What INCE Capital does

INCE Capital is a global venture capital firm founded in 2019 by a group of partners including JP Gan, Steven Hu, Stella Zhou, and Paul Keung, focused on early to expansion-stage investments in AI, technology, consumer, and biotech industries. The firm operates as INCE CAPITAL, LTD, with offices in Shanghai, Beijing, and Hong Kong and investment professionals spanning the United States and China, positioning it as a cross-border bridge between U.S. technology innovation and China's consumer market. As of late 2024, INCE manages more than US$1 billion across its fund vehicles, having closed an inaugural fund of over US$350 million in October 2019 and a subsequent fund of approximately US$700 million in January 2022, with capital sourced from university endowments, foundations, family offices, and funds of funds. The investment team comprises four Founding Partners, one Partner (Jireh Li, hired December 2024 for global expansion), and two Principals, supplemented by a Strategic Advisory Board that includes founders and CEOs of Bilibili, Trip.com, Sina Weibo, Sogou, TikTok/Musical.ly, and Dianping.

INCE Capital generates revenue through the standard venture capital model: management fees on committed capital and carried interest on portfolio exits. Pricing and fund terms are not publicly disclosed. The firm does not develop or sell a product of its own; its "products" are its portfolio companies, which span AI foundation models and robotics (Dyna Robotics, X Square Robot, Vbot, PhiGent Robotics), AI consumer applications (Lovart, LiblibAI, Lynksoul, MyShell), AI-driven biotech (Earendil Labs, Bambusa Therapeutics, Avenzo Therapeutics, Allorion Therapeutics), surgical robotics (Ronovo Surgical, Great Robotics), urban air mobility (WEFLY), specialty retail (KK Group), pet technology (Petkit), online education (EEO/ClassIn), and cross-border consumer and logistics plays (iMile, Pebble, Layla.ai). Go-to-market is direct institutional LP outreach for fundraising and direct founder relationship-building for deal flow, with thought-leadership and event presence (CES, JPM Healthcare Conference, AERO ASIA, HiRO workshop) supplementing brand-building. Notable exits and board seats include Trip.com Group (NASDAQ: TCOM, board since 2002), Bilibili (NASDAQ: BILI, board since 2015), Meitu, TUHU Car, and Musical.ly (acquired by ByteDance to become TikTok).

Name

INCE Capital

Legal name

INCE CAPITAL, LTD

Website

https://incecap.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

INCE Capital is a global venture capital firm founded in 2019 managing over US$1 billion, investing across AI, technology, consumer, and biotech from early to expansion stages with cross-border U.S.-China reach and a portfolio of 30+ companies.

Ownership category

akta.pro rank

Product category

Venture Capital Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

akta.pro secondary industry

Education / EdTech Growth Equity (FSANACAL)

Keywords

• Venture capital investing
• Growth equity financing
• Technology sector investments
• Biotech venture funding
• AI startup funding

Headquarters

HQ city

Pudong

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Venture capital fund management: INCE Capital is a venture capital firm managing over US$1 billion in capital; revenue is generated through management fees and carried interest (carried interest/performance fees) on its managed funds backed by endowments, foundations, family offices, and funds of funds.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

INCE Capital is a venture capital firm that invests in early to expansion-stage companies across AI, technology, consumer, and biotech sectors. The firm manages over US$1 billion in capital commitments from university endowments, foundations, family offices, and funds of funds, and supports portfolio founders with cross-border U.S./China operational expertise.

Product overview

INCE Capital is a global venture capital firm, not a software product company. Founded in 2019 and managing over US$1 billion in venture capital funds, INCE invests in early to expansion-stage companies that spearhead innovation in AI, technology, consumer, and biotech industries. The firm has investment professionals spanning the U.S. and China, with an investor base of leading university endowments, foundations, family offices, and funds of funds. Their portfolio is organized into four sectors — Technology, Consumer, and Biotech — and includes AI and robotics companies (Dyna Robotics, Lovart, Vbot, MyShell, LiblibAI, PhiGent Robotics), biotech firms (Earendil Labs, Bambusa Therapeutics, Avenzo Therapeutics, Allorion Therapeutics), surgical robotics (Ronovo Surgical, Great Robotics), urban air mobility (WEFLY), electric RV (Pebble), e-commerce logistics (iMile), specialty retail (KK Group), pet tech (Petkit), online education (EEO/ClassIn), AI virtual companion (Lynksoul), and Web3/crypto companies (Bubblemaps, UXLINK, Cyber), among others.

Differentiator

Problem solved

Functional benefit

Products and services

• INCE Capital Fund I (inaugural fund) INCE Capital's first venture capital fund raised from institutional LPs including university endowments, foundations, family offices, and funds of funds; deployed into early to expansion-stage AI, technology, consumer, and biotech companies.
• INCE Capital Fund II (latest fund) INCE Capital's second and largest venture capital fund to date, expanded in size versus Fund I, and used to continue backing early to expansion-stage AI, technology, consumer, and biotech companies globally.
• INCE Capital venture capital management services Ongoing venture capital fund management and portfolio support services, including deal sourcing, capital deployment, board representation, mentorship, and follow-on financing for portfolio companies led by category-defining founders.

