CM Venture Capital

What CM Venture Capital does

CM Venture Capital is a Shanghai-headquartered venture capital firm founded in 2010 by a multinational team of materials scientists and finance professionals — Dr. Min Zhou (CEO), Dr. Patrick Berbon, and Yijia Hua — that invests exclusively in early-stage hard-tech startups. The firm organizes its investment activities around four explicit verticals: Digital Transformation (DX), Materials Transformation (MX), Energy Transformation (EX), and applied AI+. Target companies are science-driven founders with disruptive technologies backed by strong IP, operating beyond proof-of-concept and capable of cost-effective manufacturing at world-class performance. The firm does not develop or sell a technology product; its core capability is a proprietary four-step investment methodology (Predict, Select, Build, Partner) executed by a technically credentialed team, combined with a curated deal-sourcing database of more than 7,000 companies.

The revenue model follows the standard venture capital structure of management fees (conventionally ~2% of committed capital) and carried interest (conventionally ~20% above the hurdle rate), realized through portfolio exits via IPO, M&A, or secondary transactions. The firm reports deployed capital exceeding $100 million across its portfolio and a lifetime average IRR above 30%; the November 2024 Hong Kong Stock Exchange listing of portfolio company Guofu Hydrogen (stock 2582) returned approximately 6x on CM Venture's investment at an IRR exceeding 40%, validating its follow-on-heavy approach across five consecutive funding rounds from Series A in 2019. Earlier validation includes the 2019 acquisition of portfolio company Zipline Medical by Stryker (NYSE: SYK). The Limited Partner base spans more than ten named multinationals — GE, Samsung, BASF, SABIC, Henkel, Heraeus, Petronas, Mitsubishi Corporation, Yokogawa, Arkema, and Btomorrow Ventures (BAT) — covering corporate VCs, endowments, impact investors, and financial institutions.

Distribution and ecosystem engagement run through direct relationship-based LP outreach and the annual Innovation China Conference co-organized with the Shanghai Strategic Emerging Industries Foundation (SEIF). Recent strategic moves include the May 2025 launch of the Yangpu Green Low-Carbon Industry Innovation Platform with Yangpu District Government, a partnership with MANN+HUMMEL (CTO-led deal evaluation), embedding of portfolio company Enwise into PepsiCo's APAC supply chain, and a May 2026 lead investment in Ola Dimensions (home embodied intelligence). The portfolio of roughly 20+ active companies spans hydrogen energy equipment, CO2 utilization, silicon carbide power devices, conductive materials, AI materials informatics, autonomous vehicles, industrial IoT, drone systems, and water treatment — positioning CM Venture as a bridge between Western hard-tech IP and Chinese industrial scale rather than a China-only or generalist fund.

Name

CM Venture Capital

Legal name

CM Venture LLC

Website

https://cmventure.net

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

CM Venture Capital is a Shanghai-based venture capital firm founded in 2010 that invests in early-stage hard-tech startups across digital transformation, advanced materials, energy transition, and applied AI, serving science-driven founders and institutional LPs.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital services
• Hard tech investment
• Early-stage deep tech
• Materials science funding
• Energy transition investing

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Venture Capital Fund Management: CM Venture Capital generates returns through managing venture funds that invest in early-stage hard-tech companies. Revenue is derived from management fees (typically 2% of committed capital) and carried interest (typically 20% of profits above the hurdle rate). Returns are realized through portfolio company exits via IPO, M&A, or secondary transactions, as evidenced by the successful IPO of portfolio company Guofu Hydrogen on HKEX in November 2024.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

CM Venture Capital is a venture capital firm that invests in early-stage hard-tech startups across four investment focuses: Digital Transformation (DX), Materials Transformation (MX), Energy Transformation (EX), and Applied AI (AI+). The firm manages technology-focused funds, sources deal flow through its proprietary network of 7,000+ companies, and provides portfolio companies with industrial partnerships, talent recruitment, global expansion support, and ecosystem access. It generates returns through management fees and carried interest from LP commitments.

