Heyi Capital Management

Investment decisions are led by Founding Partners Benie Chen and Wang Huai. Chen previously worked at Linear Venture, giving Heyi a direct lineage to China's deep-tech early-stage ecosystem.

Heyi employs a "Co-Builder" model that places operating partners directly into portfolio companies post-investment. This hands-on approach embeds operational expertise at the board and management level, which is structurally uncommon among RMB venture funds.

No. Heyi is a pure RMB-denominated fund manager. Its LP base consists of Chinese state-guided funds, insurance companies, and state-owned enterprises, giving it a domestic-only capital base without a parallel USD fund structure.

Heyi invests from seed through growth, with its heaviest concentration in early-stage Series A and B deep-tech rounds. The firm maintains flexibility to participate in later-stage rounds for standout portfolio companies, as evidenced by its follow-on participation in Enflame Technology's Series C+.

Heyi has not disclosed formal exclusion criteria, but its portfolio and website positioning suggest an exclusive focus on hard-technology subsectors — enterprise software, AI/ML, robotics, automation, and energy technology. Consumer internet, fintech, and healthcare services are absent from its known portfolio, indicating a deliberate narrow mandate.

Heyi's capital is sourced from domestic Chinese institutional LPs, including state-guided investment funds, insurance companies, and state-owned enterprises. The firm's inaugural fund closed at RMB 2 billion, an unusually large first-time vehicle in China's RMB venture market.

Heyi appears to lead or co-lead its own rounds rather than participate passively alongside external GPs. Its Co-Builder model requires active operational engagement that is incompatible with passive co-investment. When other institutions join Heyi's rounds, they tend to be strategic state-backed investors rather than independent venture firms.