# Cathay Innovation: portfolio, investments and team

> Cathay Innovation is a vc firm based in China. 95 investments on record, 18 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

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

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

# Cathay Innovation

Last cheque observed Sep 2026; 95 cheques on record.

Email

Deploying now VC firm

Series B Venture Series A Artificial Intelligence Analytics

Follow Cathay Innovation and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fcathay-innovation)

Deploying now

**95%** of best year **18** **cheques in 12 months**, 95 on record

Since the last cheque **60** days **00** hrs **00** min **00** sec

Median round **$30M** Rounds led **10 of 95** Sole investor **4 rounds** Mostly in **France, 32%**

Pitch Cathay Innovation

## Cathay Innovation highlights

- 01 18 cheques in the last 12 months
- 02 Mostly Series B and Venture: 56% of its rounds
- 03 Sole investor in 4 rounds, median $29M

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Sectors:** Artificial Intelligence Analytics
- **Based in:** China
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **95 appearances**

- **2026** 13 rounds
- **Sept** **[Tucuvi](https://millionrounds.com/company/tucuvi)** Venture · ES **$5.7M** With 4 others
- **Sept** **[updoc](https://millionrounds.com/company/updoc)** Grant · AU **$9.2M** With 4 others
- **Aug** **[Skan AI](https://millionrounds.com/company/skan-ai)** Series C · US · Cathay Innovation **$63M** *Led*
- **Jul** **[Wallbox](https://millionrounds.com/company/wallbox)** ES **$4.6M** With 3 others
- **Jun** **[Theker](https://millionrounds.com/company/theker)** Series A · ES · Bright Pixel **$85M** With 17 others
- **May** **[Embat](https://millionrounds.com/company/embat)** Series B · ES · Ventureburn **$35M** *Led*
- **Mar** **[Qualified Health](https://millionrounds.com/company/qualified-health)** Series B · US · Ventureburn **$125M** With 7 others
- **Mar** **[Cryptio](https://millionrounds.com/company/cryptio)** Series B · FR · Ventureburn **$45M** With 8 others
- **Mar** **[Waiv](https://millionrounds.com/company/waiv)** FR · Ventureburn **$33M** With 8 others
- **Mar** **[Advanced Machine Intelligence](https://millionrounds.com/company/advanced-machine-intelligence)** Seed · FR · Crunchbase News **$1.0B** *Led*
- **Mar** **[AMI Labs](https://millionrounds.com/company/ami-labs)** FR · TechCrunch **$1.0B** *Led*
- **Jan** **[Xepelin](https://millionrounds.com/company/xepelin)** CL · LatamList **$20M** With 5 others
- **Jan** **[Igloo](https://millionrounds.com/company/igloo)** Venture · SG **$5.0M** With 3 others
- **2025** 19 rounds
- **Dec** **[Vambe](https://millionrounds.com/company/vambe)** Series A · LatamList **$14M** With 9 others
- **Dec** **[Momenta](https://millionrounds.com/company/momenta)** Venture **Undisclosed** With 3 others
- **Nov** **[Peek](https://millionrounds.com/company/peek)** Series D · US · Ventureburn **$70M** With 8 others
- **Nov** **[Range](https://millionrounds.com/company/range)** Series C · US **$60M** With 2 others
- **Nov** **[BackChannel](https://millionrounds.com/company/backchannel)** Seed · BR **$4.7M** With 4 others
- **Jun** **[Nabla](https://millionrounds.com/company/nabla)** Series C · FR · Crunchbase News **$70M** With 4 others
- **Jun** **[Payflow](https://millionrounds.com/company/payflow)** Venture · ES **$11M** With 3 others
- **Jun** **[Abacum](https://millionrounds.com/company/abacum)** Series B · US **$60M** With 6 others
- **May** **[Reebelo](https://millionrounds.com/company/reebelo)** Venture · US **Undisclosed** With 2 others
- **May** **[Savana](https://millionrounds.com/company/savana)** Venture · ES **Undisclosed** With 1 other
- **Apr** **[AQEMIA](https://millionrounds.com/company/aqemia)** Grant · FR **$7.4M** With 3 others
- **Mar** **[Curve](https://millionrounds.com/company/curve)** Series D · GB **$48M** With 4 others
- **Feb** **[Oze](https://millionrounds.com/company/oze)** GH · Disrupt Africa **Undisclosed** With 6 others
- **Feb** **[Wallbox](https://millionrounds.com/company/wallbox)** ES **$15M** With 2 others
- **Feb** **[Cafler](https://millionrounds.com/company/cafler)** Series A · ES **$11M** With 3 others
- **Jan** **[Bioptimus](https://millionrounds.com/company/bioptimus)** Seed · FR · Silicon Canals **$76M** *Led*
- **Jan** **[Nelly](https://millionrounds.com/company/nelly)** Series B · DE · TechCrunch **$51M** *Led*
- **Jan** **[Quantifind](https://millionrounds.com/company/quantifind)** Venture · US **$22M** With 2 others
- **Jan** **[Bioptimus](https://millionrounds.com/company/bioptimus)** Series A · FR **$41M** With 4 others
- **2024** 11 rounds
- **Dec** **[Aqemia](https://millionrounds.com/company/aqemia)** Growth · FR · TechCrunch **$38M** *Led*
- **Dec** **[Cosmo Tech](https://millionrounds.com/company/cosmo-tech)** Venture · FR **Undisclosed** With 2 others
- **Oct** **[Ghost](https://millionrounds.com/company/ghost)** Series C · US **$40M** With 5 others
- **Sept** **[Entalpic](https://millionrounds.com/company/entalpic)** Seed · FR **$9.4M** With 3 others
- **Jun** **[Firstvet](https://millionrounds.com/company/firstvet)** Series C · SE **$22M** With 3 others
- **Jun** **[Sidecar Health](https://millionrounds.com/company/sidecar-health)** Series D · US **$165M** With 5 others
- **Jun** **[imagino](https://millionrounds.com/company/imagino)** Series A · FR **$27M** Sole investor
- **May** **[Resilience](https://millionrounds.com/company/resilience)** Venture · US **$25M** With 2 others

