The Venture Codex

Participated · Series A · May 2026

Startous fusion develops and engineers fusion devices and key reactor technologies, operating a three-generation system that includes the running SUNIST-2 device (in collaboration with Tsinghua University), the under-construction NTST negative-triangle spherical tokamak, and the R&D-stage CTRFR-1. The company is building a Shanghai Jiading experimental base, with the device hall expected to be completed in the second half of 2026 and the full base operational in 2027. NTST’s core components and manufacturing partners have been selected and contracts signed, with installation and commissioning planned for 2026 and operation to rated parameters targeted for 2027. Startous fusion is also advancing fusion-reactor-scale high-temperature superconducting magnet production and AI-driven plasma control as part of its engineering conversion efforts. Financially, the company has raised over ¥2 billion to date, including a ¥1 billion A round in January 2026 led by Shanghai state capital and a ¥500 million A+ round in early 2026 to fund its core engineering and construction milestones.

Participated · Equity · Jan 2024

芯爱科技 provides end-to-end packaging substrate services including R&D, design, production, testing, and sales, with products covering BT and ABF substrates. Its substrate offerings are used in Coreless ETS, FCCSP, FCBGA (BT) and FCBGA (ABF) packages. The company serves consumer electronics, automotive electronics, artificial intelligence, and data center markets. Recently it completed a new financing round, bringing cumulative social capital raised to over RMB 2.5 billion. The new funding is intended to significantly accelerate product deployment in automotive electronics. 芯爱科技 is building a high-precision, high-cleanliness, highly automated and intelligent production base and expects to achieve mass production in the second half of 2024.

Participated · Series B · Dec 2020

Tongyuankang Pharmaceutical (同源康医药) is an innovative drug developer that has built platforms for targeted small‑molecule design and screening, deuterated drug R&D, and large‑molecule immunotherapy. The company is focused on cancer treatment and anti‑cancer drug development. It recently completed a D‑round financing of nearly RMB 200 million. The round was led by Huiyu Pharmaceutical with participation from a CICC Capital‑affiliated fund, Changxing JinKong, and the Huzhou Talent Fund. KaiCheng Capital served as the company's financial advisor on the transaction. The financing supports the company's continued R&D efforts in oncology. Zhejiang Tongyuan Kang Pharmaceutical Co., Ltd., founded in November 2017, is an innovation-focused biopharma concentrating on anti-tumor small-molecule Best-in-class/First-in-class drug development with R&D centers in Changxing, Zhengzhou and Shanghai. The company has built a 6,000 sqm new-drug R&D center in Changxing and a global-caliber R&D and management team led by Dr. Wu Yusheng, including national- and provincial-level experts, over ten returnee PhDs and about ten clinical experts. Within roughly 30 months the team completed two Class 1 IND filings and initiated Phase I trials; its core candidate TY9591, positioned against osimertinib, has shown superior preclinical and early clinical efficacy and safety and is being developed for brain-metastasis indications. Two additional novel-target programs are expected to file INDs in China and the U.S. soon, and multiple international-leading small-molecule programs are in preclinical/clinical preparation. The company plans to advance late-stage clinical development and expand manufacturing capability to support global development and future commercialization. TongyuanKang Pharmaceutical concentrates on discovery and development of anti‑tumor small‑molecule Best‑in‑class/First‑in‑class therapies. The company operates a 6,000 sqm new drug R&D center in Zhejiang Changxing Life Science Park and maintains clinical and business development functions in Shanghai. Its team includes over ten returnee PhD experts, designated provincial experts and six clinical experts, and has progressed multiple compounds into IND and clinical stages. Since formation, the team completed two class‑1 IND filings and initiated clinical trials; two novel‑target programs reached PCC stage and one candidate has been licensed out. The company intends to use new funds to advance two class‑1 innovative drugs through clinical development, prepare multiple international‑leading small‑molecule preclinical IND filings, and further develop follow‑on pipeline projects. Financially, TongyuanKang has completed multiple financings and reports total funding exceeding RMB 400M to date.

