How many investments has IPV made?

IPV has 20 tracked investments, 1 of which have exited via acquisition or IPO.

What stage does IPV invest at?

IPV invests at the Seed, Series A, Series B, Series C, Growth, Late Stage stages.

What sectors does IPV focus on?

IPV focuses on Deep Tech, Energy, Hardware, IoT, Semiconductors.

Where is IPV located?

IPV is headquartered in Beijing, CN.

Does IPV lead rounds?

Yes, IPV leads investment rounds.

Who does IPV co-invest with?

IPV most often shares deals with Infotech Ventures, InvestX, Kleiner Perkins, among 7 tracked co-investors.

IPV

Venture capital

Beijing · Seed–Late Stage · 13 people tracked

Also known as IPV MANAGEMENT SERVICES, LTD. · IPV Stripe IronArc

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Investment thesis

IPV Capital invests in technology companies with a strong concentration on China's semiconductor industry, spanning chip design, memory, RF, MEMS, analog, and semiconductor materials. The firm positions itself as a lead investor in a large share of the most valuable semiconductor design IPOs globally over the past decade, backing companies such as GigaDevice, SG Micro, NSIG, Maxscend, and Ingenic. Leveraging deep operational, government-affairs, and venture experience across China and international markets, IPV takes board roles and supports portfolio companies through growth, listing, and exit, combining venture capital and private equity approaches within the global technology sector.

Invests inDeep Tech Energy Hardware IoT Semiconductors Asia-Pacific Beijing China Global Menlo Park

Source: firm website, verified Aug 25, 2026.

Stage

Seed–Late Stage

Beijing, CN

Leads rounds

Leads

Instruments

Equity

Founded

2006

Last 12 months

4 investments

AUM

$3.4B

VC funds

Tracked investments

Team · 13 people

from the firm's website & public directories

Roger· Co-Founder

Joined Infotech in 2003 as CIO and in 2006 co-founded IPV Capital, leading investments into Maxscend, SG Micro, GigaDevice, Senodia and Simgui (NSIG). He previously held executive roles at Codex Group and CollabNet and holds an MBA from the University of Wales.

David· Partner

Joined IPV Capital's Advisory Board in 2006 and full-time in 2015, with 20+ years as a VC investor at JPMorgan Partners, ComVentures and Gramercy, and a decade in tech investment banking. He holds a BA from UC Berkeley and an MBA from Wharton.

Ning· Partner

Has over 30 years of experience in global PE and VC markets and has held board positions at IPV-backed companies including GigaDevice, Tongtech, iFlytek and iSoftstone. He previously was a senior executive at China International Economic Consultants and holds an MBA from CEIBS.

Terence· Managing Partner· United Kingdom

With IPV Capital since 2006 and a Managing Partner on IPV Capital I & II, he has held board memberships at IPV-backed companies including Amprius, Giantec Semiconductor, K-Vision and V-Key. He was previously Head of Asia at Worldview Technology Partners and holds an MBA from Oklahoma City University.

Alex Banh· Managing Partner· Hong Kong SARin

Joined IPV as an Entrepreneur in Residence in 2009 and became a full-time Partner in 2010, bringing 20+ years of venture capital and executive operations experience in China's tech industry. He holds a Bachelor of Commerce from McGill University and chairs its Asia Regional Advisory Group.

t•••@ipvcap.comreveal

F. Roger Li· Managing Partner

r•••@ipvcap.comreveal

Tingru Liu· Chairman and Managing Partner

Co-founder of IPV Capital with 30 years of experience in global VC/PE, operations and government affairs in China's tech industries, having led investments into GigaDevice, SG Micro, NSIG and Ingenic. He previously held senior roles at China's Ministry of Information Industry and holds a BSc from Peking University.

t•••@ipvcap.comreveal

Tom· Venture Partner, Europe· Switzerland

IPV's Venture Partner in Europe, a close affiliate since 2006 who invested personally and directed client capital into IPV's funds, with nearly 20 years in PE and direct investing and earlier tech coverage at Credit Suisse. Since 2016 he has been head of business development and CFO of FlowGen in Switzerland.

Mok· CFO· United Kingdom

Joined IPV Capital in 2011 as CFO and has held board positions in several IPV-backed companies including Tiandi Energy, V-Key and Giantec Semiconductor. He previously was a group CFO in renewable energy and a consultant at Arthur Andersen, Deloitte and Ernst & Young; he is a CFA charterholder.

Ms. Huang· Compliance and Risk Officer

Returned to IPV Capital in 2021 overseeing compliance, risk control and back office, having previously served as a vice president and investment team member; she began her PE career at CID Group. She holds an MBA in Finance from CEIBS and a materials engineering master's from Shanghai Jiao Tong University.

