Linear Capital
Linear Capital is a Shanghai-headquartered frontier technology venture capital firm founded in 2014, managing 10 funds with $2B+ AUM across 170+ portfolio companies spanning AI software, AI hardware/embodied intelligence, and AI for science, with investments led from angel to Series A.
- Company typePrivate
- Founded2014
- HeadquartersShanghai, China
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Linear Capital does
Linear Capital (线性资本) is a Shanghai-headquartered frontier technology venture capital fund manager founded in 2014 by Harry Wang, Facebook's first Chinese R&D manager. The firm manages 10 funds with combined assets under management of approximately US$2 billion (also referenced as over 14 billion RMB), and has supported more than 170 portfolio companies since inception with a combined portfolio valuation of approximately US$30 billion. The firm operates from a Shanghai headquarters in the Changning district and a Hong Kong regional office at Champion Tower in Central, with portfolio companies spanning China, Switzerland, Singapore, the United States, Canada, and Europe.
The firm's investment thesis targets frontier technology applications across three core verticals: AI software and applications (enterprise SaaS, generative AI, AI agents), AI hardware and embodied intelligence (humanoid robots, autonomous driving, AR/MR glasses, eVTOL, AI chips), and AI for science and manufacturing (energy, materials, chemistry, biotech). Linear Capital typically leads investments from angel to Series A stages with standard commitments of US$1-10 million per project, taking first-institutional-investor positions in technical founders and providing hands-on operational support across hiring, customer acquisition, supply chain, and investor relations. Notable outcomes include Horizon Robotics (9660.HK IPO, first institutional investor since 2015), EHang (NASDAQ: EH IPO), Manycore Tech (HKEX listing after 14-year partnership), RIVR (acquired by Amazon), and continuous follow-on participation in category leaders such as TARS (~$577M across three rounds), D-Robotics ($270M Series B total), Whale (Series C1/C2), and Deep Principle.
Revenue derives from standard VC fund management fees on AUM across 10 fund vintages and carried interest on portfolio exits. The investment team of 9 (led by Founder/CEO Harry Wang, Partners Neil Zeng and Jun Yang, Managing Director Can Zheng, Executive Director Zeren Bai, plus senior principals and analysts) is complemented by a 9-person operations team (led by COO/CFO Ben Li), with team pedigree spanning Facebook, Google, Goldman Sachs, Morgan Stanley, Tencent Cloud, Dada Group, and top global universities including Stanford, CMU, Cambridge, and Tsinghua. The firm was recognized in 2025 by Zero2IPO as a Top 10 Early-Stage Investment Firm in China and by 36Kr as Most Influential Early-Stage VC, with Harry Wang named among Caijing's Top 50 Chinese Global Venture Capitalists.
Linear Capital firmographics
Firmographics- Name
- Linear Capital
- Legal name
- Linear Capital
- Website
- https://linear.vc
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Linear Capital is a Shanghai-headquartered frontier technology venture capital firm founded in 2014, managing 10 funds with $2B+ AUM across 170+ portfolio companies spanning AI software, AI hardware/embodied intelligence, and AI for science, with investments led from angel to Series A.
- Ownership category
- akta.pro rank
Linear Capital industry classification
Industry- Product category
- Venture Capital Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)
Keywords
Where Linear Capital is headquartered
LocationHeadquarters
- HQ city
- Shanghai
- HQ country
- China
- HQ region
- Asia
Offices2 records
Markets served
Linear Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Fund Management Fees: Recurring management fees on AUM across 10 funds (~$2B+ AUM, equivalent to >14 billion RMB). Standard VC fund structure with periodic management fees charged on committed/invested capital across multiple fund vintages since 2014.
- Carried Interest on Portfolio Exits: Performance-based economics from successful exits across 170+ portfolio companies with combined $30B+ valuation. Portfolio outcomes include Horizon Robotics (9660.HK IPO), EHang (NASDAQ: EH IPO), Manycore Tech HKEX listing, RIVR acquisition by Amazon, plus numerous follow-on rounds (TARS $455M Pre-A, D-Robotics $270M total Series B, Whale $60M+ Series C).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Angel to Series A lead investments: $1M-$10M per project |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
Linear Capital product offering
Product offeringCore offering
Linear Capital is a frontier technology venture capital fund manager founded in 2014 that manages 10 funds with combined AUM exceeding US$2 billion. The firm provides first institutional capital and lead investment of US$1-10 million per project to early-stage (angel to Series A) frontier tech startups across AI software, AI hardware and embodied intelligence, and AI for science and manufacturing. In addition to capital, Linear Capital offers hands-on operational support covering hiring, customer acquisition, supply chain, and investor relations to portfolio founders.
Product overview
Linear Capital is a frontier technology venture capital fund founded in 2014 by Harry Wang, not a traditional software product company. Its core offering is its portfolio of 10 venture capital funds (total AUM over $2 billion) that lead early-stage (angel to Series A) investments of $1 million to $10 million per project into frontier tech startups, alongside complementary communications products: the Quarterly Newsletter publication that shares portfolio performance and market insights, and the public News & Portfolio Updates feed covering investment activity and portfolio company milestones. Together these form Linear Capital's service offering — providing capital, industry resources, and ongoing engagement to early-stage frontier tech founders globally.
