make substantial economic returns while bring meaningful improvements in public health.

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Investment focus

  • Industry: Medical, Biotechnology, Health Care
  • Stage:Seed, Series A
  • Geography: China, United States, United Kingdom

Investor stats

  • Total investments: 72
  • Round size: Seed $1.9M–$5.6M; Series A $2.8M–$28M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Brise Pharma — Brise Pharma operates in the scientific research and technical service industry.
  • Tuanxiang Pharmaceutical — Tuanxiang Pharmaceutical is an innovative drug research and development company that combines traditional new drug research and development with the use of the world's leading unique phase separation technology.
  • Rapafusyn Pharmaceuticals — Rapafuysn is pioneering RapaGlues - a modality of non-degrading molecular glues that addresses hard-to-drug targets.
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K2VC
VC Fund · Beijing, Beijing, China · 12 investments in China Biotech startups

K2VC (Xianfeng Evergreen) was founded in 2010, focused on early stage investment in technology start-ups in China, focus on promoting change and technological progress, innovative business models and lifestyles.

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Investment focus

  • Industry: E-Commerce, Manufacturing, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 177
  • Round size: Seed $1M–$14M; Angel $425k–$10M; Series A $1.4M–$24M
  • Lead/follow: 15% lead, 85% follow
  • Last fund: May invest from a new fund soon — raised $141M in 2018

Portfolio highlights

  • Zhicheng Power — Zhicheng Power is a fully automatic life service provider that specializes in the research, development, and manufacturing of household intelligence robots and other smart equipment, offering one-stop fully automatic life service solutions to all consumer families.
  • Tongwei New Energy — Tongwei New Energy is a company that manufactures zero-carbon solid oxide fuel cells. Its major product is distributed zero-carbon power plants.
  • Zhongling Xingneng — Zhongling Xingneng provides green energy services. It focuses on household photovoltaics and the topic of distributed photovoltaics. It delivers solutions for the whole life cycle of rooftop photovoltaic power plants, including investment, consultancy, design, building, operation, and maintenance, to residents and industrial and commercialcompanies. New energy ecological sectors, such as energy storage and wind power, will be developed in the future.
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Shenzhen Capital Group
VC Fund · Shenzhen, Guangdong, China · 12 investments in China Biotech startups

Shenzhen Capital Group Co., Ltd (“SCGC”) is a limited venture capital company established by the Shenzhen Government in 1999. Since its establishment, SCGC has focused on cultivating national industries, shaping national brands, promoting economic transformation, and emerging industries developing. SCGC has registered capital of 5.42 billion RMB,and a total AUM of 338.99 billion RMB. SCGC primarily invests in SMEs, innovative high-tech enterprises, enterprises in emerging industries, and enterprises in start-up period, growth period and in transformation, covering industries supported by national policies, including IT, internet, new media, biopharma, new energy, environmental protection, chemical engineering, new material, high-end equipment manufacturing, consumption goods, modern service, etc. By the end of April 2019, SCGC ranked the first based on the number of portfolio companies and the number of listed portfolio companies: 994 portfolio companies, investments totaling 43.9 billion RMB, 145 of which have been listed in 16 capital markets worldwide.

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Investment focus

  • Industry: Manufacturing, Health Care, Software
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 368
  • Round size: Series A $1.4M–$142M; Series B $13M–$142M; Series C $4.3M–$142M
  • Lead/follow: 37% lead, 63% follow

Portfolio highlights

  • ATAPEX — ATAPEX aims to break the domestic mass production gap of ultra-precision metal sheet processing. Its product business covers Display panel, display terminal, VR/AR display, including Divide Open Mask for AMOLED, Divide Fine Metal Mask, Micro OLED Open Mask for silicon-based OLED, metal support sheet for display terminal and other high-endultra-fine processing products, connected in series A related industry chain to help customers solve various problems such as less choice of related products, unstable quality, long delivery time etc.
  • Tauren — Tauren is a domestic and hybrid design enterprise of analog and analog-digital chips. At present, the company has won the recognition of the top first-line customers and the strong support of the first-line investment institutions; in the future, it will continue to cultivate the analog and analog-digital hybrid design track, and provide highlycompetitive standardized products for the market landing demand. Provide customers with stable and first-class quality semiconductor products.
  • LinearX — Lingnian Technology is a software company that provides mass-production-level operating systems for intelligent driving vehicles. It has created high-security, high-real-time in-vehicle middle-layer platform software. Lingnian uses self-developed dual-communication middleware to achieve reliable data transmission of heterogeneous chips.
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BioTrack Capital
VC Fund · Shanghai, Shanghai, China · 12 investments in China Biotech startups

