China Merchants Capital

China Merchants Capital is the investment arm of China Merchants Group, a state-owned enterprise, operating as both a fund and corporate venture capital platform active across venture and growth stages . The firm has backed a wide spectrum of technology companies, with notable concentration in semiconductors, robotics, and AI infrastructure.

Its recent activity shows particular emphasis on embodied intelligence and advanced hardware. In 2025-2026 alone, it led Series A rounds in humanoid robot developer LimX Dynamics , home robotics company Ola Dimensions , and AheadForm , while also co-leading DeepWise's Series A in energy-efficient AI infrastructure . Earlier bets include UWB chipmaker MKSemi , GPU startup Moore Threads , and general-purpose robotics firm Flexiv . The firm frequently invests alongside top-tier VCs such as 5Y Capital, Gaorong Capital, and Source Code Capital, and often takes lead or co-lead positions rather than purely passive participation.