# IDG Capital: portfolio, investments and team

> IDG Capital is a private equity based in China. 504 investments on record, 59 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

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

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

# IDG Capital

Last cheque observed Oct 2026; 504 cheques on record.

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Deploying now New fund $74M, May 2022 Private equity

Pre-seed Seed Series B Venture Capital & Private Equity

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Deploying now

**91%** of best year **59** **cheques in 12 months**, 504 on record

Since the last cheque **2** days **00** hrs **00** min **00** sec

Median round **$25M** Rounds led **8 of 504** Sole investor **135 rounds** Exits **6 from the portfolio** Mostly in **United States, 40%**

Pitch IDG Capital

## IDG Capital highlights

- 01 59 cheques in the last 12 months
- 02 Mostly Venture and Series A: 52% of its rounds
- 03 Sole investor in 135 rounds, median $7.3M
- 04 6 exits from the portfolio

## What they do

> 31+ years of global investing across venture capital, private equity, M&A, secondaries and public markets From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** Up to $100M as they say
- **Stages:** Pre-seed Seed Series B Growth Pre-IPO
- **Sectors:** Venture Capital & Private Equity
- **Based in:** Beijing, China
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **504 appearances**

- **2026** 40 rounds
- **Oct** **[Archon Robotics](https://millionrounds.com/company/archon-robotics)** Seed · CN · Google News search **Undisclosed** With 6 others
- **Oct** **[PhotonPay](https://millionrounds.com/company/photonpay)** Series C · HK · Google News search **$40M** With 4 others
- **Oct** **[InfiMaker](https://millionrounds.com/company/infimaker)** Pre-seed · CN · TechNode **Undisclosed** With 1 other
- **Oct** **[Manus / Butterfly Effect](https://millionrounds.com/company/manus-butterfly-effect)** Growth · SG · Firms' own news pages **$500M** *Led*
- **Oct** **[DeepSeek](https://millionrounds.com/company/deepseek)** Series B · CN · Google News search **$15B** With 36 others
- **Sept** **[Anew Labs](https://millionrounds.com/company/anew-labs)** CN · TechStartups **$290M** *Led*
- **Sept** **[PHYMI](https://millionrounds.com/company/phymi)** Seed · CN · TechNode **$100M** *Led*
- **Sept** **[Vibronix](https://millionrounds.com/company/vibronix)** Series B · US **$15M** With 2 others
- **Aug** **[XPeng's robotics unit](https://millionrounds.com/company/xpeng-s-robotics-unit)** CN · TechNode **$900M** *Led*
- **Aug** **[Xpeng Robotics](https://millionrounds.com/company/xpeng-robotics)** CN · TechStartups **$900M** *Led*
- **Aug** **[GIM](https://millionrounds.com/company/gim)** Series A · Ventureburn **$20M** With 2 others
- **Jul** **[Flova Tech](https://millionrounds.com/company/flova-tech)** Pre-seed · SG **$80M** With 2 others
- **Jul** **[MiniMax](https://millionrounds.com/company/minimax)** SG **$1.2B** With 3 others