BioTrack Capital invests in early and growth stage companies within life sciences, healthcare technology, biotechnology and related high-tech sectors, providing capital and investment support for innovation. The firm evaluates scientific and commercial potential of ventures and structures financings aimed at advancing technologies from earlyresearch to market engagement. Its activities include sourcing opportunities, conducting due diligence, and working with founders and management teams to align growth strategies with investor objectives. BioTrack Capital also participates in funding rounds alongside co-investors to support development of novel healthcare and tech solutions. The company engages with portfolio companies through strategic interaction and monitoring of progress toward business milestones.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 84
  • Round size: Seed $14M–$168M; Series A $3M–$43M; Series B $14M–$150M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • PrinoPharma — PrinoPharma focuses on developing novel druggable sites targeting difficult-to-drug or existing druggable targets.
  • Huihe Healthcare — Huihe Healthcare specializes in the development of medical devices for structural heart disease. The company was founded in 2019 and is headquartered in Shanghai, China.
  • Rapafusyn Pharmaceuticals — Rapafuysn is pioneering RapaGlues - a modality of non-degrading molecular glues that addresses hard-to-drug targets.
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Cowin Venture
VC Fund · Beijing, Beijing, China · 12 investments in China Biotech startups

Founded in 2009, Cowin Venture is an angel and early-stage investor in TMT and Healthcare. We keep nurturing growth-stage companies graduated from their angel investment portfolio. Cowin’s business network covers China and USA. They have offices in Suzhou, Nanjing, Shanghai, Beijing and Hong Kong.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Angel, Series B
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 92
  • Round size: Angel $425k–$1.4M; Series A $1.4M–$25M; Series B $2.8M–$257M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Meraki — Meraki is dedicated to serving the European and American markets with a curated range of products designed specifically for home coffee lovers. With a deep understanding of regional preferences and a passion for quality.
  • Amador Bioscience — At Amador we provide global-standard translational sciences and clinical pharmacology services to leading biopharmaceutical companies.
  • Excalipoint Therapetics — Excalipoint Therapeutics is a Private limited company.
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LYFE Capital
VC Fund · Shanghai, Shanghai, China · 11 investments in China Biotech startups

LYFE Capital is a pure play healthcare focused investment firm. We believe that “Healthcare has no boundaries”, and that every new choice we made has the potential to advance healthcare and solve the unmet needs for everyone. LYFE Capital operates 5 global offices including our US headquarters in Menlo Park, California, our Asia headquarters inSingapore, as well as locations in Seoul, Tokyo and Shanghai. We leverage our expertise and global resources to invest in and create value for healthcare companies across the globe. LYFE Capital’s investments span medical devices, therapeutics, diagnostics, and emerging sectors across North America and Asia.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, France

Investor stats

  • Total investments: 79
  • Round size: Series A $11M–$85M; Series B $15M–$148M; Series C $6.5M–$142M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • Aspen Neuroscience — personalized cell therapy Starts with you Learn More about our technology
  • Starna Therapeutics — Starna Therapeutics offers development of innovative drugs with RNA as the core, and has an industry-leading RNA and organ-selective delivery technology platform with independent intellectual property rights; the company has established a rich R&D pipeline , covering infectious disease vaccines, tumor immunity and other fields.
  • ALLYRNA Pharmaceuticals — ALLYRNA, an innovative small molecule drug developer focused on first-in-class drug development, has established a unique platform for radiotherapy and immunotherapy sensitizers.
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Oriental Fortune Capital
VC Fund · Shenzhen, Guangdong, China · 11 investments in China Biotech startups

