Fundraising Fox
Lilly Asia Ventures
Venture capitalHong Kong · Pre-Seed–Series C · 7 people tracked
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Investment thesis
LAV positions itself as a long-term, biomedical-focused investor that partners with exceptional entrepreneurs seeking 'smart capital.' The firm emphasizes domain expertise, global resources, and long-term capital, betting on strong people, products, and quality science. Its investment scope covers biopharmaceuticals, human therapeutics, medical devices, and diagnostics, aiming to be a trusted partner in building great healthcare companies that develop products to treat diseases and improve human health.
Source: firm website, verified Aug 3, 2026.
Team · 7 people
from curated & public directoriesFounder mafia
2 people who came through Lilly Asia Ventures went on to found or lead other companies.
What they invest in
from 68 of 101 portfolio companiesBiotech ×61Healthtech ×46Medical Devices ×31Deep Tech ×13Digital Health ×11AI & Machine Learning ×10Hardware ×5Longevity ×2
HQs:United States×32China×27Germany×1
Who they back
founder profiles across 21 portfolio companiesFounding team size:solo founder×142 founders×44+ founders×3
What their founders studiedfrom 13 founders with field-of-study data
Life Sciences ×6Chemistry ×3Computer Science ×2Medicine ×2Physics ×2
Investments · 101 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12024 · 22023 · 32022 · 32021 · 72020 · 52019 · 22018 · 52017 · 32016 · 234 dated
Black Diamond Therapeutics develops small-molecule kinase inhibitors targeting families of oncogenic mutations across cancer types, including its lead candidate silevertinib for EGFR-mutant lung cancer and glioblastoma.
Elizabeth Buck(Chief Scientific Officer)inBrent Hatzis-Schoch(Chief Operating Officer and General Counsel)inSergey Yurasov(Chief Medical Officer)inMelanie Morrison(Chief Development Officer)
PartnerHongbo Lu· solo GP
Co-investorsLAVNew Enterprise Associates (NEA)Nextech InvestNSG VenturesRA CapitalVersant Ventures+4 more
Legend Biotech is a biotechnology company.
BiotechSomerset, US
Yuan Xu, Ph.D.(Executive Officer, Director)Ying Huang, Ph.D.(Executive Officer)Fangliang Zhang, Ph.D.(Director)Ye Wang, M.S.(Director)
PartnerHongbo Lu· solo GP
Co-investorsLAV
Nextcure is a clinical-stage biopharmaceutical company developing immunotherapies targeting IO pathways, with a focus on oncology applications.
BiotechBeltsville, US
Michael Richman(Executive Officer, Director)Timothy Mayer(Executive Officer)inUdayan Guha(Executive Officer)inSteven P. Cobourn(Executive Officer)inSourav Kundu(Executive Officer)inKevin Shaw(Executive Officer)in
PartnerHongbo Lu· solo GP
Co-investorsBay City CapitalCanaan PartnersLAVPfizer Venture InvestmentsQuan CapitalSofinnova Ventures+5 more
Passage Bio is a biotechnology company developing treatments for central nervous system (CNS) diseases, with a focus on neurodegenerative conditions.
BiotechHealthtechPhiladelphia, US
William Chou(Chief Executive Officer)Tadataka Yamada(Executive Officer, Director, Promoter)Stephen Squinto(Executive Officer, Director)in
BoardPatrick Heron(Director)inCarl Gordon(Director)inThomas Street Address 1 Woiwode(Director)
Co-investorsFrazier Life SciencesAccess BiotechnologyFrazier Healthcare PartnersNew Leaf Venture PartnersOrbiMedSphera Funds Management+2 more
ADARx is a clinical-stage biotechnology company developing RNA-targeted therapeutics designed to control the expression of disease-driving genes.
BiotechHealthtechMedical DevicesSan Diego, US
Zhen Li(Co-founder, President & CEO)inRui Zhu(Founding Member & Chief Technology Officer)Rob Ackles(Chief People Officer)inRyan Fisk(Chief Financial Officer & Chief Business Officer)inRobert A. MacLeod(Chief Scientific Officer)inChristopher Claeboe(Senior Vice President of Operations)in
Board seatHongbo Lu· per SEC Form D
Co-investorsBain Capital Life SciencesOrbiMedSR One Capital ManagementT. Rowe PriceAscenta CapitalTCG Crossover+3 more
Fable Therapeutics is a biotech company using protein engineering to develop biologics targeting the activin receptor type II (ActR2) pathway for obesity and related metabolic diseases.
BiotechHealthtechLongevity
Geoff MacKay(President & CEO)David Baker(Chief Scientific Officer)Rhonda Wideman(Chief Business Officer)Zack McNealy(Chief Financial Officer)
Co-investorsMPM BioImpactVersant VenturesDCVC BioDCVC (Data Collective)
Fortis Therapeutics develops therapeutic treatments based on technology licensed from UCSF, with a focus on oncology and other disease areas.
