Gaorong Ventures
高榕创投
Gaorong Capital is a Chinese venture capital fund positioned as a "Founders' Fund" that was founded in 2014 by Zhang Zhen, Gao Xiang, and Yue Bin after the three left IDG Capital . It belongs to China's "VC 2.0" generation of firms founded by senior investors spinning out from established institutions . The firm is best known for its early and decisive bet on Pinduoduo: partner Zhang Zhen committed to the company's B round in under 15 minutes after meeting founder Huang Zheng at a hotpot dinner in late 2014, and later doubled down when the company faced its toughest fundraising moment during its pivot from Pinhaohuo to Pinduoduo—a deal that generated what 暗涌Waves described as a "homerun" with conservative estimates of over $7 billion in returns . More recently, Gaorong has made significant AI investments, including Moonshot AI and LiblibAI, where it participated in a $3.5 million angel round at a $15 million valuation . Partner Rui Han has been a visible figure in the firm's AI push, leading the Moonshot AI deal and helping rebrand the firm's "Internet and Consumer" team as "AI, Internet and Consumer" in 2024 .
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Coverage
The Unforgettable Series C Funding of Moonshot AI
A stroke of genius.
elsewhere别处发生·2026 VC Promotion Roundup
Universal celebration.
elsewhere别处发生·Dancing with Love, Zhang Huaiting: Staying a Calm "Value Builder" Amid the AI Hype
Make decisions toward your goals, not away from your difficulties.
真格基金·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?
elsewhere别处发生·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·Exclusive | LiblibAI Raises $130 Million, Led by Hongshan and CMC
Go big or go home.
暗涌Waves·A Conversation with Thailand's First Unicorn Founder: From Orphan to $3 Billion CEO --- When Kavin Bhumikittikul was six years old, he watched his mother walk out the door and never come back. His father, a gambling addict, had accumulated crushing debts. The family shattered. Kavin and his siblings were sent to separate orphanages across Bangkok. Forty years later, he is the founder and CEO of Agoda, the online travel platform valued at roughly $3 billion — Thailand's first unicorn, and one of Southeast Asia's most consequential tech companies. I met Kavin at Agoda's Bangkok headquarters, a sleek glass tower overlooking the Chao Phraya River. He arrived without an entourage, wearing a company polo shirt and carrying his own laptop bag. The contrast between his current stature and his origins is almost too stark to process. Yet he speaks about both with the same even, analytical tone — as if describing data points in a business case rather than his own life. --- **"I learned to sell before I learned to read properly"** Kavin's earliest memory of commerce is selling candy to other children at his orphanage, age seven. He would buy bulk packs with his meager allowance
The fiercer the storm, the more powerful the lightning.
暗涌Waves·MiAO Secures Over 100 Million Yuan Investment from X.D. Network
Core focus: high-DAU evergreen games
Monolith砺思资本·5Y News | Zai Ling Bio Completes Nearly RMB 400 Million Series B+ Round
Accelerating the buildout of an innovative drug pipeline built on differentiated molecular scaffolds and novel targets, with a commitment to addressing unmet clinical needs.
五源资本·ZhenFund early-stage portfolio company Flexiv completes Series C funding round of over $100 million, marking acceleration in general-purpose robotics commercialization | Z News
Proceeds from this round will primarily go toward capacity expansion, R&D, and ecosystem development.
真格基金·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.
暗涌Waves·China's USD Funds Won't Disappear
Live long enough to long China.
暗涌Waves·We invested in large language models, AI applications, and embodied intelligence, but BlueRun Ventures still feels it hasn't FOMO'd hard enough.
The more optimistic doers.
暗涌Waves·The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
暗涌Waves·4 Stanford PhDs Crash Into a Trillion-Yuan Track | Z Circle
Force control is a critical, necessary step toward humanoid robots.
真格基金·Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
云启资本·When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
暗涌Waves·Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba
A full list of Moonshot AI's investors to date.
暗涌Waves·Sam Gao and Xiaoyu Ma of Gaorong Capital: AI + Hardware, China's Opportunity in a World of Upheaval
You can't just gild the lily on the giants' extensions.
暗涌Waves·Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
暗涌Waves·The Investor Who Made the Most Money Off Pinduoduo
"Though millions may oppose me, I will go."
暗涌Waves·"These 130 unfamiliar faces look exactly like the masters of the future."
Notes from a conference where you can add 130 important contacts.
暗涌Waves·5Y News | GravityXR Closes Hundreds of Millions of RMB in Series A Funding to Advance Dedicated Chip for "XR Spatial Computing"
Create a brand-new world that blends the virtual and the real.
