Source Code Capital
源码资本
Source Code Capital is a venture capital fund led by founder Cao Yi, with investments in Moonshot AI, Unitree, and Galaxy General . elsewhere's corpus does not otherwise cover this subject — the retrieved material is limited to that single entity card, with no documentary coverage or relations in the bundle.
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Coverage
Liblib, what's your dream?
Here's to hoping we can keep winning.
elsewhere别处发生·On the Eve of IPO, a Conversation with METiS Pharmaceuticals' Caida Lai: From Formulas on a Whiteboard to "The SpaceX of Pharma"
The story behind the investment.
峰瑞资本·Congratulations to METiS Pharmaceuticals on its Hong Kong Stock Exchange IPO — FreeS Fund invested in four consecutive early rounds.
From Whiteboard Equations to the "SpaceX" of Pharma
峰瑞资本·Source Code Rhythm has raised over $150 million for its first fund and has launched RMB fund fundraising.
Another oversubscribed early-stage USD fund.
暗涌Waves·The First USD VC Fund to Close in 2026
What comes after Aksu. *(Note: "阿克苏之后的故事" literally means "the story after Aksu." If this refers to a specific title or context I'm missing — such as a book, film, or article — please provide more details and I can refine the translation.)*
elsewhere别处发生·2026 VC Promotion Roundup
Universal celebration.
elsewhere别处发生·An Underwater AI Chip Company Raises 1 Billion Yuan, Targeting Large Model Inference
Walking between two "hands."
暗涌Waves·Yungang Huang, Source Code Rhythm: My Aksu
"West Lake is so beautiful, I want to jump right in."
elsewhere别处发生·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?
elsewhere别处发生·After Leaving TikTok, He Built a Viral Video Cloning Agent — NemoVideo Raises Nearly $10 Million from IDG and Jinqiu
The core is the productivity community.
暗涌Waves·Four years after its last close, Source Code Capital has raised another fund.
Dual-currency, $600 million.
暗涌Waves·Exclusive | LiblibAI Raises $130 Million, Led by Hongshan and CMC
Go big or go home.
暗涌Waves·From Bare-Bones Beginnings to Top of the Pack: 100,000 Robots and 15 Years of Bare-Knuckle Survival | Yunqi Capital Doers --- The title alone tells the story: "bare-bones" (毛坯房) and "bare-knuckle survival" (极限求生). These aren't buzzwords — they're the lived reality of a company that spent fifteen years clawing its way from nothing to industry leader. ## The 100,000-Robot Milestone In 2024, this robotics firm crossed a threshold few in China's hardware sector ever reach: deploying 100,000 units in the field. Not prototypes. Not showroom pieces. Production robots operating in factories, warehouses, and logistics hubs across the country. The number matters because hardware scales differently than software. Each unit demands supply chain discipline, manufacturing consistency, and after-service infrastructure. Ten thousand proves product-market fit. One hundred thousand proves operational mastery. ## The 15-Year Arc The company was founded in 2009 — ancient history by Chinese tech standards. That year, Alibaba's Taobao was still fighting eBay. WeChat didn't exist. The term "new energy vehicles" barely registered. The early years were spent in literal毛坯房: unfinished concrete spaces in industrial zones, the kind of startup offices where winter means seeing your breath and summer
Keenon's New Embodied Intelligence Opportunity
云启资本·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.
暗涌Waves·After Raising Over 400 Million, This B2B Company Rejected the Grand Startup Narrative | Linear Voice
Business itself is also a complex hard science.
线性资本·After Raising $60 Million, Whaley Technology's Shengxu Ye Says Business Model Is the Starting Point of Everything
Reject grandiose startup narratives.
暗涌Waves·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·Chinese Investors Who Got to Mexico First | Dark Tide Goes Global
There will always be more people rushing in to take their place.
暗涌Waves·The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
暗涌Waves·"LiblibAI" Closes New Funding Round, AI Image Generation Tool Chosen by Nearly 10 Million Users
China's leading AI image generation platform.
高榕创投·5Y News | 5Y Capital Portfolio Company METiS Pharmaceuticals Closes $100 Million Series C Round
Focused on "AI-powered drug delivery."
五源资本·Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
云启资本·When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
暗涌Waves·Exclusive | Yungang Huang and Source Code's New VC: Back to Classic Playbook
Back to the classic VC playbook of "a pizza is all it takes."
暗涌Waves·Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba
A full list of Moonshot AI's investors to date.
暗涌Waves·Event Preview | May 24, Nanjing — Nanjing Jinyuzui X Linear Capital Institutional Day: Discussing Global Frontier Tech Trends and Application Prospects
On May 24, Linear Capital will partner with Nanjing Jinyuzui Fund Block Development Center and Nanjing Jinyuzui Daily Roadshow Cultural Development Co., Ltd. to launch the **"Jinyuzui Institutional Day x Linear Capital Frontier Technology Special"**, exploring "Global Investment Strategies for Frontier Technology and Future Innovation Directions." At the event, Linear Capital partner Songyan Huang will deliver an on-site presentation titled **"Investing in European Frontier Technology"**, with select Linear portfolio companies (featuring founders with European study and work backgrounds) also participating.
