Puhua Capital
普华资本
Puhua Capital (普华资本) is a Chinese venture capital firm active across early- to growth-stage deals in hard tech, healthcare, and enterprise services. It has co-invested alongside top-tier funds including Gaorong Ventures, 5Y Capital, and Linear Capital in companies such as healthcare-data provider Zhanlü Data, cryo-EM drug-discovery platform Shuimu BioSciences, energy-storage player China Energy Storage (Zhongchu Guoneng), and power-semiconductor firm Jingneng Microelectronics . More recently, it has led or co-led rounds in AI infrastructure and embodied intelligence: it led the A+ round for humanoid-robot startup Intelligent Square (智平方) and participated in the A round for embodied-intelligence company Noematrix (穹彻智能), per 2025–2026 coverage . It also followed on in SiliconFlow's Pre-A round in late 2024, as 暗涌Waves reported .
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Coverage
"Shenpu Intelligence" Closes New Financing Round of Several Hundred Million Yuan, Led by Linear Capital | Linear Portfolio
Using family-like commercial scenarios as an entry point.
线性资本·"Boundless Dynamics" Raises Hundreds of Millions of RMB in Angel+ Round, with Linear Capital, HSG, Hillhouse and Others Continuing to Back | Linear Portfolio
Our first-generation self-developed robotics platform has already been deployed in real-world customer scenarios.
线性资本·Yunqi Capital | Noematrix Closes Series A Funding Round
R&D iteration and commercial deployment are accelerating.
云启资本·From Two Rounds in Six Months to a $400M Series D: 10 Companies Announce New Funding | FreeS Family Funding News Vol.24
Looking forward to working alongside more outstanding founders.
峰瑞资本·Yunqi Capital | "Intelligent Square" Closes New Nine-Figure RMB Funding Round, Doubling Down on Model Iteration and Production Line Expansion
Embodied Intelligence, Continuously Evolving
云启资本·Exclusive | SiliconFlow, the First to Catch DeepSeek's Traffic Wave, Raises Hundreds of Millions in New Funding Led by Alibaba
A series of choices that were at once accidental and inevitable.
暗涌Waves·April: Curiosity and New Paths | 5Y News Monthly
The big news from last month.
五源资本·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·Jingneng Microelectronics has completed its Series A funding round, led by Gaorong Ventures.
Advancing the design, R&D, manufacturing, and application of power semiconductors.
高榕创投·Linear Capital's Series A lead portfolio company **Luer New Materials** has closed a tens-of-millions-of-RMB A++ round, with existing shareholder Linear Capital increasing its stake.
Actively building a temperature-control platform for the phase-change materials industry.
线性资本·China Energy Storage (Zhongchu Guoneng) Completes 320 Million Yuan Pre-A+ Round to Accelerate New Energy Storage Technology Layout
A pioneer and leader in China's compressed air energy storage sector.
高榕创投·Rongbao · May | Large-Memory Computing, Autonomous Driving and Other New Technologies Accelerate Adoption; Integration of Goods and Services Emerges as New Consumption Trend
Underlying technological innovation and new demographics are driving infinite possibilities.
高榕创投·Shuimu BioSciences Announces Angel Round to Build World-Class Next-Generation Drug Discovery Platform
Shuimu BioSciences has built Asia's first commercial protein structure analysis platform centered on 300kV top-tier cryo-EM, dedicated to using breakthrough technology to dramatically accelerate drug discovery and improve the druggability of difficult targets.
高榕创投·Healthcare Big Data Risk Control Provider "Zhanlü Data" Closes Nearly RMB 100 Million Series B Round
Dedicated to building a fair, accessible, and systematically continuous health protection ecosystem
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