Capital Today

Capital Today is a venture capital fund led by Kathy Xu, known for early bets on China's major internet platforms and, more recently, a cluster of AI startups. The fund was among the earliest investors in Moonshot AI, alongside Sequoia China, and reportedly put in roughly $20 million at a time when the company was valued around $50 million . Its AI portfolio also includes Horizon Robotics, where it led the C1 round , as well as Zhipu AI and video-generation startup Sand AI . Xu herself, a Nanjing University graduate, has described her philosophy as aligned with Charlie Munger's — seeking "great companies" worth holding forever . Despite market rumors in mid-2024 that Capital Today was retreating from primary markets, Xu denied this, pointing to the Sand AI investment as evidence of continued early-stage activity . The fund has historically run a lean team, though its pace of primary-market deals had slowed in the year or two prior to that report .