Source Code Capital

Source Code Capital is a venture capital fund founded and led by Cao Yi, positioning itself for long-horizon growth investing with a 25-year fund structure and a deliberately reduced scale — its latest dual-currency fund closed at $600 million in late 2025, down from the $1 billion and RMB 7 billion it raised in 2021 . The firm is making an active "strategic choice" to trade AUM expansion for quality and hit rate, as Cao Yi put it in the fundraising announcement . Its portfolio spans the full AI chain: semiconductor materials and chip designers like Yiswei Materials and Biren Technology, robotics including Unitree and Galaxy General, and model-layer bets such as Moonshot AI (Kimi) — roughly 20 companies as of early 2026 . Source Code Rhythm, an independently operated early-stage fund led by Yungang Huang, has split off to focus on classic seed and Series A investing, leaving the flagship to concentrate on growth rounds . The firm turned ten in 2024, an anniversary its partners marked with a 4,000-word letter pledging to "keep running the long race" .