Fundraising Fox
INCE Capital
Venture capitalActively deployingShanghai · Seed–Growth · 12 people tracked
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Investment thesis
INCE Capital is a globally focused venture capital firm targeting companies from early through expansion stages. It backs businesses driving innovation across artificial intelligence, broader technology, consumer, and biotech sectors, supporting them as they scale.
Source: firm website, verified Oct 13, 2026.
Team · 12 people
from the firm's website & curated & public directories
Steven Hu, an operator-heavy cofounder who worked with JP Gan across 4 roles over 15 years, uses an industry-map-first approach, personally leading investments like ClassIn/EEO focused on SaaS education infrastructure.
Paul Keung, COO, pairs equity research and CFO experience with cross-border IPOs, hospitality, internet operating roles, and Cornell Hotel Administration, bringing a service- and operations-focused perspective unlike typical tech VCs.
Stella Zhou led early investments in TikTok/Musical.ly, Dingdong and Tuhu, and now screens 800–1,000 companies to make 10–15 selective bets on platforms digitizing traditional sectors, backing ClassIn when others hesitated.
Jireh Li leads global expansion and LP relationships, leveraging rare full‑stack GP/LP experience across VC, growth/PE and hedge funds to bridge global endowments/foundations with China‑focused venture funds, backed by Princeton/Tsinghua/INSEAD.
JP Gan is a long‑tenured investor in Chinese consumer internet who backed Bilibili and Musical.ly/TikTok, keeps decades-long board roles, and blends fundamental analysis, product vision and global capital bridging.
Financial analytics specialist in the industry since 2007, with roles at Citi Smith Barney and six years at Bridgewater Associates. Holds economics and Asian studies degrees from Cornell and is a CFA charterholder.
Zhen Xia leverages his PG County network and Bay Area ties, investing in embodied AI and robotics, combining U.S. experience with China cross-border expertise to reach American and Asian markets.
Maomeng Tong is a PhD pharmacologist with McKinsey and KKR experience who brings an end-to-end lab-to-commercialization and capital-markets perspective, specializing in cross-border biotech, medtech, therapeutic platforms, and surgical technologies.
What they invest in
from 28 of 38 portfolio companiesAI & Machine Learning ×13Consumer ×7Crypto & Web3 ×6Data & Infrastructure ×5Healthtech ×5Biotech ×4Digital Health ×3Hardware ×3
HQs:United States×8China×6United Arab Emirates×1Canada×1Japan×1Singapore×1
Who they back
founder profiles across 13 portfolio companiesFounding team size:solo founder×52 founders×63 founders×2
Where their founders studiedfrom 11 founders with education data
Peking University ×2Zhejiang University ×2
Where their founders worked beforefrom 10 founders with career history
Caper ×2Instacart ×2Johnson & Johnson ×2
Investments · 38 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 12024 · 22023 · 22022 · 12020 · 19 dated
Co-investorsChainfir CapitalPreAngel PartnersQiming Venture Partners
Bambusa Therapeutics develops bispecific antibodies for immunological and inflammatory (I&I) disorders, using antibody engineering to target multiple I&I indications.
BiotechHealthtechMedical DevicesAustin, US
Shanshan Xu(Founder & Chief Executive Officer)inHelmut Jeggle(Co-Founder)inThang Ho(Chief Development Officer)inCrystal MacKay(Chief Operating Officer)in
Co-investorsRA CapitalSalviaBiotechnology Value FundJanus Henderson InvestorsREDMILE
UXLINK is a Web3 social platform and infrastructure that connects users and projects through account abstraction and cross-chain functionality.
Crypto & Web3Developer ToolsSocialTokyo, JP
Co-investorsHashkey CapitalHongShan Capital GroupKuCoin LabsManifoldManifold VenturesOKX Ventures+2 more
Allorion Therapeutics is a drug development company focused on advancing new therapeutics.
