Participated · Equity · May 2026

Infinigence AI develops full-stack, AI-native infrastructure technologies and products focused on the requirements of large models and AGI-related workloads. The company was founded in May 2023 and is led by co-founder and CEO Xia Lixue, with co-founders including Tsinghua professor Wang Yu and Chief Scientist Dai Guohao. It is positioned as a multi-heterogeneous technology provider aiming to expand large-scale computing power for the Token economy and to build infrastructure with autonomous evolution capabilities. The company has raised over CNY2.2 billion to date, including the latest raise of more than CNY700 million. Management says the new funds will be used to consolidate its technology stack, scale compute capacity, accelerate productivity shifts, and deliver infrastructure solutions across industry scenarios. The company is described in reporting as a leading AI-native infrastructure firm in China by cumulative funding.

Participated · Series C · Apr 2026

Volant Aerotech is developing the VE25-100 “Tianxing,” its first compound-wing commercial passenger eVTOL designed for low-altitude commercial passenger service. The aircraft emphasizes a spacious cabin, flexible layouts, high payload capacity, and safety standards comparable to commercial airliners to enable high dispatch rates and all-weather operation. Volant estimates the VE25-100’s operating cost per seat per kilometer is roughly one-eighth to one-tenth that of similar helicopters. The VE25-100 has completed its full-scale maiden flight, a transition flight, and a first flight with passengers. The program has secured confirmed orders from China Southern General Aviation, Asia General Aviation, and ABC Financial Leasing, and has over 1,900 orders of intent totaling nearly ¥48 billion. Volant has had its Type Certificate application accepted by the East China Regional Administration of the CAAC and is moving toward manufacturing, certification flight testing, and mass-production readiness.

Participated · Equity · Oct 2025

Contemporary Amperex Intelligent Technology (CAIT-SH) is a 2021-founded subsidiary of battery giant CATL focused on intelligent vehicle platforms. Its flagship product, the Panshi skateboard chassis, embeds EV battery cells into the vehicle frame to boost safety, extend driving range, and cut automaker development time and cost. Since early 2024, CAIT-SH has signed partnerships to deploy Panshi with BAIC Group, Avatr Technology, JAC Motors, and VinFast across China, Southeast Asia, the Middle East, and Europe, and has presented the platform to Porsche AG. The company operates production and testing facilities in Yichun and Shanghai and employs about 600 people. Multiple Chinese media reports place its post-financing valuation above 10 billion yuan (≈$1.4 billion). Proceeds from its first outside round will fund mass production and commercialization of Panshi.

Participated · Equity · Dec 2024

Founded in 2014, SJSemi focuses on 12-inch mid-end wafer production and end-to-end wafer-level advanced packaging and testing services, including multi-die integration and chiplet solutions. The company serves smartphones, 5G, high-performance computing, data centers, automotive and other electronics markets. SJSemi has invested heavily in R&D, notably debuting a 3x reticle TSV interposer technology in May 2024 and pursuing ultra-high density 3D multi-die integration. According to Yole and CIC Insight Consulting, SJSemi saw top revenue growth among global OSATs in 2023, and ranks No.1 in mainland China for 12-inch bumping, 12-inch WLCSP market share and wafer testing/chip probing revenue. As of 2024 it is the only provider in mainland China capable of mass-producing silicon-based 2.5D packaging solutions. The company is progressing an IPO application and is expanding its one-stop multi-die integration offerings via continued investment. SJ Semiconductor (SJSemi) is a pioneer of 12-inch MEOL foundry services in China, known for high-density bumping, WLCSP and testing. It offers advanced packaging using bumping and RDL technologies, and provides silicon interposer, fan-out wafer and substrate solutions. The company serves IC customers domestically and overseas across smartphones, networking, data center, AI and automotive markets. SJSemi leverages front-end fab management and quality systems to deliver high-performance advanced packaging. Financially, the company has completed a $340M Series C+ tranche that pushes total capital raised above $1 billion and valuation close to $2 billion. Management has indicated it will remain open to additional US dollar funding and will close an RMB tranche after required ODI approvals. SJSemi is a Jiangyin, China-based MEOL foundry founded in August 2014. The company provides Middle-End-Of-Line manufacturing and testing services and develops advanced bumping and 3D Multi-Die Integration technology and solutions. Its core capabilities focus on advanced bumping and 3D multi-die integration for semiconductor packaging. SJSemi closed a $300M Series C that brings its total equity raised to $630M, strengthening its balance sheet. The company says the funding will enable it to continue growing according to its business plan and strengthen its position in advanced packaging. Backers on the round included CMBI, CICC Capital, Oriza Rivertown, Oriza Hua Capital, Walden CEL, CCB PE, CCB Trust, Growth, Country Garden Venture, HTPE, SCGC, CITIC Securities, GP Capital and others.