Yunfeng Capital
云锋基金
Yunfeng Capital is a Chinese venture capital firm that has been particularly active in technology and AI-related investments. The firm co-led a 1.5 billion yuan Series A+ round in Spirit AI in April 2026 alongside Shunwei Capital , and has made multiple bets in the quantum computing, robotics, and semiconductor sectors — including investments in neutral-atom quantum startup MatriQ's A+ round , D-Robotics across several funding rounds , and general-purpose robotics company Flexiv's $100 million-plus Series B in 2020 . Its portfolio also spans healthcare, where it co-led AXBIO's round with AstraZeneca's CICC healthcare fund , and consumer, where it co-led building-block brand Blokees' 600 million yuan Series B with Legend Capital . Na Li has served as a managing director at the firm since at least 2017 . The firm's activity visible in elsewhere's corpus clusters from 2017 through 2026, with notable concentration in AI infrastructure, embodied intelligence, and hard tech.
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Coverage
D-Robotics Closes $400 Million Series C Round as Linear Capital Doubles Down for the Seventh Consecutive Round | Linear Portfolio
Cumulative shipments of the Sunrise chip have surpassed 8 million units.
Neutral-atom quantum startup MatriQ raises nearly 1 billion yuan in four rounds within a year, achieves whole-machine delivery at over 1,000 qubit scale | Unity Ventures portfolio news
The only neutral-atom quantum computing company in China with the capability to deliver complete quantum computing systems at the kiloqubit scale or above.
Spirit AI's Spirit v1.6 Tops Authoritative Benchmarks, Closes 1.5 Billion Yuan Series A+ Round | Oasis Capital Vitality
Dual Breakthroughs in Technology and Capital
5Y News | D-Robotics Closes $150 Million Series B2 Round
The company's total Series B funding has reached $270 million.
D-Robotics Raises Another $150 Million in Funding, Bringing Series B Total to $270 Million to Accelerate Global Expansion
2025 Performance Achieves a "Triple Jump"
"D-Robotics" Raises Another $150 Million, Linear Capital Continues Backing Every Round | Linear Portfolio
Annual shipments surged 180% year over year.
Wobrain Medical Completes Strategic Funding Round to Accelerate Global Expansion in Neurovascular Medical Technology
Completed a strategic merger to accelerate global expansion.
Spirit AI Closes Nearly 2 Billion Yuan Funding Round! Valuation Exceeds 10 Billion Yuan | Oasis Capital Vitality
Accelerating Machines' Understanding of the Physical World
We Analyzed 1,000 LP Commitments and Found 30 Hidden Top Family Offices
They are also a microcosm of China's commercial evolution.
Multiple Innovative Companies Gain Global Recognition, Breakthroughs Achieved in Computational Biology, LiDAR, and Other Fields | Rongbao · July
Major events in July.
Vitaeon Therapeutics Completes $200 Million Series B Round to Develop Transformative Therapies for Aging-Related Degenerative Diseases
Transforming the treatment paradigm for age-related degenerative diseases, improving quality of life for millions of patients and families worldwide.
July: Seeking Vast Possibilities | 5Y News Monthly
The big news from last month.
5Y News | Axbio Closes Nearly $100M Series B Funding Round
Make faster, more accessible, ultra-low-cost sequencing products available to the life sciences and healthcare industries.
Spring Comes Quietly to Guomao
For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.
Investors in the Wheat Field
A Nerve-Ending-Style Descent into the Investment World: Into the Fields and Countryside.
Photonics technology company **Kunyao Optoelectronics** announced the completion of a nearly RMB 400 million Series B+ funding round, with participation from Source Code Capital.
Dedicated to exploring cutting-edge photonics and optoelectronics, and driving their real-world implementation and innovative applications.
November: Foresight and Boundless Imagination | 5Y News Monthly
The big news from last month.
5Y News | Xpeng Motors announces completion of over $500 million Series A funding round
This marks the largest single funding round to date in Asia's low-altitude manned aircraft sector.
Rongbao · May | Pinduoduo Enters the Era of 800 Million Users, Waterdrop Inc. Debuts on the NYSE
Meeting the needs of China's vast user base for a better life.
Source Code Capital Portfolio Company Blokees Raises 600 Million Yuan in Series B, Existing Investor Source Code Capital Continues to Increase Stake
Build a global children's brand born from China.
Blokees Closes RMB 600 Million Series B, Chinese Original Building-Block Brand Keeps Building Momentum
Build a global children's brand born from Chinese creativity.
Xinhuazhang announced the completion of a Pre-B funding round exceeding 400 million yuan, and will soon release the first-phase research results of EDA 2.0
Boost the overall efficiency of the integrated circuit industry chain to fully underpin future digital development.
The Best Is Always Ahead | 5Y News Monthly
Happy Labor Day!
5Y News | CloudWalk Group Closes $600 Million Series C2 Round to Expand Global Digital Supply Chain Services
A world-class supply chain that belongs to Chinese retail.
Gaorong Bulletin · December | Multiple Gaorong Ventures Portfolio Companies Secure New Funding in Chips, Robotics, AI Drug Discovery, New Brands, and Other Sectors
Stepping into 2021.
General-purpose intelligent robotics company Flexiv completes over $100 million Series B funding round
Gaorong Ventures led the investment in Flexiv in early 2019 and continued to increase its stake in subsequent funding rounds.
Morningside-backed LifeTech Scientific raises over RMB 1.2 billion in new funding round | Light Moments
China's new drug R&D is undergoing a "Cambrian explosion." The industry's underlying infrastructure for pharmaceutical innovation is one of the core sectors we're tracking in healthcare.
Ma Hui Ecosystem in August: Funding, Upgrades, and Honors | Ma Hui Chronicle
**Source Code Capital Chronicle**: A place to record our team's small steps forward, share the joy of growth, and look toward an even brighter future.
ErGeng Closes RMB 100 Million Series B+ Round Led by Source Code Capital, Cementing Its Position as a Short-Video Industry Leader
Today ErGeng announced the completion of a 100 million yuan Series B+ round, led by Yunfeng Capital with participation from Source Code Capital.