BiotechHealthtech
Fang Li(Founder)in
Co-investorsQiming Venture Partners
Atem operates the Carbon Cockpit, a free platform that scores and compares over 6,000 carbon credit projects on trust, value, and portfolio fit so companies can buy and retire credits without overpaying.
CleantechClimate TechSaaS
Christoph Lange
Co-investorsSignature VenturesAtlas CapitalForesight VenturesGSR VenturesMirana VenturesZonff Partners
Avenzo Therapeutics is a clinical-stage biopharmaceutical company developing therapeutic treatments.
BiotechSan Diego, US
Athena Countouriotis(Co-Founder, Chief Executive Officer)Mohammad Hirmand(Executive Officer)inPaolo Tombesi(Executive Officer)inScott Lipman(Executive Officer)inBrian Sun(Executive Officer)in
BoardCarl Gordon(Director)
Co-investorsDelos CapitalForesite CapitalLongwood FundNew Enterprise Associates (NEA)OrbiMedQuan Capital+6 more
Bitquery provides blockchain data analytics products, including cross-chain analytics, DEX trading insights, and DeFi protocol APIs for businesses building on blockchain infrastructure.
AI & Machine LearningCrypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsBR CapitalDigital Finance GroupLBANK LabsMulana CapitalTenzor CapitalYBB Foundation+2 more
A keyboard application for iPhone that uses voice dictation, powered by OpenAI's ChatGPT, to enable faster text input through speech.
AI & Machine LearningConsumerHardwareSan Francisco, US
Omar Abdelaziz(CEO)inFarhan Hossain(Founder)inPeter Krogh(Founder)in
Co-investorsEval Ventures FundPioneerShorooq PartnersY CombinatorAndreessen HorowitzBatch Ventures+13 more
Bubblemaps builds visual analytics tools that map token distributions and ownership on-chain, and provides on-chain investigation ("sleuthing") services.
AI & Machine LearningCrypto & Web3Data & Infrastructure
Nicolas Vaiman(Founder)in
Co-investorsArcanum VenturesFlowdeskFounderheads,LBANK LabsUnicorn Factory Venturesv3ntures
ClassIn builds hybrid learning platforms that combine software and hardware for interactive online and in-person classes.
AI & Machine LearningEdTechSaaS
Sara Gu(Founder)in
Co-investorsCoatue Management
Cyber is an Ethereum Layer 2 network that brings social primitives onchain and pairs them with an AI suite for crypto intelligence.
AI & Machine LearningCrypto & Web3Data & InfrastructurePalo Alto, US
Zhimao Liu(Founder)Wilson Wei(Founder)in
Co-investorsDraper DragonHashedIOSG VenturesLattice CapitalMulticoin CapitalSky9 Capital+1 more
Delonix Group operates multiple hotel and experiential consumption brands across Asia-Pacific, leveraging AI and digital technology to drive member growth and innovation in hospitality.
ConsumerShenzhen, CN
郑南雁
Co-investorsBoehringer Ingelheim Venture FundIDG CapitalZhenFund
Dyna develops general-purpose robots powered by foundation models that adapt across environments and learn new skills rapidly, with deployment across a fleet that continuously improves.
AI & Machine LearningDeep TechRobotics
Lindon Gao(Founder)inJason Ma(Founder)inYork Yang(Founder)in
Co-investorsAlumni VenturesBig Brain HoldingsCRV (Charles River Ventures)FellowsHCVCLG Technology Ventures+10 more
Feiliu Tech operates a platform connecting clothing brands with garment factories, offering intelligent matching between orders and manufacturers, rapid-response and satellite factory setups, and inventory optimization through demand forecasting.
Advanced ManufacturingAI & Machine LearningB2B Marketplaces
Forum operates an exchange for trading attention-based assets, measuring engagement across search, social, and streaming to create indices that track cultural popularity and allow users to go long or short on attention signals for films, artists, games, brands, and topics.
