LightSource Capital

LightSource Capital is a Chinese financial advisory boutique that has increasingly blurred the line between FA work and direct investment. Founded by Zheng Xuanle, the firm built its reputation on large-ticket deals — it served as exclusive financial advisor to rounds for XYZ Robotics and Deepexi in 2020, among others . More recently, it has pushed into incubation and ultra-early-stage investing: in May 2025, it announced that its Lighthouse Founders' Fund (L2F) had oversubscribed its first close at no less than $50 million, targeting seed and angel rounds in AI and frontier tech with check sizes of $30,000 to $2 million . The fund has already backed five projects, led by AI mining exploration startup Lingyun Zhikuang, which LightSource incubated from the lab stage onward . Zheng has also set up IDA, a government-relations unit that helps portfolio companies secure land, subsidies, and policy support — a notable pivot as more boutiques chase state-linked capital .