About Xiang He Capital
Xiang He Capital is a venture capital firm founded in 2016. It is primarily based out of Haidian, China. As of Aug 2026, Xiang He Capital is an active investor, having invested in 62 companies, with 7 new investments in the last 12 months. It primarily invests in Series B round in China based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Consumer. Most recently it participated in the $***** Seed round of Light Origins Overall, Xiang He Capital portfolio has seen 5 unicorns and 2 IPOs including key companies like IQiyi, ROBOTERA and Galaxea AI. A lot of funds co-invest with Xiang He Capital, with names like Hillhouse sharing a substantial percentage of its portfolio. Xiang He Capital has team of 11 people including 4 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 5 more
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Xiang He Capital's List of Top Investments
Xiang He Capital has a portfolio of 62 companies, including 5 unicorns. Their most notable investments are in Yunmanman Lengyun and Beijing Achu Technology.Their portfolio spans across China, Netherlands, Taiwan and 1 more locations. They have invested in Enterprise Applications, High Tech, Consumer and 22 other sectors, across stages such as Series A, Series B and 5 more. Here is the list of top investments by Xiang He Capital:
1. ByteDance
Developer of platforms for content creation, discovery, and mobile entertainment. The company provides tools and services that enable users to connect, create, and consume digital content. It offers a suite of products focused on short-form mobile videos and other forms of digital media. The company’s platforms facilitate content sharing and engagement for a global audience.
Key facts about ByteDance
- Founded Year: 2012
- Location: Beijing (China)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $6.11B
- Employee Count: 47,593 as on Jul 31, 2026
- Investors: Goldman Sachs, All Blue Capital and 67 Others
- Latest Funding Round: Conventional Debt, Sep 05, 2026, $*****
- Highlight: Editors' Pick
2. IQiyi
Subscription-based streaming platform. It is an online streaming platform offering dramas, anime, movies, and shows, with options for subtitles and dubbing across mobile, web, desktop, and TV devices.
Key facts about IQiyi
- Founded Year: 2010
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $2.04B
- Employee Count: 3,365 as on Jul 31, 2026
- Investors: 2020 Ventures, JANA Partners and 20 Others
- Latest Funding Round: Post IPO, Aug 30, 2022, $*****
- Highlight: Public
3. Lalamove
Tech company providing on demand delivery solutions. It provides same-day delivery and courier services, allowing users to send a variety of products such as documents, food and beverage items, flowers, gadgets, and furniture. Users may track packages in real time. It is an on-demand delivery platform that provides van and vehicle rental.
Key facts about Lalamove
- Founded Year: 2013
- Location: Kowloon (China)
- Annual Revenue: $10M - $50M as on Dec 31, 2023
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $2.28B
- Employee Count: 7,159 as on Aug 31, 2026
- Investors: Vitruvian Partners, Hillhouse and 22 Others
- Latest Funding Round: Series F, Dec 16, 2021, $*****
- Highlight: Editors' Pick
4. Infervision
AI-based medical imaging and clinical diagnosis solutions. The platform provides neural network-based medical imaging that assists doctors in clinical disease diagnosis and treatment decisions. Also, the clinical workflow can be integrated with the treatment process for surgical planning and precise treatments.
Key facts about Infervision
- Founded Year: 2016
- Location: Beijing (China)
- Stage: Series D
- Total Funding till date: $213M
- Employee Count: 72 as on Sep 30, 2026
- Investors: Goldman Sachs Investment Partners, Genesis Capital and 19 Others
- Latest Funding Round: Series D, Aug 13, 2021, $*****
- Highlight: Editors' Pick
5. Senyi
Provider of an AI-based medical data management and mining platform for the healthcare industry The company uses medical data governance and medical artificial intelligence for their services, which include medical research, medical management, patient services, and accelerating the construction of smart medical systems. Their platform also provides analysis of data.
Key facts about Senyi
- Founded Year: 2016
- Location: Pudong (China)
- Stage: Series E
- Total Funding till date: $200M
- Employee Count: 64 as on Aug 31, 2026
- Investors: Sunshine Insurance Group, Granite Asia and 13 Others
- Latest Funding Round: Series E, Jul 18, 2024, $*****
- Highlight: Editors' Pick
Xiang He Capital's Year-on-Year Investment Trends
Xiang He Capital has invested in 62 companies over the last 10 years, with an average of 5 new investments annually in the last 10 years. In 2025, it made 2 investments, while as of Aug 2026, it has made 7 investments in this year. Its most recent first time investment was in Light Origins and most recent follow-on round was in Nanjing Manyun Cold Chain Technology.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 7 | 0 | 7 |
2025 | 2 | 0 | 2 |
2024 | 4 | 0 | 4 |
2023 | 3 | 1 | 4 |
2022 | 7 | 3 | 10 |
2021 | 5 | 3 | 8 |
2020 | 9 | 2 | 11 |
2019 | 6 | 1 | 7 |
2018 | 8 | 1 | 9 |
2017 | 3 | 2 | 5 |
Xiang He Capital's Investments by Stage
Xiang He Capital has made 16 investments in Series A stage with an average round size of $62.7M, 15 investments in Series B stage with an average round size of $50.4M and 10 investments in Series C stage with an average round size of $67.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 16 |
Series B | 15 |
Series C | 10 |
Seed | 9 |
Series D | 3 |
Others | 2 |
Note: We have considered here, only first round of investments
Xiang He Capital's Investments by Sector
