Future Capital

Future Capital (明势资本) is an early-stage technology venture fund founded in July 2014 by Huang Mingming, who transitioned from angel investing to establish the firm . It is best known as the first institutional investor in Li Auto, which it backed across seven rounds , and as an early backer of MiniMax, the Chinese large language model startup that by mid-2024 was considered the highest-valued company in China's LLM wave . The fund has also invested in LiblibAI, leading multiple funding rounds for the AI image generation platform .

The firm's investment thesis centers on what Huang has described as the convergence of energy revolution, information revolution, and artificial intelligence—particularly in electric vehicles, where he argued that missing the opportunity meant "missing an era" . Partner Ling Xia has outlined more recent technical convictions, predicting in early 2024 that 800V high-voltage platforms, 4C/5C batteries, and 480kW ultra-fast charging would become standard for Chinese EVs that year . Beyond domestic deals, Huang has led trips with portfolio companies to explore Middle Eastern markets, viewing the region as undergoing "a huge transformation" with openness to Chinese products .