Monthly roundup · China · September 2026

Startup funding in China, September 2026: VAST's $446M Series B leads 9 rounds

By Millionrounds ResearchPublished 1 October 2026

We read 9 equity rounds raised in China and announced in September 2026, raising $1.2B between them: 3% of the rounds we read worldwide that month and 3% of the money. The largest was VAST's $446M Series B, led by Matrix Partners. The median seed round was $88M, against $5.5M over the last twelve months worldwide.

Equity rounds9raised in China, 7 with an amount
Raised$1.2Bacross those rounds
Lead named89%of rounds say who led
Share of the world3%of rounds; 3% of the money

The biggest rounds

  1. 1VVASTSeries B · led by Matrix Partners$446M
  2. 2DD-RoboticsSeries C · led by Mirae Asset$400M
  3. 3SemiDriveSeries C$150M
  4. 4PPHYMISeed · led by IDG Capital$100M
  5. 5KKinetix AISeed$75M
  6. 6DDYUPre-Series B · led by Tongxin Capital$15M
  7. 7EEagle CloudSeries B+ · led by Northern Light Venture Capital, MTR Lab$15M

Day by day

Equity rounds raised in China and announced each day of September. The busiest day was 10 September, with 2.

1 September30 September

By stage, against the year

Each stage's median this month beside its twelve-month median: China's own where we hold enough rounds for a benchmark, otherwise the worldwide one.

Seed2$88Mthis month$5.5M12 months, worldwide
Series B2$446Mthis month$50M12 months, worldwide
Series C3$275Mthis month$100M12 months, worldwide

In what

AI was the busiest sector in China.

Against the world

  • Rounds, China9
  • Rounds, worldwide357
  • Raised, China$1.2B
  • Raised, worldwide$39B

The whole of September 2026

Other countries in September

116 roundsUnited States→ 46 roundsUnited Kingdom→ 25 roundsIndia→ 21 roundsCanada→ 13 roundsGermany→ 11 roundsAustralia→ 9 roundsFrance→