Z&Y Capital

What Z&Y Capital does

Z&Y Capital (卓源亚洲) is a privately held venture capital firm headquartered in Shenzhen, China, specializing in early- to growth-stage investments in artificial intelligence and integrated circuit (semiconductor) companies. Founded on June 15, 2016 by Tsinghua University alumni Lin Haijun (Tsinghua CS PhD, Harvard postdoc, 2020 WEF Global Young Leader), Chen Ji (20+ IPO experiences including four STAR Board listings), and Ma Jun, the firm originated from Tsinghua University's FIT Building 4-204 laboratory and brands itself as a leading "Tsinghua-system" AI and IC investment institution. Its mission is to become a globally leading AI and IC venture capital firm by investing in world-class AI enterprises at their source.

The firm's investment portfolio spans the full AI and semiconductor value chain and includes 60+ companies such as large language models (Baichuan Intelligence 百川智能, RealAI 瑞莱智慧, DataCanvas 九章云极), autonomous driving (Pony.ai 小马智行, valued at $5.3B), edge computing (Jiangxing Intelligence 江行智能), privacy computing and security (RealAI), data infrastructure (DataCanvas, Jiliu Technology 基流科技), robotics (Yuejiang Technology 越疆科技, Realman Intelligent 实在智能), and a deep semiconductor stack covering network switching chips (Zhuanxin Semiconductor 篆芯半导体), power semiconductors (Meipusen Semiconductor 美浦森半导体), IC packaging (Xinde Semiconductor 芯德半导体, Xincheng Semiconductor 芯承半导体), wafer bonding equipment (Xinrui Technology 芯睿科技), overlay metrology (Aierui Microelectronics 埃瑞微半导体), and advanced manufacturing (Lingdong Microelectronics 灵动微电子). Portfolio companies have received third-party validation including Gartner Top 10 Strategic Technology Trends, ACM SIGKDD Startup Research Awards, Nature cover publication, Forrester Now Tech recognition, and GeekPwn championship wins.

Z&Y Capital generates revenue through standard venture capital economics—management fees on committed capital (typically 1.5–2.5% annually) and carried interest on successful portfolio exits. The founding team has cumulatively managed and invested over 3 billion RMB (~US$420M) across its portfolio, supporting a small, specialized team of 1–10 employees based in Shenzhen's Nanshan District. Deal flow is sourced primarily through the Tsinghua University ecosystem (alumni, FIT Lab, and affiliated startups), industry conferences, and direct inbound via a dedicated business plan submission channel. Investments are made across seed, angel, Series A, and later stages, often as a co-investor rather than lead, alongside tier-1 institutional and strategic investors such as Tencent, Alibaba, Xiaomi, Shenzhen Capital, Sequoia, and Lenovo Capital.

Name

Z&Y Capital

Legal name

卓源亚洲 (Zhuoyuan Asia)

Website

https://zycapitalvc.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Z&Y Capital (卓源亚洲) is a Shenzhen-based venture capital firm founded in 2016 by Tsinghua University alumni, investing exclusively in early- to growth-stage Chinese AI and semiconductor companies across a 60+ company portfolio spanning LLMs, autonomous driving, and the full semiconductor value chain.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

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

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital investment
• AI startup funding
• Semiconductor investment
• Early-stage equity
• Growth-stage financing

Headquarters

HQ city

Shenzhen

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. Investment Management / Fund Management: Z&Y Capital generates returns through venture capital investments in AI and semiconductor startups. Revenue is derived from fund management fees and carried interest (performance fees) from successful portfolio company exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Z&Y Capital is a venture capital investment firm that makes direct equity investments in early-stage to growth-stage startups in the artificial intelligence and integrated circuit (semiconductor) sectors. The firm provides growth capital, strategic advisory, ecosystem connections, and talent recruitment support to portfolio companies sourced primarily from the Tsinghua University ecosystem. Returns are generated through fund management fees and carried interest on successful portfolio company exits, with cumulative invested capital exceeding 3 billion RMB across 60+ portfolio companies.

