Fundraising Fox

Decheng Capital

Venture capitalActively deploying

Menlo Park · Seed–Growth · 16 people tracked

Also known as Decheng Capital China Life Sciences USD · Decheng Capital Global Life Sciences · DECHENG CAPITAL LLC

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Investment thesis

Decheng Capital focuses on the healthcare and life science sectors, backing early-stage life science companies with breakthrough technologies as well as growth-stage healthcare companies that have an established market presence. The firm views the rapid growth of the healthcare industry and advances in life science research as a historic opportunity, and combines capital with strategic support to help build successful companies globally. It draws on a team with complementary expertise and backing from prominent limited partners to create value for both investors and entrepreneurs.

Source: firm website, verified Aug 25, 2026.

Stage
Seed–Growth
HQ
Menlo Park, California, US
Leads rounds
Follows
Instruments
Equity
Founded
2012
Last 12 months
3 investments
AUM
$2.7B
Tracked investments
97

Team · 16 people

from the firm's website & curated & public directories
Qiang Xu· Partnerin
Aaron Li· Principalin
Nick Pliam· Venture Partnerin
Claire Zhang· Senior Associatein
Joan Chen· Vice Presidentin
Michael Notaras· Vice President
Shengyang Jin· Vice Presidentin

What they invest in

from 56 of 97 portfolio companies

Biotech ×43Healthtech ×36Medical Devices ×13AI & Machine Learning ×12Deep Tech ×8Digital Health ×7Advanced Manufacturing ×4Hardware ×4

HQs:United States×28China×5Canada×1

Who they back

founder profiles across 15 portfolio companies
53%
solo founders
8 of 15 mapped founding teams
50%
repeat founders
of 10 founders with career history

Founding team size:solo founder×82 founders×64+ founders×1

Where their founders studiedfrom 10 founders with education data

Harvard University ×2The Johns Hopkins University ×2University of California, Berkeley ×2

Where their founders worked beforefrom 10 founders with career history

Harvard Medical School ×2Stanford University ×2Synthego ×2

Investments · 97 tracked

founders shown can be your intro path

By year:2026 · 32025 · 12024 · 22023 · 22022 · 12021 · 12020 · 12018 · 112 dated

Aardvark Therapeuticsaardvarktherapeutics.cominNASDAQ: AARD✓ verified

Aardvark Therapeutics is a clinical-stage biopharmaceutical company developing small-molecule drugs that inhibit hunger to treat metabolic diseases.

BiotechHealthtechLongevitySan Diego, US

Tien-Li Lee(Executive Officer, Director)Tien Lee(Founder & Chief Executive Officer)Zachary Hornby(Director)Jerel Banks(Director)Henry Ji(Director)Bob Shin(Director)

Co-investorsVickers Venture PartnersLG Technology Ventures

GRAILgrail.comin𝕏NASDAQ: GRALMay 2018

GRAIL develops the Galleri blood test for multi-cancer early detection using next-generation sequencing and machine learning to screen for multiple deadly cancer types before symptoms appear.

AI & Machine LearningBiotechHealthtechMedical DevicesMenlo Park, US

Jeffrey T. Huber(Director)Joshua Ofman, MD, MSHS(Chief Executive Officer)Aaron Freidin(Executive Officer)Josh Ofman(Executive Officer)Robert Ragusa(Executive Officer, Director)Jennifer Cook(Executive Officer, Director)

Board seatMin Cui· per SEC Form D

Co-investorsAmino CapitalARCH Venture PartnersBezos ExpeditionsBluebird VenturesDentsu VenturesFelicis Ventures+8 more

Aadi Bioscienceaadibio.cominNASDAQ: WHWK

Aadi Bioscience develops therapies targeting mTOR-driven diseases using precision medicine and albumin-bound nanoparticle technology, applying genomic profiling to identify patients most likely to benefit from mTOR inhibition.

BiotechHealthtechMorristown, US

Scott Giacobello(Executive Officer)Bryan Ball(Executive Officer)Dave Lennon(Executive Officer, Director)David Dornan(Executive Officer)James Murphy(Executive Officer)Stephen Pakola(Executive Officer)

Co-investors3B Future Health FundAlly Bridge GroupVivo CapitalAvoro VenturesOrbiMed

Adaptive Biotechnologiesadaptivebiotech.comin𝕏NASDAQ: ADPT

Adaptive Biotechnologies applies the genetics of the adaptive immune system to diagnostics and therapeutics, translating immune-system data into clinical insights for clinicians and biopharma companies.