Led · Series D · Oct 2020

Sirnaomics is a biopharmaceutical company developing RNAi therapeutics, with a portfolio targeting oncology, anti‑fibrotic, anti‑viral and metabolic disorders. Its lead product candidates include STP705 and STP707, dual‑targeting siRNA therapeutics against TGF‑β1 and COX‑2 for local or systemic administration. The company is advancing systemic RNAi delivery platforms including siRNA‑chemodrug conjugates and proprietary GalNAc‑siRNA conjugates, and plans clinical evaluation in immune‑oncology combinations with PD‑1/PD‑L1 inhibitors. Proceeds from the announced Series E financing will fund continued development across its pipeline, advance delivery technologies, and strengthen large‑scale manufacturing capacity. Sirnaomics operates as a Delaware corporation headquartered in Gaithersburg, Maryland, with subsidiaries in Suzhou and Guangzhou, China. Sirnaomics Inc., based in Gaithersburg, Maryland, discovers and develops RNAi therapeutics. Led by Patrick Lu, PhD, Founder, President and CEO, the company focuses on oncology, anti‑fibrotic therapeutics and viral infection and has subsidiaries in Suzhou and Guangzhou, China. Its lead candidates, STP705 and STP707, are dual‑targeting siRNA therapeutics against TGF‑β1 and COX‑2 for local and systemic administrations to treat various cancers and fibrotic diseases. The company reported positive results from a Phase IIa study for treatment of Cutaneous Squamous Cell Carcinoma in‑situ and plans multiple clinical studies to further evaluate these candidates. A clinical focus will be immune‑oncological evaluation of the dual‑targeted siRNA inhibitors based on potential synergistic effects with immune checkpoint inhibitors observed in preclinical and clinical settings. Sirnaomics raised $105M in a Series D financing to fund continued development of its RNAi therapeutics across indications including cancers, fibrosis, metabolic diseases and viral infections. Sirnaomics discovers and develops RNAi therapeutics targeting cancer and fibrotic diseases. Its lead candidate, STP705, leverages a dual-targeting approach and was in a Phase II study for non-melanoma skin cancer at the time of the report. The company planned a second clinical trial for cholangiocarcinoma and hepatocellular carcinoma expected to begin in the second half of 2019. Sirnaomics said it would use proceeds from its recent financing to support its clinical programs and to advance its technology platforms. The company is led by Patrick Lu, PhD, and maintains subsidiaries in Suzhou and Guangzhou. No operating metrics were reported in the article. Sirnaomics develops RNAi therapeutics using pluripotent siRNA cocktail design and nanoparticle-enhanced delivery. The company’s lead candidate, STP705, targets TGF-β1 and COX-2 and has shown anti-fibrotic and anti-tumor activity in preclinical models. STP705 has a fully developed, validated manufacturing process and a preclinical safety profile that supports human clinical studies. STP705 is in a Phase IIa clinical study for hypertrophic scar in the U.S., and the same indication has been approved for clinical study by the Chinese FDA. The company said proceeds will expand clinical programs for its anti-fibrosis and anti-cancer RNAi therapeutics, strengthen management, and bolster pre-clinical development of new drug candidates. Sirnaomics is a Delaware corporation headquartered in Gaithersburg, Maryland, with subsidiaries in Suzhou and Guangzhou, China, and is led by Founder and CEO Dr. Patrick Y. Lu and CMO Dr. Michael Molyneaux. Sirnaomics is a Gaithersburg, Maryland–based biopharmaceutical company focused on the discovery and development of RNAi therapeutics. The company has developed a portfolio of intellectual property in areas including anti-fibrotic medicine and cancer therapeutics. Its lead product candidate, STP705, is an anti-fibrosis siRNA therapeutic that uses a dual-targeted inhibitory approach and PNP-enhanced delivery. STP705 has shown activity in animal models ranging from skin hypertrophic scar to liver and lung fibrosis. Sirnaomics intends to use new funding to advance its anti-fibrosis programs into clinical development and expected to enter a Phase I trial with STP705 in the early second half of 2016. The company also operates subsidiaries in Suzhou and Guangzhou, China.

Participated · Equity · Jun 2020

Beijing Yisiwei Computing Technology Co., Ltd. (奕斯伟计算) designs AIoT chips and end-to-end solutions across computing, connectivity, and display interaction. The company offers chips and solutions for mobile terminals, smart home, smart transportation, and industrial IoT, including multimedia systems, intelligent computing, smart connectivity, display interaction, power management, and automotive systems. It collaborates closely with wafer, packaging/test, and board partners within the Yisiwei Group to accelerate product launches and customer adoption. Market data cited in the article highlights a rapidly growing global AIoT market, supporting strong demand for chip suppliers. Following the recent financing, the company plans to increase R&D investment and expand its team to support continued product and business growth. 奕斯伟计算 (Yisiwei Computing) designs chips and provides solutions across four product categories: display & video, intelligent connectivity, intelligent IoT, and intelligent compute acceleration. Its technology centers on display and video, AI data processing, and wireless connectivity, targeting mobile terminals, smart home, smart transportation, and industrial IoT applications. Several terminal-facing products are already in mass production and have achieved client first shipments. The company says its AI acceleration chip has completed tape-out and is China’s first general parallel compute accelerator based on the RISC‑V architecture. CEO and chairman Wang Dongsheng emphasizes a customer-centric, technology-driven approach. The firm plans to use new funding to support product R&D, IP and tape-out costs, and team expansion to complete its product-line layout and strengthen its ecosystem.