ZhenFund is a seed fund and venture capital firm established in 2011 by New Oriental co-founders Bob Xiaoping Xu and Victor Qiang Wang, in collaboration with Sequoia Capital China. Based in Beijing, with additional offices in Shenzhen, Shanghai, and Silicon Valley, ZhenFund focuses on investing in innovative startups across various sectors including e-commerce, education, artificial intelligence, fintech, and healthcare. With a portfolio that includes over 800 companies and more than 30 unicorns, ZhenFund emphasizes the importance of exceptional founding teams in building successful businesses. The firm provides entrepreneurs with comprehensive support through mentorship, biannual demo days for networking with top Chinese venture capitalists, and various consulting services. ZhenFund has received recognition as the leading early-stage investment firm for six consecutive years, highlighting its influence and effectiveness in the startup ecosystem.
China World Trade Center (Guomao), No. 1 Jian Guo Men Wai Avenue, Chaoyang District, Beijing 100004, China
Yusen Dai
Managing Partner
Anna Fang
Partner and CEO
Grace Gu
Principal and Head of Eastern China
Yuan Liu
Partner
Tianyi Qin
Principal
Yuguang Sun
Investment Associate
Lulu Sun
VP
Debbie Wang
VP
Terry Wang
Venture Partner
Fangzhou Yao
Managing Director
Li Yi
Investment Associate
Emma Yin
Partner
Meng Yuan
Investment Associate
Jack Zheng
Managing Partner
Past deals in Industrial Automation
Dyna Robotics
Seed Round in 2025
Dyna Robotics is at the forefront of revolutionizing robotic manipulation with cutting-edge foundation models. Our mission is to empower businesses by automating repetitive, stationary tasks with affordable, intelligent robotic arms. Leveraging the latest advancements in foundation models, we're driving the future of general-purpose robotics—one manipulation skill at a time. Dyna Robotics was founded by industry leaders who previously achieved a $350 million exit in grocery deep tech as well as top robotics researchers from DeepMind and Nvidia. Our team blends world-class research, engineering, and product innovation to drive the future of robotic manipulation. With sizable funding already in place, we're positioned to redefine the landscape of robotic automation. Join us to shape the next frontier of AI-driven robotics.
Xiangke Intelligence
Angel Round in 2023
Tsinghua University, Beijing University of Aeronautics and Astronautics, computer and robotics professionals, and industrial serial entrepreneurs founded Xiangke Intelligence. It was established by the former founder of "Speed Technology" and the general manager of SharkNinja China Robot R&D Centre.
Tusk Robots
Angel Round in 2022
Tusk Robots is a Hong Kong-based robotics company established in 2020 that specializes in the research and development of robotic solutions aimed at enhancing intelligent logistics within smart factories. The company creates intelligent pallet robots designed for diverse sectors, including medicine, electronics, automotive parts, tobacco, chemicals, retail, apparel, and eCommerce. By providing effective handling solutions, Tusk Robots aims to facilitate intelligent logistics and support the advancement of smart manufacturing processes for various enterprises.
SmartMore
Series B in 2021
SmartMore focuses on the efficient combination of scientific research and industry. Break through the limits and continue to innovate. With intelligent manufacturing and ultra-high-definition video as the starting point, SmartMore is restructuring the AI system and architecture to let the machine understand more.
API7.ai
Series A in 2021
API7.ai is an open-source infrastructure company that empowers API management and analysis. It provides a wide range of products and solutions for microservices and real-time traffic processing, such as API Gateway, Kubernetes Ingress Controller and Service Mesh. API7.ai is committed to helping businesses drive digital transformation, enabling businesses to manage and visualize enterprise-critical traffic, to accelerate business decisions through big data and artificial intelligence. APISIX, a top-level project donated by API7.ai to the Apache Software Foundation, is the next generation of cloud-native API gateways that provide rich traffic management functions such as load balancing, dynamic upstream, canary release, circuit breaking, authentication and authorization, and observability. Built on Apache APISIX, the enterprise-level product API7 provides more advanced capabilities to meet the core requirements of enterprise users: multi-cluster, multi-tenant, permission configuration, version management, auditing, statistical reports, etc. APISIX and API7 are widely used by 100+ companies across the internet, financial, blockchain, manufacturing, retail and IoT industries. API7.ai has attracted global talents from 5 countries and 18 cities, many of whom are Apache Software Foundation members, OpenResty / Nginx core maintainers, Kubernetes members and industry experts in cloud infrastructure and security. The company is currently in Series A+ backed by Matrix Partners, Shunwei Capital, ZhenFund and ZhenCheng Capital.