Product overview

Z&Y Capital (卓源亚洲) is a venture capital firm focused on artificial intelligence and integrated circuit investments, not a product or technology company. The firm identifies and invests in AI and semiconductor startups rather than developing or selling technology products. As such, there are no commercial products, modules, or technology offerings to enumerate.

Differentiator

Problem solved

Functional benefit

Products and services

• AI and Semiconductor Venture Capital Equity Investment Direct equity investment service providing growth capital to early-stage and growth-stage startups in artificial intelligence and integrated circuit (semiconductor) sectors. The firm invests at seed, angel, Series A, and later stages, and supports portfolio companies with strategic advisory, talent access, ecosystem connections, and exit planning. Targeted at founders of AI and semiconductor startups, particularly those affiliated with Tsinghua University.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• 采埃孚 (ZF Friedrichshafen AG)coreStrategic or Co-development Partner · 1 April 2021小马智行 (portfolio company) signed a strategic cooperation MOU with ZF, a global automotive components giant. The partnership aims to develop comprehensive autonomous driving solutions for commercial vehicles and smart logistics services.
• 丰田/现代/一汽/广汽 (Toyota/Hyundai/FAW/GAC)coreStrategic or Co-development Partner · 1 April 2021小马智行 (portfolio company) established partnerships with major automotive manufacturers including Toyota, Hyundai, FAW, and GAC for autonomous driving technology development and deployment.
• 本源量子 (Origin Quantum)minorStrategic or Co-development Partner星汉数智 (portfolio company) joined Origin Quantum's industry alliance to explore quantum computing applications in cybersecurity and data analysis.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• ZhenFund (真格基金): One of China's earliest and most active early-stage VC firms with deep founder network roots; comparable to Z&Y Capital in early-stage orientation and broad tech sector coverage including AI, though less focused on semiconductors.
• Source Code Capital (源码资本): Early-to-growth stage Chinese VC focused on technology, including AI and semiconductors; co-invests with Z&Y Capital on rounds like 埃瑞微半导体 and shares similar investment stages and AI/IC sector exposure.
• Linear Venture (线性资本): Early-stage AI-focused Chinese VC with comparable sector specialization to Z&Y Capital, investing in AI infrastructure and applications at similar stages with similar check sizes.
• Sinovation Ventures (创新工场): Tech-focused early-to-growth VC founded by Kai-Fu Lee with significant AI sector expertise and a portfolio overlapping with Z&Y Capital on Chinese AI startups; similar stage orientation but broader sector mandate than Z&Y's AI/IC specialization.
• Lenovo Capital (联想创投): CVC of Lenovo Group with a strong AI, IoT, and semiconductor investment thesis; competes directly with Z&Y Capital in Chinese deep-tech early-stage rounds and shares similar portfolio overlap.

Broad incumbents

• Hillhouse Capital (高瓴资本): Large Chinese investment platform with meaningful AI/semiconductor exposure across public and private markets; competes for AI/IC deals at growth stage where Z&Y Capital also participates.
• Shunwei Capital (顺为资本): Broad tech VC firm affiliated with Xiaomi that co-invested with Z&Y Capital in Baichuan Intelligence; larger AUM and broader sector mandate but active in the same Chinese AI/IC deal flow.
• IDG Capital: One of the largest China-focused tech VCs with broad AI and semiconductor exposure; comparable to Z&Y Capital on deal flow but operates at much greater scale and broader sector mandate.
• Sequoia China (红杉中国): Premier China-focused VC with significant AI/semiconductor exposure and frequent co-investor with Z&Y Capital (e.g., 篆芯半导体, 江行智能); larger, more diversified platform but overlapping on flagship deals.

Regional players

• Zhongguancun Science City VC Ecosystem / Shenzhen Capital (深创投): Shenzhen-based government-affiliated VC platform with deep tech and semiconductor mandate; competes with Z&Y Capital in Shenzhen/Guangdong deal flow and frequently co-invests in Z&Y's portfolio rounds.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments42 records

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

Frequently asked questions about Z&Y Capital