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

We hold **7** 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

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

## The cheque

Series B Venture Series A

Median round joined **$30M** the round, not its cheque Alone, median **$29M**

Led 10 of 95 rounds **11%**

- **Sole investor:** 4 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series B *21*
- Venture *20*
- Series A *14*
- Series C *12*
- Seed *6*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Bpifrance](https://millionrounds.com/fund/bpifrance) 12
- [Cathay Capital](https://millionrounds.com/fund/cathay-capital) 8
- [Endeavor Catalyst](https://millionrounds.com/fund/endeavor-catalyst) 8
- [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) 5
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 5
- [Alven](https://millionrounds.com/fund/alven) 4

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

Add to your CRM *→*

## Who they invest alongside

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

[**Bpifrance** Government **12** rounds together](https://millionrounds.com/fund/bpifrance)[**Cathay Capital** Private equity **8** rounds together](https://millionrounds.com/fund/cathay-capital)[**Endeavor Catalyst** Corporate VC **8** rounds together](https://millionrounds.com/fund/endeavor-catalyst)[**Alumni Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Y Combinator** Accelerator **5** rounds together](https://millionrounds.com/fund/y-combinator)[**Alven** VC firm **4** rounds together](https://millionrounds.com/fund/alven)[**Eurazeo** Private equity **4** rounds together](https://millionrounds.com/fund/eurazeo)[**FJ Labs** VC firm **4** rounds together](https://millionrounds.com/fund/fj-labs)[**Plug and Play** Accelerator **4** rounds together](https://millionrounds.com/fund/plug-and-play)[**BNP Paribas** VC firm **3** rounds together](https://millionrounds.com/fund/bnp-paribas)[**Creandum** VC firm **3** rounds together](https://millionrounds.com/fund/creandum)[**Draper Associates** VC firm **3** rounds together](https://millionrounds.com/fund/draper-associates)

## Recently backed

The latest companies Cathay Innovation put money into.

[**Tucuvi** $5.7M · Sept 2026](https://millionrounds.com/company/tucuvi)[**updoc** $9.2M · Sept 2026](https://millionrounds.com/company/updoc)[**Skan AI** $63M · Aug 2026](https://millionrounds.com/company/skan-ai)[**Wallbox** $4.6M · Jul 2026](https://millionrounds.com/company/wallbox)[**Embat** $35M · May 2026](https://millionrounds.com/company/embat)[**Qualified Health** $125M · Mar 2026](https://millionrounds.com/company/qualified-health)

## Quick answers about Cathay Innovation

### What does Cathay Innovation invest in?

Cathay Innovation invests most often at Series B and Venture (56% of the rounds on record), in sectors such as Artificial Intelligence and Analytics.

### How active is Cathay Innovation?

95 investments on record, 18 of them in the last 12 months, and it led 10. The most recent was in Sept 2026.

### What has Cathay Innovation invested in recently?

Its most recent investments on record: Tucuvi (Venture, Sept 2026), updoc (Grant, Sept 2026) and Skan AI (Series C, Aug 2026).

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

The median round it joins is $30M.

### Does Cathay Innovation lead rounds?

Sometimes: it led 10 of its 95 investments on record (11%).

### Where does Cathay Innovation invest?

Most of the companies it backs are in France (32%), the United States (26%) and Spain (21%).

### Is Cathay Innovation investing now?

Yes: it is actively investing, with 18 investments in the last 12 months.

### Who does Cathay Innovation invest alongside?

Most often Bpifrance (12 rounds together), Cathay Capital (8 rounds together) and Endeavor Catalyst (8 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=cathay-innovation) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=cathay-innovation)