Product overview

CM Venture Capital is a venture capital firm founded in 2010, headquartered in Shanghai, focused on hard tech investments across four strategic verticals: Digital Transformation (DX), Materials Transformation (MX), Energy Transformation (EX), and AI+. The firm does not offer a traditional product or SaaS platform; rather, its 'offering' consists of investment strategies and a portfolio of approximately 30+ portfolio companies spanning advanced materials, hydrogen energy, semiconductors, bioenergy, AI-driven industrial applications, robotics, and digital transformation technologies. Notable portfolio companies include NanoTop (conductive materials), Guofu Hydrogen Energy (hydrogen equipment, HKEX: 2582), Global Power Technology (SiC power devices), Enwise (bioenergy from waste), Econic Technologies (CO2 upcycling), NovoNutrients (protein from CO2), Octadem (portable spectrometers), Prismlab (3D printing), Zenithnano (flexible conductive films), ECHIEV (autonomous vehicles), Tetrels (water treatment), Skysys (drone solutions), Thingple (industrial IoT), INNOAERO (AI copper alloys), and Citrine Informatics (AI materials platform).

Differentiator

Problem solved

Functional benefit

Brands

• Innovation China Conference: Annual conference organized by CM Venture and SEIF Foundation connecting industrial corporations, startups, and investors across Asia and globally
• Green Low-Carbon Industry Innovation Platform

Products and services

• Digital Transformation (DX) Investment Focus CM Venture's investment thesis focused on digital technologies that upgrade industrial systems through software, data, and connectivity, enabling smarter production, more efficient operations, and resilient value chains. Targets startups whose digital capabilities translate into measurable performance gains.
• Materials Transformation (MX) Investment Focus CM Venture's investment thesis covering the materials lifecycle from synthesis and advanced formulations to performance enhancement and circular solutions, backing science-driven innovations that improve efficiency, durability, and sustainability.
• Energy Transformation (EX) Investment Focus CM Venture's investment thesis focused on technologies enabling decarbonization, energy efficiency, and systems-level energy transition spanning generation, storage, fuels, and industrial energy use. Targets solutions that support the move from legacy energy models to scalable, sustainable alternatives.
• AI+ Investment Focus CM Venture's investment thesis focused on AI embedded in real-world industrial applications, enhancing decision-making, automation, and system performance where data, algorithms, and domain expertise combine to deliver tangible operational impact.
• Open Innovation Workshops Structured programs focused on tackling industrial challenges, connecting corporates, researchers, and entrepreneurs to explore new technologies and translate strategic priorities into actionable pilots. Designed for corporate partners and LPs seeking open innovation engagement.
• Closed-Door CVC Ecosystem Events Themed closed-door events hosted by CM Venture Capital bringing together corporates, LPs, startups, and ecosystem players for practical discussions on topics such as Maritime Energy Transformation. Provides a forum for deal sourcing, partnership development, and ecosystem building.