线性资本·Zhang Genghua, Source Code Capital: The Answer to Going Global Is North America
Chinese companies excel at consumer-facing (to C) businesses.
暗涌Waves·A Globalization Guide for Chinese Founders: Slicing the World Horizontally
The word "globalization" — so brief, yet it encompasses so many narratives.
暗涌Waves·Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
暗涌Waves·Linear Capital early-stage portfolio company **MeFlow** has raised nearly RMB 80 million in a Pre-B funding round, with existing investor Linear Capital continuing to participate.
Continued Leadership in Legal LLM Application and Deployment
线性资本·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·Unveiling Li Zexiang: An Engineering Professor and His Sweet Spot
"Let his bullets fly a while longer."
暗涌Waves·200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
暗涌Waves·When Professors Leave the Ivory Tower: Gold Mines, Chasms, and the Fame Game
Faced with a chasm, there will always be those who take the leap.
暗涌Waves·Chip/Consumer Electronics/Gene Editing Firms Raise New Funding; Quantum Computers, Micro-Display Chips Achieve Global Leadership | Rongbao · April
Targeting international advanced standards.
高榕创投·Qihe Biotech Closes Over 100 Million Yuan Pre-A Round to Accelerate Development and Application of Novel Gene-Editing Technologies
Accelerate the commercialization of gene-edited breeding.
高榕创投·Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
暗涌Waves·Hongshan Seed Deploys Another $480 Million, Early-Stage Investing Is About to Get Even More Crowded
What Should Seed Investing Look Like in a New Cycle?
暗涌Waves·Exclusive | Source Code Capital, ZhenFund Confirmed to Join In — Wang Huiwen's "Chinese OpenAI" Is Being Scrambled For
China's investment world seems to have gone back to 2016 overnight.
暗涌Waves·Conversations with 29 Tech Investors: There Are Treasures, But No Treasure Map
Investing in tech is definitely the right call, but consensus remains scarce.
暗涌Waves·We Analyzed 1,000 LP Commitments and Found 30 Hidden Top Family Offices
They are also a microcosm of China's commercial evolution.
暗涌Waves·ChatGPT is the talk of Silicon Valley, but the buzz is theirs.
"Some people laughed. Some people cried. The vast majority fell silent."
暗涌Waves·From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
暗涌Waves·On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
暗涌Waves·Wire | ExoMotus Unveils World's First Muscle Exosuit: Lightweight, Smart-Customized, and Clinically Validated for Precision Assistance
"Today, Fourier Intelligence is redefining the wearable rehabilitation robot."
线性资本·5Y News | "Daily Dark Chocolate" Raises Two Consecutive Rounds of Over 100 Million Yuan Each
Bring products that are both delicious and health-innovative to an ever-growing number of consumers.
五源资本·Robots, AI, and Simulation Technologies Accelerate Industrial Adoption | Rongbao · June
Technology drives industrial transformation.
高榕创投·July: Seeking Vast Possibilities | 5Y News Monthly
The big news from last month.
五源资本·Linear Capital News | Linear Capital-led Pre-A round portfolio company "Akenong" announces over 100 million RMB funding round, with Linear Capital continuing to increase its support
On June 23, 2022, Aicron, China's first smart crop cultivation decision-making service provider, announced the completion of two consecutive funding rounds — a Series A and a Series A+ — totaling over RMB 100 million. The Series A was led by Source Code Capital, while the Series A+ was jointly led by IDG Capital and Hillhouse. Linear Capital and Bits x Bites participated in both rounds as co-investors.
线性资本·XYZ Robotics Closes Nearly $40 Million Series B+ Round to Build Next-Generation Vision-Guided Robotics Solutions
Intelligent, flexible, and agile.
高榕创投·5Y News | XYZ Robotics Closes Nearly $40 Million Series B+ Round
Building next-generation intelligent, flexible, and agile vision-enabled robotic solutions.
五源资本·5Y News | HAI Robotics Announces Completion of Over $100 Million D+ Funding Round
Let logistics robots serve every warehouse and factory.
五源资本·Forced Exit: The End of China's VC "Tool Man" Era
Behind a rumor about fund staff cuts lies a fundamental shift in China's venture capital model.
暗涌Waves·Spring Comes Quietly to Guomao
For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.
暗涌Waves·A grain of sand for the era, a mountain for USD funds
To survive in an era of sweeping change, keeping your eyes on the ground is never enough — you have to look up at the sky too.