Shenzhen Oriental Fortune Capital Co Ltd. is a venture capital firm specializing investment in early venture, mid venture, late venture, emerging growth, Pre-IPO, mature, growth capital stage, mezzanine and new third board investments. The firm typically invests in financial services, telecommunication, new energy, consumer goods, medical treatmentand healthcare, life sciences, internet plus healthy lifestyle industry, logistics, energy technology, information technology, mobile innovation, media, movies and television, culture, pharmaceutical, biological medicine, renewable energy, retail, environmental protection business, consumption, new materials, new agriculture, advanced manufacturing, equipment manufacturing, culture, entertainment, and services. It seeks to invest in China focusing on Shenzhen, Shanghai, Beijing, Xi’an, and Wuhu. The firm also invests in Pearl River Delta region, Yangtze River Delta region, and Circum-Bohai-Sea region. For Pearl River Delta, it covers Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Zhuhai, Huizhou, Jiangmen, and Zhaoqing cities in China. For Yangtze River Delta, the firm covers Shanghai, Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Yancheng, Yangzhou, Zhenjiang, Taizhou, Hangzhou, Ningbo, Jiaxing, Huzhou, Shaoxing, Jinhua, Zhoushan, Taizhou, Hefei, Wuhu, Ma’anshan, Tongling, Anqing, Chuzhou, Chizhou, and Xuancheng cities in China. For the Circum-Bohai-Sea region, it covers Beijing, Tianjin, Shenyang, Dalian, Qingdao, Dandong, Yingkou, Panjin, Fuxin, Huludao, Chaoyang, Shijiazhuang, Baoding, Tangshan, Qinhuangdao, Cangzhou, Langfang, Chengde, Zhangjiakou, Handan, Xingtai, Dongying, Yantai, Weifang, Weihai, Rizhao, and Binzhou cities in China. The firm prefers to invest 20% of its portfolio to early stage, 40% to expansion stage, and 40% to Pre-IPO stage. Shenzhen Oriental Fortune Capital Co Ltd. was formed in November 2007 and is based in Shenzhen, China with offices in Shanghai, China; Beijing, China; and Wuhu, China.

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Investment focus

  • Industry: Software, Manufacturing, Information Technology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States

Investor stats

  • Total investments: 217
  • Round size: Seed $2.8M–$74M; Series A $1.4M–$30M; Series B $2.9M–$100M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: May invest from a new fund soon — last raise in 2015

Portfolio highlights

  • Spectrum-Dynamics — attenuation correction, deep learning, stress test, CTLC, Nuclear Medicine, Digital SPECT, CZT
  • Technological Innovation — Technological Innovation is a provider of brain-computer interface (BCI) technology research and development, as well as application services.
  • Photoacoustic Pharmaceuticals — Photoacoustic Pharmaceuticals is an innovative developer of photosensitizers and related products. It is committed to advancing the development of dynamic photoacoustic therapy.
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Pan-Lin Capital
VC Fund · Shanghai, Shanghai, China · 11 investments in China Biotech startups

Panlin Capital, following the investment theme of ‘consumption upgrade driven by technology innovation’, targets the start-ups which are specialized in biotechnology and data intelligence sectors.As a venture capital corporation, Panlin Capital has became professional as well as influential in the biotechnology and data intelligence sectors.Identify the entrepreneurs among scientists.Enable the innovators among entrepreneurs。

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 70
  • Round size: Seed $1k–$28M; Series A $1.4M–$35M; Series B $2.8M–$57M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Libo Biotech — Libo Biotech is a cutting-edge biotechnology company dedicated to the discovery and development of innovative small molecule therapeutics that specifically target RNA.
  • Lingdong Core Optics — Lingdong Core Optics is a high-tech firm that specializes in the design and implementation of silicon-based integrated optoelectronic chips.
  • Suzhou Ribo Life Science — Established in 2007, Suzhou Ribo Life Science Co. Ltd. is devoted to the advanced oligonucleotide therapeutics in China including siRNA, antisense and aptamer drugs based on proprietary intellectual properties.
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Shunwei Capital
VC Fund · Beijing, Beijing, China · 11 investments in China Biotech startups

Shunwei Capital is a venture capital fund that focuses on early to mid-stage investments in local internet industry. It specializes in incubation, startups, early to mid-stage, and growth capital investments. It seeks to invest in the technology, media, telecommunications, high technology, new media, games, internet finance, and rural area internetsectors. Their investors include sovereign wealth funds, fund of funds, university endowment funds, and family offices.

