Led · Series C · Mar 2024

云道智造 is a Beijing-based industrial internet and CAE software company developing multiphysics simulation platforms and tools. Its self-developed general-purpose multiphysics simulation PaaS, Futu, has made key thermodynamics engine progress and its electronic-thermal software is in scaled commercial use at domestic electronics and chip leaders. The company also positions Simdroid as a core platform and aggregates university and industry experts plus value-chain partners to offer industrial internet solutions for parks and manufacturers. It is a national high-tech enterprise focused on democratizing simulation technology and driving localization of simulation software. Cloud道智造 plans to increase R&D investment to further polish core solvers in solid mechanics, fluid mechanics, and electromagnetics, and to accelerate product development and commercialization of advanced packaging multiphysics modules for chips. The company intends to use funding to strengthen its product roadmap and ecosystem construction.

Participated · Series A · Jun 2023

Founded in January 2018, Anhui YOFC Advanced Semiconductor (also known as Changfei Advanced) focuses on the research, development and production of third-generation silicon-carbide (SiC) power semiconductors, offering a full series of SBD and MOSFET products that meet both industrial- and automotive-grade standards. Backed by major shareholder Yangtze Optical Fibre & Cable (YOFC), the company operates two production bases in Wuhu and Wuhan that together provide an annual capacity of 420,000 SiC wafers, putting it among the largest producers in China. The Wuhu line is already at full production, while the Wuhan line is slated to meet international reliability standards for EV main-drive chips upon ramp-up. Its devices are in mass production with Tier-1 automotive suppliers and leading customers in photovoltaics, energy storage, charging infrastructure and consumer electronics, and the firm also undertakes SiC wafer foundry and packaging services. By 2025 management plans to grow the team to more than 1,500 employees, release roughly 25 chip products, and bring an automated automotive-grade power-module line (300,000 modules per line) into operation. Prior to the latest financing, the company had secured an A round of over RMB 3.8 billion in June 2023, a record size for China’s third-generation semiconductor sector. The newly raised capital further strengthens its balance sheet for continued capacity expansion and technology development.

Participated · Series A · Aug 2022

Founded in July 2020 by Baidu and the Lionbridge Group, DeepWay designs and manufactures electric heavy trucks built from the ground up for autonomous operation. The company received Baidu’s license to use and build on Apollo open-source self-driving technology and combines that with Lionbridge’s logistics experience and data. DeepWay says it has realized mass production and delivery of intelligent electric trucks and generates operational planning and control data from deployed vehicles to train and improve its driver-assistance and autonomous systems. It follows a three-step strategy: electrification and scaling (vehicle sales and data generation), deployment of intelligence (mass-produced L2 assistance sold via subscription and series-produced L4 convoy systems operating in regions such as Inner Mongolia and Xinjiang), and building a global unmanned freight network with partnerships in six core overseas markets. The company has attracted a wide mix of investors—including provincial and municipal state funds, industrial corporate capital, top VCs, and recent overseas investors—to support commercialization and international expansion. DeepWay filed for a Hong Kong IPO in November 2025 and used the latest Pre-IPO financing (over $310 million) to accelerate self-driving R&D and global commercial rollout.

Led · Series C · Jul 2022

Founded in 2016 and headquartered in Beijing, Luoan Technology is an early entrant in China’s industrial-control (OT) security market. The company builds a portfolio of autonomous, controllable products covering six product categories and more than 20 SKUs, and operates four R&D centers in Beijing, Wuhan, Xi'an and Tianjin. Its offerings span endpoint-to-cloud (“cloud, network, edge, endpoint”) data and business collaboration, plus talent training, on-site industrial defense and network emergency response. Luoan serves over 600 regulatory bodies and large industrial enterprises and about 1,500 SMEs across 20+ industries including power, oil & petrochemical, smart manufacturing and rail transit. The company holds 100+ qualifications, 90+ software copyrights and 50+ invention patents, and has been recognized as a national high-tech enterprise and a national-level specialized “little giant.” Luoan emphasizes continued R&D investment, talent cultivation with university partnerships, and deeper integration of technology and business requirements to expand its industrial-internet security solutions. Founded in 2016, Luoan Technology focuses on industrial-control security products and services for sectors such as power, petrochemical, rail transit and smart manufacturing. The company emphasizes independent R&D and holds more than 30 invention patents and over 20 self-developed products across seven product categories. Its products are deeply integrated with multiple automation vendors and the firm reports serving more than 1,500 regulators and industrial enterprises. Recently the company completed two strategic financing rounds (B+ and B++) totaling RMB 100 million, indicating recent capital support for growth. Company leadership says it will continue to prioritize innovation and invest in product, technology, talent and brand to strengthen regional channel capabilities and service delivery. Luoan also plans to deepen cooperation with industry partners to build more comprehensive industrial network security solutions and improve customers’ security posture. Beijing Luoan Technology (珞安科技) builds industrial network and control-security products for critical infrastructure and industrial internet customers. Its core technical team originates from early information-security, automation product R&D and industry consulting, with deep experience in industrial network security, product innovation, solution consulting and security assessment. The company has delivered scaled deployments of industry-focused security products and serves over 200 key customers across power, oil & petrochemical, intelligent manufacturing, rail, chemical, defense, municipal and tobacco sectors (including State Grid, China Southern Power Grid, CNPC, CNOOC, Sinopec and Sany Heavy Industry). Founded in October 2016 and headquartered in Beijing, Luoan’s recent financing will be used to accelerate R&D of industrial control security products, develop flagship, easy-to-deploy shelf products, and integrate mature OT security technologies with AI and blockchain. Management also plans to strengthen channel and regional market build-out to improve customer service and expand shipments toward a top-market position. Luoan Technology is an industrial control network security service provider that develops products and solutions for industrial control environments. Its core technical team is composed of senior experts from early information security research, automation product development, and industry consulting, with extensive experience in industrial network security innovation, product R&D, solution consulting, and security assessments. The company plans to increase investment in industrial control security product R&D, deepen integration of mature technologies with business applications, and accelerate new product launches. It also intends to expand sales channels, establish regional support centers, and improve operations and project deployment capabilities to provide reliable services to customers. Founded in October 2016 and registered in Beijing, the company is led by CEO Zhang Xiaodong. Recently it completed an A round financing of several tens of millions of RMB.

Participated · Series B · Apr 2022

Cocos Technologies provides a cross-platform, open-source engine historically focused on 2D mobile games and has added 3D capabilities to its engine. The company is positioning the engine for a resurgence in HTML5 web "mini games" and expanding into non-game use cases such as online education and autonomous-driving/smart-cockpit simulations. Cocos is free to use and has sustained itself through services (support and tutorials), events, and funding from its parent, Chukong. It has major partnerships with Huawei (to support HarmonyOS and in-house chips) and supports Baidu’s metaverse platform Xirang. Cocos says its engine has served 1.4 million developers across 203 countries and regions and powers about 60% of China’s mini games. The team has grown from roughly 100 employees 18 months ago to about 300 as of this month, and the company is seeking to accelerate growth with outside capital.