SDIC Unity Capital

SDIC Unity Capital (国投创合) is a state-backed fund manager positioned as a "national team" investor in China's venture capital market, with a particular focus on healthcare and hard technology. It operates as a fund-of-funds and direct investor, having backed sector-specific funds like Dragonstone Capital (龙磐) across multiple vintages and co-invested alongside market names such as Source Code Capital in companies including Jieti Medical, a brain-computer interface firm where its involvement carried explicit strategic state endorsement . Its portfolio also extends to semiconductor materials, as seen in its participation in ESWIN Material's nearly RMB 4 billion Series C in 2022, then the largest private financing round in China's silicon wafer industry . The "SDIC" prefix signals its place under the State Development & Investment Corporation umbrella, and its deal pattern shows it deploying both as an LP into specialized biotech vehicles and as a direct co-investor in growth-stage deep-tech rounds.