AI & Machine LearningBiotechDigital HealthHealthtechMedical DevicesSeattle, US

Chad Robins(Executive Officer, Director)inHarlan Robins(Executive Officer)inKathleen Determann(Executive Officer)Dean Schorno(Executive Officer)Chris Carlson(Executive Officer)

BoardArnold Levine(Director)

Co-investorsFMG CapitalForesite CapitalKhosla VenturesOrbiMed

CG Oncologycgoncology.comin𝕏NASDAQ: CGON

CG Oncology is a clinical-stage biotechnology company developing bladder-sparing oncolytic immunotherapies for patients with bladder cancer.

BiotechHealthtech

Co-investorsForesite CapitalLongitude CapitalPalm Drive CapitalRA CapitalTCG CrossoverACORN BIOVENTURES+2 more

Health Catalysthealthcatalyst.comin𝕏NASDAQ: HCAT

Health Catalyst provides a data platform, analytics applications, and AI-powered insights that help healthcare organizations improve clinical, financial, and operational performance.

AI & Machine LearningData & InfrastructureDigital Health

Co-investorsEPIC VENTURESFifty YearsKaiser Permanente VenturesNorwest Venture PartnersOSF VenturesTenaya Capital+1 more

Nuvation Bionuvationbio.cominNYSE: NUVB

Nuvation Bio is a global oncology company developing and commercializing novel therapies for difficult-to-treat cancers, targeting indications where conventional treatments have failed.

BiotechHealthtechNew York, US

David Hung(Founder, President & Chief Executive Officer)

Co-investorsAisling CapitalEcoR1 CapitalVertex Ventures ChinaOmega Funds

Scynexisscynexis.comin𝕏NASDAQ: SCYX

SCYNEXIS develops fungerp-based antifungal therapies, including SCY-247, for treating and preventing severe, progressive, and often fatal fungal diseases and antimicrobial-resistant infections.

BiotechDurham, US

Yves J. Ribeill(Executive Officer, Director)Charles F. Osborne, Jr.(Executive Officer)Brian Schwab(Executive Officer)

BoardLaurent Arthaud(Director)Mounia Chaoui(Director)Jean-Yves Nothias(Director)

Co-investorsForesite Capital

Upstream Bioupstreambio.comin𝕏NASDAQ: UPB

Upstream Bio is a clinical-stage biotechnology company developing verekitug, an antagonist that targets the TSLP receptor to inhibit pro-inflammatory signaling.

BiotechHealthtech

Rand Sutherlandin

Co-investorsAccess BiotechnologyBain Capital Life SciencesOrbiMedSamsara BioCapitalTCG CrossoverVenrock Healthcare Capital Partners

Cellarescellares.cominApr 2021✓ verified

Cellares develops automated manufacturing systems and technology platforms to accelerate the production and commercialization of cell therapies.

Advanced ManufacturingBiotechMedical DevicesSouth San Francisco, US

Fabian Gerlinghaus(Co-Founder and Chief Executive Officer)inOmar Kurdi(Co-Founder and President)in

BoardJustin Butler(Director)inVictor Tong(Director)in

Co-investors8VCEcoR1 CapitalIntuitive VenturesKoch Disruptive TechnologiesBaillie GiffordBlackRock+4 more

Healthcare North America Growth Stagesolvetx.comin✓ verified

Solve Therapeutics is a clinical-stage oncology biotech developing antibody-drug conjugates (ADCs) and radiopharmaceuticals for solid tumors, built around its CloakLink hydrophilic cleavable linker platform and an integrated diagnostic for patient selection.

BiotechDeep TechHealthtech

David Johnson(Chief Executive Officer)Clayton Knox(President)Katti Jessen(SVP, Translational Sciences)Yakov Kogan(Head of Operations)Brian Lannutti(Research & Development Leadership)Langdon Miller(Clinical Development Leadership)

Co-investorsMatrix Capital ManagementYosemiteB Capital GroupB4 Capital

Baylor Genetics HoldingsJul 2026

HealthtechHouston, US

Kengo Takishima(Executive Officer, Director)Joel Kaufman(Executive Officer)David Berger(Executive Officer)

BoardVictor Tong(Director)Goki Ishikawa(Director)

