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The Venture Codex

Decheng Capital

3000 Sand Hill Road, Building 2, Suite 110, Menlo Park, CA, 94025, United States

Overview

Decheng Capital is an investment firm that provides capital and strategic support to life science companies with revolutionary technologies and growth-stage healthcare companies with a strong market presence. It is a group of dedicated professionals with complementary expertise who have outstanding track records of building highly successful companies globally. Founded in 2012, Decheng continues to capitalize on a historic opportunity in the rapid growth of the healthcare industry as well as breakthroughs in life science research. With over $2 billion in capital under management and support from some of the most prestigious LPs in the world, Decheng is poised to deliver superior returns for our investors and create value for our entrepreneur partners.

Total investments
63
Lead investments
25
Investments · 12mo
5
Active investors
6

Sector focus

  • Financial Services
  • Health Care
  • Venture Capital
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Investment portfolio

  • Serapha Bio

    Participated · Series A · Jun 2026

    Serapha Bio launched to develop a one-and-done gene-editing treatment for Alpha-1 Antitrypsin Deficiency (AATD). The company emerged via a reverse merger with Boundless Bio and simultaneous financing that totaled $230 million. Founding investors RA Capital and RTW Investments arranged a $138 million Series A and an additional $92 million tied to the reverse merger. Boundless Bio, founded in 2019, had researched extrachromosomal DNA and faced difficulties with its lead program prior to the merger. Serapha also negotiated a licensing deal with a Chinese drug company as part of its launch and capital plan.

  • Vivacta Biotechnology (Shanghai) Co., Ltd.

    Led · Series A · Apr 2026

    Vivacta is developing next-generation in vivo CAR-T therapies, with its lead program GT801 focused on hematologic malignancies and autoimmune diseases. Early clinical data reported at ASH 2025 indicated promising safety and efficacy signals for GT801. The company plans to use new financing to advance GT801 clinical trials, pursue regulatory submission and approval, expand its research team and platform, and drive global expansion. Vivacta describes its investor base as a mix of global industrial capital and specialist biotech investors, and raised over US$50 million in its Series A and Series A+ financings. After the financing, representatives from Loyal Valley Capital and DC Global Ventures joined the board, signaling investor engagement in governance and strategy.

  • Syneron Bio

    Led · Series B · Apr 2026

    Syneron Bio develops macrocyclic peptide therapeutics using its proprietary, high-throughput Synova™ discovery platform. The company's pipeline is diversified across oncology, autoimmune, metabolic, and rare disease indications. Syneron Bio plans to use the Series B proceeds to further evolve and scale its intelligence-driven Synova™ platform and to accelerate progression of multiple core programs into clinical development. The financing, which strengthened the company's cash position, includes participation from global life-science funds, sovereign wealth, strategic corporates and existing shareholders. Syneron Bio highlights improving platform efficiency and success rates as central to its future discovery and development efforts. The company is headquartered in Beijing.

  • Excellergy

    Participated · Series A · Dec 2025

    Excellergy focuses on creating a new class of allergic Effector Cell Response Inhibitors (ECRIs) designed to block the cellular mechanisms that drive allergic reactions. The company, which publicly launched alongside its financing, is building a pipeline of first-in-class therapies aimed at transforming allergy treatment. Proceeds from its initial funding will be used to advance its lead ECRI candidates into first-in-human clinical studies. Management has not yet disclosed product timelines or commercial metrics, but the substantial Series A raise underscores strong investor confidence in the science. Backers highlight the potential for Excellergy’s platform to address a broad range of allergic diseases where current options are limited. The company positions itself to move rapidly through early clinical development thanks to the sizable capital infusion. No revenue or user metrics have been released to date.

  • Phrontline Biopharma

    Participated · Series A · Nov 2025

    Founded in 2022, Phrontline Biopharma focuses on creating bispecific antibody ADCs (BsAb-ADCs) and dual-payload ADCs that combine two tumor targets and complementary cytotoxic payloads. The company has built an end-to-end platform covering antibody discovery, linker-payload engineering, site-specific conjugation, and functional characterization, giving it a proprietary technology engine for differentiated ADCs. Leveraging this platform, Phrontline has advanced nearly ten ADC programs, including its lead candidate TJ101, an EGFR/B7-H3 bispecific ADC now in first-in-human trials in China and the United States. Early preclinical data show TJ101 delivers superior efficacy and safety relative to peer programs. To accelerate development, Phrontline signed a global co-development pact with Samsung Bioepis for two bispecific, dual-payload ADCs and licensed China rights to TJ101 to Sino Biopharmaceutical in exchange for upfront, milestone, and royalty payments. The firm intends to use new capital to expand global clinical operations, strengthen strategic partnerships, and progress both clinical-stage and preclinical assets. No revenue or patient outcome metrics have been disclosed to date.

Team