# Source Code Capital: portfolio, investments and team

> Source Code Capital is a vc firm based in China. 144 investments on record, 9 in the last 12 months, latest Jul 2026. Portfolio, stages, co-investors and team.

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

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

# Source Code Capital

Last cheque observed Jul 2026; 144 cheques on record.

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Deploying now New fund, Oct 2024 VC firm

Pre-seed Seed Series A Big Data Deep Learning Financial Services

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Deploying now

**41%** of best year **9** **cheques in 12 months**, 144 on record

Since the last cheque **107** days **00** hrs **00** min **00** sec

Median round **$30M** Cheque size, as they say **$250K – $15M** Rounds led **0 of 144** Sole investor **36 rounds** Mostly in **United States, 80%**

Pitch Source Code Capital

## Source Code Capital highlights

- 01 9 cheques in the last 12 months
- 02 Mostly Series B and Venture: 48% of its rounds
- 03 Sole investor in 36 rounds, median $6.9M

## What they do

> Source Code Capital is committed to creating lasting real value through investment and has invested in more than 300 startups; the stages span seed, early, and growth. Translated from Chinese, from their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $250K – $15M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Big Data Deep Learning Financial Services
- **Based in:** Chaoyang, China
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **144 appearances**

- **2026** 5 rounds
- **Jul** **[Whale](https://millionrounds.com/company/whale)** Series C · Ventureburn **$40M** With 7 others
- **Jul** **[Meshy AI](https://millionrounds.com/company/meshy-ai)** Series B · US **$400M** With 3 others
- **Mar** **[Daqiya Digital Technology](https://millionrounds.com/company/daqiya-digital-technology)** Pre-seed **$1.4M** Sole investor
- **Mar** **[Stairway Medical](https://millionrounds.com/company/stairway-medical)** Venture **$73M** With 4 others
- **Mar** **[Pinch Ta](https://millionrounds.com/company/pinch-ta)** Seed **$10M** With 1 other
- **2025** 22 rounds
- **Dec** **[North Ocean Photonics](https://millionrounds.com/company/north-ocean-photonics)** Venture **Undisclosed** With 2 others
- **Dec** **[Booster Robotics](https://millionrounds.com/company/booster-robotics)** Venture **Undisclosed** With 2 others
- **Dec** **[Yixintong](https://millionrounds.com/company/yixintong)** Series B **$14M** Sole investor
- **Nov** **[Space Transportation](https://millionrounds.com/company/space-transportation)** Venture **$14M** With 2 others
- **Oct** **[Starna Therapeutics](https://millionrounds.com/company/starna-therapeutics)** Series B **$42M** With 3 others
- **Oct** **[Cygnus Biosciences](https://millionrounds.com/company/cygnus-biosciences)** Venture **$14M** Sole investor
- **Oct** **[LibLib AI](https://millionrounds.com/company/liblib-ai)** Series B **$130M** With 4 others
- **Sept** **[Thunderbit](https://millionrounds.com/company/thunderbit)** Seed · US **$3.5M** Sole investor
- **Sept** **[Xingmai Innovation](https://millionrounds.com/company/xingmai-innovation)** Venture **$141M** With 3 others
- **Aug** **[Mech-Mind Robotics](https://millionrounds.com/company/mech-mind-robotics)** Series D **$70M** With 4 others
- **Aug** **[StreamNative](https://millionrounds.com/company/streamnative)** Venture · US **Undisclosed** With 3 others
- **Aug** **[METiS Pharmaceuticals](https://millionrounds.com/company/metis-pharmaceuticals)** Series D **$56M** With 2 others
- **Aug** **[Silicon Integrated](https://millionrounds.com/company/silicon-integrated)** Venture **Undisclosed** With 1 other
- **Jul** **[Mocang Robot](https://millionrounds.com/company/mocang-robot)** Venture **Undisclosed** With 2 others
- **May** **[Yihang.ai](https://millionrounds.com/company/yihang-ai)** Venture **Undisclosed** With 2 others
- **Apr** **[Narwal Robotics](https://millionrounds.com/company/narwal-robotics)** Series E **$100M** With 3 others
- **Apr** **[Yuanbao Insurance Research Institute](https://millionrounds.com/company/yuanbao-insurance-research-institute)** **$1.0M** With 4 others
- **Apr** **[Keenon Robotics](https://millionrounds.com/company/keenon-robotics)** Venture **Undisclosed** With 4 others
- **Mar** **[Guduwai Chinese Hamburger](https://millionrounds.com/company/guduwai-chinese-hamburger)** Series A **$6.9M** Sole investor
- **Mar** **[Xiweiying Dumplings and Claypots](https://millionrounds.com/company/xiweiying-dumplings-and-claypots)** Series A **$6.4M** Sole investor
- **Feb** **[Senmu Leishi](https://millionrounds.com/company/senmu-leishi)** Venture **Undisclosed** With 1 other
- **Jan** **[Weimai](https://millionrounds.com/company/weimai)** Series D **$27M** With 3 others
- **2024** 7 rounds
- **Dec** **[Qihe Biotech](https://millionrounds.com/company/qihe-biotech)** Series A **$28M** With 2 others
- **Oct** **[Dubbing AI](https://millionrounds.com/company/dubbing-ai)** Seed · SG **$3.0M** With 1 other
- **Aug** **[STORI](https://millionrounds.com/company/stori)** Debt · US **$107M** With 5 others
- **May** **[Aikenong](https://millionrounds.com/company/aikenong)** Venture **Undisclosed** With 3 others
- **Apr** **[Cataya Bio](https://millionrounds.com/company/cataya-bio)** Venture **Undisclosed** With 3 others
- **Apr** **[Pivos Burger](https://millionrounds.com/company/pivos-burger)** Series B **$8.3M** Sole investor
- **Jan** **[Singularity Energy Technology](https://millionrounds.com/company/singularity-energy-technology)** Series C **$42M** With 3 others
- **2023** 10 rounds
- **Dec** **[Powerlaw AI](https://millionrounds.com/company/powerlaw-ai)** Series B **$11M** With 2 others
- **Dec** **[Raysolve](https://millionrounds.com/company/raysolve)** Venture **Undisclosed** With 2 others
- **Nov** **[MobiDrop](https://millionrounds.com/company/mobidrop)** Venture **Undisclosed** With 1 other
- **Sept** **[CassTime](https://millionrounds.com/company/casstime)** Series D **$28M** With 3 others
- **Aug** **[Cyclone Robotics](https://millionrounds.com/company/cyclone-robotics)** Series C **$40M** With 3 others
- **Jun** **[Light Years Beyond](https://millionrounds.com/company/light-years-beyond)** Series A **$230M** 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**