Black Lake Technologies
Series C in 2021
Black Lake Technologies is a fast-growing and venture-backed company, revolutionizing manufacturing enterprises with mobile-, IoT- and web-based collaboration platforms that acquire, visualize, monitor and analyze real-time manufacturing data. We enable factory staff (from top management to assembly line workers) to conveniently collaborate, interpret data, extract insights, and take immediate actions. The compoany's clients range from medium-sized enterprises to Fortune 500 conglomerates, whose production is made easier by Black Lake. Its investors include GSR, BAI, GGV, ZhenFund, China Growth Capital and IDG, with over CNY 100 million funding raised to date.
API7.ai
Series A in 2021
API7.ai is an open-source infrastructure company that empowers API management and analysis. It provides a wide range of products and solutions for microservices and real-time traffic processing, such as API Gateway, Kubernetes Ingress Controller and Service Mesh. API7.ai is committed to helping businesses drive digital transformation, enabling businesses to manage and visualize enterprise-critical traffic, to accelerate business decisions through big data and artificial intelligence. APISIX, a top-level project donated by API7.ai to the Apache Software Foundation, is the next generation of cloud-native API gateways that provide rich traffic management functions such as load balancing, dynamic upstream, canary release, circuit breaking, authentication and authorization, and observability. Built on Apache APISIX, the enterprise-level product API7 provides more advanced capabilities to meet the core requirements of enterprise users: multi-cluster, multi-tenant, permission configuration, version management, auditing, statistical reports, etc. APISIX and API7 are widely used by 100+ companies across the internet, financial, blockchain, manufacturing, retail and IoT industries. API7.ai has attracted global talents from 5 countries and 18 cities, many of whom are Apache Software Foundation members, OpenResty / Nginx core maintainers, Kubernetes members and industry experts in cloud infrastructure and security. The company is currently in Series A+ backed by Matrix Partners, Shunwei Capital, ZhenFund and ZhenCheng Capital.
SmartMore
Series A in 2020
SmartMore focuses on the efficient combination of scientific research and industry. Break through the limits and continue to innovate. With intelligent manufacturing and ultra-high-definition video as the starting point, SmartMore is restructuring the AI system and architecture to let the machine understand more.
Moying Robotics
Seed Round in 2020
Moying Robotics is an enterprise that focuses on the development of mobile collaborative robots and application integration systems.
SmartMore
Seed Round in 2020
SmartMore focuses on the efficient combination of scientific research and industry. Break through the limits and continue to innovate. With intelligent manufacturing and ultra-high-definition video as the starting point, SmartMore is restructuring the AI system and architecture to let the machine understand more.
Syrius Robotics
Series A in 2020
Syrius Robotics, founded in 2018 and based in Shenzhen, China, specializes in manufacturing autonomous mobile robots for material handling in various sectors, including e-commerce, retail, and logistics. The company develops its own operational systems, software platforms, and AIoT cloud services to enhance the efficiency of fulfillment centers and warehouses worldwide. Utilizing advanced technologies such as Artificial Intelligence, laser radar, and camera systems, Syrius Robotics provides intelligent logistics solutions that improve productivity and streamline logistics management. Their products are increasingly adopted by a diverse range of commercial organizations beyond the transportation industry, showcasing the versatility of their automation solutions.
YITU
Series C in 2018
Yitu Limited is a Chinese company that specializes in the research and development of artificial intelligence solutions, focusing on machine vision, listening, and comprehension. Founded in 2012 and based in Shanghai, Yitu provides AI infrastructure and applications for intelligent city management, healthcare, and business sectors such as finance and retail. Their healthcare solutions include AI technologies for disease clinics, child development evaluations, and integrated medical platforms. Yitu's extensive research encompasses areas like computer vision, natural language understanding, and robotics, aiming to drive innovation across various industries, including security, transportation, and healthcare. The company is committed to advancing AI technology to create safer, faster, and healthier environments.
