Jingzhiyuan Capital

Founder and Managing Partner Liu Haifeng leads all investment decisions. Institutional allocators note that technical co-founders from the firm's network participate in diligence alongside the investment team, a practice that mirrors the scientist-partner model used by US deep-tech funds. Final IC authority rests with Liu.

The firm's deal flow comes primarily through direct relationships with Tsinghua University, the Chinese Academy of Sciences, and affiliated national laboratories — channels that surface spinouts before they are formally marketed to the broader venture market. This lab-to-startup pipeline gives Jingzhiyuan early access to teams commercializing state-funded research in AI, robotics, and advanced materials.

Jingzhiyuan operates as a standard early-stage venture capital firm but distinguishes itself by applying a deep-science diligence model uncommon among Chinese generalist funds. The firm integrates subject-matter experts into its evaluation of technical risk, making it functionally closer to US firms like Lux Capital than to the consumer-growth shops that historically dominated Beijing's venture ecosystem.

The firm concentrates on seed and Series A rounds, writing first institutional checks into companies that are still pre-revenue or early-commercialization. Select follow-on participation occurs in Series B and later rounds when portfolio companies begin to scale within China's industrial procurement systems.

Jingzhiyuan has no publicly confirmed consumer-internet or platform-economy investments. The firm's disclosed portfolio and sourcing channels indicate a deliberate exclusion of consumer-facing software, e-commerce, and ad-tech in favor of enterprise software, AI, industrial technology, and mobility.