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The Venture Codex

Source Code Capital

2F, Block C, Lei Shing Hong Center, No.8 Guangshun South Street, Beijing, Chaoyang District, 100102, China

Overview

Founded in 2014, Source Code Capital is a leading China VC focused on the broad TMT sectors and investing in both early stage start-ups and growth stage companies. With $1.5 billion and RMB 3.5 billion under management, Source Code Capital has been successfully partnering with close to 150 leading Chinese technology founders since inception including Bytedance, Meituan, Homelink, among many others. Source Code is focused on the “Big 3” fundamental drivers, which are Internet+, AI+, and Global+ , and invests along sectors such as media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare.

Total investments
43
Lead investments
10
Investments · 12mo
9
Active investors
8

Sector focus

  • Artificial Intelligence (AI)
  • B2B
  • Consumer
  • FinTech
  • Venture Capital
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Investment portfolio

  • Mochi Intelligence

    Participated · Series A · Jul 2026

    Mochi Intelligence is an embodied intelligence startup founded by veterans from Huawei and logistics operations, building service-oriented robots with a long-term vision of general-purpose household robots. The company has kept product specifications private so far and has not disclosed customers, orders, delivery volumes, or revenue. Leadership includes Huang Qingqiu, formerly head of Huawei's Autonomous Driving AI division, and CEO Gao Wenli, who has experience in Huawei's carrier business and co-founded iMile; investors cited their track records as a key rationale for the company's valuation. Mochi plans to launch its first service-oriented robot in July and will initially target commercial service scenarios where environments are more static and tasks more defined. The company intends to use real-world deployments to collect data and iterate its algorithms, mirroring closed-loop training approaches used in autonomous driving, before expanding toward household applications.

  • Moqi

    Participated · Equity · Jul 2026

    Moqi develops real-time embodied systems that integrate hardware, software, algorithms and data for robotic applications. The company is porting proven autonomous-driving methods — such as data loops, on-device model optimization and mass-production quality control — into embodied AI. It plans to deploy robots first in commercial service settings and later move into homes, with a long-term aim of creating a self-evolving household robot. Moqi is pre-revenue and intends to accelerate development of its embodied foundation model and data-loop infrastructure using fresh capital. The startup was founded in late 2025 and is led by CEO Gao Wenli, a co-founder of cross-border logistics firm iMile, and CTO Huang Qingqiu, who previously headed AI for Huawei’s smart-driving unit. The company’s strategy reflects a winner-takes-most approach amid a financing rush in Chinese embodied intelligence.

  • Storii

    Participated · Seed · Apr 2026

    Storii provides a platform that helps users record and preserve meaningful life stories by relying on automated phone calls and transcription technology. The service is positioned to help families document personal histories and lived experiences, with particular emphasis on older adults and legacy preservation. Since founding, Storii has raised $479,000 across three rounds combining seed investments and non-dilutive grants to fund product development and early market expansion. Investors in its early funding include a mix of venture firms and institutional backers such as Vision Plus Capital, Lightspeed Venture Partners, Source Code Capital, Goodwater Capital, General Catalyst, Bertelsmann Investments, DHVC, GGV Capital, and Notable Capital. The company says it is pursuing a measured growth strategy focused on product quality and user impact rather than rapid scaling. Its positioning sits at the intersection of consumer technology, aging services, and digital storytelling, aiming to deepen engagement through reminiscence-based experiences.

  • Kitar

    Led · Series A · Apr 2026

    Kitar operates a hybrid recommerce marketplace combining direct sales and consumer-to-consumer listings, initially focused on used smartphones with a standardized grading system to control quality. The company deploys generative AI tools to support inspection processes and produce product verification content to improve operational efficiency. Kitar sources inventory online and through offline touchpoints, currently operating 12 stores and workstations in Indonesia and partnering with Shopee and local Apple distributors to build supply. It plans to expand its offline footprint to 20 mall stores and 40 workstations by 2026 and to move into additional categories such as motorcycles and luxury goods after scaling operations. Kitar is targeting $100 million in gross merchandise value and millions of daily active users by 2026.

  • StairMed

    Participated · Equity · Apr 2026

    Founded in 2021 and based in Shanghai, StairMed develops minimally invasive implantable brain-machine interfaces and neuromodulation systems, including ultra-flexible microelectrodes and wireless BMI implants. The company has advanced proprietary electrodes, systems, algorithms, and surgical robotics, and completed China’s first prospective clinical trial for an invasive BMI in 2025. In early 2026 StairMed implanted a 256-channel wireless high-throughput invasive BMI system (WRS02) using its surgical robot and validated brain-controlled interaction functions. Its BMI product has received access to the NMPA Green Channel for Innovative Medical Devices. StairMed plans large-scale, multi-center registration trials beginning mid-2026 aiming to enroll ~40 patients that year and expects cumulative implants to reach several dozen by end-2026. In parallel, it has developed a closed-loop ultra-low-damage deep brain stimulation system that has been implanted in four patients in clinical research, with formal clinical trials targeted for 2027. The company’s stated long-term mission is to integrate brain and machine intelligence.

Team

  • Cao Yi

    Managing Partner/Founder

  • Jireh Li

    Managing Director, Chief of Staff

    LinkedIn
  • Lei Xin

    vice president

  • Li Lulin

    Investor