# Hardware investors in China (2026 list)

> 38 hardware investors in China, 100% active in the last 12 months. Led by IDG Capital, HSG, Shenzhen Capital Group Co.. Ranked by what they funded.

Source: https://millionrounds.com/lists/hardware-investors-in-china (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Hardware investors in China

Updated 7 November 2026

Firms observed backing a hardware company in China in the last two years, wherever the firm is based.

[See all 38 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fhardware-investors-in-china)The top 25

**38** investors on the list No change this week

**283** cheques in 12 months *+9%* against the market

**$82M** median round they joined *+931%* against the market median

**100%** wrote a cheque in 12 months

**32%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 2 [HSG](https://millionrounds.com/fund/hsg) *Deploying now* VC firm · Hong Kong SAR China **498** **$31M** median round **Oct 2026** last seen
- 3 [Shenzhen Capital Group Co.](https://millionrounds.com/fund/shenzhen-capital-group) *Deploying now* Government · China **449** **$16M** median round **Oct 2026** last seen
- 4 [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) *Deploying now* VC firm · United States **295** **$16M** median round **Nov 2026** last seen
- 5 [Hill House Capital](https://millionrounds.com/fund/hill-house-capital) *Deploying now* Family office · Singapore **248** **$60M** median round **Sept 2026** last seen
- 6 [Gobi Partners](https://millionrounds.com/fund/gobi-partners) *Deploying now* VC firm · Malaysia **212** **$10M** median round **Oct 2026** last seen
- 7 [Kaitai Capital](https://millionrounds.com/fund/kaitai-capital) *Deploying now* VC firm · China **77** **$14M** median round **Oct 2026** last seen
- 8 [Mirae Asset](https://millionrounds.com/fund/mirae-asset) *Deploying now* VC firm · United States **14** **$53M** median round **Sept 2026** last seen
- 9 [Meituan](https://millionrounds.com/fund/meituan) *Deploying now* Corporate VC · China **6** **$150M** median round **Oct 2026** last seen
- 10 [CCB International](https://millionrounds.com/fund/ccb-international) *Deploying now* Private equity · Hong Kong SAR China **3** **$100M** median round **Nov 2026** last seen
- 11 [CICC Capital](https://millionrounds.com/fund/cicc-capital) *Deploying now* Investment firm **3** **$300M** median round **Sept 2026** last seen
- 12 [Galbot](https://millionrounds.com/fund/galbot) *Deploying now* VC firm **2** **$57M** median round **Nov 2026** last seen
- 13 [Hangzhou Capital](https://millionrounds.com/fund/hangzhou-capital) *Deploying now* VC firm **2** **$82M** median round **Oct 2026** last seen
- 14 [Jingming Capital](https://millionrounds.com/fund/jingming-capital) *Deploying now* Investment firm **2** **$174M** median round **Aug 2026** last seen
- 15 [SenseTime Guoxiang Capital](https://millionrounds.com/fund/sensetime-guoxiang-capital) *Deploying now* VC firm **2** **$15M** median round **Oct 2026** last seen
- 16 [Beijing Financial Holdings Group](https://millionrounds.com/fund/beijing-financial-holdings-group) *Deploying now* Growth equity · China **1** **$145M** median round **Apr 2026** last seen
- 17 [F&G Venture](https://millionrounds.com/fund/fg-venture) *Deploying now* VC firm · China **1** **$75M** median round **Sept 2026** last seen
- 18 [Kunlun Capital](https://millionrounds.com/fund/kunlun-capital) *Deploying now* VC firm · China **1** **-** median round **Oct 2026** last seen
- 19 [SF GROUP](https://millionrounds.com/fund/sf-group) *Deploying now* Investment firm · Netherlands **1** **$200M** median round **May 2026** last seen
- 20 [Zhaoxi Capital](https://millionrounds.com/fund/sparkedge-capital) *Deploying now* VC firm · China **1** **$200M** median round **May 2026** last seen
- 21 [Fourier](https://millionrounds.com/fund/fourier) *Deploying now* VC firm **1** **$15M** median round **Oct 2026** last seen
- 22 [Hefei State-owned Capital Investment](https://millionrounds.com/fund/hefei-state-owned-capital-investment) *Deploying now* Growth equity **1** **$400M** median round **Sept 2026** last seen
- 23 [Hillhouse Ventures](https://millionrounds.com/fund/hillhouse-ventures) *Deploying now* VC firm **1** **-** median round **Oct 2026** last seen
- 24 [ICBC Capital](https://millionrounds.com/fund/icbc-capital) *Deploying now* Growth equity **1** **$145M** median round **Apr 2026** last seen
- 25 [JianTou Investment](https://millionrounds.com/fund/jiantou-investment) *Deploying now* Growth equity **1** **$150M** median round **Oct 2026** last seen

