ZhenFund is a Beijing-based venture capital firm founded in 2011 by New Oriental co-founders Bob Xiaoping Xu and Victor Qiang Wang in collaboration with Sequoia Capital China. The firm focuses on seed and early-stage investments, positioning itself as the first institutional investor in Chinese-founded startups across sectors including AI, e-commerce, healthcare, and education.
Deal activity increased 200% year-over-year (3 deals in the last 12 months). Average disclosed round size is $71.6M (across 53 rounds with reported amounts).
Portfolio
64
Fund Size
$300M
Top Stage
Seed
Last 12 Mo
3
Team
Yuan Liu
MANAGING PARTNER
Fangzhou Yao
MANAGING DIRECTOR
Jingyi Liu
INVESTMENT OPERATIONS MANAGING DIRECTOR
Emma Yin
PARTNER
Koji Yang
Venture Partner
Dan Zhu
CEO ASSISTANT & ADMIN DIRECTOR
De Li
DIRECTOR
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
Portfolio
| Company | Round | Amount | Date |
|---|---|---|---|
 Inferact | Series D | $150M | Jan 2026 |
| Inferact | Seed | $150M | Jan 2026 |
| RRheoFit | Seed | — | Nov 2025 |
 Butterfly Effect | Series C | — | Apr 2025 |
 Medal | Seed | $13M | Jul 2024 |
 MioTech | Unknown | — | Jan 2024 |
 Altos Radar | Seed | $3.5M | Aug 2023 |
 Yahaha | Unknown | $40M | Nov 2022 |
 weview | Unknown | $56.5M | Sep 2022 |
 XtalPi | Series D | — | Oct 2021 |
 MetaX | Series A | $154M | Aug 2021 |
 Smartmore | Series D | — | Jun 2021 |
| BBlack Lake Technologies | Unknown | $77M | Jan 2021 |
 Horizon Robotics | Unknown | $1.5B | Jan 2021 |
| AAkroStar | Series A | $78M | Jan 2021 |
 Accutar Biotech | Unknown | $100M | Jan 2021 |
| MetaX | Series A | — | Jan 2021 |
| WWanwudezhi | Series C | $80M | Nov 2020 |
| Smartmore | Series A | — | Jun 2020 |
 Sobot | Series C | $29.5M | Jan 2020 |
 青藤云 (Qingteng Cloud) | Series B | — | Jan 2020 |
 Synyi | Seed | $61M | Jan 2020 |
| Smartmore | Series A | $100M | Jan 2020 |
 Recurrent AI | Series A | — | Sep 2019 |
 Kargo | Seed | $7.6M | Mar 2019 |
Top Co-Investors
Last updated: 7 October 2026