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Investment focus

  • Industry: Manufacturing, Software, Internet
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, India

Investor stats

  • Total investments: 408
  • Round size: Series A $1.4M–$41M; Series B $8.2M–$50M; Series C $20M–$130M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: May invest from a new fund soon — raised $1.2B in 2018

Portfolio highlights

  • CertiK — CertiK, the largest Web3 security service provider, uses AI and formal verification to protect and monitor smart contracts and protocols, securing the Web3 ecosystem.
  • Darma — DARMA - Digital Healt
  • LibLib AI — LibLib AI is an AI image generation platform that provides cutting-edge content creation through multi-scenario and multi-dimensional applications and interactions. It is a subsidiary of Beijing Singularity Star Technology Co., Ltd.
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Addor Capital
VC Fund · Nanjing, Jiangsu, China · 11 investments in China Biotech startups

Addor Capital offers investment services by financing early stage ventures and holding securities of other companies.

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Investment focus

  • Industry: Manufacturing, Semiconductor, Electronics
  • Stage:Series A, Series B
  • Geography: China, Hong Kong, Singapore

Investor stats

  • Total investments: 270
  • Round size: Series A $1.4M–$28M; Series B $11M–$43M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Heguang New Energy — Heguang New Energy is China's largest producer of square silicon cores for polysilicon and has long-term and stable purchase agreements with a number of major polysilicon producers.
  • Matrix Software — Matrix Software is a research organization that focuses on the analysis, management, and prevention of information technology risks.
  • Nanzhi Core Material — Nanzhi Core Material is a research and development manufacturer of optical grade lithium niobate crystal.
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Legend Star
VC Fund · Beijing, Beijing, China · 11 investments in China Biotech startups

Legend Star helps entrepreneurs create great businesses through investments, CEO training sessions and an entrepreneurs alliance.Since 2008, Legend Star has incubated and invested in nearly 600 companies and is deeply integrated in the Chinese entrepreneurial ecosystem.Legend Star is the independent early-stage investment arm of LegendHoldings. Legend Holdings is the parent company of Lenovo, Raycom Real Estate, Joyvio Agribusiness and a large range of fast-growing Chinese companies.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, France

Investor stats

  • Total investments: 134
  • Round size: Seed $1.4M–$19M; Angel $425k–$7.1M; Series A $1.4M–$50M
  • Lead/follow: 22% lead, 78% follow
  • Last fund: May invest from a new fund soon — raised $109M in 2018

Portfolio highlights

  • VelaVigo — VelaVigo is a start-up company engaged in macromolecular biopharmaceuticals.
  • Zhizai Wujie — Zhizai Wujie is a robotics company that specializes in research, development, and application of humanoid robots.
  • Booster Robotics — Accelerating Evolution is a humanoid robotics company. It provides humanoid robots to AI firms and research institutes, as well as quick mass production and supply of standard items.
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ZhenFund
VC Fund · Beijing, Beijing, China · 11 investments in China Biotech startups

ZhenFund is a seed fund founded by former entrepreneurs to invest in the most promising innovators. New Oriental co-founders Bob Xiaoping Xu and Victor Qiang Wang established ZhenFund in 2011 in collaboration with Sequoia Capital China. ZhenFund now has a network of over 800 portfolio companies, including over 30 unicorns based in China. Webelieve that great businesses start with exceptional founding teams. We are dedicated to helping our entrepreneurs build successful companies by providing them with mentorship and the best resources available. Some of our services include biannual demo days to top Chinese VCs, ZhenHR services, marketing and PR consulting, as well as fundraising. Our strong and large CEO network also facilitates entrepreneurs helping each other, especially via our WeChat platform. ZhenFund has been ranked as the “#1 Early-Stage Investment Firm” for six years. Bob Xiaoping Xu, Founder of ZhenFund, has been named on the Midas List since 2016 and ranked #11 in 2019. Anna Fang, Founding Partner and CEO of ZhenFund, has been named on the Midas List since 2019 and made her 4th appearance as #12, and #1 on Midas Seed List in 2022.

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Investment focus

  • Industry: Artificial Intelligence, Software, E-Commerce
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 357
  • Round size: Seed $413k–$20M; Angel $425k–$5.7M; Series A $1.4M–$28M
  • Lead/follow: 16% lead, 84% follow
  • Last fund: Likely still investing — raised $130M in 2022

Portfolio highlights

  • ChatCut — ChatCut lets you edit videos using natural language. Remove repeated takes, restructure content, and cut down for social media with simple prompts. Perfect for interviews and documentaries.
  • Pingxin Technology — Pingxin Technology aims to transform and accelerate the advancement of AI computing by fully integrating data storage and computing into a combined chip architecture, cutting costs and improving efficiency.
  • Xiangke Intelligence — Tsinghua University, Beijing University of Aeronautics and Astronautics, computer and robotics professionals, and industrial serial entrepreneurs founded Xiangke Intelligence. It was established by the former founder of "Speed Technology" and the general manager of SharkNinja China Robot R&D Centre.
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ZSVC
VC Fund · Beijing, Beijing, China · 10 investments in China Biotech startups, 6 in the past 12 months

ZSVC is a Chinese venture capital firm specialized in seed and early stage investments.

