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The Venture Codex

Hermitage Capital

Unit 2201, Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong

Overview

Hermitage Capital is a technology focused PE firm with US$1.5 billion asset under management. With offices in Hong Kong, Shanghai and New York, Hermitage invests across the value chain of global technology sectors, in particular the AI, EV, Cloud, FinTech and Internet sectors. Founded in 2017 by Sean Xiang, an ex-J.P. Morgan investment banker, Hermitage is partnering with world-class entrepreneurs to create value for the investors, portfolio companies and communities. Hermitage’s active portfolio includes Tencent Music, Airwallex, Consensys, Horizon Robotics, SenseTime, PingCAP, XtalPi, Innovusion, ScaleFlux, WeDoctor, Lufax, Ximalaya, Medlinker, etc.

Total investments
3
Lead investments
0
Investments · 12mo
1
Active investors
8

Sector focus

  • Financial Services
  • FinTech
  • Software
  • Venture Capital
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Investment portfolio

  • D-Robotics

    Participated · Series B · Mar 2026

    D-Robotics was spun off from the AIoT division of Horizon Robotics in January 2024 and develops underlying computing platforms and general-purpose hardware and software infrastructure for consumer robots and embodied AI. Its current product lineup includes the RDK S600 robot computing development platform and embodied AI model systems HoloBrain and HoloMotion. The company promotes a “one brain, multiple forms” approach that it says enables the same model to be adapted across different types of robots, mirroring a "chip + toolchain + algorithm" strategy. D-Robotics reported shipments jumped 180% year-over-year and its customer base grew 200% last year. It has launched more than 100 robot products and built a developer community exceeding 100,000 users across the Asia-Pacific, Europe, and North America. The company did not disclose total shipment volumes or a revenue breakdown in the available reports.

  • Airwallex

    Participated · Series E · Oct 2022

    Airwallex offers an AI-native financial operating system and a suite of regulated financial infrastructure products, including payment acceptance, billing, global accounts, corporate cards, and spend management. The company holds 85+ licenses across North America, Europe, the Middle East, and Asia-Pacific and serves more than 676,000 businesses worldwide, directly or through platform partners. Airwallex reported $1.3 billion in annualized revenue and $287 billion in annualized transaction volume as of March 2026, with more than 90% of revenue coming from customers using multiple products. It is rolling out two new initiatives—T:0, an end-to-end AI-native finance platform currently in private beta, and Airi, a consumer wallet and agentic commerce infrastructure. The company plans to use recent funding to accelerate product development, expand its regulatory and infrastructure footprint, and scale teams to build next-generation AI-native financial software. Airwallex was founded in Melbourne in 2015 and is co-headquartered in San Francisco and Singapore, with over 2,300 employees across 27 offices.

  • Aito.ai

    Participated · Seed · May 2019

    Helsinki-based Aito.ai has built a "Predictive Database" that merges machine-learning capability with a traditional database, allowing one model to answer multiple predictive questions through a familiar query language. By operating on existing relational datasets, the platform removes the need for data wrangling, feature engineering or dedicated data-science hiring, lowering the barrier to AI adoption for teams of any size or budget. Developers can make ad-hoc predictions rapidly, enabling an agile cycle of experimentation, validation and deployment. A public version of the service lets anyone upload data and begin testing as long as they understand basic SQL. The company positions itself as an antidote to lengthy, expensive AI projects by emphasising quick, low-cost prototyping. CEO Vesa-Pekka Grönfors highlights the goal of bringing lean, iterative development practices to AI initiatives. Backed by fresh funding, Aito.ai plans to expand access to its tool and further democratise machine learning across software teams.

Team

  • Sean Xiang

    Founder & Chief Executive Officer

    LinkedIn
  • Henry Zhang

    President & Managing Partner

    LinkedIn
  • Yiyue Li

    Investor Relationship Manager

    LinkedIn
  • Simon Wong

    Partner