ShangBay Capital is a venture capital firm based in Palo Alto, California, focused on early-stage investments in medical devices, biopharma, and healthcare technology companies addressing unmet clinical needs. Founded in 2015 by William Dai, the firm has raised nearly $200 million in total across three funds and invested in over 50 portfolio companies.
67% of their portfolio is in Healthcare. Their most common stage is series-a (44% of deals). Average disclosed round size is $32.6M (across 38 rounds with reported amounts).
Portfolio
30
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
39 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 SoundHealth | Series A | — | Jan 2026 |
 Nervonik | Series A | $13M | Mar 2025 |
 Petal Surgical | Series A | $10M | Jan 2025 |
| Nervonik | Series A | $13M | Jan 2025 |
 FLUID BIOMED | Series A | $27M | Dec 2024 |
 Inquis Medical | Series B | $40M | Nov 2024 |
 Venova Medical | Series B | $30M | Sep 2024 |
 Avation Medical | Series C | $22M | Feb 2024 |
| FLUID BIOMED | Series A | $27M | Jan 2024 |
| LLaplace Interventional Inc. | Series B | $12.9M | Jul 2023 |
| LLaplace Interventional Inc. | Unknown | $12.9M | Jul 2023 |
 Noah Medical | Series B | $150M | Apr 2023 |
 Luminopia | Series A | $16M | Jan 2023 |
| NNoahmed | Series B | $150M | Jan 2023 |
| FLUID BIOMED | Seed | $4.7M | Aug 2021 |
 IGGENIX | Series A | $25M | Jul 2021 |
 EMBOLINE | Series D | $55M | May 2021 |
 SetPoint Medical | Series D | $64M | Jan 2021 |
 Aqua Medical | Series A | $8.2M | Sep 2020 |
 OrthoFX | Series A | $13M | Jul 2020 |
| MMEDITRINA | Series A | $10M | Jun 2020 |
 Zeto | Series A | $7.3M | Mar 2020 |
 ZAP SURGICAL | Growth | $81M | Jan 2020 |
 Tioga Medical | Series A | $15M | Apr 2019 |
 Atia Vision | Series D | $20M | Jan 2019 |
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Top Co-Investors
Aphelion Capital3 shared
Seraph Group3 shared
HongShan3 shared
Asahi Kasei3 shared
U.S. Venture Partners3 shared
IAG Capital Partners3 shared
Amino Capital3 shared
3E Bioventures Capital2 shared
Danhua Capital2 shared
Engage Ventures2 shared
Angelini Ventures2 shared
JobsOhio2 shared
Medtronic2 shared
Avestria Ventures2 shared
LYFE Capital2 shared
UpHonest Capital2 shared
AME Cloud Ventures2 shared
Tiger Global Management, LLC2 shared
SoftBank Vision Fund2 shared
Prosperity7 Ventures2 shared
Last updated: 7 October 2026