Quantifiable outcome

• Average annual IRR exceeding 30% on total invested capital
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• Shanghai Strategic Emerging Industries Foundation (SEIF)coreStrategic or Co-development Partner · 13 May 2025CM Venture Capital co-organized the 'Innovation China Conference – Evergreen Decarbonization' with SEIF Foundation. CM Venture's CEO Dr Min Zhou serves as Director of SEIF. The conference launched the Yangpu Green Low-Carbon Industry Innovation Platform, a joint initiative between CM Venture and Yangpu District government.
• Yangpu District Government (Shanghai)coreStrategic or Co-development Partner · 13 May 2025CM Venture partnered with Yangpu District Government to launch the 'Yangpu Green Low-Carbon Industry Innovation Platform' at the 12th Innovation China Conference. The platform aims to integrate green technology commercialization, Fortune 500 partnerships, and investment support.
• PepsiCocoreStrategic or Co-development Partner · 2 April 2025CM Venture partnered with PepsiCo on the APAC Greenhouse Program (GHAC), embedding portfolio companies like Enwise into PepsiCo's supply chain for sustainability pilots. Enwise's biogas systems are deployed in PepsiCo factories converting potato waste to clean energy. CM also participated in the PepsiCo Green Accelerator showcase and panel discussions.
• MANN+HUMMELcoreStrategic or Co-development PartnerMANN+HUMMEL (global filtration leader, €4.2B revenue in 2025) partnered with CM Venture Capital through its LP ecosystem to source hard-tech investments in China. The partnership is driven by MANN+HUMMEL's CTO/CDO Charles Vaillant, who actively evaluates CM portfolio companies for strategic fit and commercial deployment.
• Mitsubishi Corporation (Shanghai)coreStrategic or Co-development PartnerMitsubishi Corporation (Shanghai) sponsored the Innovation China Conference and partnered with CM Venture for ecosystem collaboration. CM Venture's CEO Dr Min Zhou delivered a keynote on China innovation and overseas market entry at Yokogawa's 60th anniversary, with Mitsubishi executives present.
• YokogawacoreStrategic or Co-development PartnerYokogawa (global industrial automation company) partnered with CM Venture through ecosystem events. Dr Min Zhou delivered a keynote at Yokogawa's 60th anniversary on materials, AI, and electrification cooperation. Yokogawa's China CEO Koji Komatsu participated in the Innovation China Conference panel.
• ArkemacoreStrategic or Co-development PartnerArkema is listed as an LP and ecosystem partner in CM Venture Capital's network. R&D Director Weiqing Liu participated in the Innovation China Conference panel on emerging climate tech.
• Plug and PlayminorStrategic or Co-development PartnerMANN+HUMMEL partnered with Plug and Play in California to run the InCube startup program, which CM Venture references as part of its corporate-startup collaboration methodology.
• Temasek FoundationminorStrategic or Co-development PartnerTemasek Foundation was a key partner supporting the Innovation China Conference 2025.
• Tencent CarbonX ProgramminorStrategic or Co-development PartnerTencent's CarbonX Program was a key partner for the Innovation China Conference 2025, focused on AI applications in clean energy and decarbonization.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• GGV Capital (Granite Asia): Cross-border tech VC with deep China and US presence investing across enterprise, consumer, and frontier tech at early to growth stages — most directly comparable to CM Venture's China-EU-US hard-tech platform and stage focus.
• SAIF Partners: Pan-Asian growth and early-stage VC headquartered in Hong Kong that co-led alongside CM Venture in Ola Dimensions; comparable stage, China-anchored cross-border investing model with strong corporate LP relationships.
• Yunfeng Capital: Shanghai-based technology VC founded by Jack Ma with broad Chinese tech and enterprise software mandate and corporate-backed LP base — closely comparable in China-anchored deep-tech investing and corporate-startup matchmaking.
• Legend Capital: Beijing-headquartered active VC investing across TMT, deep tech, healthcare, and advanced manufacturing in China — directly comparable early-to-growth stage hard-tech focus with corporate LP relationships.
• Lenovo Capital: Corporate venture arm of Lenovo Group focused on enterprise, AI, semiconductors, and smart devices in China and globally — a corporate CVC peer with a similar sector-specialist hard-tech/AI+ thesis and global footprint.
• Linear Capital: Shanghai-based early-stage VC focused on deep tech, enterprise SaaS, and AI — directly comparable in stage, geography, and applied-AI / industrial-tech thesis.
• ZWC Partners: Shanghai-based early-stage deep-tech VC investing in enterprise, robotics, semiconductors, and advanced materials — closely comparable in Chinese early-stage hard-tech focus and scientist-driven diligence approach.
• Northern Light Venture Capital: Beijing-based early-stage VC with deep-tech and enterprise mandate spanning AI, advanced manufacturing, and clean tech — comparable stage and sector specialization in Chinese hard-tech.

Broad incumbents

• Kleiner Perkins: Established Silicon Valley hard-tech and climate-tech VC with broad sector mandate; comparable as a science-driven deep-tech investor, though at much larger AUM and global scale than CM Venture.
• Lux Capital: US-based science and technology VC investing in deep tech, AI, semiconductors, and advanced materials with PhD-heavy diligence team — analogous scientist-founder DNA but operating at larger fund sizes and primarily US-based.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cmventurecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments25 records

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

Frequently asked questions about CM Venture Capital