INCE Capital
Venture capitalActively deployingShanghai · Seed–Late Stage · 9 people tracked
Also known as INCE Capital Partners
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 Aug 25, 2026.
Team · 9 people
from the firm's website & curated & public directories
What they invest in
from 21 of 33 portfolio companiesAI & Machine Learning ×10Crypto & Web3 ×6Data & Infrastructure ×5Healthtech ×5Biotech ×4Consumer ×4Developer Tools ×2Digital Health ×2
HQs:China×5United States×5United Arab Emirates×1Japan×1Singapore×1
Who they back
founder profiles across 11 portfolio companiesFounding team size:solo founder×62 founders×43 founders×1
Investments · 33 tracked
founders shown can be your intro pathBy year:2025 · 12023 · 23 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)Crystal MacKay(Chief Operating Officer)in
Co-investorsRA CapitalBiotechnology Value FundJanus Henderson InvestorsREDMILESalvia
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 CapitalKuCoin LabsManifold Ventures
Allorion Therapeutics is a biotech company developing next-generation targeted small-molecule drugs for human diseases, using data-driven discovery platforms and partnerships with pharmaceutical companies for commercialization.
BiotechHealthtech
Fang Li(Founder)in
Co-investorsQiming Venture Partners
Avenzo Therapeutics is a clinical-stage biopharmaceutical company developing therapeutic treatments.
Biotech
Athena Countouriotis(Co-Founder, Chief Executive Officer)
Co-investorsDelos CapitalForesite CapitalLongwood FundNew Enterprise Associates (NEA)OrbiMedQuan Capital+3 more
Bitquery provides blockchain data APIs that index 40+ blockchains, offering real-time and historical data on DEX trades, token holders, wallet balances, prices and money flow through a single GraphQL schema, plus WebSocket, Kafka and gRPC streams.
Crypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsBR CapitalDigital Finance GroupLBANK LabsMulana CapitalBinance LabsDHVC
Co-investorsQiming Venture Partners
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
Co-investorsFlowdeskLBANK Labsv3ntures
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)
Co-investorsDraper DragonIOSG VenturesLattice CapitalMulticoin CapitalSpice CapitalHashed
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.
Consumer
郑南雁
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)Jason Ma(Founder)inYork Yang(Founder)in
Co-investorsBig Brain HoldingsCRV (Charles River Ventures)HCVCLG Technology VenturesSamsung NextSancus Ventures+4 more
AI-driven biotechnology company advancing next-generation biologics for autoimmune diseases, cancer, and other areas of unmet medical need.
Co-investorsInnoangel
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)Zhenwu Shi(Founder)Sili Zhao(Global Director of Business)
Co-investorsNotable CapitalSoftBank GroupDragonflyMetastableQiming Venture PartnersSoftBank Vision Fund+4 more
Co-investorsHongtai Capital Holdings
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 AssociatesLBANK LabsTechstarsTRGCWWVenturesBlockchain Founders Fund+4 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
Alex Zhu(Co-Founder & Co-CEO)Luyu Yang(Co-Founder)Alex Hofmann(President, musical.ly / CEO (per Crunchbase listing))
BoardJosh Elman(Board Observer)Hans Tung(Board Member)Jianping Gan(Board Member)
Co-investorsGoodwater CapitalGreylock PartnersQiming Venture Partners
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 Capital (ex OP Crypto)Maven 11+3 more
Next-generation autonomous driving system provider centered on 3D visual understanding with cost-effective stereo vision.
Co-investorsXiang He Capital
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)Ying Mao(Founder)
Co-investorsGranite AsiaVivo CapitalJJDCLilly Asia Ventures
Healthy snack brand using protein and dietary fiber to reformulate traditional snacks.
Maker of a consumer-grade embodied intelligence companion robot; its mass-produced Vbot Robot Dog won a Best of CES award at CES 2026.
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
Miaoshou operates an online pharmacy selling medicines, supplements, and health products such as minoxidil solution, vitamin C tablets, and eye drops to consumers.
ConsumerDigital HealthE-commerce
Co-investorsQiming Venture Partners
Yuanxin Technology operates an integrated online and offline healthcare service network in China, including the "Miaoshou Doctor" online consultation platform, pharmacies located near hospitals for medication fulfillment, hospital digital operations software, and insurance-based innovative payment solutions.
Digital HealthHealthtechInsurTech
Co-investorsB Capital GroupB4 CapitalQiming Venture Partners
Exits · 1
IPOs and acquisitions across the tracked portfolioWeiboNASDAQ: WB
Portfolio news
latest coverage across their companies
Yuanxin Technology · tradeflockasia.com · Aug 18, 2026
cyber · tech.eu · Aug 12, 2026
Dyna Robotics · citybiz.co · Jul 15, 2026
Avenzo · geekwire.com · Jul 13, 2026
Ronovo Surgical · fiercebiotech.com · Sep 9, 2025
Frequently asked questions
- How many investments has INCE Capital made?
- INCE Capital has 29 tracked investments, 1 of which have exited via acquisition or IPO, including 1 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, Late Stage 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 40 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 is a Shanghai-based venture capital firm that invests in growth-stage technology, communications, media, and healthcare companies operating in China, with support from its U.S. partner Ignition Partners. The firm's investment approach combines local market knowledge with global resources and executive relationships.
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.
Notable Capital is a venture capital firm that has partnered with founders for over two decades, backing companies from the earliest stages through to exit.
Goodwater Capital is a consumer technology investment firm backing entrepreneurs building companies across sectors such as housing, healthcare, food delivery, financial services, education, entertainment, and transportation.
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.
Similar investors
The Alibaba Entrepreneurs Fund is a not-for-profit initiative of Alibaba Group that provides investment capital and strategic guidance to entrepreneurs and young people, focusing on Hong Kong and Taiwan-nexus startups.
Khosla Ventures is a venture capital firm founded by Vinod Khosla.
Olive Tree Capital invests in technology and life sciences companies, backing entrepreneurs across healthcare, fintech, enterprise, AI/ML, and frontier technology sectors.
SBI Investment Korea is a Korean asset management firm within the SBI Group that operates venture capital and private equity funds, positioning itself as a 'New Industry Creator'.
Whiz Partners Inc. (ウィズ・パートナーズ) is an independent Japanese investment firm engaged in dialogue-based investing in listed companies and private equity investing that helps design industry structures. It became independent from the CSK Group in 2010, renaming from CSK Venture Capital.