**13 more on this list**

All 38 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fhardware-investors-in-china)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *With* [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2)
- **2** Nov **[GenRobot AI](https://millionrounds.com/company/genrobot-ai)** Series A · $100M *With* [CCB International](https://millionrounds.com/fund/ccb-international)
- **30** Oct **[Archon Robotics](https://millionrounds.com/company/archon-robotics)** Seed *With* [IDG Capital](https://millionrounds.com/fund/idg-capital)
- **29** Oct **[PhotonPay](https://millionrounds.com/company/photonpay)** Series C · $40M *With* [IDG Capital](https://millionrounds.com/fund/idg-capital)
- **28** Oct **[Nano-core Chip](https://millionrounds.com/company/nano-core-chip)** Series C · $150M *Led by* [JianTou Investment](https://millionrounds.com/fund/jiantou-investment)
- **28** Oct **[Baishida](https://millionrounds.com/company/baishida)** Seed *With* [Still Water Lake Venture Partners](https://millionrounds.com/fund/still-water-lake-venture-partners)

## Stages This Year

224 rounds

- Venture **31%**
- Series B **14%**
- Seed **11%**
- Series A **10%**
- Other **8%**
- Other **27%**

## What They Backed

Sectors, last 12 months

- AI **75**
- Biotech **30**
- Hardware & Electronics **21**
- Robotics **16**
- Healthcare **13**
- Manufacturing **12**

## Cheques by Quarter

Led Joined

56 Q1 25

49 Q2 25

96 Q3 25

107 Q4 25

110 Q1 26

46 Q2 26

39 Q3 26

35 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [AI investors in United States 3,683](https://millionrounds.com/lists/ai-investors-in-united-states)
- [Fintech investors in United States 1,166](https://millionrounds.com/lists/fintech-investors-in-united-states)
- [AI investors in United Kingdom 1,039](https://millionrounds.com/lists/ai-investors-in-united-kingdom)
- [Big Data & Analytics investors in United States 1,039](https://millionrounds.com/lists/big-data-investors-in-united-states)
- [Biotech investors in United States 914](https://millionrounds.com/lists/biotech-investors-in-united-states)
- [Energy investors in United States 798](https://millionrounds.com/lists/energy-investors-in-united-states)
- [Robotics investors in United States 797](https://millionrounds.com/lists/robotics-investors-in-united-states)
- [Construction investors in United States 742](https://millionrounds.com/lists/construction-investors-in-united-states)
- [Cybersecurity investors in United States 702](https://millionrounds.com/lists/cybersecurity-investors-in-united-states)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in hardware and deep tech

- The One Device: The Secret History of the iPhone Brian Merchant · 2017 3.89 from 1,949 ratings on Goodreads Hardware and deep tech About the book We know the iPhone as the device that transformed our world, changing everything from how we talk to each other and do business, to how we exercise, travel, shop, and watch TV. But packed within its slim profile is the fascinating, untold story of scientific, technological, and… On AmazonListen on Audible
- The British Industrial Revolution in Global Perspective Robert C. Allen · 2009 3.99 from 277 ratings on Goodreads Hardware and deep tech About the book Why did the industrial revolution take place in eighteenth-century Britain and not elsewhere in Europe or Asia? In this convincing new account Robert Allen argues that the British industrial revolution was a successful response to the global economy of the seventeenth and… On AmazonListen on Audible
- Made in the USA: The Rise and Retreat of American Manufacturing Vaclav Smil · 2013 3.77 from 518 ratings on Goodreads Hardware and deep tech About the book In Made in the USA, Vaclav Smil powerfully rebuts the notion that manufacturing is a relic of predigital history and that the loss of American manufacturing is a desirable evolutionary step toward a pure service economy. Smil argues that no advanced economy can prosper without… On AmazonListen on Audible
- Behemoth: A History of the Factory and the Making of the Modern World Joshua B. Freeman · 2018 3.83 from 864 ratings on Goodreads Hardware and deep tech About the book "Freeman’s rich and ambitious Behemoth depicts a world in retreat that still looms large in the national imagination.…More than an economic history, or a chronicle of architectural feats and labor movements." ―Jennifer Szalai, New York Times In an accessible and timely work of… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&model=hardware).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about hardware investors in China

### Who are the most active hardware investors in China?

By cheques observed, the most active are IDG Capital, HSG, Shenzhen Capital Group Co., Matrix Partners China and Hill House Capital.

### How many hardware investors in China are there?

38 are on record. 100% made an investment in the last 12 months and 32% have led a round.

### Which stages do hardware investors in China back?

Of the rounds with a named stage in the last 12 months, mostly Series B (24%) and Seed (19%).

### How big are the rounds hardware investors in China join?

The typical (median) round among the leading investors here is $75M.

### Which sectors do hardware investors in China back most?

In the last 12 months, mostly AI, Biotech and Hardware & Electronics.

### Which hardware investors in China lead the most rounds?

IDG Capital (8 led), Gobi Partners (7 led) and HSG (3 led).

### Where are hardware investors in China based?

Among the most active, most are based in China (8), Hong Kong SAR China (2) and the United States (2).

### What have hardware investors in China invested in recently?

Recent rounds include Sand.ai (Series A, Nov 2026, with Matrix Partners China), GenRobot AI (Series A, Nov 2026, with CCB International) and Archon Robotics (Seed, Oct 2026, with IDG Capital).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)