Heart Capital
心资本
Heart Capital (心资本) is a Chinese early-stage technology venture fund founded in 2022, built around a team drawn from Lightspeed China — including its founding partners and core investors — alongside industry veterans . The team's track record predates the fund itself and includes XPeng, Full Truck Alliance, Sunmi, RoboSense, FinVolution and, on the still-private side, rocket maker LandSpace, satellite firm 微纳星空 and AI company Baichuan . Its recent portfolio activity spans commercial space (LandSpace's Zhuque-2 improved Y6 flight test ), biopharma (METiS Pharmaceuticals' Hong Kong main-board listing ), and optical-module maker Zhongji Innolight's Hong Kong IPO, described by the fund as the year's largest on that exchange . Positioning-wise it presents itself as rooted in China with a global outlook, backing young Chinese founders it believes can become world-class tech companies .
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Coverage
Heart Capital's Yanchen Liu: AI Enters Its Next Phase — Opportunities, Moats, and Globalization | Voice
What does it take to build a global AI company?
One Rocket, Ten Satellites: Launch Success
This marks the first large-scale deployment mission for a satellite internet constellation.
Seeing Disaster From Space: MicroNano Space Supports Emergency Rescue at Gyirong Port | Heart Capital Portfolio
When disaster strikes, satellites give rescue operations an extra pair of "eyes."
XPENG AEROHT's Deli Zhao: He Flew Before the World Believed | Xin Star PORTFOLIO
A door opening to the sky.
We Built a Rocket Landing Game With AI | Heart Capital News
A salute to Zhuque-3.
Heart Capital Congratulates LandSpace on Zhuque-3 Reusable Rocket's Successful Orbital Insertion and Recovery | HeartStar PORTFOLIO
Accelerate China's commercial reusable rockets into the engineering validation phase.
Unpopular Truths: Nine Insights for Hard-Tech Founders from Three Chinese Scientists | VOICE
Seeking the fearless who will step into the dark tunnel.
Zhejiang Party Secretary Wang Hao Visits Hangzhou to Research Xi Wang's Innovative Development | Xinxing PORTFOLIO
One chip powers a hundred industries.
Heart Capital Congratulates Zhongji Innolight on Official Hong Kong Listing — This Year's Largest Hong Kong IPO
A new starting point for connecting with international capital markets and accelerating global expansion.
Heart Capital's Yan Han: Stop Obsessing Over Technical Metrics — AI's Real Opportunities Hide in Niche Scenarios | Voice
On Entry Points, Traps, and Real Opportunities in AI Entrepreneurship
MicroNano Space and Huantian Intelligence Jointly Developed Six Satellites Successfully Launched and Networked | Xinxing PORTFOLIO
Accelerating the commercialization of China's aerospace information industry.
Xi Wang Sunrise Xu Bing: Where Is AI's Biggest Opportunity in the Next Decade? | Xinxing PORTFOLIO
Building houses and rules for AI Agents.
LandSpace's Zhuque-3 Reusable Yao-2 Carrier Rocket Completes Static Fire Test | Xinxing PORTFOLIO
This laid a solid foundation for the implementation of subsequent flight missions.
Heart Capital's Yan Han: Venture Capital, My "Lighthouse" in Life | Voice
"VC is the thing I can imagine myself still pouring my heart into at sixty."
Heart Capital Makes Consecutive Investment in Kunlun Robotics, Accelerating Commercialization of Embodied Intelligence | HeartStar PORTFOLIO
Leading the embodied intelligence industry to achieve scaled, commercial breakthroughs.
Embodied Intelligence "Ace Team" Assembles, Kunlun Xing Robotics Closes Three Consecutive Major Funding Rounds
Leading the embodied artificial intelligence industry toward scaled, commercial transformation.
"Stellar Fusion" Closes 500 Million Yuan Series A, Pioneer in Field-Reversed Configuration Fusion | Xinxing PORTFOLIO
The proceeds from this round will be used to continue improving and advancing the parameters of high-performance FRC devices.
He Xiaopeng in Conversation with Xiaojun Zhang: Physical AI Is 100 Times Harder Than Digital AI | Xingxin PORTFOLIO
A full pivot to the R&D roadmap for physical AI.
