Future Capital
明势创投
Future Capital (明势资本) is a Chinese early-stage tech venture fund founded in July 2014 by Huang Mingming, who left angel investing to start the firm . Its signature bet is being the first institutional investor in Li Auto — Huang has framed new-energy vehicles as the intersection of the energy, information, and AI revolutions, saying "if you missed new energy, you missed an era" . In the AI wave the fund moved early too, backing LLM company MiniMax and humanoid robotics maker LimX Dynamics in the first and second halves of 2022 respectively , along with LiblibAI and other early AI positions ; per 暗涌Waves, it was also among the few Chinese firms to raise Middle East capital . On the team side, Ling Xia is a partner , while former partner Neil Zeng has since moved to Linear Capital .
AI-generated — may contain errors, please verify.
Coverage
Nile Founder Dai Haozhuang Helps Brands Open Stores in the Agent World
Who will dethrone Amazon?
Code Moment | Evoken Closes Nearly $300 Million Series B+ Round, Existing Shareholder Source Code Capital Continues to Double Down
BlueRun Ventures Early-Stage Portfolio Company Pongbot Raises Nearly RMB 200 Million in Series A Funding, Redefining Sports Through AI | BlueRun Family
Technology Is Breaking Sports Out of Its Bubble
2026 VC Promotion Roundup
Universal celebration.
Oasis Capital Portfolio Company LimX Dynamics Closes $200 Million Series B | Oasis Vitality
Counselor Vitality
The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives
If Kimi ever goes public, will the bell-ringing photo look very different?
MiniMax Goes Public: The $1.5 Billion Fundraising Blitz, 15 Reasons Investors Bet on It, and How Long Each One Lasts
One Year in AI, Five Years on Earth
At Volcano Engine's startup forum, no one was talking about AGI?
AI entrepreneurs are starting to do the math for real.
Liang Jun's First Year at the Helm: Fangqing Tech Raises Over 500 Million RMB in Three Rounds Within Six Months
A star-studded lineup of shareholders quickly assembled.
I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
MaHui Member LibLibAI Raises $130 Million in Funding; Existing Investor Source Code Capital Continues to Increase Stake
The Largest Single Funding Round in China's AI Application Sector in 2025
Exclusive | LiblibAI Raises $130 Million, Led by Hongshan and CMC
Go big or go home.
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
I notice you've entered a period/full stop (。) with no Chinese text to translate. Please provide the Chinese content you'd like me to translate, and I'll be happy to help.
Nova Fusion Closes 500 Million Yuan Angel Round, Setting New Record for Single-Round Funding Among Domestic Private Fusion Companies
Focused on the commercialization of small modular nuclear fusion.
A Year Later, When Kimi and MiniMax Investors Sat Down Together Again
The wildest possibility may be that humans won't be the only intelligent species on this planet.
MaKe | MaHui Member Narwal Raises Another $100 Million, Officially Enters Pre-IPO Stage
Kicking off the final sprint before its IPO, the company is accelerating its capitalization push across the board.
7 Interdisciplinary Companies Close New Funding Rounds | FreeS Family Funding News Vol.22
Looking forward to working alongside more outstanding founders.
Rongsu Tech Closes Nearly RMB 100M Pre-A Series in Third Funding Round Within a Year, Cementing Leadership in Laser Wire-Directed Energy Deposition | Unity Ventures Portfolio
Deeply rooted in three core businesses — additive equipment, printing services, and additive software — empowering hyper-automation in industrial manufacturing.
"LimX Dynamics" Raises 500 Million RMB in Series A Funding Over Six Months | Oasis Capital Vitality
Consultant Vitality
MaKe | MaHui Member "LiblibAI" Announces Hundreds of Millions of RMB in Funding, Will Continue Increasing Creator Incentives and R&D Investment
Accelerating the Buildout of Creative Infrastructure for the AI Era
LiblibAI Secures Another Round of Hundreds of Millions of RMB in Funding, Advancing Toward the World's Largest AI Content Creation and Consumption Platform
Expand the platform's reach globally.
"LimX Dynamics' Wei Zhang: Humanoid Robots Won't Enter Factories, Embodied AI Won't Hoard Real-Robot Data" | Oasis Vitality
Counselor Vitality
Gaorong Report · 2025 | Innovative Drugs, Agri-Tech, AI Content Platforms Close Funding Rounds; Gaorong Earns Multiple Accolades
Innovation as the sail, hard work as the oar.
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
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?"
China's USD Funds Won't Disappear
Live long enough to long China.
"Dream Dimension" Raises Tens of Millions of RMB in Series A Funding, Sparking a New Wave of AI Interactive Content
Multimodal AI is powering a new content experience.
Linear Capital | Linear Path, Nonlinear Growth
Striving to become China's best frontier tech and innovation fund.