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Investment focus

  • Industry: Manufacturing, Medical, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, India

Investor stats

  • Total investments: 127
  • Round size: Seed $1.4M–$4M; Series A $1.4M–$21M; Series B $2.8M–$85M
  • Lead/follow: 27% lead, 73% follow

Portfolio highlights

  • Zhicheng AI — Zhicheng AI is a developer of general-purpose artificial intelligence robots, dedicated to designing and building intelligent robotic systems that integrate advanced AI algorithms, perception technologies, and adaptive learning capabilities
  • Ounuo Semiconductor — Ounuo Semiconductor is a manufacturing company that provides research and development of semiconductor equipment.
  • Sunseeker — Sunseeker Power Equipment specializes in the manufacturing and supplying of garden tools, focusing on innovation in the realm of outdoor power equipment. The product range includes robotic lawn mowers, cordless Li-ion battery-powered tools, and petrol-powered equipment, catering to both garden and agricultural needs. The brand emphasizes onproviding solutions that enhance efficiency and ease of use in maintaining outdoor spaces. Sunseeker Power Equipment's offerings are designed to meet the demands of a global market, with a significant emphasis on exporting their products under the brand name 'SUNSEEKER 山科'. The company's portfolio extends to engines and a variety of garden tools series, showcasing a commitment to diversifying and expanding its product lineup to address the evolving needs of its customers.
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Hillhouse Ventures
VC Fund · Singapore, Central Region, Singapore · 10 investments in China Biotech startups

Hillhouse Venture Capital is an investment institution established by Hillhouse Capital that focuses on investing in early-stage startups.

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Investment focus

  • Industry: Manufacturing, Biotechnology, Health Care
  • Stage:Series A, Series B, Seed
  • Geography: China, Singapore, Norway

Investor stats

  • Total investments: 71
  • Round size: Seed $10M–$120M; Series A $10M–$85M; Series B $14M–$99M
  • Lead/follow: 44% lead, 56% follow

Portfolio highlights

  • RoboticPlus.AI — RoboticPlus.AI is an robtics company that helps in architectural tech by providing intelligent robotic products for the construction sector.
  • Unbounded Dynamics — Unbounded Dynamics is a robotics and embodied intelligence startup focused on developing foundational AI “brains” and operational intelligence for robots and autonomous systems aimed at industrial and B-end scenarios. It works on the coordination of perception (“eyes”), manipulation (“hands”), and decision-making (“brain”) in physical robots bybuilding general basic models and expert system integrations as part of a hardware-software architecture to enable continuous iterative evolution of embodied intelligence.
  • HEMO BIOENGINEERING — HEMO BIOENGINEERING develops and provides innovative interventional medical devices to patients.
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Sinovation Ventures
VC Fund · Beijing, Beijing, China · 10 investments in China Biotech startups

Sinovation Ventures is a full-service venture capital firm that actively invests in the Chinese technology market.

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Investment focus

  • Industry: Software, Artificial Intelligence, Internet
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 248
  • Round size: Seed $1M–$9M; Series A $1.4M–$28M; Series B $10M–$110M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: Likely still investing — raised $203M in 2022

Portfolio highlights

  • ImageDT — ImageDT is a Enterprise services company.
  • AFFiNE — There can be more than Notion and Miro. AFFiNE is a next-gen knowledge base that brings planning, sorting and creating all together.
  • SiliconFlow — Silicon Mobile Technology is an AI ​​infrastructure company that specilaizes in large models inference and deployment system to reduce the cost in the AIGC and LLM industries.
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Shunxi Fund
VC Fund · Beijing, Beijing, China · 10 investments in China Biotech startups

Shunxi Fund is an investment Fund. It is managed by Beijing State-owned Capital Operations and Management.

