China Merchants Capital

China Merchants Capital is the venture capital arm of China Merchants Group, active as a co-investor in growth-stage tech deals across AI, semiconductors, and embodied intelligence. The fund has backed companies including Deepexi (data intelligence, Series A4 in 2020) , Moore Threads (GPU chip design, Pre-A in 2021) , Zhuiyi Technology (NLP, strategic round in 2021) , and more recently has taken lead positions in robotics: it co-led AheadForm's Pre-A round in June 2025 alongside Shenzhen Capital Group , then joined as a follow-on investor in the company's over-100-million-yuan round led by Ant Group in September 2025 and its A1 round in April 2026 . In May 2026 it led Oula Wanxiang's funding round for home embodied-intelligence robots . The fund also appears in deal coverage under the name 招商局创投 (China Merchants Venture Capital).