# Cathay Capital: portfolio, investments and team

> Cathay Capital is a private equity based in France. 74 investments on record, 6 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/cathay-capital (Millionrounds; every figure on the page links to its filing or article)

France · [Investor](https://millionrounds.com/investors)

# Cathay Capital

Last cheque observed Oct 2026; 74 cheques on record.

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Deploying now Private equity

Seed Series A Series B Cleantech Renewables Photovoltaic

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Deploying now

**75%** of best year **6** **cheques in 12 months**, 74 on record

Since the last cheque **9** days **00** hrs **00** min **00** sec

Median round **$29M** Rounds led **2 of 74** Sole investor **15 rounds** Mostly in **France, 50%**

Pitch Cathay Capital

## Cathay Capital highlights

- 01 6 cheques in the last 12 months
- 02 Mostly Series B and Venture: 68% of its rounds
- 03 Sole investor in 15 rounds, median $18M

## What they do

> Cathay Capital is a global private equity and venture capital investment firm supporting companies at every stage of their lifecycle. From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** From $5.0M as they say
- **Stages:** Seed Series A Series B Growth
- **Sectors:** Cleantech Renewables Photovoltaic
- **Based in:** Paris, France
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **74 appearances**

- **2026** 6 rounds
- **Oct** **[Huixi Technology](https://millionrounds.com/company/huixi-technology)** Series B · CN · TechNode **Undisclosed** With 4 others
- **Aug** **[Skan AI](https://millionrounds.com/company/skan-ai)** Series C · US · Cathay Innovation **$63M** *Led*
- **Jun** **[TISSIUM](https://millionrounds.com/company/tissium)** Series D · FR **$34M** With 4 others
- **Feb** **[Galaxea AI](https://millionrounds.com/company/galaxea-ai)** Series B **$145M** With 2 others
- **Feb** **[Fengshi Technology](https://millionrounds.com/company/fengshi-technology)** Venture **$4.3M** Sole investor
- **Jan** **[Deep Intelligence Technology](https://millionrounds.com/company/deep-intelligence-technology)** Series A **$31M** Sole investor
- **2025** 5 rounds
- **Sept** **[Xingmai Innovation](https://millionrounds.com/company/xingmai-innovation)** Venture **$141M** With 3 others
- **Aug** **[Vita Dynamics](https://millionrounds.com/company/vita-dynamics)** Venture **Undisclosed** With 2 others
- **May** **[Savana](https://millionrounds.com/company/savana)** Venture · ES **Undisclosed** With 1 other
- **Apr** **[Yuanbao Insurance Research Institute](https://millionrounds.com/company/yuanbao-insurance-research-institute)** **$1.0M** With 4 others
- **Feb** **[Moon Surgical](https://millionrounds.com/company/moon-surgical)** Venture · FR **Undisclosed** With 5 others
- **2024** 5 rounds
- **Jan** **[Qiangua Technology](https://millionrounds.com/company/qiangua-technology)** Seed **$14M** With 1 other
- **Jan** **[Huiying Medical](https://millionrounds.com/company/huiying-medical)** Series B **$14M** Sole investor
- **Jan** **[SVOLT](https://millionrounds.com/company/svolt)** Venture **Undisclosed** With 3 others
- **Jan** **[Mogic AI](https://millionrounds.com/company/mogic-ai)** Series A **$15M** With 1 other
- **Jan** **[DOCUMENTS](https://millionrounds.com/company/documents)** Venture **Undisclosed** Sole investor
- **2023** 10 rounds
- **Dec** **[Avistone Pharmaceuticals](https://millionrounds.com/company/avistone-pharmaceuticals)** Series B **$141M** With 2 others
- **Dec** **[PackGene Biotech](https://millionrounds.com/company/packgene-biotech)** Series C · US **$14M** With 3 others
- **Dec** **[ABUP](https://millionrounds.com/company/abup)** Series B **$14M** With 2 others
- **Oct** **[Baoying Gases](https://millionrounds.com/company/baoying-gases)** Series B **$14M** Sole investor
- **Sept** **[QT Medical](https://millionrounds.com/company/qt-medical)** Series B · US **$12M** With 2 others
- **Aug** **[GTA Semiconductor](https://millionrounds.com/company/gta-semiconductor)** Venture **$1.9B** With 1 other
- **May** **[Beem Energy](https://millionrounds.com/company/beem-energy)** Series A · FR **$22M** With 4 others
- **May** **[TISSIUM](https://millionrounds.com/company/tissium)** Series D · FR **$54M** With 4 others
- **Apr** **[Weining Technology](https://millionrounds.com/company/weining-technology)** Series C **$44M** Sole investor
- **Jan** **[Ganymed Robotics](https://millionrounds.com/company/ganymed-robotics)** Series B · FR **$16M** With 5 others
- **2022** 9 rounds
- **Nov** **[Lupeng Pharmaceutical](https://millionrounds.com/company/lupeng-pharmaceutical)** Series A **$35M** With 3 others
- **Oct** **[Shiro Games](https://millionrounds.com/company/shiro-games)** Growth · FR **$49M** Sole investor
- **Oct** **[Bishi Technology](https://millionrounds.com/company/bishi-technology)** Series C **$28M** With 4 others
- **Jul** **[Chatail](https://millionrounds.com/company/chatail)** Series B **$10M** With 1 other
- **May** **[JOYNEXT](https://millionrounds.com/company/joynext)** Growth · DE **$47M** Sole investor
- **May** **[FINALCAD](https://millionrounds.com/company/finalcad)** Growth · FR **$10M** With 4 others
- **May** **[Housfy](https://millionrounds.com/company/housfy)** Series B · ES **$32M** With 4 others
- **Mar** **[DiliTrust](https://millionrounds.com/company/dilitrust)** Growth · FR **$144M** With 1 other
- **Jan** **[EigenCOMM](https://millionrounds.com/company/eigencomm)** Series C **$157M** With 6 others
- **2021** 9 rounds
- **Dec** **[TianTi Biotherapeutics](https://millionrounds.com/company/tianti-biotherapeutics)** Series A · US **$16M** With 2 others
- **Dec** **[Wenext](https://millionrounds.com/company/wenext)** Series B **$55M** With 2 others
- **Dec** **[Yeelight](https://millionrounds.com/company/yeelight)** Series E **$47M** With 3 others
- **Dec** **[TUNGEE](https://millionrounds.com/company/tungee)** Series B **$47M** With 4 others
- **Nov** **[Harmony launcher](https://millionrounds.com/company/harmony-launcher)** Seed **$1.7M** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **3 named**

