Gaorong Capital (formerly Banyan Capital) is a Beijing-based venture capital firm founded in 2014 by Zhen Zhang, Xiang Gao, and Bin Yue. It positions itself as 'China's Founders Fund' and focuses on early- and growth-stage investments in new technology, new consumption, enterprise services, and healthcare.
Deal activity decreased year-over-year (4 deals in the last 12 months vs 6 prior). Average disclosed round size is $201.5M (across 59 rounds with reported amounts).
Portfolio
60
Fund Size
$1.1B
Top Stage
Series A
Last 12 Mo
4
Team
XG
Xiang Gao
Founding Partner
BL
Beilin Le
Managing Director
EC
Ed Chan
Partner
MM
Matthew Ma
Partner
YK
Yang Kun
Partner
ZZ
Zhang Zhen
Partner
YS
Ya Su
Executive Director, Investment Division
JY
Jiangtao Yu
Investment Professional
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
79 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Arnatar Therapeutics | Series A | $50M | Sep 2026 |
 Tianji Intelligent | Series B | — | May 2026 |
 XPeng | Unknown | $900M | Jan 2026 |
 Aridge | Series A | $200M | Jan 2026 |
 PULNOVO | Unknown | $100M | Jan 2026 |
 Xpeng Huitian | Series B | $200M | Jan 2026 |
| XXiaopeng Motors | Series A | $900M | Jan 2026 |
| XXPeng Robotics | Series C | $100M | Jan 2026 |
| TTianJi | Series B | $147M | Jan 2026 |
| SSimplexity Robotics | Unknown | $289M | Jan 2026 |
 Pulnovo Medical | Unknown | $115M | Jan 2026 |
 Xpeng | Seed | $900M | Jan 2026 |
 Neolix | Series D | $600M | Oct 2025 |
 Neolix | Series D | $600M | Oct 2025 |
 MAI | Seed | $25M | Sep 2025 |
 Arnatar | Series A | $52M | Aug 2025 |
| Pulnovo Medical | Series C | $100M | Mar 2025 |
 Kind Pharmaceuticals | Series C | — | Jan 2025 |
| Pulnovo Medical | Series C | $100M | Jan 2025 |
| Arnatar Therapeutics | Series A | $52M | Dec 2024 |
 Qi Biodesign | Series A | $75M | Dec 2024 |
 Allink Biotherapeutics | Series A | $42M | Nov 2024 |
| DDongchedi | Growth | — | Sep 2024 |
| Arnatar | Series A | $52M | Jan 2024 |
 HitGoo | Unknown | — | Jan 2024 |
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Top Co-Investors
HongShan12 shared
Legend Capital11 shared
Source Code Capital8 shared
Alibaba Group Holding Ltd.8 shared
IDG Capital7 shared
GL Ventures7 shared
LAV6 shared
Yunqi Partners6 shared
Eight Roads6 shared
5Y Capital6 shared
Tiger Global Management, LLC5 shared
China Merchants Group5 shared
F-Prime Capital5 shared
Yunfeng Capital5 shared
GGV Capital5 shared
SoftBank Vision Fund4 shared
BAI Capital4 shared
Sequoia Capital4 shared
Lanchi Ventures4 shared
Last updated: 7 October 2026