# ZhenFund: portfolio, investments and team

> ZhenFund is a vc firm based in China. 390 investments on record, 13 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

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

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

# ZhenFund

Last cheque observed Oct 2026; 390 cheques on record.

Email

Deploying now VC firm

Pre-seed Seed Series A Ehealth Health-tech Health

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Deploying now

**65%** of best year **13** **cheques in 12 months**, 390 on record

Since the last cheque **1** days **00** hrs **00** min **00** sec

Median round **$9.1M** Cheque size, as they say **$250K – $3.0M** Rounds led **2 of 390** Sole investor **109 rounds** Exits **2 from the portfolio** Mostly in **United States, 50%**

Pitch ZhenFund

## ZhenFund highlights

- 01 13 cheques in the last 12 months
- 02 Mostly Series A and Venture: 48% of its rounds
- 03 Sole investor in 109 rounds, median $1.5M
- 04 2 exits from the portfolio

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $250K – $3.0M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Ehealth Health-tech Health
- **Based in:** Beijing, China
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **390 appearances**

- **2026** 8 rounds
- **Oct** **[Archon Robotics](https://millionrounds.com/company/archon-robotics)** Seed · CN · Google News search **Undisclosed** With 6 others
- **Oct** **[Manus / Butterfly Effect](https://millionrounds.com/company/manus-butterfly-effect)** Growth · SG · Firms' own news pages **$500M** With 5 others
- **Jul** **[Dandelion Energy](https://millionrounds.com/company/dandelion-energy)** Grant · US **$40M** With 3 others
- **Jun** **[XCharge](https://millionrounds.com/company/xcharge)** DE **$4.4M** With 3 others
- **Apr** **[Saphlux](https://millionrounds.com/company/saphlux)** Series C · US **$44M** With 2 others
- **Mar** **[Futuring Robot](https://millionrounds.com/company/futuring-robot)** Venture **Undisclosed** Sole investor
- **Mar** **[Deep Intelligent Pharma](https://millionrounds.com/company/deep-intelligent-pharma)** Venture · SG **$40M** With 3 others
- **Jan** **[Startous fusion](https://millionrounds.com/company/startous-fusion)** Series A **$143M** With 4 others
- **2025** 20 rounds
- **Dec** **[Levinthal](https://millionrounds.com/company/levinthal)** Venture **Undisclosed** With 1 other
- **Dec** **[Yimutian](https://millionrounds.com/company/yimutian)** Debt **$30M** With 2 others
- **Dec** **[Pollo AI](https://millionrounds.com/company/pollo-ai)** Series A · SG **$14M** Sole investor
- **Nov** **[Cornerstone Robotics](https://millionrounds.com/company/cornerstone-robotics)** Venture · HK **$200M** With 4 others
- **Nov** **[RiVAI](https://millionrounds.com/company/rivai)** Venture **Undisclosed** With 2 others
- **Oct** **[Vastai Technologies](https://millionrounds.com/company/vastai-technologies)** Venture **Undisclosed** With 3 others