- **Jun** **[Spot Biosystems](https://millionrounds.com/company/spot-biosystems)** Venture · US **$40M** Sole investor
- **May** **[ROBOTERA](https://millionrounds.com/company/robotera)** CN · Ventureburn **$200M** With 9 others
- **May** **[Circle Internet Group](https://millionrounds.com/company/circle-internet-group)** US · TechStartups **$222M** With 12 others
- **May** **[DeepSeek](https://millionrounds.com/company/deepseek)** CN · TechNode **$7.4B** With 10 others
- **May** **[Catena Labs](https://millionrounds.com/company/catena-labs)** Series A · US **$30M** With 3 others
- **May** **[Hivello](https://millionrounds.com/company/hivello)** Seed · NL **$6.8M** With 6 others
- **May** **[Rokid](https://millionrounds.com/company/rokid)** Crowdfunding · US **$4.0M** With 3 others
- **Apr** **[Transak](https://millionrounds.com/company/transak)** Venture · US **Undisclosed** With 3 others
- **Mar** **[AMI Labs](https://millionrounds.com/company/ami-labs)** FR · TechCrunch **$1.0B** With 24 others
- **Mar** **[European Tax](https://millionrounds.com/company/european-tax)** Series B **$41M** Sole investor
- **Mar** **[Evat Master](https://millionrounds.com/company/evat-master)** Venture **$41M** Sole investor
- **Mar** **[Puyi Biotech](https://millionrounds.com/company/puyi-biotech)** Series B **$22M** Sole investor
- **Mar** **[Rokid](https://millionrounds.com/company/rokid)** Crowdfunding · US **$1.3M** With 1 other
- **Mar** **[Galaxy Bot](https://millionrounds.com/company/galaxy-bot)** Venture **$364M** With 3 others
- **Mar** **[Beijing Zhongban Digital Culture](https://millionrounds.com/company/beijing-zhongban-digital-culture)** Pre-seed **$290K** Sole investor
- **Mar** **[HT Aero](https://millionrounds.com/company/ht-aero)** Venture **$200M** With 4 others
- **Feb** **[Circuit](https://millionrounds.com/company/circuit)** US · Ventureburn **$30M** With 7 others
- **Feb** **[Ruien New Energy](https://millionrounds.com/company/ruien-new-energy)** Series A **$43M** Sole investor
- **Feb** **[Zhiran Medical](https://millionrounds.com/company/zhiran-medical)** Series A **$43M** With 3 others
- **Feb** **[Galaxea AI](https://millionrounds.com/company/galaxea-ai)** Series B **$145M** With 2 others
- **Feb** **[NIO GeniTech](https://millionrounds.com/company/nio-genitech)** Series A **$330M** Sole investor
- **Feb** **[Kaiwuji](https://millionrounds.com/company/kaiwuji)** Venture **Undisclosed** With 1 other
- **Jan** **[BrainCo](https://millionrounds.com/company/brainco)** Venture · US **$286M** With 3 others
- **Jan** **[Yuewei Medical](https://millionrounds.com/company/yuewei-medical)** Series B **$14M** Sole investor
- **Jan** **[Sentient](https://millionrounds.com/company/sentient)** Venture · US **Undisclosed** With 5 others
- **Jan** **[Singerno Microelectronics](https://millionrounds.com/company/singerno-microelectronics)** Venture **Undisclosed** With 1 other
- **Jan** **[United Solar Polysilicon](https://millionrounds.com/company/united-solar-polysilicon)** Debt **$460M** 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 **6 named**