Quantifiable outcome

• Over US$1 billion in assets under management across managed funds
• +3 more outcomes

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and flagship.

• HiRO (Harvest Integrated Research Organization)coreStrategic or Co-development Partner · 3 March 2026INCE Capital participated as a panel investor at HiRO's workshop on navigating Asian VC investment mandates at the 44th Annual J.P. Morgan Healthcare Conference in San Francisco (March 2026), alongside VMS Group and LongRiver Investments, discussing emerging trends including the NewCo model for biotech development.
• Bambusa Therapeutics (JPM Healthcare Conference)flagshipStrategic or Co-development Partner · 13 January 2026INCE Capital portfolio company Bambusa Therapeutics (clinical-stage biotech) was invited to present at the 44th Annual J.P. Morgan Healthcare Conference in San Francisco (January 13, 2026). Dr. Shanshan Xu (Founder/CEO) presented on Bambusa's progress across multiple clinical and preclinical bispecific antibody programs (BBT001-004) in type 2 inflammatory diseases.
• Strategic Advisory Board (Bilibili, Trip.com, Sina Weibo, Sogou, TikTok/Musical.ly, Dianping, Global Data Solutions, On Group, Chicago Booth)flagshipStrategic or Co-development PartnerINCE Capital's Strategic Advisory Board includes: Rui Chen (Chairman & CEO, Bilibili); William Huang (Founder/Chairman/CEO, Global Data Solutions Limited); Steven Neil Kaplan (Neubauer Family Distinguished Service Professor, University of Chicago Booth); James Liang (Co-founder/Chairman, Trip.com Group); Jane Sun (CEO, Trip.com Group); Gaofei Wang (CEO, Sina Weibo); Xiaochuan Wang (Former CEO, Sogou); Louis Yang (Founder, Musical.ly/TikTok); Jiahui Yin (COO, On Group); Tao Zhang (Founder, Dianping.com).

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Qiming Venture Partners: Qiming is INCE's most direct peer — both are China-focused early-to-growth VCs with overlapping theses (consumer, tech, healthcare). Three of INCE's four founding partners (JP Gan, Steven Hu, Stella Zhou, Paul Keung) are Qiming alumni, making the firms operationally and culturally highly comparable.
• Sequoia Capital China (HongShan): Sequoia China is a leading early-to-growth VC with similar thesis coverage (AI, consumer, biotech) and similar co-investor overlap (joint-led LiblibAI's $130M Series B with INCE). Both firms operate a strong founder-network-driven franchise and are top-tier brand names among Chinese founders.
• Source Code Capital: Source Code is a Beijing-based early-stage VC focused on enterprise software, AI, and consumer tech. Jireh Li joined INCE from Source Code as Partner, indicating deep personnel overlap. Both firms serve overlapping founder communities and LP bases in China's tech ecosystem.
• Shunwei Capital: Shunwei is a China-focused early-to-growth VC with strong consumer internet and AI coverage. Both firms co-invested in LiblibAI's $130M Series B and prior rounds, and Shunwei's portfolio overlaps with INCE's consumer and AI thesis (Petkit co-investor history).
• ZhenFund: ZhenFund is a leading China/US cross-border seed-to-Series A VC with strong consumer and AI coverage. Both firms serve early-stage founders in the Chinese tech ecosystem with comparable ticket sizes and brand recognition.
• 5Y Capital (formerly Morningside Venture Capital): 5Y Capital is an established China VC with broad tech and consumer coverage. Both firms are similar in size and stage focus, and have historically competed for top-tier Chinese founder deals.
• Matrixpartners China: Matrixpartners China is a leading early-to-growth China VC with overlapping coverage of AI, consumer, and enterprise software. Both firms target institutional LPs and compete for the same founder pool in tier-1 Chinese tech hubs.
• Primavera Capital: Primavera is a China-focused growth investor with both PE and VC exposure. Both firms co-invested in VAST's $200M Series A+ (Primavera alongside INCE), and overlap on consumer, tech, and healthcare thesis coverage.

Broad incumbents

• Hillhouse Capital: Hillhouse is a broader China/Asia asset manager with significant venture and growth exposure across consumer, healthcare, and tech — overlapping with INCE's consumer and biotech coverage. Hillhouse/Pfizer's Biotech Development Fund co-invested in Earendil Labs alongside INCE.
• IDG Capital: IDG Capital is a long-established China-focused VC with broad tech and consumer coverage across stages. As one of the largest China VC franchises, it competes with INCE for top-tier founder relationships and institutional LP capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/incecapital
• LinkedInlinkedin.com/company/incecap

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments72 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INCE Capital