Board seatXiangmin Cui· per SEC Form D

Harton, Inc.Jul 2026SEC filingmedium confidence

BiotechMelrose, US

Richard Terry(Executive Officer, Director)Evan Daugharthy(Director)

BoardVictor Tong(Director)

Board seatMin CuiVictor Tong, Jr.· per SEC Form D · $18.1M raise · filed Aug 2026

ImmPACT Bio USA Inc.Apr 2024SEC filingmedium confidence

West Hills, US

Board seatXiangmin Cui· per SEC Form D · $141.8M raise · filed Apr 2024

Co-investorsNovartis Venture FundRMGP Biopharma Investment FundvenBio Global Strategic

LevitasMar 2024SEC filingmedium confidence

San Francisco, US

Utkan Demirci(Director)Lars Steinmetz(Director)Martin Pieprzyk(Executive Officer)

BoardXiangmin Cui(Director)Victor Tong(Director)

Board seatVictor Tong, Jr.· per SEC Form D · $25.1M raise · filed Apr 2024

SunnyBay BioTech, Inc.Jan 2023SEC filingmedium confidence

BiotechFremont, US

Feng Wang-Johanning(Executive Officer, Director)Gary Johanning(Executive Officer)

BoardPeter Colabuono(Director)in

Board seatXiangmin Cui· per SEC Form D · $6M raise · filed Jan 2023

10X Genomics-acquired company
3Sbio3sbio.com

Co-investorsLAVLilly Asia Ventures

Accuragenaccuragen.com
Acelyrinacelyrin.comin𝕏acquired by Alumis

AI & Machine LearningBiotechDigital HealthHealthtech

Co-investorsSamsara BioCapitalvenBio Partners

Adapt Pharma

Company that went public on NASDAQ in 2019 (ADPT)

Adelabioadelabio.comin𝕏

Adela develops blood-based diagnostic tests that analyze cell-free DNA using whole methylome analysis to detect and monitor cancer.

BiotechDigital HealthHealthtechFoster City, US

Daniel Diniz De Carvalho(Executive Officer, Promoter)Scott Bratman(Executive Officer, Director)Anne-Renee Hartman(Founder)Alan Williams(Executive Officer)Lisa Alderson(Executive Officer, Director)Priscilla Huang(Executive Officer)

Co-investorsF-Prime CapitalOrbiMedDeerfield Management CompanyMenlo Ventures

Ak Medicalak-medical.net

AK Medical (爱康医疗) develops orthopedic implants and technologies, including metal 3D-printed implants with trabecular bone-like structures, Supravit HA plasma vacuum spray coatings, surgical planning software and robotics, and personalized custom orthopedic solutions.

HardwareHealthtechMedical Devices

Co-investorsOrbiMed

Albireo Pharmaalbireopharma.comin𝕏

A biopharmaceutical company (Ipsen, following its acquisition of Albireo Pharma) developing and commercializing medicines in oncology, rare diseases, and neuroscience for patients with high unmet medical needs.

BiotechHealthtech

Co-investorsHEALTHCARE ROYALTY PARTNERS

Alpine Immune Sciencesalpineimmunesciences.comin

BiotechSeattle, US

Dr. Mitchell H Gold(Executive Officer, Director)Mitchell Gold(Executive Chairman and Chief Executive Officer)Michael Kornacker(Executive Officer, Director)Ryan Swanson(Executive Officer, Director)David Miller(Executive Officer, Director)James Paul Rickey(Senior Vice President and Chief Financial Officer)

Co-investorsFrazier Life SciencesBiotechnology Value Fund

AnHeart Therapeuticsanhearttherapeutics.com

Biopharma, acquired by Nuvation Bio (葆元医药)

Co-investorsCenova CapitalVertex Ventures China

Antengeneantengene.com

Antengene is a biopharmaceutical company that develops therapies for cancer, with a pipeline focused on hematologic malignancies and solid tumors including Claudin 18.2, CD73, PD-L1/4-1BB bispecific, and CD24-targeting candidates.

BiotechHealthtech

Co-investorsQiming Venture PartnersBoyu Capital

Arcus Biosciencesarcusbio.comin𝕏

Arcus Biosciences develops combination cancer therapies, producing small molecules and antibodies designed to be combined and advanced from Phase 1 studies through commercialization.