SL **Siying Liu** Financial Controller of General Partner of General Partner i Filing they signed

YC **Yi Cao** Director of General Partner of General Partner i Filing they signed

YN **Yungang N/A Huang** Director of General Partner of General Partner of each Issuer i Filing they signed

We also hold **18** 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 they claim to have backed

From their own portfolio page (on their website)

**17** of 60 we have independently watched raise

[Acebattery](https://millionrounds.com/company/ace-battery)[Baibu](https://millionrounds.com/company/baibu)[Bytedance](https://millionrounds.com/company/bytedance)[Cellbri](https://millionrounds.com/company/cellbri)[Edianyun](https://millionrounds.com/company/edianyun)[Firstjob](https://millionrounds.com/company/firstjob)[Hairobotics](https://millionrounds.com/company/hai-robotics)[Legendsemi](https://millionrounds.com/company/legendsemi)[Pagoda](https://millionrounds.com/company/pagoda)[Sibionics](https://millionrounds.com/company/sibionics)[Spacetransportation](https://millionrounds.com/company/space-transportation)[Tenafe](https://millionrounds.com/company/tenafe)[Xyzrobotics](https://millionrounds.com/company/xyz-robotics)[Yijiupi](https://millionrounds.com/company/yijiupi)[Yimidida](https://millionrounds.com/company/yimidida)[Yqn](https://millionrounds.com/company/yqn)[Ziroom](https://millionrounds.com/company/ziroom) Battery-doctor Biaoguoworks Birentech Bloks Boosterobotics Bota Chemical Chengyangtech Cygnusbio Cyystea Deepctrls Dhnano Dreo Eswin Flygood Foreseenbio Frtech Gpixel Honganrobots Icanag Iceco Jd-energy Jlcrr Justhealth Keeway Liblib Lixiang Ljcvs Mech-mind Meiriheiqiao Meituan Meshy Metispharma Minghaotech Moodylenses Moonshot Myweimai Narwal Nezha Nophotonics Opayweb Peraglobal Poweroak and 27 more