Congratulations to LandSpace on the Successful Flight Test of the Zhuque-2 Improved Y6 Carrier Rocket | PORTFOLIO
This mission marked the eighth flight of the Zhuque-2 carrier rocket.
Heart Capital Congratulates METiS Pharmaceuticals on Successful Listing on the Main Board of the Hong Kong Stock Exchange | Heart Star PORTFOLIO
The world's first publicly listed AI drug delivery company.
Heart Capital Portfolio Company Sunmi Technology Officially Lists on Hong Kong Exchanges and Clearing Limited, Global Leader in Commercial IoT | Heart Star PORTFOLIO
Nine years by your side — it's been an honor.
"Xi Wang" Raises Another Billion-Plus Yuan Round, China's Inference GPU Unicorn Reshapes AI Inference | Xinxing PORTFOLIO
One of the largest single funding rounds ever raised in China's domestic GPU sector.
AI Transformation: If History at the Port of New York Is Any Guide, Transformation Is a Pipe Dream — You Have to Be Born Again | VOICE
Finding a new place in the AI era.
"Micro-Nano Starry Sky" Debuts at Shanghai Commercial Aerospace Conference: The "Underwater Anchor Tenant" That Raised 1.56 Billion Yuan in a Year | Xinxing PORTFOLIO
A leading domestic high-end satellite manufacturer.
Heart Capital's Bingjian Wu: When "Lobster" Started Replying to My WeChat Messages for Me, I Saw the Glimmer of an Agent | Voice
The Great AI Voyage of the Chinese Diaspora
Heart Capital's Yanchen Liu: Finding Founders Who Stay Real Amid the Noise | VOICE
Invest in China's technology with conviction.
"Aviation Huitian" Secures Nearly $200 Million in New Equity Financing, Becoming Asia's Most-Funded Company in Manned Low-Altitude Flight | Xinxing PORTFOLIO
The company has raised approximately $1 billion in total equity financing throughout its history.
From Red Ocean to Blue Ocean: Xpeng Motors Redefines Autonomous Driving with Second-Generation VLA | Xinxing PORTFOLIO
THE FUTURE is now within reach.
A Deep-Dive Observation of FLAME's First Discharge: A Conversation with Starlight Fusion | PORTFOLIO
Another path to igniting fusion energy.
"Xingneng Xuanguang" FLAME Device Successfully Achieves First Plasma Discharge | Xinxing PORTFOLIO
An important milestone in advancing the commercialization of fusion energy.
"Xi Wang" Releases Next-Generation Inference GPU Qiwang S3, Advancing Domestic Inference Computing Power | Xinxing PORTFOLIO
Computing Power Evolved: Run It, Run It Stable, Run It Long.
Heart Capital Invests in Xi Wang's Series A, Continues to Bet on AI GPU Development | HeartStar PORTFOLIO
The first GPU chip company that's all-in on inference.
Yan Han of Heart Capital: Going All-In on China's Hard Tech, Capturing the "Tip of the Pyramid" in Non-Consensus | Heart News
Heart Capital was named "China's Most Promising Investment Firm."
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?
LandSpace Completes IPO Tutoring, Zhuque-3 Deputy Chief Engineer Discusses Bottlenecks in Commercial Space Recovery Technology | Xinxing PORTFOLIO
Gunning for the title of "first listed commercial space company."
Heart Capital's Bingjian Wu: When AI Becomes Consensus, We Choose Non-Consensus | Voice
Be the earliest companion to non-consensus value.
Heart Capital Congratulates MetaX on STAR Market Listing: Where the Heart Leads, the Path Follows | HeartStar PORTFOLIO
MetaX, a leading domestic high-performance GPU company, officially listed on the STAR Market.
Xi Wang Co-CEO Wang Zhan: Building a "Core" Foundation Through Independent R&D, Driving High-Quality Digital Economy Development with Domestic Computing Power | Xinxing PORTFOLIO
Breaking through with "chips" to build a solid computing foundation.
LandSpace's Zhuque-3 Reusable Carrier Rocket Yao-1 Achieves Successful Orbital Insertion | XinXing NEWS
Accelerate the building of a strong spacefaring nation.
Heart Capital's Yanchen Liu | When Energy Stands at the Edge of Its Next Leap: Controlled Nuclear Fusion Through a VC Lens | VOICE
"The ultimate energy source" is moving from science fiction to engineering reality.