Differentiator
Problem solved
Functional benefit
Products and services
- Linear Capital Frontier Tech Funds Linear Capital manages 10 frontier tech venture capital funds with total AUM exceeding US$2 billion, focused on early-stage investments (angel to Series A) with typical commitments of US$1 million to US$10 million per project across AI software, AI hardware & embodied intelligence, and AI for science sectors.
- Linear Capital Quarterly Newsletter Regular quarterly publication distributed by Linear Capital covering portfolio performance, investment activity, and frontier technology market insights. Available as PDF downloads from the Linear Capital website, distributed via Feishu subscription form.
- Linear Capital News & Portfolio Updates Public news section on the Linear Capital website providing updates on investment activities, market engagements, media presence, and selected milestones from portfolio companies including technology breakthroughs, business expansion, and financing events.
Quantifiable outcome
- 170+ portfolio companies supported since 2014
- +7 more outcomes
Companies that use Linear Capital
Customer profileNamed customers14 records
Segments5 records
Ideal customer profiles5 records
Linear Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Linear Capital partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights6 records
Linear Capital competitors and assessment
Company assessmentDirect peers
- Hillhouse Capital (Hongshan): One of China's largest and most established venture capital and growth equity firms. Frequent co-investor with Linear Capital across frontier tech deals (TARS, D-Robotics, SynapX, Whale) and a direct competitor for early-stage Chinese frontier tech deals.
- Sequoia China (Hongshan): Major Chinese VC firm (formerly Sequoia China, now operating as Hongshan after separation from Sequoia). Co-investor with Linear on Wujie Power, Anyverse, OdyssLife and others; directly competes for early-stage frontier tech leads.
- ZhenFund: Early-stage Chinese venture firm founded by Bob Xu and Victor Wang focused on tech-enabled startups. Directly comparable to Linear Capital in stage focus (angel/seed), Chinese frontier tech orientation, and founder-led community-driven deal flow.
- Matrix Partners China: Early- to growth-stage Chinese venture firm focused on technology and consumer sectors. Competes with Linear Capital for early-stage frontier tech deals in China and runs similar angel-to-Series A lead investment strategy.
- Sinovation Ventures: China-based technology venture capital firm founded by Kai-Fu Lee focused on AI and deep tech investments. Directly comparable to Linear Capital in frontier tech/AI specialization, technical founder focus, and early-stage lead investing strategy.
- Shunwei Capital: Xiaomi-affiliated venture capital firm focused on early- to growth-stage technology investments, particularly in AI, hardware, and IoT. Frequent co-investor with Linear on SynapX and other frontier tech/embodied AI deals; competes for hardware-heavy early-stage bets.
- GL Ventures: Hong Kong-based venture firm affiliated with Hillhouse focused on early- and growth-stage investments in China and globally. Co-investor with Linear on Dealism and Whale; competes for similar early-stage frontier tech deals.
- BAI Capital: Early- and growth-stage Chinese venture firm with focus on tech and consumer sectors. Directly comparable to Linear Capital in early-stage Chinese tech investing and runs similar angel-to-Series A programs; Han Fang (Linear's Head of Marketing) previously held brand role there.
Broad incumbents
- IDG Capital: One of the largest and oldest venture capital firms in China, with a broad portfolio across stages and sectors. Comparable to Linear Capital in frontier tech investing but operates at much larger AUM scale with both early- and late-stage mandates.
- Prosperity7 Ventures: Saudi Aramco's venture capital arm investing globally in transformative technology. Co-investor with Linear Capital on Digua Robotics Series B2 and Hyperview; operates as a strategic LP-style investor in frontier tech with broader geographic and sector mandate.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Linear Capital social profiles
Digital presenceLinear Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Linear Capital leadership team
Management profileNumber of profiles
Profiles9 records
Linear Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
Linear Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Linear Capital M&A and investment
M&A and investmentM&A
Investments100 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Linear Capital
What does Linear Capital do?
Linear Capital is a frontier technology venture capital fund manager founded in 2014 that manages 10 funds with combined AUM exceeding US$2 billion. The firm provides first institutional capital and lead investment of US$1-10 million per project to early-stage (angel to Series A) frontier tech startups across AI software, AI hardware and embodied intelligence, and AI for science and manufacturing. In addition to capital, Linear Capital offers hands-on operational support covering hiring, customer acquisition, supply chain, and investor relations to portfolio founders.
Is Linear Capital a public or private company?
Linear Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Linear Capital founded?
Linear Capital was founded in 2014. It employs 11 to 50 people.
Where is Linear Capital based?
Linear Capital is headquartered in Shanghai, China, in the Asia region.
How does Linear Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest on Portfolio Exits.
Who are Linear Capital's main competitors?
Direct peers on record are Hillhouse Capital (Hongshan), Sequoia China (Hongshan), ZhenFund, Matrix Partners China, Sinovation Ventures, Shunwei Capital, GL Ventures and BAI Capital. Broad incumbents are IDG Capital and Prosperity7 Ventures.
Does Linear Capital have an API?
No public API is recorded for Linear Capital.
What industry is Linear Capital in?
Linear Capital's product category is Venture Capital Fund Management. Its primary akta.pro industry code is FSANAAAJ, Venture Capital Fund-of-Funds / Multi-Manager Platforms. Its NAICS code is 523940 and its SIC code is 6282.