Doll Capital Management
DCM
Doll Capital Management, commonly known as DCM or DCM Ventures, is a venture capital fund co-founded by Hans Tung (林欣禾) as founding and managing partner , with Hurst Lin (林欣禾) serving as a founding partner and managing partner and later as a board partner . The firm invests across stages from early to growth, with a portfolio spanning enterprise software, AI, logistics, and healthcare. DCM has led or co-led rounds in companies including North American logistics firm UniUni ($50 million Series C in 2024) and AI image generation startup Tiamat (Series A in 2023) , and has participated in follow-on rounds for companies such as Sensors Data, YQN Logistics, Galixir, and Cyclone . In 2024, DCM Ventures underwent an organizational split while maintaining its commitment to backing global Chinese entrepreneurs, as Hurst Lin described to 暗涌Waves .
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Coverage
A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital
Happy New Year!
UniUni Closes Over $70 Million Series D1 Round | BlueRun Ventures Family
Accelerating Last-Mile Delivery Through Technological Innovation
Conversation with YouWare's Ming Chaoping: They're Skeptical That AI Coding Is a New Form of Creation — and I'm Thrilled | Z Talk
The promising AI product founder chose a path few others dared to take.
To AI Founders: In 2025, Go to These VCs for Funding | Debriefing a Year in Primary Markets with Jing Liu of "Waves"
"2024: Who's Still Actively Investing in AI?"
Exclusive | DCM Ventures Splits Up Too, But Still Committed to Supporting Global Chinese Entrepreneurs
Go against the grain.
BlueRun Ventures Portfolio | North American Logistics Company UniUni Closes $50 Million Series C, BlueRun Ventures Continues to Double Down
More efficient, higher-quality "last-mile" logistics services
200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
How 28 Young People Spent 33 Hours on an Island
A celebration means something when it's shared.
AIGC Startup "Tiamat" Raises Another Eight-Figure RMB in Series A+ Round | Oasis Capital Vitality
Counselor Vitality
AI image generation technology provider Tiamat has raised an additional A+ round investment, led by Linear Capital
Launching a web version to accelerate tool-ification
AIGC Company "Tiamat" Closes Nearly $10 Million Series A Round | Led by Oasis Capital
A frontrunner in AI-generated imagery
Linear Capital Perspectives | Rather Than Trends or Windfalls, We Focus on Whether Frontier Technology Can Deliver 10x or 100x Efficiency Gains for Industries
Last week, at the "16th China Investment Annual Conference & Annual Summit" hosted by ChinaVenture, Harry Wang, CEO and Partner of Linear Capital, joined a panel discussion on "China's Digital-Intelligent Transformation and Industrial Restructuring" and shared Linear Capital's perspective on the topic.
June, Vitality | 5Y News Monthly
The big news from last month.
MaHui | Source Code Capital's Xingchen Zhang Named to Cyzone's 40 Under 40 Investors List
"Finding tech founders full of conviction"
5Y News | Sensors Data Closes $200 Million Series D Round
Boost efficiency through scientific methods.
A grain of sand for the era, a mountain for USD funds
To survive in an era of sweeping change, keeping your eyes on the ground is never enough — you have to look up at the sky too.
Source Code Capital Portfolio Company Cyclone Raises $150 Million in Series C, with Existing Backer Source Code Capital Continuing to Increase Stake
Automation is everywhere, digitization is within reach.
September, When Hope Will Break Through Like the Sun | 5Y News Monthly
The big news from last month.
Source Code Capital portfolio company Galixir announced the completion of a new funding round, with existing shareholder Source Code Capital continuing to increase its stake.
Continuously exploring the application of AI technology to empower innovative drug R&D
5Y News | Galixir Completes New Strategic Funding Round, Continues Advancing Drug R&D Pipeline
5Y Capital continues to watch for opportunities where information technology can be applied in healthcare and medicine.
Source Code Capital portfolio company YQN Logistics announces completion of $100 million Series D1 funding round, with existing shareholder Source Code Capital continuing to increase its stake
After six years of rapid growth, the platform now serves approximately 20,000 enterprise clients, with projected shipping volume expected to reach 700,000 TEUs in 2021.
Galixir, a Source Code Capital portfolio company, raises tens of millions of dollars in funding, with existing investor Source Code Capital continuing to increase its stake
Galixir's technical capabilities are built on sophisticated AI models, enabling end-to-end coverage of drug discovery from hit compounds to preclinical candidates.
5Y News | Galixir Announces Completion of Tens of Millions of USD in Funding, with Continued Backing from 5Y Capital
Breaking the Bottleneck in New Drug R&D with "AI+"
Consensus and Non-Consensus in Enterprise Software Investing
Enterprise services are just getting started.
Source Code Capital Portfolio Company Cyclone Robotics Closes Nearly $40 Million Series B Round, Source Code Capital Continues to Increase Stake
Already serving hundreds of domestic clients across financial services, government, energy, and high-tech sectors.
What were the big moments for us last month? | Light Moments August Report
IPOs, Funding, Strategic Partnerships, Awards... August in Review
The Collision of AI and Pharmaceuticals: Galaxy Pharma Tech Raises Nearly $10 Million in Funding | Light Moments
Galixir announced the completion of a nearly $10 million Pre-A funding round. The round was co-led by Source Code Capital and DCM, with 5Y Capital participating as a follow-on investor. Gaorong Capital, the lead investor in the company's angel round, continued to increase its stake.
AI-assisted drug discovery company Galixir announced the completion of a Pre-A funding round of several million US dollars, co-led by Source Code Capital.
J&T Global Express has completed the development of drug discovery modules including retrosynthesis reaction prediction, drug screening, and molecular design.
The Industry's Growth Double Helix
Why we say efficiency is the only competitive advantage for industrial internet companies.
Healthcare Big Data Risk Control Provider "Zhanlü Data" Closes Nearly RMB 100 Million Series B Round
Dedicated to building a fair, accessible, and systematically continuous health protection ecosystem
RPA Firm Cyclone Announces Close of Nearly $10 Million Series A Funding Round
Among domestic RPA startups, Cyclone currently sits in the top tier by revenue, funding raised, and valuation.
Source Code Capital portfolio company YQN Logistics announced the completion of a $70 million Series C funding round, with existing shareholder Source Code Capital continuing to increase its stake.
It has served more than 10,000 enterprises to date, with over 150,000 freight rates across all shipping routes on the platform. The platform's 2019 cargo volume is projected to reach 300,000 TEU.
Two Portfolio Companies Close Funding Rounds, Four Achieve Strategic Upgrades, and Two Rank First on Global Top Lists | Source Code Capital Community · February
"Ma Hui Notes" chronicles the small steps forward of our community members, shares in the joy of their growth, and looks toward an even brighter future.
The "Oscars of Global Investing" Unveiled: Source Code Capital's Yi Cao Makes Forbes' 2018 Midas List
Yi Cao of Source Code Capital made the *Forbes* 2018 Midas List, recognized as the youngest best investor globally.