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

New fund on file

**Raised**

a new fund in Oct 2024

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

## The cheque

Pre-seed Seed Series A

Median round joined **$30M** the round, not its cheque Alone, median **$6.9M**

Led 0 of 144 rounds **0%**

- **Said size:** $250K – $15M
- **Sole investor:** 36 rounds
- **Last cheque:** Jul 2026

Rounds by stage said on their site

- Series B said *33*
- Venture *30*
- Series A said *29*
- Series C *18*
- Series D *12*
- Seed said *9*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [HSG](https://millionrounds.com/fund/hsg) 22
- [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) 13
- [IDG Capital](https://millionrounds.com/fund/idg-capital) 12
- [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital) 10
- [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) 10
- [Hill House Capital](https://millionrounds.com/fund/hill-house-capital) 9

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

[**HSG** VC firm **22** rounds together](https://millionrounds.com/fund/hsg)[**Matrix Partners China** VC firm **13** rounds together](https://millionrounds.com/fund/matrix-partners-china-2)[**IDG Capital** Private equity **12** rounds together](https://millionrounds.com/fund/idg-capital)[**Gaorong Capital** VC firm **10** rounds together](https://millionrounds.com/fund/gaorong-capital)[**Tengxun Touzi** VC firm **10** rounds together](https://millionrounds.com/fund/tengxun-touzi)[**Hill House Capital** Family office **9** rounds together](https://millionrounds.com/fund/hill-house-capital)[**Qiming Venture Partners** VC firm **8** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**Shunwei Capital** VC firm **8** rounds together](https://millionrounds.com/fund/shunwei-capital)[**ZhenFund** VC firm **7** rounds together](https://millionrounds.com/fund/zhenfund)[**5Y Capital** VC firm **6** rounds together](https://millionrounds.com/fund/5y-capital)[**DCM Ventures** Private equity **6** rounds together](https://millionrounds.com/fund/dcm-ventures)[**Sequoia Capital** VC firm **6** rounds together](https://millionrounds.com/fund/sequoia-capital)

## Recently backed

The latest companies Source Code Capital put money into.

[**Whale** $40M · Jul 2026](https://millionrounds.com/company/whale)[**Stairway Medical** $73M · Mar 2026](https://millionrounds.com/company/stairway-medical)[**Pinch Ta** $10M · Mar 2026](https://millionrounds.com/company/pinch-ta)[**Booster Robotics** Dec 2025](https://millionrounds.com/company/booster-robotics)[**Starna Therapeutics** $42M · Oct 2025](https://millionrounds.com/company/starna-therapeutics)[**Cygnus Biosciences** $14M · Oct 2025](https://millionrounds.com/company/cygnus-biosciences)

## Quick answers about Source Code Capital

### What does Source Code Capital invest in?

Source Code Capital invests most often at Series B and Venture (48% of the rounds on record), in sectors such as Big Data, Deep Learning and Financial Services.

### How active is Source Code Capital?

144 investments on record, 9 of them in the last 12 months. The most recent was in Jul 2026.

### What has Source Code Capital invested in recently?

Its most recent investments on record: Whale (Series C, Jul 2026), Meshy AI (Series B, Jul 2026) and Daqiya Digital Technology (Pre-seed, Mar 2026).

### How big are Source Code Capital's cheques?

The median round it joins is $30M. It says it writes cheques of $250K to $15M.

### Does Source Code Capital lead rounds?

Rarely, if at all: none of its 144 investments on record names it as the lead.

### Where does Source Code Capital invest?

Most of the companies it backs are in the United States (80%) and Singapore (20%).

### Is Source Code Capital investing now?

Yes: it is actively investing, with 9 investments in the last 12 months.

### Who does Source Code Capital invest alongside?

Most often HSG (22 rounds together), Matrix Partners China (13 rounds together) and IDG Capital (12 rounds together).

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