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Investment focus

  • Industry: Biotechnology, Manufacturing, Medical
  • Stage:Series A, Seed, Series B
  • Geography: China

Investor stats

  • Total investments: 43
  • Round size: Seed $2.4M–$20M; Series A $419k–$71M; Series B $14M–$85M
  • Lead/follow: 35% lead, 65% follow

Portfolio highlights

  • varnotech — medical
  • Brise Pharma — Brise Pharma operates in the scientific research and technical service industry.
  • Yunhan Xingchi
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Empower Investment
VC Fund · Shanghai, Shanghai, China · 10 investments in China Biotech startups

Empower Investment was founded in 2012 in Shanghai, China. Their investment covers early-stage ventures, mid-stage growth, and securities in the public market. With headquarters in Shanghai, the company established branch offices in Beijing, Shenzhen, Hangzhou and Chengdu. Empower Investment has invested in over 150 high-tech and high-growthcompanies on a global scale covering regions including China, U.S, India, South Korea, Vietnam and Hong Kong. Their portfolio companies include fast-growing industries such as internet, AI, big data, automation & robotics, financial technology, cultural creativity, advanced materials, and healthcare.The Empower team has extensive experience in both deep technologies and financial services including internet, computer science, electronic engineering, materials science, auditing and investment banking. Some team members were serial entrepreneurs. With candidness and empathy, the team is eager to find and partner with the most visionary, determined and down-to-earth entrepreneurs. It always brings great excitement and pleasure to build a bright future with them.

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Investment focus

  • Industry: Information Technology, Health Care, Artificial Intelligence
  • Stage:Angel, Series A, Seed
  • Geography: China, United States, India

Investor stats

  • Total investments: 113
  • Round size: Seed $142k–$1M; Angel $425k–$1.5M; Series A $425k–$14M
  • Lead/follow: 12% lead, 88% follow

Portfolio highlights

  • SideChef — Your digital resource for all home cooking needs. Browse 18,000 step-by-step recipes personalized to your diet and taste, for every skill level.
  • Hongpeng Airlines — Hongpeng Airlines is committed to developing, designing, and producing low-cost airplane engines.
  • Xunyuan Technology — Xunyuan Technology is a bio-refining and bio-manufacturing platform company based on non-grain carbon sources.
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Lapam Capital
VC Fund · Beijing, Beijing, China · 10 investments in China Biotech startups

Lapam Capital is a healthcare-focused venture capital firm.

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Investment focus

  • Industry: Biotechnology, Pharmaceutical, Health Care
  • Stage:Series A, Series B, Series C
  • Geography: China, United States

Investor stats

  • Total investments: 39
  • Round size: Series A $13M–$40M; Series B $14M–$60M; Series C $14M–$100M
  • Lead/follow: 41% lead, 59% follow

Portfolio highlights

  • BridGene Biosciences — BridGene Biosciences is a biotechnology company using cutting-edge chemoproteomic technology to discover and develop small molecules. It enables covalent small molecules to perform proteome-wide screening in live cells, which results in highly selective small molecules that drug traditionally undruggable targets.
  • NeuShen Therapeutics — We are a global biotech company committed to developing new and effective therapies for psychiatric and neurological disorders affecting millions of patients in need.
  • Full-Life Technologies — Full-Life Technologies Limited (“Full-Life”) is a fully integrated global RadioTherapeutics company headquartered in Shanghai, China with operations in Europe.
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Shenzhen Guozhong Venture Capital Management
VC Fund · Shenzhen, Guangdong, China · 9 investments in China Biotech startups

Shenzhen Guozhong Venture Capital Management CO. LTD.(GZVCM) was founded on 21st of December 2015, currently being entrusted to manage the first entity fund of Small Medium Enterprises Development Fund(SHENZHEN)LLP with a size of 6 Billion Yuan.Guozhong Venture Capital with a registered size of 100million Yuan, partners consisting Shenzhenventure capital group (49%) and the management team of Small Medium Enterprise Development Fund (SHENZHEN) (51%).