Yan Han, Heart Capital | Future Core Assets: Global Market Opportunities from China's Tech Innovation | Heart Voice
The world is rethinking Chinese tech, and the narrative around it is being rewritten.
Heart Capital's Yan Han: Startup Mindset — How Startups Can "Cross the River by Feeling the Stones" | VOICE
Every river crossed is a journey of the soul.
Heart Capital Invests in Star Energy Xuan Guang's Pre-A Round to Accelerate Field-Reversed Configuration Fusion R&D | HeartStar PORTFOLIO
The device under construction is scheduled to be completed by the end of 2025 and achieve its first plasma discharge.
"Too Human for Comfort": Xpeng Motors' IRON Robot Sparks Debate as Embodied Intelligence Blurs Human-Machine Boundaries | Xinxing PORTFOLIO
An embodied intelligence company exploring the future of mobility in the physical AI world, with a global outlook.
Heart Capital's Yan Han: Betting on "China Innovation, Global Market" for the Next 50 Years | VOICE
Global capital is rethinking China.
XPeng Aeroht's Mass-Production Factory Rolls Out First "Land Aircraft Carrier" Flying Car | Xingxing PORTFOLIO
Mass production is entering its final countdown.
Another VC Rebrands with a New Name
The twentieth year of local iteration.
Heart Capital congratulates MetaX on the successful IPO review on the STAR Market.
A major milestone for domestic GPUs on their path to capital markets.
"LandSpace's Zhuque-3 Y1 Carrier Rocket Completes First Phase of Flight Test Mission | Xinxing PORTFOLIO"
A solid step toward the engineering application and scaled development of reusable rockets.
"Xpeng Motors" New Brand Launch, Land Aircraft Carrier Secures Largest Overseas Order in Middle East | Xinxing PORTFOLIO
Officially embarking on the path to globalization.
Heart Capital: After Generating 500 Videos with Sora, Here's What We See | Voice VOICE
AI video generation has reached a new technological inflection point.
"Micro-Nano Starry Sky" Successfully Launches Satellite Internet Test Satellite, Company Initiates IPO | Xinxing PORTFOLIO
Dedicated to doing China tech investment right.
Xpeng Aeroht Takes First Step in Abu Dhabi Partnership, "Land Aircraft Carrier" Vehicle X3-F Receives Special Flight Permit in UAE | XinXing PORTFOLIO
China's flying cars take flight in the UAE, with comprehensive low-altitude strategic cooperation being advanced across the country.
Heart Capital's Bingjian Wu: I Don't Ask AI Startups About Their "Endgame" | Xinsheng VOICE
Build a boat and wait for the tide to rise.
DouDong AI: "Heart and Shadow, Always Together" — 1 Million New Users in 10 Days. More Than a Tool, It's the Next Gateway for Emotional Companionship | Xingxing PORTFOLIO
Xin Ying Sui Xing doesn't want to make Doudou AI a pure utility product.
Heart Capital's Yanchen Liu: Based in China, Global Vision, Accompanying Chinese Tech Companies to the World | Voice
Invest in China's tech with conviction.
Interview with Liu Binxin, Heart Shadow Follows Form: AI Products Shouldn't Compete with Short Videos and Games for Users
Companionship that doesn't compete for your attention.
Heart Capital-Backed AI Semiconductor Maker Ambiq Lists on NYSE | Heart News
On July 30, 2025, Ambiq Micro (ticker: AMBQ), an edge AI chip company backed by Heart Capital, successfully listed on the New York Stock Exchange. The stock opened at $38 on its first trading day, well above its IPO price of $24. Trading was temporarily halted intraday after the share price surged 74.17% due to excessive volatility. The company closed with a market cap of $660 million. As a leading player in ultra-low-power semiconductors...
XPENG AEROHT Raises $250 Million in Series B Funding, Accelerating Mass Production of "Land Aircraft Carrier" | Heart Capital Portfolio
This funding round will ensure the smooth realization of Xpeng Motors' flying-car R&D, mass production, and commercialization efforts.
Half of 2025 is gone — 9 AI Aha Moments
Great products are often born at the "Crossing" of technology and the humanities.