Hesai Technology
Venture Round in 2017
Hesai Technology, founded in 2014 and headquartered in Shanghai, China, specializes in the development, manufacture, and sale of three-dimensional light detection and ranging solutions, commonly known as LiDAR. The company focuses on designing advanced laser radar systems that support a variety of applications, primarily in autonomous and semi-autonomous vehicles equipped with advanced driver assistance systems. Additionally, Hesai's technology is utilized in other sectors, such as robotics for last-mile delivery and industrial processes, as well as in natural gas leak detection systems. The organization has structured its operations into two main segments: LiDAR and gas detection, with the LiDAR segment generating the majority of its revenue.
Flexiv
Series A in 2017
Flexiv Ltd. is a robotics and artificial intelligence company that specializes in developing and manufacturing adaptive robots. Founded in 2016 and headquartered in Shanghai, with additional offices in Shenzhen, Beijing, and Santa Clara, California, Flexiv integrates advanced technologies such as force control, computer vision, and AI into its products. The company's flagship robot, RIZON, is designed for applications including curved-surface processing, plugging, and assembly. Flexiv's robotic systems are utilized across various industries, including automotive electronics, new energy, home appliances, consumer electronics, and aerospace. The company focuses on providing innovative solutions that enhance industrial automation, enabling businesses to improve efficiency and safely collaborate with human workers in complex environments.
Flexiv
Series A in 2017
Flexiv Ltd. is a robotics and artificial intelligence company that specializes in developing and manufacturing adaptive robots. Founded in 2016 and headquartered in Shanghai, with additional offices in Shenzhen, Beijing, and Santa Clara, California, Flexiv integrates advanced technologies such as force control, computer vision, and AI into its products. The company's flagship robot, RIZON, is designed for applications including curved-surface processing, plugging, and assembly. Flexiv's robotic systems are utilized across various industries, including automotive electronics, new energy, home appliances, consumer electronics, and aerospace. The company focuses on providing innovative solutions that enhance industrial automation, enabling businesses to improve efficiency and safely collaborate with human workers in complex environments.
YITU
Series C in 2017
Yitu Limited is a Chinese company that specializes in the research and development of artificial intelligence solutions, focusing on machine vision, listening, and comprehension. Founded in 2012 and based in Shanghai, Yitu provides AI infrastructure and applications for intelligent city management, healthcare, and business sectors such as finance and retail. Their healthcare solutions include AI technologies for disease clinics, child development evaluations, and integrated medical platforms. Yitu's extensive research encompasses areas like computer vision, natural language understanding, and robotics, aiming to drive innovation across various industries, including security, transportation, and healthcare. The company is committed to advancing AI technology to create safer, faster, and healthier environments.
Osaro
Series A in 2017
Osaro, Inc. is a San Francisco-based company that specializes in developing industrial-grade artificial intelligence software to automate manual picking and assembly tasks in distribution centers and manufacturing facilities. Founded in 2015, Osaro's solutions integrate advanced machine learning to enhance the efficiency of computer and robotic systems. The company's technology not only processes large amounts of unstructured data but also features powerful adaptive decision-making capabilities that allow machines to interact with their environment, learn from it, and achieve specific objectives. By improving the adaptability and intelligence of automated systems, Osaro aims to increase industrial productivity while enabling human workers to focus on more complex tasks, ultimately contributing to a safer workplace and enhanced supply chain resilience.
Momenta
Series A in 2016
Momenta is an autonomous driving startup operating out of Beijing. Its deep-learning-based software in perception, HD semantic mapping, and data-driven path planning enables the realization of full autonomy. Momenta offer multi-level autonomous driving solutions as well as big data products and services. Momenta’s team is composed of experts in computer vision and deep learning, including one of the authors of Faster R-CNN and ResNet, the most popular deep learning network, as well as winners of ImageNet 2015, MS COCO Challenge 2015, and ImageNet 2017. The company is leading the autonomous driving software space with advanced technical competence and a strong commitment to innovation.