Tiemin Zhao· Advisor / Team Member

A semiconductor R&D and operations expert who joined IPV as an advisor turned team member, considered a leading authority on semiconductor technology. He holds a PhD in EE from Stanford and has served on three startup boards contributing to two profitable exits.

Wesley· Advisor

An advisor to IPV with 15+ years in global PE, M&A and VC markets, currently Chairman and Founding Partner of L&L Capital. He has held board positions at IPV-backed companies including Senodia and Simgui and holds an EMBA from CEIBS.

Kuan Wei Mok· CFO

m•••@ipvcap.comreveal

What they invest in

from 13 of 32 portfolio companies

AI & Machine Learning ×5Enterprise Software ×5SaaS ×3B2B Marketplaces ×2Crypto & Web3 ×2Fintech ×2Future of Work ×2Hardware ×2

HQs:United States×6China×2India×2Kenya×1

Investments · 32 tracked

founders shown can be your intro path

By year:2026 · 3 2025 · 1 2023 · 3 2022 · 18 dated

Ampriusamprius.com inNYSE: AMPXSep 2022

Amprius develops and manufactures silicon-anode lithium-ion battery cells that deliver high energy density.

CleantechEnergyHardwareNew MaterialsFremont, US

Kang Sun(Executive Officer, Director)Constantin Ionel Stefan(Executive Officer)Sandra Wallach(Executive Officer)Jonathan Bornstein(Executive Officer)

BoardDonald R. Dixon(Director)Justin Mirro(Director)

Co-investorsInvestX Kleiner Perkins VantagePoint Capital Partners

Badilibadili.keMay 2023 · $2.1M

Badili Kenya sells certified refurbished smartphones such as the Apple iPhone 11 and iPhone 11 Pro, each passing quality checks and backed by a 12-month warranty and 7-day replacement guarantee.

Circular EconomyConsumerE-commerceNairobi, KE

Keshu Dubey(Founder)

Co-investorsE3 Capital Proparco SOSV Venture Catalysts

Dialectdialect.to in 𝕏Jan 2023Acquired

Dialect provides infrastructure for Web3 user experiences, offering Blinks (embedded blockchain transactions) and Alerts (onchain notifications) that integrate directly into digital platforms without redirects.

Crypto & Web3Developer ToolsEnterprise SoftwareNew York City, US

Chris Osborn(Founder)in

Co-investorsElectric Capital Multicoin Capital Protagonist Y Combinator 500 Global Asymmetric +11 more

Dialectusedialect.comJan 2023Defunct

Dialect builds AI software that generates automated responses to forms, RFPs, and questionnaires by leveraging a company's internal knowledge base.

AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSSan Francisco, US

James Thomas(Founder)inTony Ginart(Founder)inTejas Sundaresan(Founder)in

Co-investorsY Combinator 500 Global Better Capital Blume Ventures Dholakia Ventures HearstLab +5 more

Ewarewar.in

EWar is a Bengaluru-based vernacular mobile gaming and esports platform for casual, skill-based and real-money games.

Co-investorsHyderabad Angels JITO Angel Network

Giantec

One of the largest EPROM semiconductor companies globally

Glamplusglamplus.in

Bengaluru-based SaaS-enabled B2B beauty marketplace supplying salons and spas with management software and products.

Bengaluru, IN

Vatsalya A(Founder)Vatsalya Agarwal(Founder)Divyanshu Singh(Founder)inRohan Singh(Founder)in

Co-investorsHyderabad Angels Kube VC Upsparks Capital Blume Ventures

GrandMetals

One of the top three producers of semiconductor PCB boards

Healthyhealthy.capital

Healthy Capital is an investor that provides seed capital, industry expertise, and a global network to early-stage digital health startups.

Digital HealthHealthtech

Douwe Jippes(Founder)in

Co-investorsPeak

iFlytekiflytek.com

Listed AI and voice technology company

Co-investorsInfotech Ventures Legend Capital

Ingenic

Leading industrial semiconductor company in China

iSoftStoneisoftstone.com in

iSoftStone (软通动力) is a China-listed IT and digital technology services company (stock code 301236) providing consulting, digital technology services, and industry solutions in areas such as cloud, AI and large models, industrial internet, and data services.

AI & Machine LearningCloud ComputingEnterprise Software

刘天文(董事长兼首席执行官 (Chairman & CEO))

Co-investorsInfotech Ventures Fortune Venture Capital

Maxscend

Leading RF company for mobile applications in Asia

NSIG

National Silicon Industry Group, the largest wafer manufacturer in China (exit).

Co-investorsRockley Group

Podworkwithpod.com in 𝕏Jul 2026

Pod provides AI-augmented sales tools designed to help sellers make faster, smarter decisions and close deals more efficiently.