LandSpace's Zhuque-3 First-Stage Power System Completes Successful Nine-Engine Cluster Ground Ignition Test | Xinwen NEWS
Invest in China's technology with conviction.
Heart Capital's Yan Han: Global Innovation Enters "China Time" as International Capital Reshapes the Value Map | VOICE
Diligently invest in China's technology sector.
Heart Capital's portfolio companies in China's space sector, LandSpace and MinoSpace, both report major breakthroughs — successful launches and test missions | Heart Capital NEWS
Invest in China's technology with conviction and care.
2025 Fan Deng Annual Speech: The Innerly Relaxed Person Allows Everything to Happen | Xinxing PORTFOLIO
Endorsement: In an era of AI frenzy, why do we still need to read? And in an age of universal anxiety, how can we rebuild our inner order? At Fan Deng's 202...
Xinying Sui Founder Liu Binxin: Building AI Products That Don't Compete for Users' Time | Xingxing PORTFOLIO
Build AI Products That Don't Compete for Users' Time
Baichuan's Chuan Wang: In the Era of General AI, Building Models for Life, Creating Doctors for Humanity | Xingxin PORTFOLIO
Two Years In: Chuan Wang's Soliloquy on Starting Up
"MetaX Co-Launches Shanghai Cube, a New Generation of Domestic, Self-Contained, Full-Stack High-Density Server Rack | Xinwen NEWS"
Build a benchmark project for fully autonomous, intelligent satellite production lines in China's commercial space sector, with complete supply-chain independence.
"Micro-Nano Starry Sky" Commercial Satellite Intelligent Production Line Project Approved by National Development and Reform Commission | Xinwen NEWS
Building a benchmark project for China's commercial space industry: an automated, intelligent satellite production line that is fully autonomous and controllable.
A Conversation with He Xiaopeng: I'd Rather Walk Slowly and Fall Less Often | Xinxing PORTFOLIO
Efficiency and effectiveness are the focal points of the reforms He Xiaopeng is currently pushing inside the company.
Heart Capital Congratulates Hanshow Technology on ChiNext Listing | Heart Capital News
Eight Questions, Eight Answers
2025 Is the Year That Will Decide the Future of Commercial Space | XinXing PORTFOLIO
LandSpace's Zhang Changwu: Time and Continuous Course Correction Are the Only Path Forward
Not text generation, not physics models — the ultimate frontier of AGI is life sciences | Xinxing PORTFOLIO
Baichuan's Chuan Wang: Toward a "Mathematical Principles of the Philosophy of Life"
What It Cost Me to Become a Real CEO | Xinxing PORTFOLIO
He Xiaopeng: To Be a CEO of a Large-Scale Manufacturing Company Pursuing Technological Innovation
Consumer Healthcare Digital Intelligence Platform Leader "Lingjian" Completes Series E Financing | Xinxing PORTFOLIO
Accelerating digital transformation in the dental industry.
Heart Capital's Yan Han: Patience, Original Aspiration, Cultivation, and Dedication | VOICE
Invest in China's technology with conviction and care.
Kerry Han Lands His First Fundraise of 2025, Says He'll Reject All US Dollars
The sentimental Han Yan told an even more sentimental story.
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
Rock Auto Enters Saudi Market, Another Milestone in Global Strategy | Xinwen NEWS
The Globalization of Chinese Brands
LandSpace's Zhuque-2 Enhanced Variant Y1 Carrier Rocket Completes Flight Test Mission Successfully! | XINWEN NEWS
Invest in China's technology with conviction.
Heart Capital AI Portfolio Company Shanji Technology Raises Tens of Millions of Yuan in Series A Funding, to Launch China's First Mass-Produced AI Camera Glasses | HeartStar PORTFOLIO
Continuously tracking global investment opportunities in artificial intelligence and digitalization.
Spotlight on China Airshow: Heart Capital Portfolio Companies Take to the Skies | HeartStar PORTFOLIO
Invest with conviction in China's technology sector.
"The Land Aircraft Carrier" Achieves Manned Flight: At 40, He Sees the World from Above | Xinxing PORTFOLIO
Mapping out a bold vision for urban low-altitude flight.
*Black Myth: Wukong*'s AI Companion: Destined One, You Are Not Fighting Alone | XinXing PORTFOLIO
Exclusive Interview with Liu Binxin, CEO of HeartShadow (心影随形).