Xiang He Capital has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, Artificial Intelligence - Industry Applications and Transportation and Logistics Tech. Notably, it has invested in 48 Tech companies, 41 Enterprise (B2B) companies, 30 Software companies and at least 13 companies focusing on AI-Native.Sector | No. of Investments |
|---|---|
Enterprise Applications | 24 |
High Tech | 18 |
Consumer | 14 |
Artificial Intelligence - Industry Applications | 9 |
Transportation and Logistics Tech | 9 |
Others | 55 |
Note: We have considered here, only first round of investments
Xiang He Capital's Investments by Geography
Xiang He Capital has made most investments in China (48), followed by Netherlands where it has made 1 investment.Country | No. of Investments |
|---|---|
China | 48 |
Netherlands | 1 |
Taiwan | 1 |
United States | 1 |
Note: We have considered here, only first round of investments
Xiang He Capital's recent investments
Xiang He Capital has made 7 investments in 2026 so far. Light Origins and Valhalla Technology are the latest among them.Here are the most recent investments by Xiang He Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 14, 2026 | China | Seed | 4152 | [+1] | |
Jul 27, 2026 | - | Seed | 1179 | [+6] | |
Jun 23, 2026 | China | Seed | 3850 | [+11] | |
Feb 15, 2026 | China | Series A | 8636 | [+13] | |
Feb 13, 2026 | China | Series B | 8835 |
Unicorns in Xiang He Capital's Portfolio
Xiang He Capital has 5 unicorns in its portfolio - ROBOTERA, Galaxea AI, Kuaikan Manhua and others. The most recent unicorn in their portfolio is ROBOTERA. It became a unicorn in 2026.Here is a list of unicorns in Xiang He Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
57 | Provider of AI general-purpose humanoid robots | 2023 | Beijing | Series C | lnwxcrt | ||
56 | Provider of AI-powered robotics solutions for manufacturing environments | 2023 | Beijing | Series B | svpoaoq | ||
55 | Online platform providing storytelling platform for comics | 2014 | Beijing | Series F | lbhvsbz | ||
47 | Tech-enabled company offering digital freight forwarding services | 2015 | Shanghai | Series D | nixesjj | ||
46 | Platform offering homework help products for students | 2015 | Beijing | Series E | xejrlrc |
IPOs and Publicly Listed companies in Xiang He Capital's Portfolio
2 of Xiang He Capital's portfolio companies have become public. Rokae got listed on the Hong Kong Exchanges (HKG), in Jul 2026 at marketcap of $1.27B and IQiyi got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $12.4B.Here are Xiang He Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 09, 2026 | Aug 19, 2020 | Series C | 7233 | |
Mar 29, 2018 | Feb 21, 2017 | Series D | 6829 |
Team profile of Xiang He Capital
Xiang He Capital has a team of 11 members including 4 Partners and 3 Principals located in China and United States. Xiang He Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Xiang He Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Palo Alto | - | ||
Partner | Beijing | - | ||
Partner | China | - | - | |
Partner | China | - | - | |
Principal | - | - | ||
Principal | - | - | - | |
Principal | - | - | - |
Co-investors of Xiang He Capital
Over the past 10 years, 399 investors have co-invested in Xiang He Capital's portfolio companies. This includes funds and angels.
- Invested before Xiang He Capital: Shunwei Capital, Sequoia Capital and 112 others have invested in rounds before Xiang He Capital. There are 6 companies where Shunwei Capital has invested before Xiang He Capital and 4 companies where Sequoia Capital has invested before Xiang He Capital.
- Top Co-investors of Xiang He Capital: 156 investors entered a company along with Xiang He Capital. These include investors like Hillhouse (7 companies).
- Invested after Xiang He Capital: A total of 129 investors have invested in Xiang He Capital's portfolio after their investments. Top Investors include Tiger Global Management (4 companies), Granite Asia (4 companies) and IDG Capital (3 companies).
Recent News related to Xiang He Capital
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Light Origins Secures Hundreds of Millions Yuan in Pre-A FundingSecurities Star•Aug 14, 2026•China Merchants Group, Xiang He Capital, Cmgcapital, CAS Investment Partners and 1 other
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Coslight Yuanxin completed two rounds of financing, Pre-A and Pre-A+, with cumulative financing exceeding 100 million yuanKai Cheng Capital•Jun 01, 2026•SSC, Jiangsu Huarui Investment Management, Zhongke Chuangxing, FG Venture and 2 others
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Men's Beauty Brand "GREENLAB" Gets Strategic Investment from Baoding Venture Capital, ZHANG Yaodong Appointed as Company Director36Kr•May 27, 2026•Xiang He Capital
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XPeng Huitian Secures Nearly $200 Million in Funding to Accelerate Flying Car CommercializationEastmoney•Mar 15, 2026•Sequoia Capital, Hillhouse, Cowin Capital, Xiaopeng and 6 others
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Suanmiao Technology Completes Pre-A and Pre-A1 Rounds of FinancingJinglingshuju•Feb 13, 2026•Stony Creek Capital, CDB, Xiang He Capital, Lenovo and 2 others
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Intelligent sports hardware brand "Enhanced Robotics" completes hundreds of millions RMB in A round fundingJinglingshuju•Jan 29, 2026•Seine Capital, Sequoia Capital, Xiang He Capital, Decheng Capital
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Chinese embodied AI startup Tars lands $122m fundingTech in Asia•Jul 08, 2025•Junshan, Hone Capital, CIVC Partners, SAIF Partners and 3 others
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Xingdong Era Announces Nearly 500 Million Yuan Series A FundingEastmoney•Jul 07, 2025•CDH, Haier Capital, ROBOTERA, Xiang He Capital
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TARS Completes Series A Funding of 1.2 Billion Yuan, Focusing on AI-powered Enterprise SolutionsPEdaily•Mar 26, 2025•Tars, Linear Venture, Hengxu Capital, Aplus Capital and 2 others