Momenta
Series A in 2016
Momenta is an autonomous driving startup operating out of Beijing. Its deep-learning-based software in perception, HD semantic mapping, and data-driven path planning enables the realization of full autonomy. Momenta offer multi-level autonomous driving solutions as well as big data products and services. Momenta’s team is composed of experts in computer vision and deep learning, including one of the authors of Faster R-CNN and ResNet, the most popular deep learning network, as well as winners of ImageNet 2015, MS COCO Challenge 2015, and ImageNet 2017. The company is leading the autonomous driving software space with advanced technical competence and a strong commitment to innovation.
Black Lake Technologies
Seed Round in 2016
Black Lake Technologies is a fast-growing and venture-backed company, revolutionizing manufacturing enterprises with mobile-, IoT- and web-based collaboration platforms that acquire, visualize, monitor and analyze real-time manufacturing data. We enable factory staff (from top management to assembly line workers) to conveniently collaborate, interpret data, extract insights, and take immediate actions. The compoany's clients range from medium-sized enterprises to Fortune 500 conglomerates, whose production is made easier by Black Lake. Its investors include GSR, BAI, GGV, ZhenFund, China Growth Capital and IDG, with over CNY 100 million funding raised to date.
Black Lake Technologies
Seed Round in 2016
Black Lake Technologies is a fast-growing and venture-backed company, revolutionizing manufacturing enterprises with mobile-, IoT- and web-based collaboration platforms that acquire, visualize, monitor and analyze real-time manufacturing data. We enable factory staff (from top management to assembly line workers) to conveniently collaborate, interpret data, extract insights, and take immediate actions. The compoany's clients range from medium-sized enterprises to Fortune 500 conglomerates, whose production is made easier by Black Lake. Its investors include GSR, BAI, GGV, ZhenFund, China Growth Capital and IDG, with over CNY 100 million funding raised to date.
Osaro
Seed Round in 2015
Osaro, Inc. is a San Francisco-based company that specializes in developing industrial-grade artificial intelligence software to automate manual picking and assembly tasks in distribution centers and manufacturing facilities. Founded in 2015, Osaro's solutions integrate advanced machine learning to enhance the efficiency of computer and robotic systems. The company's technology not only processes large amounts of unstructured data but also features powerful adaptive decision-making capabilities that allow machines to interact with their environment, learn from it, and achieve specific objectives. By improving the adaptability and intelligence of automated systems, Osaro aims to increase industrial productivity while enabling human workers to focus on more complex tasks, ultimately contributing to a safer workplace and enhanced supply chain resilience.
MXSoft
Angel Round in 2015
Meixin Times is an IT monitoring and computer room management platform. They provide integrated monitoring, IT facility monitoring, dynamic environment monitoring in the computer room, video quality analysis, network management, and monitoring cloud platforms. They serve the government, military industry, hospitals, petroleum, petrochemical, finance, and more.
YITU
Angel Round in 2013
Yitu Limited is a Chinese company that specializes in the research and development of artificial intelligence solutions, focusing on machine vision, listening, and comprehension. Founded in 2012 and based in Shanghai, Yitu provides AI infrastructure and applications for intelligent city management, healthcare, and business sectors such as finance and retail. Their healthcare solutions include AI technologies for disease clinics, child development evaluations, and integrated medical platforms. Yitu's extensive research encompasses areas like computer vision, natural language understanding, and robotics, aiming to drive innovation across various industries, including security, transportation, and healthcare. The company is committed to advancing AI technology to create safer, faster, and healthier environments.
YITU
Seed Round in 2013
Yitu Limited is a Chinese company that specializes in the research and development of artificial intelligence solutions, focusing on machine vision, listening, and comprehension. Founded in 2012 and based in Shanghai, Yitu provides AI infrastructure and applications for intelligent city management, healthcare, and business sectors such as finance and retail. Their healthcare solutions include AI technologies for disease clinics, child development evaluations, and integrated medical platforms. Yitu's extensive research encompasses areas like computer vision, natural language understanding, and robotics, aiming to drive innovation across various industries, including security, transportation, and healthcare. The company is committed to advancing AI technology to create safer, faster, and healthier environments.
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