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Investment focus

  • Industry: Manufacturing, Health Care, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China

Investor stats

  • Total investments: 108
  • Lead/follow: no public data

Portfolio highlights

  • Huanova — Huanova develops a series of hemostatic materials and filling consumables that can be used in the fields of surgery. It was founded in 2017 by Dr. Wang Huanan, who has a double doctorate degree in engineering and medicine, a young expert in the National "Thousand Talents Program", and a young Rubicon scholar in the Netherlands.
  • MyRuiJie — MyRuiJie provides semiconductor front coating and development equipment.
  • Excellent Vision — Excellent Vision is a spatial intelligence company focused to transforming video creation into a 4D world model, enabling AI big models to grasp, generate, and reason about 4D space.
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Huagai Capital
VC Fund · Beijing, Beijing, China · 9 investments in China Biotech startups

Huagai Capital is a private equity investment firm that invests in start-up or growth companies in the areas of healthcare, TMT, and culture.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Germany

Investor stats

  • Total investments: 129
  • Round size: Angel $425k–$15M; Series A $1.4M–$63M; Series B $3.5M–$90M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: May invest from a new fund soon — raised $430M in 2018

Portfolio highlights

  • PrinoPharma — PrinoPharma focuses on developing novel druggable sites targeting difficult-to-drug or existing druggable targets.
  • Synaptic Medical — Synaptic Medical is a medical device company focused on the treatment of cardiac arrhythmias and other cardiovascular diseases.
  • GenFleet Therapeutics — GenFleet Therapeutics is a developer and researcher of molecular pharmaceuticals targeting cancer treatments. The company specializes in developing innovative molecular-level pharmaceuticals and antibody drugs targeting various cancer systems, providing effective medical solutions to reactivate tumor-specific immune responses and to mobilize thebody's own immune system.
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Source Code Capital
VC Fund · Chaoyang, Liaoning, China · 9 investments in China Biotech startups

Founded in 2014, Source Code Capital is a leading China VC focused on the broad TMT sectors and investing in both early stage start-ups and growth stage companies. With $1.5 billion and RMB 3.5 billion under management, Source Code Capital has been successfully partnering with close to 150 leading Chinese technology founders since inceptionincluding Bytedance, Meituan, Homelink, among many others. Source Code is focused on the “Big 3” fundamental drivers, which are Internet+, AI+, and Global+ , and invests along sectors such as media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare.

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Investment focus

  • Industry: Software, Artificial Intelligence, E-Commerce
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 247
  • Round size: Series A $2M–$50M; Series B $15M–$99M; Series C $32M–$200M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: May invest from a new fund soon — raised $580M in 2021

Portfolio highlights

  • YQN — YQNLink specializes in digital logistics, providing a comprehensive suite of international logistics services. This includes sea freight, air freight, rail freight, and multimodal transportation solutions. With a focus on leveraging digital technology, YQNLink aims to enhance supply chain transparency and efficiency, making shipping processessimpler for businesses. The company offers consultative services to tailor logistics solutions to specific business needs, ensuring a streamlined and effective logistics strategy. YQNLink's acquisition of COPE, a cross-border e-commerce logistics firm, further expands its capabilities in serving the e-commerce sector.
  • SeeYA Technology — SeeYA Technology is a high-tech company specializing in R&D, design, production and sales of new-generation semiconductor OLEDoS display, and providing customers with micro-display components, modules and related solutions. There is a comprehensive product line to full fill different demands from AR/VR, drones, thermal devices, nightvision equipment etc.
  • Starna Therapeutics — Starna Therapeutics offers development of innovative drugs with RNA as the core, and has an industry-leading RNA and organ-selective delivery technology platform with independent intellectual property rights; the company has established a rich R&D pipeline , covering infectious disease vaccines, tumor immunity and other fields.
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EFung Capital
VC Fund · Shenzhen, Guangdong, China · 9 investments in China Biotech startups, 6 in the past 12 months

Shenzhen EFUNG Investment Management Enterprise L. P. is one of China's earliest institutions investing in professional biomedical industries. Their strong research team and great investment returns made us won 'The Most Pioneering VC Institution” 'The Most Dynamic Pharmaceutical VC Institution in China' and 'The Top Ten VCInstitutions in Shenzhen'. With this influence, EFUNG has drawn a lot of attention from the medical and life science industry. And it is interviewed by Nature, which is the most authoritative science magazine in the world. Over a decade of years, they have been focusing on the medical and health industry, especially the VC and PE investment business of novel drugs and high-end medical devices. The mission of EFUNG is to drive the industrialization of medical researches by capital and to gain rich returns to investors. EFUNG has deeply screened and invested in more than 20 domestic and international premium enterprises, such as Chipscreen Biosciences, Frontier Biotechnologies, Ascentage Pharma, Lifotronic, Aridis Pharmaceuticals, and Centrexion.