Biotech

Juan Jaen(Founder)in

Co-investorsAisling CapitalDroia VenturesEcoR1 CapitalForesite CapitalSLVCSofinnova Ventures+2 more

Ark Biosciencesarkbiosciences.com

Ark Biosciences (爱科百发) is a biopharmaceutical company developing innovative drugs for respiratory diseases and pediatric conditions, with a pipeline covering RSV, ADHD, idiopathic pulmonary fibrosis (IPF), and COPD.

BiotechHealthtechShanghai, CN

Co-investorsQiming Venture Partners

AtriCure-acquired company
Aytu Bioscience

Biopharmaceutical company that went public on NASDAQ in 2021 (AADI)

BiotechEnglewood, US

Jarrett T. Disbrow(Executive Officer)Joshua R. Disbrow(Executive Officer)Gregory A. Gould(Executive Officer)

BoardMichael Macaluso(Director)

BCFoodsbcfoods.comin

BCFoods supplies dehydrated vegetables, herbs, spices, chiles, and citrus ingredients for food manufacturers and culinary professionals.

Advanced ManufacturingFoodTech

Becton Dickinson-acquired company
BeyondSpring Pharmaceuticalsbeyondspringpharma.comin𝕏

BeyondSpring is a clinical-stage pharmaceutical company developing Plinabulin, a cancer drug candidate studied for reducing chemotherapy-induced neutropenia and, in combination with radiation and PD-1/PD-L1 inhibitors, treating patients who failed prior immune checkpoint therapy.

BiotechHealthtech

Co-investorsSangel Capital

Biohengbioheng.com

Bioheng develops allogeneic CAR-T cell therapies for cancers and autoimmune diseases, using its Imviva platform and ANSWER technology with immune-evasion science to improve cell therapy performance and persistence.

BiotechHealthtech

Co-investorsGL VenturesHillhouse CapitalShenzhen Capital Group

BYSI
Centricity Visionzepto-cataract.com
Collapsin Response Mediator Protein 2

Company that went public on NASDAQ in 2024 (CGON)

ConjugateBioconjugatebio.com
Eli Lilly-acquired company
Encodiaencodia.comDefunct

San Diego protein-sequencing company behind the ProteoCode platform; ceased operations in late 2025.

Co-investorsARCH Venture PartnersAlexandriaDeerfield Management CompanyGV (Google Ventures)Nan Fung Life SciencesNorthpond Ventures

EpimAb Biotherapeuticsepimab.com

EpimAb Biotherapeutics develops bispecific antibody drugs for immuno-oncology and other high-need therapeutic areas using its proprietary FIT-Ig platform, with a pipeline of clinical programs (EMB-01, EMB-06, EMB-07) and preclinical candidates.

BiotechHealthtechShanghai, CN

Co-investorsShangBay Capital LLCTCG Labs3E Bioventures CapitalSherpa Healthcare Partners

EQ
Equillium Bioequilliumbio.com

Co-investorsBioBritCota Capital

Everest Medicineseverestmedicines.com

Co-investorsRA Capital

Fireflyfireflybiologics.comin

Firefly Bio develops antibody-drug conjugates (ADCs) that use novel classes of payloads, drawing on a research team experienced in ADC discovery and development.

BiotechHealthtechMedical Devices

Scott Hirsch(CEO)Dan Kaplan(CSO)

Co-investorsMPM BioImpact

GRAIL-acquired company
GRIT Biotechnologygrit-bio.comin

GRIT Bio (沙砾生物) develops and commercializes next-generation T-cell therapies for oncology and autoimmune disease, including tumor-infiltrating lymphocyte (TIL) therapy, universal allogeneic cell therapy, in vivo CAR-T, and tumor neoantigen vaccines.

AI & Machine LearningBiotechHealthtech

Co-investorsB Capital GroupB4 Capital

Harton Therapeuticshartontherapeutics.comin

Harton Therapeutics offers a GMP-ready platform for advanced 3D cell manufacturing, using a perfusion-based single-use cartridge system with automated process control to produce human cells at scale.

Advanced ManufacturingBiotechMedical Devices

Humihumi.cain𝕏acquired by Employment Hero

Humi was a Canadian HR, payroll, and benefits software platform designed for small and medium-sized businesses in Canada.

AI & Machine LearningEnterprise SoftwareFintechHR TechSaaSToronto, CA

Kevin Kliman(Founder/CEO)inMatt Loszak(Founder/CTO)inDrew MillingtonSimon Bourgeois

Co-investors500 Global7BC Venture CapitalChartline Capital PartnersFundersClubGarage CapitalStruck Capital+2 more

Hummingbird Biosciencehummingbirdbioscience.comin𝕏

Hummingbird Bioscience is a precision biotherapeutics company developing a pipeline of novel targeted therapies for cancer, using proprietary drug discovery technologies and platforms.

