# GSR United Capital

> GSR United Capital is a VC fund backing Manufacturing and Robotics. See 148 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Beijing, China
- Total investments: 148
- Last investment: Aug 2026
- Lead investor: 39%
- Last fund: Mar 2025
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/gsr-united-capital/
- Website: https://www.gsrunited.com/

GSR United Capital is a VC fund in Beijing focused on Manufacturing and Robotics. "Founded in 2009, GSR United Capital focuses on equity investment in high-tech industries, focusing on investment and M&A opportunities in advanced manufacturing, next-generation information technology, industrial Internet/digital enterprise services and other fields. GSR United Capital manages both RMB master funds and industrialfunds established with local governments. Since its establishment, GSR United Capital has received strong support from China's top market-oriented mother fund, government-guided fund, wealth management institutions, global 500 enterprises, listed companies and other institutions. Among them, investors with state capital background include Guochuang Yuanhe, Guochuang Kaiyuan, SDIC Unity Capital, China Merchants Venture, Suzhou Fund, Nanchang Industrial Control, Weifang Financial Holding Group, Dongguan Dongcheng, Zhangjiagang Jincheng Investment & Development Co., ltd, etc. Suzhou GSL Venture Capital Management Company, founded in 2011, is a private equity fund manager of the comprehensive fund of GSR United Capital (referred to as "" GSR United Capital ""), and completed the registration of private equity fund manager on May 20, 2014, with the serial number P1002246.""A+ stage is the main stage, the middle and late stage is the auxiliary"" The company focuses on equity investment in high-tech industry, focusing on the strategy of ""A+"" stage, with a capital allocation ratio of 60%. The project in this stage is between ""engineering"" and ""scale commercialization"", which is the ideal range of ""bargaining power"" and can win a high proportion of relative returns. At the same time, 40% of the project will be allocated in the middle and late stages. The middle and late stages refer to enterprises with IPO expectations within 2-3 years, and the investment will be completed within 60 months in the early stage of the fund investment period (exit will start in the third and fourth years), which will be used as the basic plate for anchoring returns.GSR United Capital has invested in more than 100 high-tech start-ups, including Great Wisdom Software (financial information terminal, 601519), eCARBON (high thermal conductivity graphite heat dissipation material, 603133), TZTEK (Precision, 688003), METRON (Diamond wire material, 603133) 300861), GTEP (sludge treatment and recycling, has started the board meeting), Niu (electric two-wheeler, NASDAQ: NIU), LATTICELIGHTING (LED silicon substrate technology and application), Freetech (unmanned driving), Marknum Technology (big data), xMate (light collaborative robot), TAGEIDRIVER (autonomous driving), HUIRUI (high-precision metal 3D printing), DYSO (CNC machine tool parts), NEWLINK GROUP (energy Internet), and many cross-border enterprises Industries such as LianLian (online payment), Xingyun Group (cross-border supply chain), Tec-Do (outbound brand digital marketing, Guangzhou), LAVA (smart guitar, Guangzhou), Shoplazza (outbound SaaS independent site construction tools, Guangzhou), E-ports (Internet for shipping industry), Chenhaiyun (sea-going compliance), Whalehouse.tech (intelligent warehousing), Huoyan (ABM intelligent marketing), Giiso (intelligent writing) and other excellent projects, which have won excess investment returns and social reputation. At present, the withdrawn projects include Great Wisdom Software (Financial information terminal, 601519), which has been fully withdrawn through listing, with return multiple reaching 8.96x, invested by GSR United Capital Phase I; TZTEK (Precision Measurement, 688003.STAR), fully exited through listing with return multiple reaching 2.74x, invested by GSR United Phase II and Botong Jinshi; eCARBON (high thermal conductivity graphite heat dissipation material, 603133), through the listing of all exit, return multiple reached 5x, invested by GSR United Capital Phase I Institute; METRON (Diamond Wire Materials, 300861), which was partially exited through listing with a return multiple of 4.5X and was invested by GSR United Phase III and Botong Jinshi Institute; Lebo Technology (cross-platform screen investment tool), partially exited through equity transfer, with a return multiple of 4.35x, invested by Botong Jinshi. Giiso (Intelligent Collaboration), which was partially withdrawn through equity transfer with a return multiple of 4.35x, was invested by Botong Jinshi.Zerowaste Asia Pte Ltd (ZA) was invested by Hongcheng RMB Fund, a subsidiary of GSR United Capital, in January 2017. It is committed to developing, producing and selling leading additives for heavy metal treatment. Its products have the characteristics of simple process, high efficiency, safety and environmental protection, and low cost. The company's valuation has grown from $58 million at the time of the investment to $142 million.Since February 2020, GSR United Capital has made more than 30 investments in the main fund. For example, it invested in Yuejing Technology (audio and video collaborative production tool) in February 2021, and the current multiple has reached 3.14 times. In September 2020, it invested in ZHICHUBAO.COM (procurement management SaaS platform), and the current multiple has reached 2.82 times. In April 2020, it invested in Starsee Intelligence (AI enabled military defense), and the current multiple has reached 2.81 times. Nahuo Technology Co., Ltd. received a subsequent round of investment from IDG, ZHICHUBAO.COM received a subsequent round of investment from Shunwei Capital, and Boqing Technology received a subsequent round of investment from KeyTone Ventures and Leaguer Capital."

