Shanghai Science and Technology Innovation Fund

Shanghai Science and Technology Innovation Fund (上海科创基金) is a Shanghai state-backed investment fund that shows up in elsewhere's corpus mostly as a co-investor in hard-tech rounds. Recent deals it joined include Zenitar's nearly RMB 600 million Series C in January 2026 (co-led by Temasek's Pavilion Capital and Qiming Venture Partners), a RISC-V chipmaker Nuclei System Technology round led by Legend Capital, and — through the IP fund under its parent Shanghai Science and Technology Innovation Group — continued backing of Startorus Fusion's record-setting rounds . Its activity spans semiconductors, EDA software, biotech, and fusion energy, going back at least to Xingji's Series A+ in early 2022 . On the structure behind it: per 暗涌Waves, in April 2024 Shanghai merged its two state investment platforms, with Shanghai International Group (上海国投) taking the top-level role — over RMB 140 billion in assets and RMB 170 billion in fund management — while Shanghai Science and Technology Innovation Group sits underneath it as a second-tier subsidiary focused on early-stage venture and strategic emerging industries .