五源资本·GravityXR has completed a Series A financing round of several hundred million RMB, led by Lisi Capital.
A Complete Transformation of Future Human-Computer Interaction
Monolith砺思资本·Li Guofei's 10,000-Word Interview: Seeking Wisdom Is About Constantly Breaking the Prison of the Mind
Two worlds that seem to have nothing to do with each other may, at their foundations, arrive at the same destination by different paths.
暗涌Waves·How 28 Young People Spent 33 Hours on an Island
A celebration means something when it's shared.
暗涌Waves·"You're only 36. You can be anyone you want to be."
Never stop moving forward.
暗涌Waves·Silicon Valley Bank, a fixture in venture capital for four decades, couldn't survive 40 hours of market panic.
China's venture capital world had a night of shock and panic.
暗涌Waves·Conversations with 29 Tech Investors: There Are Treasures, But No Treasure Map
Investing in tech is definitely the right call, but consensus remains scarce.
暗涌Waves·From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
暗涌Waves·Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
暗涌Waves·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.
暗涌Waves·July: Seeking Vast Possibilities | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Helixon Pharma Closes Nearly 500 Million Yuan Series A to Deepen AI-Powered Drug Discovery
Building a life-science platform powered by artificial intelligence.
五源资本·5Y News | XYZ Robotics Closes Nearly $40 Million Series B+ Round
Building next-generation intelligent, flexible, and agile vision-enabled robotic solutions.
五源资本·Forced Exit: The End of China's VC "Tool Man" Era
Behind a rumor about fund staff cuts lies a fundamental shift in China's venture capital model.
暗涌Waves·Spring Comes Quietly to Guomao
For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.
暗涌Waves·April: Imagination Is the Courage with Which We Face the World | 5Y News Monthly
The big news from last month.
五源资本·5Y News | XVERSE Completes $120 Million Funding Round
Define your world.
五源资本·February: When the Tiger Roars, the Wind Rises | 5Y News Monthly
The big news from last month.
五源资本·2022, the Door Opens to the Future | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Hyperparameter Tech Closes $100 Million Series B to Build "Living AI"
Redefining the relationship between AI and humans.
五源资本·5Y News | AI Microbiome Drug Developer "Unknown" Closes Nearly $100 Million Series B Financing
Launching a new AI×BT strategy.
五源资本·September, When Hope Will Break Through Like the Sun | 5Y News Monthly
The big news from last month.
五源资本·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.
五源资本·5Y News | XYZ Robotics Leads the Robot Hand-Eye Coordination Race, Closes $35 Million Series B Round
Liberating human hands, transforming the productive efficiency of society.
五源资本·The Important Thing Is the Continuous Accumulation of Every Moment | 5Y News Monthly
What were the major events last month?
五源资本·5Y News | Zhuiyi Technology Secures Strategic Investment of Several Hundred Million RMB
Exploring the commercial boundaries of AI technology.
五源资本·To Better Kick Off March | 5Y News Monthly
The major events of February.
五源资本·Chip IP Company XinYaohui Closes Angel and Pre-A Rounds Totaling Over 400 Million Yuan | 5Y News
Accelerate chip innovation.
五源资本·5Y News | 5Y Capital portfolio company Superparameter Technology completes $30 million Series A+ round
Transforming game content production through AI.
五源资本·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+"
五源资本·5Y News | EDA Technology Breakthrough Xinhuazhang Announces Completion of Series A Funding, Fully Deploying R&D for EDA 2.0
We believe the window of opportunity for new startups has arrived in the EDA space, one of the core platforms in the semiconductor industry.
五源资本·5Y News｜Unknown Closes Tens of Millions of Dollars in Series B+ Funding to Advance Microbiome Drug Clinical Trials
Leading domestic microbiome therapeutics company Unknown has recently completed a tens-of-millions-of-dollars Series B+ funding round, with continued backing from 5Y Capital.
五源资本·5Y News｜Influencer E-commerce Service Platform "Mokuai Technology" Closes Hundreds of Millions of Yuan in Series C+ Round
Social commerce service platform Mokuaan Technology recently completed a Series C+ round of several hundred million yuan, co-led by Eastern Bell Capital and 5Y Capital.
五源资本·What were the big moments for us last month? | Light Moments August Report
IPOs, Funding, Strategic Partnerships, Awards... August in Review
五源资本·Morningside-backed XYZ Robotics closes nearly $20 million Series A+ round | Light Moments
Morningside-backed portfolio company XYZ Robotics has closed a nearly $20 million Series A+ round.
五源资本·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.
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