# Frees Fund

> Frees Fund is a VC fund backing Artificial Intelligence and Health Care. See 216 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Beijing, China
- Total investments: 216
- Last investment: Jul 2026
- Lead investor: 28%
- Fund size: $130M
- Last fund: Sep 2015
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/frees-fund/
- Website: https://www.freesvc.com/

Frees Fund is a VC fund in Beijing focused on Artificial Intelligence and Health Care. 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.

## Contacts

5 contacts available for Frees Fund. Shizune tracks 4 team members at Frees Fund. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/freesfund?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1.4M–$14M |
| Angel | $425k–$14M |
| Series A | $1.4M–$35M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Artificial Intelligence | 22 | 10% |
| Health Care | 17 | 8% |
| Biotechnology | 16 | 7% |
| Medical | 15 | 7% |
| Manufacturing | 15 | 7% |

148 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 66 | 31% |
| Seed | 44 | 20% |
| Angel | 39 | 18% |
| Series B | 23 | 11% |
| Series C | 4 | 2% |

10 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 121 | 56% |
| United States | 15 | 7% |
| Singapore | 4 | 2% |
| Hong Kong | 2 | 1% |
| Malaysia | 1 | 0% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Feng Li | Founding Partner | 12 | https://shizune.co/investors/profile/feng-li |
| Li Feng | Founding partner | 6 | https://shizune.co/investors/profile/li-feng-acaa |
| Ma Rui | Partner | 5 | https://shizune.co/investors/profile/ma-rui-37ab |
| Shen Ying | Vice President | 4 | https://shizune.co/investors/profile/shen-ying-41da |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Yanming Biology | Pyrotech pharmaceuticals is a biotechnology company that focuses om development for drugs for the treatment of inflammation and tumors. |  | Series B | Jul 03, 2026 |  |
| Clarify intelligence | Clarify Intelligence is an artificial intelligence technology company focused on the research, development, and deployment of AI-driven software and intelligent solutions. The company specializes in developing foundational AI platforms, application software, and advanced AI algorithms to support a wide range of industry use cases. |  | Seed | Jun 30, 2026 |  |
| Huiguang Innovation | Huiguang Innovation is a provider of robot tactile sensors and tactile data solutions. It mainly provides high-performance visual and tactile sensors, tactile data acquisition equipment and systematic tactile perception solutions for embodied intelligence, robot dexterity operation, intelligent manufacturing, human-computer interaction andscientific research scenarios. |  | Seed | Jun 24, 2026 |  |
| Analog Devices | Analog Devices is a modern analog computing technology company that specializes in the research and development of analog computing, in-memory computing, and AI chip architecture. |  | Seed | Jun 08, 2026 |  |
| Baiyao Technology | Baiyao Technology is a biopharmaceuticals company offering drug and treatment plan development utilizing AI simulation of life processes. |  | Seed | Jun 05, 2026 |  |
| Wange Intelligence | Wange Intelligence operates as an edge infrastructure company focused on the AI/Agent. |  | Angel | Jun 01, 2026 |  |
| Zhuma Innovation | Zhuma Innovation offers 3D reconstruction services of consumer quality. It focuses on consumer-grade 3D reconstruction and spatial intelligence, offering a new class of 3DGS cameras and developing the next generation of spatial imaging terminals, all supported by 3DGS (3D Gaussian Splash) core technology. |  | Angel | May 25, 2026 |  |
| Natural will | Natural will is an intelligent robot developer that focuses on the research, development, manufacturing, sales and technical services of intelligent robots. |  | Angel | Apr 27, 2026 |  |
| Mengyou Intelligence | Mengyou Intelligence provides smart interactive home robots.It can also express emotions. |  | Series A | Apr 09, 2026 |  |
| Zhuma Innovation | Zhuma Innovation offers 3D reconstruction services of consumer quality. It focuses on consumer-grade 3D reconstruction and spatial intelligence, offering a new class of 3DGS cameras and developing the next generation of spatial imaging terminals, all supported by 3DGS (3D Gaussian Splash) core technology. |  | Angel | Mar 23, 2026 |  |

10 of 216 investments shown.

## Co-investors
- [IDG Capital](https://shizune.co/investors/profile/idg-capital-partners) — VC Fund, 14 deals together
- [HSG](https://shizune.co/investors/profile/sequoia-capital-china) — VC Fund, 12 deals together
- [Matrix Partners China](https://shizune.co/investors/profile/matrix-partners-china) — VC Fund, 10 deals together
- [Qiming Venture Partners](https://shizune.co/investors/profile/qiming-venture-partners) — VC Fund, 10 deals together
- [Shunwei Capital](https://shizune.co/investors/profile/shunwei-china-internet-fund) — VC Fund, 9 deals together
- [HSG](https://shizune.co/investors/profile/hsg-cap) — VC Fund, 8 deals together

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## FAQ

### What does Frees Fund invest in?

Frees Fund invests primarily in Artificial Intelligence, Health Care and Biotechnology startups, most often at Series A and Seed stage. Most of the 216 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Frees Fund's check size?

Frees Fund typically joins rounds of $1.4M–$14M at Seed, $425k–$14M at Angel and $1.4M–$35M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Frees Fund participates in.

### How do I contact Frees Fund?

Public channels for Frees Fund include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Frees Fund?

The team at Frees Fund includes Feng Li (Founding Partner), Li Feng (Founding partner) and Ma Rui (Partner). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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