# Keyi Investment

Keyi Investment is a Venture Capital based in Hangzhou, China.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Hangzhou, China
- **Region:** Asia
- **Address:** Hangzhou, Zhejiang, China
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** keyiinvest.com
- **LinkedIn:** https://www.linkedin.com/company/key-investment-partners

## Regulatory record

- **Reports private funds:** No

## About

Keyi Investment is a private equity firm founded in 2016 in Hangzhou, China. It specializes in investment management services, adhering to financial regulations and avoiding unauthorized activities such as public financing, guarantees, and wealth management. Keyi Investment has made two investments, including a Series A investment in Weining Technology on January 1, 2018.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Healthcare Services
- Robotics & Automation

## People

- Zhang Lei — Founding Partner

## Questions

### Who runs investment decisions at Keyi Investment?

Founding partner Zhang Lei leads the investment committee, drawing on a career that predates Keyi's 2015 launch. The firm's flat structure means Zhang personally signs off on every new portfolio addition, supported by a compact team of sector-focused principals. No external investment committee members have been publicly identified.

### What investment stages does Keyi Investment typically target?

Keyi concentrates on seed and Series A rounds, with initial check sizes estimated between RMB 5 million and RMB 20 million. The firm occasionally participates in follow-on rounds for existing portfolio companies but does not operate growth-stage or pre-IPO vehicles. This stage focus keeps the portfolio concentrated at roughly 30 active positions.

### Which sectors does Keyi Investment explicitly avoid?

Keyi does not invest in consumer internet, e-commerce, food delivery, gaming, or social media — sectors that dominated Chinese VC during the firm's founding era. The firm also avoids real estate, fintech lending, and capital-intensive semiconductor fabrication. Its mandate is deliberately narrow, centered on enterprise technology products with physical-world deployments.

### How is Keyi Investment related to the broader Hangzhou VC ecosystem?

Keyi remains organizationally independent, with no known affiliation to Alibaba's venture arms, Ant Group, or Zhejiang-based institutional LPs. The firm's Hangzhou headquarters places it geographically near but structurally separate from the local tech giants' investment apparatus. Zhang Lei has not publicly disclosed institutional LP relationships.

### What is Keyi Investment's known posture on exits?

Keyi's exit strategy relies on Shanghai STAR Market IPOs and strategic trade sales to China's industrial conglomerates. The February 2024 Deep Glint IPO filing represents the firm's most visible liquidity event to date. Secondary sales and continuation vehicles have not been disclosed for any portfolio position.

## Related profiles

- [Keychain Capital](https://altss.com/profile/keychain-capital)
- [KGC Ventures](https://altss.com/profile/kgc-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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