B2B MarketplacesFintechSan Francisco, US
Owen Botkin(CEO)inJoseph Thomas(Founder)in
Co-investorsf7 VenturesNeer Venture PartnersPioneerY CombinatorAbstract VenturesBlast.Club+14 more
Dubai, AE
Rita Huang(Founder)Jin WuinRita Huang Zhen(Founder)
Co-investorsQiming Venture Partners
InfStones provides blockchain infrastructure and node management solutions for Web3 applications, enabling developers to build, scale, and maintain decentralized applications.
Cloud ComputingCrypto & Web3Data & Infrastructure
Dr. Zhenwu Shi(Founder)Sili Zhao(Global Director of Business)in
Co-investorsNotable CapitalSoftBank Group10T FundDragonflyMetastableQiming Venture Partners+6 more
Layla.ai is an AI-powered travel agent that builds personalized, day-by-day itineraries via a conversational chat, comparing flights, hotels, car rentals and activities in real time and letting users book through partners like Booking.com and Skyscanner.
AI & Machine LearningConsumerTravel & Hospitality
Co-investorsfirstminute capitalSpark Labs Saudi Arabia FundBaidu CapitalM13
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Layla is a mental health platform that matches Canadians with registered therapists based on their needs and preferences, drawing on a vetted community of over 500 clinicians.
Digital HealthMarketplacesMental Health
Co-investorsCanadian Business Growth FundBaidu Capitalfirstminute capitalM13
Lovart is an AI design tool that helps create product pages and marketing assets for brands.
AI & Machine LearningSaaSSingapore, SG
Melvin Chen(Founder)inElena Leung(Founder)
Co-investorsGranite Asia
LunarCrush analyzes millions of social media posts in real time across networks like X, Reddit, YouTube, TikTok, Instagram, and news to produce sentiment and influence metrics for crypto assets, stocks, brands, and people.
AI & Machine LearningCrypto & Web3Data & InfrastructureFintechCosta Mesa, US
Joe Vezzani(Founder)in
Co-investorsDraper AssociatesDraper Goren BlockchainLBANK LabsManutara VenturesTechstarsTRGC+8 more
Hakko builds AI companions designed for gaming and daily life, aiming to interact with users, form memories, and build ongoing relationships.
AI & Machine LearningConsumerGaming
A blog publishing tips, tutorials, news, and song recommendations related to the Musical.ly (musically) short-video app, aimed at fans and creators of the platform.
Media & EntertainmentSocialSanta Monica, US
Luyu Yang(Founder)inAlex Hofmann(President, musical.ly / CEO (per Crunchbase listing))inAlex Zhu(Founder)
BoardJosh Elman(Board Observer)inHans Tung(Board Member)Jianping Gan(Board Member)
Co-investorsBling CapitalGoodwater CapitalGranite AsiaGreylock PartnersNotable CapitalQiming Venture Partners+1 more
MyShell is an AI platform for creating images, portraits, filters, and short videos, including a product called MyShell Art with a graphical interface aimed at casual users and digital creators.
AI & Machine LearningConsumerCreator Economy
Co-investorsBankless VenturesChronos VenturesD1 VenturesHyperithmInception CapitalMaven 11+5 more
PETKIT builds smart home devices for cat owners, including automatic feeders, water fountains, and self-cleaning litter boxes with AI cameras and app-based health tracking.
ConsumerHardwareIoT
Michael LI(Founder)inGuo Weike(Founder)Guo Weixue(Founder)
Co-investorsGranite AsiaPreAngel FundQiming Venture Partners
Next-generation autonomous driving system provider centered on 3D visual understanding with cost-effective stereo vision.
Co-investorsXiang He CapitalGSR Ventures
Ronovo Surgical develops the Carina surgical robotics platform, including a vision system and instruments, for use by surgeons and hospitals.
HealthtechMedical DevicesRoboticsShanghai, CN
John Ma(Founder)inYing Mao(Founder)in
Co-investorsGranite AsiaVivo CapitalJJDCLilly Asia Ventures
INCE Capital is a venture capital firm that invests in early to expansion-stage companies in AI, technology, consumer, and biotech sectors.