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Investment focus

  • Industry: Biotechnology, Health Care, Pharmaceutical
  • Stage:Series A, Series C, Series B
  • Geography: China, United States, India

Investor stats

  • Total investments: 57
  • Lead/follow: no public data

Portfolio highlights

  • QureBio — QureBio focuses on the research and development of innovative macromolecular biopharmaceuticals. Its goal is to develop new therapeutic drugs for the treatment of refractory cancer, autoimmune diseases, and metabolic diseases in China and the world to benefit patients. QureBio has multiple technology platforms for antibody drug developmentincluding phage display technology platforms and hybridoma antibodies technology platform and monoclonal antibody platform.The company was founded in 2017 and is based in Pudong District, Shanghai.
  • Pleryon Therapeutics — Innovations in biofunctional polymers
  • Tingsheng Technology — TINGSN develops Intracardiac echocardiography (ICE) catheter imaging technology designed to treat cardiac arrhythmia. In addition to ICE products, the company has developed its own heart internal catheter positioning and software algorithms and is developing China first computer surgical simulator for cardiac electrophysiology based on digitalheart model.
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Tsinghua Capital
VC Fund · Haidian, Beijing, China · 9 investments in China Biotech startups

Tsinghua Capital is an investment firm.

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Investment focus

  • Industry: Manufacturing, Artificial Intelligence, Biotechnology
  • Stage:Seed, Angel, Series A
  • Geography: China, Australia

Investor stats

  • Total investments: 56
  • Lead/follow: no public data

Portfolio highlights

  • PureblueAI — PureblueAI is an AI-powered digital workforce platform operator specializing in enterprise marketing scenarios.
  • Fang Yuanmingxin — Fang Yuanmingxin is a technology company specializing in precision machinery manufacturing, dedicated to providing high-quality mechanical components and innovative engineering solutions for a wide range of industrial applications.
  • Weizhen New Materials — Weizhen New Materials is a company focused on the research and development of new materials technologies, primarily focusing on the development and application of high-performance modified nylon materials and multifunctional composite materials.
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Redhill Capital
VC Fund · Guangzhou, Guangdong, China · 9 investments in China Biotech startups

Redhill Capital is a venture capital firm specializing in early stage investment. It primary invests in medical industry.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Seed, Series A
  • Geography: China

Investor stats

  • Total investments: 29
  • Lead/follow: no public data

Portfolio highlights

  • Douli — Douli is an employee service platform that provides welfare solutions for enterprises. They offer services in the fields of clothing, food, housing, transportation, medical care, entertainment, and more by combining online and offline multi-channel resources.
  • Inflamax Pharmaceuticals — Inflamax Pharmaceuticals is a biomedical technology company that specializes in the innovation and development of immune-inflammatory drugs.
  • EnCureGen Pharmaceuticals — Huizhengqi Medicine is a pharmaceutical company that develops mRNA drugs for the treatment of tumor and immunity diseases.
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Oriza Seed Capital (Oriza Yuandian)
VC Fund · Suzhou, Jiangsu, China · 9 investments in China Biotech startups

Oriza Seed Venture Capital, located in Suzhou Industrial Park, is held by Suzhou Oriza Holdings Ltd. Oriza Seed is a market-oriented investment platform. It looks for investment opportunities among early-stage and growth-stage enterprises in the fields of Healthcare and TMT. Oriza Seed has ample resources and experiences investing in the healthcarefield. By late March 2016, Oriza Seed has invested in more than 50 healthcare companies, including Ascentage Pharma, Innovent Biologics, and SceneRay Corporation.

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Investment focus

  • Industry: Manufacturing, Health Care, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 128
  • Round size: Seed $213k–$14M; Angel $425k–$2.1M; Series A $1.4M–$90M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Chuguang 3D — Chuguang 3D is a optical micro-nano 3D sensor technology platform that focuses on research and development, and manufacturing of micro-nano-level optical three-dimensional sensing and measurement and testing instruments.
  • Null Hypothesis — Null Hypothesis is an AI medical SaaS company that focuses on the development of intelligent medical products using AIGC.
  • Stairway Medical — Stairway Medical is a developer of implantable brain-computer interface technology.
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