Yungang Huang
黄云刚
Yungang Huang is a venture capitalist who founded and runs Source Code Rhythm, an early-stage fund that spun out from Source Code Capital in 2024 . He previously spent years as a partner at Source Code Capital and before that at Matrix Partners China, with earlier experience at Tencent HR .
His investment track record includes Moonshot AI (Kimi), Unitree Technology, and Galaxy General among others . In March 2026, Source Code Rhythm closed its debut fund at over $150 million, exceeding its target, with backers ranging from Middle East sovereign wealth to global family offices; the firm has also begun raising a RMB fund .
Huang describes Source Code Rhythm's focus as AI infrastructure and applications, robotics and hardware, and globalization—what he terms "structural opportunities driven by technology" . The fund's first checks went to NuoYin Intelligence, a home-focused embodied AI startup, and Kitar, a Southeast Asian secondhand e-commerce platform using AI to restructure operations .
As 暗涌Waves reported, Huang frames the spinout as "an active transformation amid great change," returning to a smaller, more nimble team model to compete in an environment where dollar VC has rapidly converged on AI and globalization . In an elsewhere interview published early 2026, he described his own ambition plainly: to become "the best investor in this industry" .
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Coverage
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·Yungang Huang, Source Code Rhythm: My Aksu
"West Lake is so beautiful, I want to jump right in."
elsewhere别处发生·Vol.003 | In Conversation with Huang Yungang: From Moving Bricks in Xinjiang to VC — My Folded Life
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·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·Four years after its last close, Source Code Capital has raised another fund.
Dual-currency, $600 million.
暗涌Waves·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·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·200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
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·From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
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