CS **Chi Sing Ho** Director of the General Partner of the General Partner i Filing they signed

CH **Chising Ho** Director & CFO i Form ADV

JW **James W. Breyer** Director of GP of GP i Filing they signed

JH **John Henry Cullinane** Director i Form ADV

PJ **Patrick J. McGovern** Director of GP of GP i Filing they signed

QZ **Quan Zhou** Director of the General Partner of the General Partner i Filing they signed

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

**$6.8B** gross assets of its funds, 2 advisers combined Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** IDG VC Management LTD.
- **SEC number:** CRD 163297

## Exits from the portfolio

Companies it backed that were later bought or listed **6 in all**

**[Zoox](https://millionrounds.com/company/zoox)** Bought by [Amazon](https://millionrounds.com/fund/amazon) **$1.2B** Jun 2020

**[AlphaDraft](https://millionrounds.com/company/alphadraft)** Bought by FanDuel **Undisclosed** Sept 2015

**[Funzio](https://millionrounds.com/company/funzio)** Bought by [GREE](https://millionrounds.com/fund/gree) **$210M** May 2012

**[Tudou](https://millionrounds.com/company/tudou)** Bought by Youku **$864M** Mar 2012

**[Friendster](https://millionrounds.com/company/friendster)** Bought by MOL Global **$26M** Dec 2009

**[Mobivox](https://millionrounds.com/company/mobivox)** Bought by Sabse Technologies **Undisclosed** Sept 2009

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$74M**

raised in May 2022

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series B

Median round joined **$25M** the round, not its cheque Alone, median **$7.3M**

Led 8 of 504 rounds **2%**

- **Said size:** Up to $100M
- **Sole investor:** 135 rounds
- **Last cheque:** Oct 2026
- **Exits:** 6 from the portfolio

Rounds by stage said on their site

- Venture *120*
- Series A *107*
- Series B said *95*
- Series C *48*
- Seed said *38*
- Pre-seed said *28*
- Growth said *-*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [HSG](https://millionrounds.com/fund/hsg) 58
- [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) 35
- [Hill House Capital](https://millionrounds.com/fund/hill-house-capital) 30
- [ZhenFund](https://millionrounds.com/fund/zhenfund) 30
- [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital) 23
- [5Y Capital](https://millionrounds.com/fund/5y-capital) 19

**Pitching IDG 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 IDG Capital. A count of rooms they were both in, not a relationship either has claimed.

[**HSG** VC firm **58** rounds together](https://millionrounds.com/fund/hsg)[**Tengxun Touzi** VC firm **35** rounds together](https://millionrounds.com/fund/tengxun-touzi)[**Hill House Capital** Family office **30** rounds together](https://millionrounds.com/fund/hill-house-capital)[**ZhenFund** VC firm **30** rounds together](https://millionrounds.com/fund/zhenfund)[**Gaorong Capital** VC firm **23** rounds together](https://millionrounds.com/fund/gaorong-capital)[**5Y Capital** VC firm **19** rounds together](https://millionrounds.com/fund/5y-capital)[**Legend Capital** VC firm **19** rounds together](https://millionrounds.com/fund/legend-capital)[**Matrix Partners China** VC firm **17** rounds together](https://millionrounds.com/fund/matrix-partners-china-2)[**Qiming Venture Partners** VC firm **16** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**FreeS Fund** VC firm **14** rounds together](https://millionrounds.com/fund/frees-fund)[**GSR** VC firm **14** rounds together](https://millionrounds.com/fund/gsr)[**Shenzhen Capital Group Co.** Government **14** rounds together](https://millionrounds.com/fund/shenzhen-capital-group)

## Recently backed

The latest companies IDG Capital put money into.

[**PhotonPay** $40M · Oct 2026](https://millionrounds.com/company/photonpay)[**DeepSeek** $15B · Oct 2026](https://millionrounds.com/company/deepseek)[**Flova Tech** $80M · Jul 2026](https://millionrounds.com/company/flova-tech)[**Spot Biosystems** $40M · Jun 2026](https://millionrounds.com/company/spot-biosystems)[**Catena Labs** $30M · May 2026](https://millionrounds.com/company/catena-labs)[**Hivello** $6.8M · May 2026](https://millionrounds.com/company/hivello)

## Quick answers about IDG Capital

### What does IDG Capital invest in?

IDG Capital invests most often at Venture and Series A (52% of the rounds on record), in sectors such as Venture Capital & Private Equity.

### How active is IDG Capital?

504 investments on record, 59 of them in the last 12 months, and it led 8. The most recent was in Oct 2026.

### What has IDG Capital invested in recently?

Its most recent investments on record: Archon Robotics (Seed, Oct 2026), PhotonPay (Series C, Oct 2026) and InfiMaker (Pre-seed, Oct 2026).

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

The median round it joins is $25M.

### Does IDG Capital lead rounds?

Sometimes: it led 8 of its 504 investments on record (2%).

### Where does IDG Capital invest?

Most of the companies it backs are in the United States (40%), China (36%) and Singapore (12%).

### Is IDG Capital investing now?

Yes: it is actively investing, with 59 investments in the last 12 months.

### Who does IDG Capital invest alongside?

Most often HSG (58 rounds together), Tengxun Touzi (35 rounds together) and Hill House Capital (30 rounds together).

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