AI & Machine LearningBiotechDeep TechHealthtech

Piers Ingram(Chief Executive Officer, Co-Founder, Executive Director)Jerome Boyd-Kirkup(Chief Scientific Officer, Co-Founder)Konrad Paszkiewicz(Chief Technology Officer)Kwek Kon Yew(Chief Medical Officer)Dipti Thakkar(Chief Operating Officer)

Co-investorsAltium CapitalClavystBioDroia VenturesFrazier Life SciencesKiwoom InvestmentMuirwoods Ventures+2 more

Illumina-acquired company
ImmPACT Bioimmpact-bio.com
IMPACT Therapeuticsimpacttherapeutics.com

Co-investorsLAVLilly Asia Ventures

Incyte Corporationincyte.comin𝕏

Incyte is a global biopharmaceutical company that develops medicines across hematology, oncology, and inflammation and autoimmunity, with clinical programs spanning areas such as dermatology.

Biotech

Insight Lifetechinsight-med.com

Insight-Med is a medtech company developing interventional cardiovascular devices, including a domestic fractional flow reserve (FFR) system approved by China's NMPA and an intravascular ultrasound (IVUS) system for precision diagnosis and treatment of cardiovascular diseases.

HealthtechMedical DevicesShenzhen, CN

Co-investorsHongShan Capital GroupQiming Venture Partners

Invitaeinvitae.comin𝕏

Invitae provides genetic testing services to patients and clinicians across the United States, offering broad test offerings and genetic counseling to inform health decisions at every stage of life.

BiotechDigital HealthHealthtechMedical DevicesSan Francisco, US

Sean George(Executive Officer, Director)Randal Scott(Executive Officer, Director)Shelly Guyer(Executive Officer)Lee Bendekgey(Executive Officer)Geoffrey Crouse(Director)

BoardEric Aguiar(Director)in

Co-investorsCivilization Ventures Management, LlcFifty YearsManta Ray VenturesOberland CapitalPrefix CapitalTech Wildcatters+1 more

Ipsen-acquired company
KeChow Pharmakechowpharma.com

Kechow Pharma is a clinical-stage drug discovery company developing original novel small-molecule therapies for oncology and free-radical-related diseases.

BiotechHealthtech

Co-investorsQiming Venture PartnersLilly Asia Ventures

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 11

IPOs and acquisitions across the tracked portfolio

Aardvark TherapeuticsNASDAQ: AARDGRAILNASDAQ: GRALAadi BioscienceNASDAQ: WHWKAdaptive BiotechnologiesNASDAQ: ADPTCG OncologyNASDAQ: CGONHealth CatalystNASDAQ: HCATNuvation BioNYSE: NUVBScynexisNASDAQ: SCYXUpstream BioNASDAQ: UPBAcelyrinacq. by AlumisHumiacq. by Employment Hero

Portfolio news

latest coverage across their companies

Public market activity · per SEC filings

what is this? ⓘ
CG Oncology, Inc.SC 13G/A

Disclosed stake · filed Apr 2024

view filing ↗
SC 13D filingSC 13D

Disclosed stake · filed Feb 2021

view filing ↗

5 insider ownership filings (Forms 3/4/5)

at Aardvark Therapeutics, Inc. (AARD), CG Oncology, Inc. (CGON)

From the firm's own SEC EDGAR filings — stakes and insider roles in public companies, typically portfolio companies after an IPO. Not a portfolio list published by the firm.

Frequently asked questions

How many investments has Decheng Capital made?
Decheng Capital has 85 tracked investments, 3 of which have exited via acquisition or IPO, including 1 dated in the last 24 months.
What stage does Decheng Capital invest at?
Decheng Capital invests at the Seed, Series A, Growth stages.
What sectors does Decheng Capital focus on?
Decheng Capital focuses on Biotech, Digital Health, Healthtech, Medical Devices.
Where is Decheng Capital located?
Decheng Capital is headquartered in Menlo Park, US.
Does Decheng Capital lead rounds?
Decheng Capital typically participates in rounds rather than leading them.
Who does Decheng Capital co-invest with?
Decheng Capital most often shares deals with Foresite Capital, LAV, Lilly Asia Ventures, among 91 tracked co-investors.

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