Yungang Huang
黄云刚
Yungang Huang is a managing partner at Source Code Capital who spun out and independently operates Source Code Rhythm, an early-stage venture fund he founded in 2024 . The fund closed its first USD fund in March 2026 at over $150 million, exceeding its target, with LPs including Middle Eastern sovereign wealth funds, global fund-of-funds, and family offices . Source Code Rhythm focuses on AI infrastructure and applications, robotics and hardware, and globalization .
Huang's investment track record includes Moonshot AI (Kimi), Unitree Technology, Galaxy General, Sand.AI, and Step Healthcare, as well as earlier bets like Kuaidi Didi and RELX . He previously worked at Tencent's HR department during college, then joined Matrix Partners China before Source Code Capital . In a 2026 elsewhere podcast, he described his ambition to become "the best investor in this industry" — an uncharacteristically bold statement from someone colleagues describe as having unusually low "sense of deservingness" and a quiet, listening presence .
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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·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·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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