AI & Machine LearningBiotech
An online pharmacy marketplace selling over-the-counter medications and health products to consumers in China.
ConsumerDigital HealthDirect to ConsumerE-commerceHealthtech
Co-investorsQiming Venture Partners
A Chinese healthcare technology company that operates an integrated ecosystem for patient care, including online consultation services, hospital management platforms, pharmaceutical services, and insurance solutions.
Digital HealthHealthtechInsurTech
Co-investorsB Capital GroupB4 CapitalQiming Venture PartnersSequoia Capital
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Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Black UniqueEarendil LabsGreat RoboticsKK GroupShine LabTopCity (ToyCity)Vbot
Exits · 2
1 IPOs · 1 acquisitions · showing 1WeiboNASDAQ: WB
Portfolio news
latest coverage across their companiesBlue · ycombinator.com · May 13, 2026
Layla · finance.yahoo.com · Mar 17, 2026
Forum · ycombinator.com · Feb 18, 2026
Bambusa Therapeutics · finsmes.com · Nov 17, 2025
Ronovo Surgical · finsmes.com · Sep 8, 2025
Lovart · techcrunch.com · Jul 30, 2025
Frequently asked questions
- How many investments has INCE Capital made?
- INCE Capital has 38 tracked investments, 2 of which have exited, including 4 dated in the last 24 months.
- What stage does INCE Capital invest at?
- INCE Capital invests at the Seed, Series A, Series B, Series C, Growth stages.
- What sectors does INCE Capital focus on?
- INCE Capital focuses on AI & Machine Learning, Biotech, Consumer, Crypto & Web3, EdTech, Enterprise Software, Hardware, Media & Entertainment, Retail Tech, SaaS, Semiconductors.
- Where is INCE Capital located?
- INCE Capital is headquartered in Shanghai, CN.
- Does INCE Capital lead rounds?
- INCE Capital typically participates in rounds rather than leading them.
- Who does INCE Capital co-invest with?
- INCE Capital most often shares deals with Qiming Venture Partners, Granite Asia, CRV (Charles River Ventures), among 54 tracked co-investors.
Media · Podcasts & interviews
featuring the teamJP Gan, '99, founding partner, INCE Capital - Distinguished Speaker Series
The University of Chicago Booth School of Business · JP Gan
Watch Online Companies Benefit From Shelter-In-Place, Says JP Gan of INCE Capital - Bloomberg
JP Gan · bloomberg.com
Co-investors · 6
Qiming Venture Partners (启明创投) is a China-focused venture capital firm that invests in and supports early- and growth-stage technology and healthcare companies, providing capital, industry resources, and strategic guidance through milestones such as financing, IPOs, and M&A.
This page announces that GGV Capital split into two separate firms in March 2024: Granite Asia (Singapore, covering APAC) and Notable Capital (US, based in Silicon Valley with offices in San Francisco and New York, investing in the US, Israel, Europe, and Latin America).
Greylock Partners is an early-stage venture capital firm that partners with founders building companies from inception. Its partners make only one or two new investments per year to focus deeply on each partnership.
Goodwater Capital is a consumer technology investment firm backing entrepreneurs building products across financial services, retail, healthcare, education, housing, transportation, and ecommerce globally.
Tiger Global Management operates public equity strategies (long/short, long-focused and crossover) and a private equity business investing in early- through late-stage growth companies across new and existing industries.
5Y Capital positions itself as entrepreneurs who happen to run a venture firm, focusing on finding founders with "crazy" visions that contradict market consensus when others dismiss them as unrealistic. The firm has built a track record of early bets on Chinese tech leaders like Kuaishou, Xiaomi, and SenseTime, while deliberately expanding into new domains like AI infrastructure and biotech despite having no prior experience in those sectors.
Firms observed investing alongside INCE Capital, from public investor directories. Shared companies are the overlap with INCE Capital's recorded portfolio.
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