LongRun

LongRun was founded by Li Hui, who previously worked in Tencent's M&A division. His corporate development background informs a sourcing model built on relationships with spinout teams from Shenzhen's major hardware and internet companies. The firm does not disclose other partners publicly.

LongRun focuses on seed and early-stage rounds, occasionally participating in Series A follow-ons. Its initial check sizes typically range from $2M to $8M, targeting minority stakes in startups that have a working prototype or early manufacturing contracts.

The firm sources primarily through the founder's alumni network from Tencent and through engineering talent leaving Huawei, DJI, and Shenzhen-based robotics labs. It does not operate an open-call submission process and rarely participates in auction processes led by bulge-bracket banks.

LongRun co-invests alongside domestic Chinese venture funds and occasionally Southeast Asian family offices. It has syndicated deals with other Shenzhen-headquartered early-stage firms but generally leads its own rounds to avoid signaling risk from silent partners.

LongRun embeds former manufacturing-line engineers into its portfolio companies for their first 18 months of operation. These embedded advisors work directly on production-line optimization rather than providing board-level strategy advice, which reduces time-to-profitability for hardware-heavy startups.

LongRun does not invest in consumer internet, social media, or pure software-as-a-service businesses without a hardware component. The firm explicitly avoids capital-intensive semiconductor fabrication and biotech, staying within its industrial automation and enterprise hardware mandate.

The firm's capital structure is not disclosed. It operates without publicized institutional fundraising rounds, which is consistent with a model where founding partners and a small group of domestic limited partners provide the bulk of committed capital.