Xpeng Aeroht's "Land Aircraft Carrier" Debuts: The World's Only Car That Can Carry an Aircraft | Xinwen NEWS
Pre-sales are planned to begin by the end of this year.
Xpeng Motors secures $150 million in Series B1 funding, accelerating flying car takeoff | PORTFOLIO
This funding round will ensure the smooth execution of Xpeng Motors' flying-car R&D, mass production, and commercialization.
Look Toward "New Logistics" | Voice
Revitalizing the logistics industry through technology.
"If You Don't Understand These 3 Differences Between AI and Mobile Internet, Don't Bother Starting a Company"
Bingjian Wu, Partner at Heart Capital (formerly Soul Capital), former mobile product manager and strategic analyst at a major tech firm, previously at K2VC and
Heart Capital Leads Series A Investment in Baichuan, Continues AI Sector Bet | HeartStar PORTFOLIO
The funding round reached 5 billion yuan.
Xpeng Motors and Volkswagen Group Sign Joint Development Agreement; First Model Expected to Enter Mass Production Within 24 Months | Xinwen NEWS
The first jointly developed model is expected to enter mass production within 24 months.
"LandSpace Becomes First Private Commercial Rocket Company to Win National Science and Technology Progress Award | Xinwen NEWS"
LandSpace participated in a project that won the 2023 State Scientific and Technological Progress Award!
MicroNano Space raises 1 billion yuan, officially joins ranks of commercial space unicorns
Invest with conviction in China's technology sector.
Heart Capital's Bingjian Wu: "YES or NO" — The Two Sides of the AI Coin | VOICE
We're in the very earliest days of the AI industry right now.
Xpeng Aeroht's First CBD Flight Boosts China's Low-Altitude Economy | Xinwen NEWS
The road ahead is long, but the future holds promise.
Heart Capital Portfolio Companies Microsat and LandSpace Successfully Complete Breakthrough Launches and Test Missions | Heart Capital News
Invest in China's technology with conviction and care.
Heart Capital Congratulates RoboSense on Its Hong Kong Stock Exchange Listing | Heart Capital News
A global leader in the LiDAR and perception solutions market.
AI Thinking Part Three: One-Year-Old vs. Eighteen-Year-Old AI | VOICE
The best way to predict the future is to create it.
Chinese AI Unicorn Baichuan Closes Series A Round, Heart Capital Invests | HeartStar PORTFOLIO
Among the investors in this round are tech heavyweights including Alibaba, Tencent, and Xiaomi, with total funding reaching $300 million.
Heart Capital Officially Joins UNPRI, Committed to Becoming an Innovation Leader in Sustainable Development | Heart News
Create positive value with heart and purpose.
Xpeng Motors Secures $700 Million Investment from Volkswagen Group, Chinese EV Brand Goes Global | Xinwen NEWS
Rooted in China, reaching out to the world.
World's First! LandSpace's Zhuque-2 Liquid Oxygen-Methane Rocket Launches Successfully | Xinwen NEWS
Heart Capital congratulates LandSpace on the successful launch of the Zhuque-2, the world's first liquid oxygen-methane rocket to reach orbit.
Heart Capital Leads Pre-A Round of Tens of Millions of RMB for "Xiyunda," Building a Full-Chain End-to-End Cross-Border Logistics Network | HeartStar PORTFOLIO
Xiyunda — making cross-border expansion simpler.
Heart Capital Leads RMB Hundreds of Millions Series B Round in Yunmanman Cold Chain, Continues Betting on Digital Logistics | HeartStar PORTFOLIO
Heart Capital is bullish on the digital logistics industry over the long term.
AI Reflections, Part Two: The Open Cards and Hidden Cards in AI | VOICE
Consensus and Non-Consensus in AI.
A Framework for Thinking About AI Application Startups in the Age of GPT | VOICE
Operating systems are a game for the few, but application startups are open to many.
Yan Han, Heart Capital: The Best Way to Deal with Change Is to Embrace It Wholeheartedly
Look outward, create value; look inward, cultivate yourself.
Spacety Completes Nearly RMB 400 Million Series B and B+ Rounds to Accelerate Upgrade of Private High-End Satellite Manufacturing | Xinwen NEWS
Congratulations to Microsat!