AP **Andre Puong** Partner, Chief Compliance Officer i Form ADV

MM **Mark Matvey Woods** Partner i Form ADV

MC **Mingpo Cai** President, Chief Executive Officer, Treasurer, Secretary i Form ADV

We also hold **19** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$77M** assets it manages Oct 2026

**4+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Cathay Capital Na, LLC
- **SEC number:** CRD 268816

Funds on its Form ADV

**2** private funds, **$125M** in gross assets · filed Mar 2024

- Cathay Capital North American-SINO Fund (Collector), L.P. *Private equity* 30 investors $105M
- Cathay Morpheus, L.P. *Private equity* 7 investors $19M

## The cheque

Seed Series A Series B

Median round joined **$29M** the round, not its cheque Alone, median **$18M**

Led 2 of 74 rounds **3%**

- **Said size:** From $5.0M
- **Sole investor:** 15 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Series B said *27*
- Venture *14*
- Series A said *8*
- Series C *7*
- Seed said *4*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Cathay Innovation](https://millionrounds.com/fund/cathay-innovation) 8
- [Shunwei Capital](https://millionrounds.com/fund/shunwei-capital) 8
- [HSG](https://millionrounds.com/fund/hsg) 6
- [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) 6
- [Bpifrance](https://millionrounds.com/fund/bpifrance) 5
- [IDG Capital](https://millionrounds.com/fund/idg-capital) 5

**Pitching Cathay Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Cathay Capital. A count of rooms they were both in, not a relationship either has claimed.

[**Cathay Innovation** VC firm **8** rounds together](https://millionrounds.com/fund/cathay-innovation)[**Shunwei Capital** VC firm **8** rounds together](https://millionrounds.com/fund/shunwei-capital)[**HSG** VC firm **6** rounds together](https://millionrounds.com/fund/hsg)[**Qiming Venture Partners** VC firm **6** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**Bpifrance** Government **5** rounds together](https://millionrounds.com/fund/bpifrance)[**IDG Capital** Private equity **5** rounds together](https://millionrounds.com/fund/idg-capital)[**Hill House Capital** Family office **4** rounds together](https://millionrounds.com/fund/hill-house-capital)[**ZhenFund** VC firm **4** rounds together](https://millionrounds.com/fund/zhenfund)[**BNP Paribas** VC firm **3** rounds together](https://millionrounds.com/fund/bnp-paribas)[**Sofinnova Partners** VC firm **3** rounds together](https://millionrounds.com/fund/sofinnova-partners)[**Source Code Capital** VC firm **3** rounds together](https://millionrounds.com/fund/source-code-capital)[**Xiaomi** Investment firm **3** rounds together](https://millionrounds.com/fund/xiaomi)

## Recently backed

The latest companies Cathay Capital put money into.

[**Skan AI** $63M · Aug 2026](https://millionrounds.com/company/skan-ai)[**Savana** May 2025](https://millionrounds.com/company/savana)[**Moon Surgical** Feb 2025](https://millionrounds.com/company/moon-surgical)[**Avistone Pharmaceuticals** $141M · Dec 2023](https://millionrounds.com/company/avistone-pharmaceuticals)[**ABUP** $14M · Dec 2023](https://millionrounds.com/company/abup)[**GTA Semiconductor** $1.9B · Aug 2023](https://millionrounds.com/company/gta-semiconductor)

## Mentioned on podcasts

Episodes that name Cathay Capital in their description, not their title.

- [The On Call with Insignia](https://millionrounds.com/podcasts/on-call-insignia) 20 Jul 2021 · 36 min S03E16: Cathay Innovation Investment Director Rajive Keshup on Southeast Asia's Gold Rush from a global investment firm's perspective Mentions [Cathay Capital](https://millionrounds.com/fund/cathay-capital) Apple PodcastsShow page

## Quick answers about Cathay Capital

### What does Cathay Capital invest in?

Cathay Capital invests most often at Series B and Venture (68% of the rounds on record), in sectors such as Cleantech, Renewables and Photovoltaic.

### How active is Cathay Capital?

74 investments on record, 6 of them in the last 12 months, and it led 2. The most recent was in Oct 2026.

### What has Cathay Capital invested in recently?

Its most recent investments on record: Huixi Technology (Series B, Oct 2026), Skan AI (Series C, Aug 2026) and TISSIUM (Series D, Jun 2026).

### How big are Cathay Capital's cheques?

The median round it joins is $29M.

### Does Cathay Capital lead rounds?

Sometimes: it led 2 of its 74 investments on record (3%).

### Where does Cathay Capital invest?

Most of the companies it backs are in France (50%), the United States (25%) and Spain (13%).

### Is Cathay Capital investing now?

Yes: it is actively investing, with 6 investments in the last 12 months.

### Who does Cathay Capital invest alongside?

Most often Cathay Innovation (8 rounds together), Shunwei Capital (8 rounds together) and HSG (6 rounds together).

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