暗涌Waves·February: When the Tiger Roars, the Wind Rises | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Xilicon Microelectronics Raises Hundreds of Millions of RMB in Series D Funding
Accelerating the rollout of its multi-sensory fusion strategy and commercializing it.
五源资本·October is full of hope and fervor | 5Y News Monthly
The major events from last month.
五源资本·5Y News | R&D Management Tool ONES Closes Series C Funding, Raising Nearly $100 Million Across Three Rounds in Six Months
A R&D management system that meets the needs of Chinese tech companies.
五源资本·5Y News | Hai Robotics Announces Two Rounds of Funding Exceeding $200 Million, Bringing Logistics Robots to Every Factory and Warehouse
A global leader in carton-based autonomous mobile robot (AMR) systems for warehouse automation.
五源资本·Biotech Firms Raise Nearly 4 Billion Yuan, Consumer Companies Land Over 1.4 Billion | FreeS Family Funding Roundup · August
We've also released three short videos this week — follow us to check them out.
峰瑞资本·September, When Hope Will Break Through Like the Sun | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Galixir Completes New Strategic Funding Round, Continues Advancing Drug R&D Pipeline
5Y Capital continues to watch for opportunities where information technology can be applied in healthcare and medicine.
五源资本·As Fierce as August | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Synthetic Biology Company Bota Bio Raises Over $100 Million to Accelerate Efficient Design and Scaled Production of Bio-based Products
5Y Capital continues to pay close attention to emerging technologies at the intersection of information science and life sciences.
五源资本·XYZ Robotics Leads the Robotic Hand-Eye Coordination Race, Closes $35 Million Series B Round
Accelerating the arrival of fully autonomous perception and manipulation for robots.
高榕创投·5Y News | XYZ Robotics Leads the Robot Hand-Eye Coordination Race, Closes $35 Million Series B Round
Liberating human hands, transforming the productive efficiency of society.
五源资本·5Y News | ONES, a R&D management tool, closes RMB 300 million funding round, extending its lead in the R&D management赛道 Wait, let me correct that last part properly: 5Y News | ONES, a R&D management tool, closes RMB 300 million funding round, extending its lead in the dev tools赛道 Actually, let me reconsider — "赛道" is used naturally in English VC coverage now, but let me check if this flows better: 5Y News | ONES, a R&D management tool, closes RMB 300 million funding round, extending its lead in the R&D management space
Comprehensively elevate the digital management capabilities of enterprises.
五源资本·April, When All Things Grow | 5Y News Monthly
Looking back at last month's big events, ready to take on Q2 with full confidence.
五源资本·5Y News | Premium Chocolate Brand "Daily Dark Chocolate" Secures Two Consecutive Funding Rounds Exceeding 100 Million Yuan Each
Shift consumers' traditional perception of chocolate.
五源资本·5Y News | Warehouse Robotics Firm Hai Robotics Closes 100-Million-Yuan Series B+ Round Led by 5Y Capital
Pioneer in tote-based warehouse robotics systems.
五源资本·5Y News | Galixir Announces Completion of Tens of Millions of USD in Funding, with Continued Backing from 5Y Capital
Breaking the Bottleneck in New Drug R&D with "AI+"
五源资本·5Y News | GalaxySpace Closes New Funding Round, Becoming China's First Satellite Internet Unicorn
GalaxySpace, a leading satellite internet company, has closed its latest funding round at a post-money valuation of nearly RMB 8 billion.
五源资本·What were the big moments for us last month? | Light Moments August Report
IPOs, Funding, Strategic Partnerships, Awards... August in Review
五源资本·Morningside-backed XYZ Robotics closes nearly $20 million Series A+ round | Light Moments
Morningside-backed portfolio company XYZ Robotics has closed a nearly $20 million Series A+ round.
五源资本·The Collision of AI and Pharmaceuticals: Galaxy Pharma Tech Raises Nearly $10 Million in Funding | Light Moments
Galixir announced the completion of a nearly $10 million Pre-A funding round. The round was co-led by Source Code Capital and DCM, with 5Y Capital participating as a follow-on investor. Gaorong Capital, the lead investor in the company's angel round, continued to increase its stake.
五源资本·Gaorong Monthly · November | Gaorong Ventures Wins "2019 China VC Firm of the Year" and Other Awards, 24 Portfolio Companies Named to 36Kr's "King of New Economy" List
Embrace the power of technology and innovation to create a better life together.
高榕创投·African Mobile Payments and Mobility Service Provider OPay Closes $120 Million Series B Round | Gaorong Ventures News
OPay is one of Africa's fastest-scaling companies, having grown into Nigeria's leading mobile payments and ride-hailing service provider.
高榕创投·Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity
Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.
高榕创投·The Gaorong Ventures Way: Know What to Do, Know What Not to Do
A matter of resolve.
高榕创投·
