Mount Morning Capital

Mount Morning Capital was launched in 2016 by founding partner 蒋健, who had been a partner at Broadband Capital since its founding in 2006. The firm operates as a dedicated early-stage platform within the Broadband Capital ecosystem. Partners 周耘 and 王志飏 also maintain roles at Broadband Capital, blending the networks of a later-stage TMT franchise with Mount Morning's focused venture mandate.

The firm targets 'data-driven industrial internet,' which encompasses connectivity hardware — such as 5G and IoT devices — data infrastructure platforms, and analytics application layers. The partners believe China's mobile internet era is giving way to an 'internet of things' era, where embedded computing and real-time data integration will transform traditional industries like logistics, manufacturing, and energy.

Mount Morning Capital acts as an active lead and co-lead investor across seed, startup, and pre-IPO stages. The firm's website references leading roles in rounds for companies like 数安行, 炎凰数据, and 叠腾科技, while it also joins syndicates as a co-investor or follow-on participant in later-stage transactions.

Consistent with its industrial internet thesis, the firm does not invest in consumer-facing mobile-only applications, pure media plays, or traditional retail. Its portfolio is heavily skewed toward B2B infrastructure, semiconductors, and enterprise digitization, bypassing the consumer-touch applications that defined China's earlier venture cycle.

The portfolio is balanced between hardware infrastructure and software platforms. Semiconductor investments sit alongside database and industrial SaaS companies. For example, the firm holds positions in x86 processor firm 海光信息 alongside low-code industrial PaaS provider 摩尔元数, reflecting a cross-layer approach to the data pipeline.