- **Oct** **[ChatCut](https://millionrounds.com/company/chatcut)** Seed · US **$1.4M** With 1 other
- **Oct** **[Salus BioMed](https://millionrounds.com/company/salus-biomed)** Series B **$7.0M** With 2 others
- **Sept** **[Veminsyn](https://millionrounds.com/company/veminsyn)** Venture **Undisclosed** With 1 other
- **Aug** **[Hyperknow](https://millionrounds.com/company/hyperknow)** Seed · US **$1.0M** Sole investor
- **Jul** **[Jingying Technology](https://millionrounds.com/company/jingying-technology)** Venture **Undisclosed** With 1 other
- **Jul** **[Aspecta](https://millionrounds.com/company/aspecta)** Venture · US **Undisclosed** With 3 others
- **Jun** **[Xiangke Intelligence](https://millionrounds.com/company/xiangke-intelligence)** Seed **$1.4M** With 1 other
- **Jun** **[IOST](https://millionrounds.com/company/iost)** Venture · SG **$21M** With 4 others
- **May** **[Manus AI](https://millionrounds.com/company/manus-ai)** Series A · CN · TechCrunch **$75M** With 3 others
- **May** **[Pillar Biosciences](https://millionrounds.com/company/pillar-biosciences)** Venture · US **$35M** Sole investor
- **Apr** **[UXLINK](https://millionrounds.com/company/uxlink)** Venture · SG **Undisclosed** With 3 others
- **Feb** **[Abc clinic butler](https://millionrounds.com/company/abc-clinic-butler)** Venture **$14M** With 1 other
- **Jan** **[Swivl](https://millionrounds.com/company/swivl)** Venture · US **Undisclosed** With 1 other
- **Jan** **[Bit Intelligence](https://millionrounds.com/company/bit-intelligence)** Pre-seed **$68M** With 2 others
- **2024** 16 rounds
- **Dec** **[Ruixun Biotech](https://millionrounds.com/company/ruixun-biotech)** Venture **Undisclosed** With 1 other
- **Oct** **[Xishu Technology](https://millionrounds.com/company/xishu-technology)** Venture **Undisclosed** Sole investor
- **Oct** **[Citcon](https://millionrounds.com/company/citcon)** Venture · US **$4.8M** With 4 others
- **Sept** **[Menusifu](https://millionrounds.com/company/menusifu)** Series B · US **$40M** With 1 other
- **Sept** **[HPC-AI Technology](https://millionrounds.com/company/hpc-ai-technology)** Series A · SG **$50M** With 3 others
- **Aug** **[Dianzhuo](https://millionrounds.com/company/dianzhuo)** Seed **$98M** With 2 others
- **Aug** **[Maicoin](https://millionrounds.com/company/maicoin)** Venture · US **Undisclosed** With 3 others
- **Jul** **[Synyi](https://millionrounds.com/company/synyi)** Venture **Undisclosed** With 3 others
- **Jun** **[SmartMore Corporation Limited](https://millionrounds.com/company/smartmore-corporation-limited)** Venture **Undisclosed** With 3 others
- **Apr** **[Moying Robotics](https://millionrounds.com/company/moying-robotics)** Series A **$14M** With 2 others
- **Apr** **[Moffett AI](https://millionrounds.com/company/moffett-ai)** Venture **Undisclosed** With 2 others
- **Feb** **[Vinehoo.com](https://millionrounds.com/company/vinehoo-com)** Venture **Undisclosed** 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**