## Contacts

5 contacts available for GSR United Capital. Shizune tracks 5 team members at GSR United Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/gsr-united-capital?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $98k–$14M |
| Series A | $353k–$30M |
| Series B | $789k–$50M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Manufacturing | 22 | 15% |
| Robotics | 15 | 10% |
| Artificial Intelligence | 14 | 9% |
| Automotive | 12 | 8% |
| Information Technology | 12 | 8% |

140 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 63 | 43% |
| Seed | 26 | 18% |
| Series B | 21 | 14% |
| Angel | 12 | 8% |
| Venture - Series Unknown | 5 | 3% |

10 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 109 | 74% |
| United States | 3 | 2% |
| Singapore | 1 | 1% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Kevin Yin | Managing Partner | 6 | https://shizune.co/investors/profile/kevin-yin |
| Luo Lei | Managing Partner | 0 | https://shizune.co/investors/profile/luo-lei-luo-lei |
| Pan Xiaofeng | Founder | 0 | https://shizune.co/investors/profile/pan-xiaofeng |
| Wang Guocheng | Managing Partner | 0 | https://shizune.co/investors/profile/wang-guocheng |
| Zhou Qi | Managing Partner | 2 | https://shizune.co/investors/profile/zhou-qi-5910 |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Dewu Additive | Dewu Additive is a high-tech company at the forefront of 3D printing innovation, specializing in developing cutting-edge additive manufacturing solutions. The company focuses on creating advanced 3D printing technologies and materials for a wide range of industries, including aerospace, automotive, healthcare, and manufacturing. |  | Seed | Aug 07, 2026 |  |
| Squirrel Power | Squirrel Power is an emerging Chinese electric vehicle brand that is rapidly gaining attention for its innovative designs, sustainable technologies, and commitment to making electric mobility more accessible to a wider range of consumers. |  | Series A | Aug 06, 2026 |  |
| iRegene | iRegene researches and develops pharmaceutical therapy for neurodegenerative and rare diseases. | $38.3M | Series C | Jul 02, 2026 |  |
| Evotrex | Evotrex focused on changing outdoor travel and adventure by introducing clever, power-generating RV trailers geared for self-sufficiency and off-grid exploration. | $30M | Series A | Jun 09, 2026 |  |
| Junhe Atom | Junhe Atom is a company that focuses on Small modular nuclear reactors. |  | Angel | May 22, 2026 |  |
| Lingyu Intelligence | Lingyu Intelligence engages in the manufacturing and sales of industrial robots, intelligent robots and service consumer robots. | $14.7M | Seed | May 15, 2026 |  |
| Limiaoda Intelligent Technology | Limiaoda Intelligent Technology focuses on the R&D and manufacturing of AI+robotics technology, offering comprehensive intelligent solutions. The company designs robotic equipment that supports laboratory operations and manufacturing processes. It provides solutions for automated experimentation, material handling, and data-driven workflows. | $14.5M | Series A | Mar 16, 2026 |  |
| Bool | Bool manufactures equipment that examines operating data and vehicle life span. |  | Series B | Mar 13, 2026 |  |
| PowerEasy Technology | Dynamic Technology is a software developer specializing in artificial intelligence, focusing on the research and development of intelligent robots and the sales of industrial robots. | $14.4M | Seed | Jan 19, 2026 |  |
| OneTar Biomedicine | OneTar Biomedicine is a biopharma company that develops organoid and oncology drugs. |  | Series A | Jan 09, 2026 |  |

10 of 148 investments shown.

## Co-investors
- [Eastern Bell Capital](https://shizune.co/investors/profile/eastern-bell-venture-capital) — VC Fund, 4 deals together
- [Yinxinggu Capital](https://shizune.co/investors/profile/yinxinggu-capital) — VC Fund, 4 deals together
- [Beijing Yuefeng Capital](https://shizune.co/investors/profile/beijing-yuefeng-capital) — VC Fund, 3 deals together
- [Lenovo Capital and Incubator Group (LCIG)](https://shizune.co/investors/profile/lenovo-capital-and-incubator-group-lcig) — VC Fund, 3 deals together
- [Matrix Partners China](https://shizune.co/investors/profile/matrix-partners-china) — VC Fund, 3 deals together
- [Plum Ventures](https://shizune.co/investors/profile/plum-ventures) — VC Fund, 3 deals together

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## FAQ

### What does GSR United Capital invest in?

GSR United Capital invests primarily in Manufacturing, Robotics and Artificial Intelligence startups, most often at Series A and Seed stage. Most of the 148 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is GSR United Capital's check size?

GSR United Capital typically joins rounds of $98k–$14M at Seed, $353k–$30M at Series A and $789k–$50M at Series B. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds GSR United Capital participates in.

### How do I contact GSR United Capital?

Public channels for GSR United Capital 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 GSR United Capital?

The team at GSR United Capital includes Kevin Yin (Managing Partner), Luo Lei (Managing Partner) and Pan Xiaofeng (Founder). 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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