Lanchi Ventures, a leading early-stage technology venture capital firm, today announced the final closing of its fourth dual-currency fund at approximately $560 million (RMB 3.9 billion). This milestone brings the firm’s total assets under management (AUM) to $2.8 billion (RMB 20 billion), cementing its position as one of China’s largest early-stage venture firms.

Jui Tan, Managing Partner of Lanchi Ventures, said: “We are deeply grateful for the trust from both our new and long-standing limited partners. We have always believed that by giving Chinese tech talent the space and support they need, they will inevitably lead the global charge in AI and other frontier technologies. With this new capital, Lanchi Ventures will continue to double down on AI and hard tech while keeping our measured pace. We will stay the course with Chinese entrepreneurs as we always have, firm in our conviction that even greater opportunities lie ahead.”

A Dual-Currency Strategy Backed by Global Long-Term Capital

This latest fundraising received overwhelming support and recognition from both new and existing limited partners (LPs).

• The USD Fund: Lanchi Ventures’ USD-denominated fund attracted leading international institutional capital, including world-renowned sovereign wealth funds, insurance companies, major financial institutions, and established family offices. Notably, the firm expanded its geographic reach beyond traditional North American and European markets to include the Middle East, Southeast Asia, and Japan, significantly enhancing the fund’s regional diversification.
• The RMB Fund: Despite a challenging fundraising environment, the RMB fund reached an oversubscribed close in less than 12 months. The LP lineup features national-level funds, core regional government industrial funds, mainstream financial institutions, top-tier market-oriented FOFs, and strategic industrial partners. A significant majority of existing LPs chose to re-up, a testament to their long-term confidence in Lanchi Ventures’ performance.

Notably, Lanchi Ventures chose to cap the fund size despite high demand, prioritizing long-standing discipline over AUM expansion to ensure maximum agility and optimal returns.

Category-Defining Bets Across the AI Landscape

The new fund will continue Lanchi Ventures’ early-stage, tech-first strategy, with a concentrated focus on AI and Hard Tech. The RMB fund prioritizes frontier technologies that align with national strategic tailwinds, while the USD fund focuses on global AI themes and Chinese tech talent on the world stage.

Lanchi Ventures’ pre-emptive mapping of the AI sector began in early 2021. Following the emergence of ChatGPT in late 2022, the firm made a strategic pivot, identifying AI as a technological revolution more profound than the mobile internet. While the broader industry experienced a contraction, Lanchi Ventures accelerated its pace, maintaining an active deal cadence.

Today, Lanchi Ventures is one of the few firms to have successfully captured early-stage unicorns across the three pillars of the AI revolution: Foundation Models, AI Agents, and Embodied Intelligence.

• Embodied Intelligence: Lanchi Ventures was the Seed-round investor in Galbot. In early 2023, Managing Partner Jui Tan committed to the investment following his first meeting with founder Wang He, followed by multiple follow-on rounds. The firm was impressed by the team’s early insight into end-to-end brain-body integration and their strategic use of simulation data to bridge the real-world data gap. Around the same time, the firm backed Agibot at the A1 stage, later participating in four consecutive rounds, citing the team’s rapid iteration speed in hardware-software integration. Other notable bets in this sector include TARS, Simplexity Robotics, PsiBot, and Hillbot.

• Foundation Models: In 2023, Lanchi Ventures participated in the Series A for Moonshot AI (Kimi). The firm’s conviction was anchored in talent density—the most critical factor in the early stages of the LLM race. Founder Zhilin Yang’s vision to build “the world’s best AI foundation model, not just China’s best,” combined with his proven execution, was a key factor. Managing Partner Terry Zhu noted that backing a founder with a ‘10,000-hour obsession’ with AGI before ever starting a company—that’s what early-stage investing is all about.

• AI Applications: Lanchi Ventures led the angel round of Genspark in January 2024. Founded by former Xiaodu executives Eric Jing and Kay Zhu. The company recently announced it has surpassed $250M in ARR just 11 months after launch, alongside a $385M Series B expansion. Other application-layer investments include Vivix, AI Together, Bagelive, Trooly AI, and enterprise agent companies like Fabarta and YOOLEE AI.

Lanchi Ventures has also established early positions in strategic frontiers such as Advanced Computing, Brain-Computer Interface (BCI), and AI for Science (AI4S), with investments in BioMap, Zhongqi Wuliang Quantum, Taichudata, KAIROS Materials.

20 Years of Early-Stage Conviction

2026 marks Lanchi Ventures’ 20th year in China. Building on a heritage that began in Silicon Valley in 1998, the firm’s China presence was established by Jui Tan in 2005. Over two decades, Lanchi Ventures has navigated multiple technology cycles and market swings.

Underpinning this multi-cycle track record is an enduring conviction in the potential of Chinese tech talent. Having partnered with these founders in Silicon Valley since 2000, Jui Tan recognized they were often systematically undervalued due to cultural and environmental nuances. When the AI revolution emerged in 2022 amidst market pessimism, Lanchi Ventures’ stance was clear: give Chinese tech talent enough room to run, and they can lead on the global stage. That conviction shaped the firm’s independent investment pace: never chasing hype, but daring to place heavy, non-consensus bets; and once conviction is there, doubling down across rounds.

In practice, Lanchi Ventures prioritizes a founder’s ability to drive tangible productivity gains. The firm backs mission-driven builders—founders with the grit to take on genuinely hard problems and the ability to turn technology into real-world impact. For Lanchi Ventures, early-stage investing isn’t just about financial returns; it’s about backing the kind of hard-tech firepower that raises a country’s competitive edge on the global stage.

As articulated in its 2022 annual letter, Lanchi Ventures has long held that a dual-currency strategy must adapt to the profound restructuring of the global landscape, and that world-class Chinese founders—supported by national policy—are poised to step onto the international stage like never before.

In today’s AI investment boom, Lanchi Ventures is raising its standards and moving with even greater selectivity. The firm believes in anchoring to long-term trends; in the absence of clear opportunities, it remains disciplined. While capturing the dividends of technology, Lanchi Ventures stays sober and recognizes the strategic moment to exit. The noisier the market, the calmer the pace. Marking its 20th year, Lanchi Ventures will continue to bet big on AI with composure and resolve, standing with founders who defy convention to capture the opportunities of the next era.

About Lanchi Ventures

Lanchi Ventures (LCV), a leading early-stage venture capital firm with offices in Singapore, Hong Kong, and Beijing, focuses on investing in entrepreneurs who leverage technological innovations to create a sustainable impact. With its heritage in Silicon Valley since 1998, Lanchi Ventures (LCV) manages nearly $2.8 billion in capital through multiple funds, investing across seed, angel, Pre-A, and Series A rounds. The firm focuses on artificial intelligence, hard tech, consumer technology, and biotechnology, and has backed over 200 portfolio companies, including Li Auto (NASDAQ: LI), Moonshot AI (Kimi), Agibot, Galbot, Genspark, PPIO, BioMap, Youibot, Gaussian Robotics, TCab, UniUni, QingCloud (688316.SH), WaterDrop (NYSE: WDH), Ganji/58.com, Guazi, and others. The firm has been recognized by Forbes, Fortune, Preqin, and others.