The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
Embodied AI, AI + Industry, Chips + Autonomous Driving: 5 Companies Announce Funding Rounds | FreeS Family Funding News Vol.20
Looking forward to working alongside more outstanding founders.
"Conquered by You Just Like This" | 4 Million People, Blasted by AI Until They Crumbled, Laughed Through Tears, and Couldn't Stop Coming Back
"Drink the poison you've hidden away"
William Li: "Wake Up! NIO Will Never Build a Robotaxi in Its Lifetime"
Friendly reminder: life is long.
"LiblibAI" Closes New Funding Round, AI Image Generation Tool Chosen by Nearly 10 Million Users
China's leading AI image generation platform.
LimX Dynamics, a general-purpose humanoid robotics company, completes Series A funding round; Oasis Capital continues to increase its stake | Oasis Vitality
Counselor Vitality
Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One
A Conversation on Non-Consensus and Long-Term Optimal Solutions
"Late to the Party": How Xiaomi and Huawei Are Outflanking Legacy Automakers
The bloody battle has already begun.
A Conversation with Junjie Yan of MiniMax: AGI Isn't a Doomsday Weapon, It's a Product Ordinary People Use Every Day | Oasis Vitality
Counselor Vitality
A Globalization Guide for Chinese Founders: Slicing the World Horizontally
The word "globalization" — so brief, yet it encompasses so many narratives.
Two Masterstrokes in NIO's Fundraising History
There is no successful fundraising, only fundraising of the times.
Uncovering New Opportunities: Four Interdisciplinary Innovation Firms Announce Nine-Figure Funding Rounds | FreeS Family Funding News Vol.17
Looking forward to working alongside more outstanding founders.
Trekking to Riyadh
Opportunity, wealth, and a surging tide of people.
General Electric-footed robotics company LimX Dynamics completes nearly RMB 200 million angel and Pre-A funding rounds | Oasis Capital leads
Counselor Vitality
Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
MaHui Founder | Post-90s Entrepreneur Zhang Junbin: Building Transformative Products, Pursuing Zero-to-One Value
June, Vitality | 5Y News Monthly
The big news from last month.
5Y News | Sensors Data Closes $200 Million Series D Round
Boost efficiency through scientific methods.
2022, the Door Opens to the Future | 5Y News Monthly
The big news from last month.
5Y News | No-Code Collaboration Platform "Treelab" Closes Tens of Millions of Dollars in Series A Funding
Empowering enterprises' digital transformation.
Photonics technology company **Kunyao Optoelectronics** announced the completion of a nearly RMB 400 million Series B+ funding round, with participation from Source Code Capital.
Dedicated to exploring cutting-edge photonics and optoelectronics, and driving their real-world implementation and innovative applications.
November: Foresight and Boundless Imagination | 5Y News Monthly
The big news from last month.
5Y News | ClickPaaS Announces Completion of Tens of Millions of Dollars in B+ Round Funding, Doubling Down on Low-Code Ecosystem Development
Accelerate enterprises' digital transformation.
April, When All Things Grow | 5Y News Monthly
Looking back at last month's big events, ready to take on Q2 with full confidence.
5Y News | Low-Code Platform ClickPaaS Closes Tens of Millions of Dollars in Series B Funding, 5Y Capital Continues Support
Empowering enterprise digitalization through standardized capabilities.
Source Code Capital portfolio company Cloud Whale announced the completion of its Series C funding round, with existing investor Source Code Capital — which led its Series B — increasing its stake.
Developed the world's first robot that "washes its own mop cloths" — the Narwal J1.
Acquisitions, New Brand Entrepreneurship Courses, and More: 21 Developments and 4 Reflections | FreeS Fund Chalkboard · October
Do what's right, not what's easy.
"iBeidiao" Raises Tens of Millions of RMB in Series B1 Funding | FreeS Fund Investment News
A seemingly unsexy industry has finally found its spring.
Rongbao · July | Beibei Group Launches New Business Beicang, "Ronghui" Discusses Public Affairs Strategy...
Creating better life through innovation.
Bishu Technology Raises Tens of Millions of Yuan in Series A+ Round to Advance Its Intelligent Operations "Brain"
Dedicated to building a world-leading AIOps intelligent operations engine, using AI technology to empower the IT operations field.
5 Companies Raise Funding, Several Make China's Top 100 Unicorns List | Code Meet Journal · March
【Source Code Capital Chronicle】A place to record the small steps forward of our team members, share the joy of growth, and look toward an even brighter future.
CHJ Automotive Announces Completion of 3 Billion Yuan Series B Funding Round; Existing Shareholder Source Code Capital Continues to Increase Stake, Bullish on Mobility 3.0 Era
On the era of Auto 3.0, Xiang Li believes its arrival is accelerating.
