Guokai Manufacturing Industry Transformation and Upgrading Fund
国开制造业转型升级基金
The Guokai Manufacturing Industry Transformation and Upgrading Fund (国开制造业转型升级基金) is a state-backed investment vehicle operating under China's National Manufacturing Transformation and Upgrading Fund . It functions as a sector-focused lead investor in advanced manufacturing and deep technology, with a pattern of anchoring sizable growth rounds in strategically important industries.
In the semiconductor space, it led the Pre-B+ round for EDA firm Xinhuazhang in early 2022 , and in May 2024 led the C4 round for VCSEL laser chip maker Vertilite, a deal worth several hundred million RMB that drew participation from multiple industrial co-investors . The fund has also made major energy bets: in mid-2023 it co-led China National Storage Energy's Series A, a financing exceeding RMB 1 billion for compressed air energy storage technology commercialization . Gaorong Ventures, which has co-invested alongside the fund in multiple of these deals, describes the Guokai fund's involvement as a mark of validation for companies at the frontier of domestic R&D .
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Coverage
Rongbao | Major Acquisition in Innovative Drugs; Laser Chips, Quantum Computing, and Global Payment Platform Secure New Funding
"Every step forward feels like a bloom."
高榕创投·Vertilite closes new funding round worth hundreds of millions of RMB, solidifying its position in the top tier of VCSEL laser chip makers globally
Beyond consumer electronics and automotive electronics, the company is now pushing further into the high-end optical communications chip sector.
高榕创投·New drug development, energy storage, computing, and semiconductors see breakthrough innovations: homegrown R&D, world-first technologies, and AI-driven advances
Constantly creating new possibilities.
高榕创投·China Energy Storage Completes Over RMB 1 Billion Series A Round to Advance Advanced Compressed Air Energy Storage Commercialization
Both its R&D progress and system performance are at the international forefront.
高榕创投·Gaorong Monthly · December | Gaorong Ventures and Its Frontier Tech / Consumer / Healthcare / Enterprise Service Portfolio Companies Win Multiple Annual Awards
Its technological and innovative capabilities have won recognition.
高榕创投·Xinhuazhang, an EDA company, announced it has raised a Pre-B+ round to accelerate R&D innovation for next-generation EDA.
This will further solidify Xinhuazhang's leading position in the domestic EDA verification space.
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