AI & Machine LearningEnterprise SoftwareSaaSSales Tech

Co-investorsDrive Capital Inflection Point Ventures

Podpod.network 𝕏Jul 2026

Pod Network is a Layer-1 blockchain built for high-performance, MEV-free trading markets, clearing orders in batches to remove front-running advantages.

Crypto & Web3Data & InfrastructureFintechNew York City, US

Haris Karavasilis(Founder)

Co-investors1k(x)1kx Lemniscap Protagonist

Q Tech

Leading 3D semiconductor packaging company globally

Q Technologyacquired by TSHT

Leading 3D semiconductor packaging company; acquired by TSHT.

Raahoraaho.in in 𝕏

Raaho operates a digital freight network connecting shippers and truckers across India, using technology and data science to match freight loads efficiently.

B2B MarketplacesLogistics & Supply ChainMobility & TransportationIndia, IN

Imthiaz(CEO)

Co-investorsRoots Ventures

Readread.ai in 𝕏Jul 2026

Read AI builds automated meeting summaries, transcripts, and action items using AI to help knowledge workers reduce time spent on meetings, emails, and messages.

AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSSeattle, US

David Shim(Co-founder)inRobert Williams(Co-founder)Elliott Waldron(Co-founder)

Co-investorsMadrona Venture Group Smash Capital

Senodia

Leading MEMS semiconductor company in China

SG Micro

China's leading high performance analog fabless design company

Simgui

thimblerrthimblerr.com inNov 2025 · $1.4M

Thimblerr provides fashion brands with AI-assisted design, raw material sourcing, and tech-enabled manufacturing to take apparel from concept to delivery.

Advanced ManufacturingAI & Machine LearningB2B Marketplaces

Co-investorsBetter Capital Mount Judi Ventures 3one4 Capital Venture Catalysts We Founder Circle

Tiandi Energy

TongTech

Leading middleware enterprise solution company in China

TSHT

Leading semiconductor testing packaging company in China

V-Key

Vested Financevestedfinance.com in 𝕏

Vested Finance is an investment platform that lets Indian residents and NRIs invest in over 10,000 US stocks and ETFs, including full and fractional shares.

FintechAustin, US

Sourabh Ahuja(Executive Officer)Mike Bruno(Executive Officer)

BoardRussell Geyser(Director)Lorne Abony(Director)

Co-investorsCPP Investments Morgan Stanley Premji Invest TA Associates Think Investments Tiger Global Management +6 more

Vimicro

Chinese semiconductor/microelectronics company (中星微电子).

Co-investorsInfotech Ventures

Vobile

Leading mobile security solution provider

兆易创新 (GigaDevice)gigadevice.com in

GigaDevice Semiconductor is a fabless supplier of Flash memory, 32-bit general-purpose microcontrollers, sensors, and analog products, serving over 20,000 customers globally.

HardwareIoTSemiconductors

Co-investorsTusStar WestSummit Capital

Exits · 2

IPOs and acquisitions across the tracked portfolio

AmpriusNYSE: AMPXQ Technologyacq. by TSHT

Portfolio news

latest coverage across their companies

AI cloud operator Groq raises $350M more in funding - SiliconANGLE

Pod · siliconangle.com · Aug 17, 2026

West Siders Turn Out For Healthy Food Event As Windy City Harvest Gets Funding Boost

Healthy · blockclubchicago.org · Aug 10, 2026

Naptapgo raises inr 8 crore in seed funding led by inflection point ventures, ETTravelWorld

Read · travel.economictimes.indiatimes.com · Jul 18, 2026

NapTapGo Raises Rs 8 Crore Seed Funding From IPV to Expand Pod Hotels

Pod · siliconindia.com · Jul 18, 2026

Online Investment Platform Vested Finance Raises $3.6 Million in Seed Funding

Vested Finance · siliconindia.com · Jun 27, 2026

Fashion supply chain startup Thimblerr raises one point four million dollars

thimblerr · marketingmoves.in · Nov 21, 2025

Egypt’s Intella Raises USD 12.5 M Series A For Arabic Dialect AI

Dialect · weetracker.com · Sep 10, 2025

Egypt’s Intella Raises USD 12.5 M Series A For Arabic Dialect AI

Dialect · weetracker.com · Sep 10, 2025

Frequently asked questions

How many investments has IPV made?: IPV has 20 tracked investments, 1 of which have exited via acquisition or IPO.
What stage does IPV invest at?: IPV invests at the Seed, Series A, Series B, Series C, Growth, Late Stage stages.
What sectors does IPV focus on?: IPV focuses on Deep Tech, Energy, Hardware, IoT, Semiconductors.
Where is IPV located?: IPV is headquartered in Beijing, CN.
Does IPV lead rounds?: Yes, IPV leads investment rounds.
Who does IPV co-invest with?: IPV most often shares deals with Infotech Ventures, InvestX, Kleiner Perkins, among 7 tracked co-investors.

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