AA **Anna Ai Fang** Partner i Form ADV

NN **Natisha Nicole Ramroop** Director i Form ADV

QW **Qiang Wang** Partner i Form ADV

VD **Vumindaba Dube** Director i Form ADV

XP **Xiao Ping Xu** Partner i Form ADV

YD **Yusen Dai** Partner i Form ADV

We also hold **31** 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

**$2.5B** gross assets of its funds Oct 2026

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

- **Legal name:** ZHEN Advisors, LTD.
- **SEC number:** CRD 283311

## What they claim to have backed

From their own portfolio page (on their website)

**5** of 28 we have independently watched raise

[Enter the official](https://millionrounds.com/company/moonshot-ai)[Enter the official](https://millionrounds.com/company/nuro)[Enter the official](https://millionrounds.com/company/genspark)[Enter the official](https://millionrounds.com/company/autox)[Enter the official](https://millionrounds.com/company/xiaohongshu) Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official Enter the official

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.

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[NICE](https://millionrounds.com/company/nice)** Bought by [Amazon](https://millionrounds.com/fund/amazon) **Undisclosed** Feb 2016

**[Orbeus](https://millionrounds.com/company/orbeus)** Bought by [Amazon](https://millionrounds.com/fund/amazon) **Undisclosed** Dec 2015

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

## The cheque

Pre-seed Seed Series A

Median round joined **$9.1M** the round, not its cheque Alone, median **$1.5M**

Led 2 of 390 rounds **1%**

- **Said size:** $250K – $3.0M
- **Sole investor:** 109 rounds
- **Last cheque:** Oct 2026
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Series A said *88*
- Venture *86*
- Seed said *72*
- Series B said *66*
- Pre-seed said *33*
- Series C *21*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [HSG](https://millionrounds.com/fund/hsg) 35
- [IDG Capital](https://millionrounds.com/fund/idg-capital) 30
- [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) 19
- [GGV Capital](https://millionrounds.com/fund/ggv-capital) 17
- [K2VC](https://millionrounds.com/fund/k2vc) 17
- [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) 16

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

[**HSG** VC firm **35** rounds together](https://millionrounds.com/fund/hsg)[**IDG Capital** Private equity **30** rounds together](https://millionrounds.com/fund/idg-capital)[**Matrix Partners China** VC firm **19** rounds together](https://millionrounds.com/fund/matrix-partners-china-2)[**GGV Capital** VC firm **17** rounds together](https://millionrounds.com/fund/ggv-capital)[**K2VC** VC firm **17** rounds together](https://millionrounds.com/fund/k2vc)[**Qiming Venture Partners** VC firm **16** rounds together](https://millionrounds.com/fund/qiming-venture-partners)[**Shunwei Capital** VC firm **16** rounds together](https://millionrounds.com/fund/shunwei-capital)[**GSR** VC firm **15** rounds together](https://millionrounds.com/fund/gsr)[**Gaorong Capital** VC firm **13** rounds together](https://millionrounds.com/fund/gaorong-capital)[**Tengxun Touzi** VC firm **13** rounds together](https://millionrounds.com/fund/tengxun-touzi)[**Sinovation Ventures** VC firm **11** rounds together](https://millionrounds.com/fund/sinovation-ventures)[**5Y Capital** VC firm **10** rounds together](https://millionrounds.com/fund/5y-capital)

## Recently backed

The latest companies ZhenFund put money into.

[**Dandelion Energy** $40M · Jul 2026](https://millionrounds.com/company/dandelion-energy)[**XCharge** $4.4M · Jun 2026](https://millionrounds.com/company/xcharge)[**Saphlux** $44M · Apr 2026](https://millionrounds.com/company/saphlux)[**Deep Intelligent Pharma** $40M · Mar 2026](https://millionrounds.com/company/deep-intelligent-pharma)[**Startous fusion** $143M · Jan 2026](https://millionrounds.com/company/startous-fusion)[**Levinthal** Dec 2025](https://millionrounds.com/company/levinthal)

## Quick answers about ZhenFund

### What does ZhenFund invest in?

ZhenFund invests most often at Series A and Venture (48% of the rounds on record), in sectors such as Ehealth, Health-tech and Health.

### How active is ZhenFund?

390 investments on record, 13 of them in the last 12 months, and it led 2. The most recent was in Oct 2026.

### What has ZhenFund invested in recently?

Its most recent investments on record: Archon Robotics (Seed, Oct 2026), Manus / Butterfly Effect (Growth, Oct 2026) and Dandelion Energy (Grant, Jul 2026).

### How big are ZhenFund's cheques?

The median round it joins is $9.1M. It says it writes cheques of $250K to $3.0M.

### Does ZhenFund lead rounds?

Sometimes: it led 2 of its 390 investments on record (1%).

### Where does ZhenFund invest?

Most of the companies it backs are in the United States (50%), Singapore (30%) and China (10%).

### Is ZhenFund investing now?

Yes: it is actively investing, with 13 investments in the last 12 months.

### Who does ZhenFund invest alongside?

Most often HSG (35 rounds together), IDG Capital (30 rounds together) and Matrix Partners China (19 rounds together).

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