BiotechHealthtechMedical DevicesSan Diego, US
Marc Nasoff(Chief Scientific Officer)
BoardJay B. Lichter(Ph.D.)in
Co-investorsVivo CapitalOsage University PartnersAvalon BioVenturesOUP (Osage University Partners)
Gracell Biotechnologies develops cell therapy manufacturing platforms and treatments, with a focus on CAR-T cell therapies for cancer and autoimmune diseases.
BiotechHealthtechMedical DevicesSuzhou, CN
PartnerHongbo Lu· solo GP
Co-investorsLAVOrbiMedPivotal Life SciencesExome Asset ManagementJanus Henderson InvestorsRA Capital+3 more
Insilico Medicine uses artificial intelligence to discover and develop new drugs, operating an AI-driven platform for pharmaceutical research and development.
AI & Machine LearningBiotechDigital HealthHealthtechHong Kong, US
Aleksandrs Zavoronkovs(Executive Officer, Director)Alex Zavoronkov(Director)Alex Zhavoronkov(Founder & CEO)inAlex Aliper(President)inFeng Ren(Chief Scientific Officer, Executive Director & Co-CEO)in
BoardNisa Leung(Director)in
PartnerHongbo Lu· solo GP
Co-investorsOrbiMedQiming Venture PartnersWarburg PincusBaidu VenturesEight Roads VenturesLake Bleu Capital+13 more
QuantX Bio applies a proprietary computational platform to accelerate the discovery and optimization of drug candidates.
AI & Machine LearningBiotechDeep Tech
Co-investorsOrbiMedSanofi VenturesCreacion Ventures
BiotechHealthtechMedical DevicesWaltham, US
David F. Muller(Executive Officer, Director)inBrian J. Roberts(Executive Officer)inRhonda J. Bracey(Executive Officer)in
BoardJason Hong(Director)Jeff Dykan(Director)inAnthony Natale(Director)in
Board seatHongbo Lu· per SEC Form D
Co-investorsAPERTURE Venture PartnersLAVSCP Vitalife PartnersThird Point VenturesAbingworthBorealis Ventures+4 more
Perfuse Therapeutics develops novel ocular therapies for retinal and glaucoma diseases through drug delivery and formulation platforms.
BiotechHealthtechMedical DevicesSan Francisco, US
Sevgi Gurkan(Founder, Chief Executive Officer, and Member of the Board of Directors)in
BoardChristy Shaffer(Director)Chau Khuong(Director)in
Board seatHongbo Lu· per SEC Form D
Co-investorsOrbiMedAccess BiotechnologyCatalio Capital Management, LPHatteras Venture PartnersLAVHatteras
Rgenta develops orally available small molecule therapies that target RNA to address diseases previously considered undruggable, with programs in oncology (targeting proteins such as MYB in solid tumors and hematologic cancers) and central nervous system repeat expansion disorders like Huntington's disease.
AI & Machine LearningBiotechDeep TechHealthtechCambridge, US
Travis Wager(Co-founder, President and CSO)inHualin Simon Xi(Executive Officer, Director)Zhiping Weng(Co-founder)inSimon Xi(Co-founder and CEO)inJackie Walling(CMO)Debasish Roychowdhury(Director)
Board seatHongbo Lu· per SEC Form D · $38M raise · filed Mar 2021
Co-investorsDelos CapitalVivo CapitalAMR Action FundBoehringer Ingelheim Venture FundKorea Investment PartnersMatrix Capital Management+1 more
46 Capital is an investment firm focused on early-stage companies across multiple sectors, led by experienced professionals with backgrounds in venture capital, private equity, healthcare, energy, and finance.
Fintech
Tim Clark(Managing Director)
Co-investorsHurricane VenturesAndreessen HorowitzAscenta CapitalAvaana CapitalBoxGroupClaypond Capital+7 more
Abogen Biosciences is a clinical-stage biotechnology company developing RNA-based medicines, with in-house capabilities spanning the full mRNA drug development cycle including protein engineering, mRNA sequence design and synthesis, lipid nanoparticle delivery, formulation, and commercial-scale manufacturing.
BiotechDeep TechHealthtech
Co-investors5Y CapitalCoatue ManagementFuzhou Jiebao Rongan Venture CapitalQiming Venture PartnersSoftBank Vision FundBoyu Capital+7 more
Airdoc, founded in 2015, develops AI medical products built on its Wanyu AI medical large model, including retinal screening (Retina-AI), myopia prevention (PBM-AI), and stress-resistance monitoring (Neuro-AI).
AI & Machine LearningDigital HealthHardwareHealthtechMedical Devices
PartnerHongbo Lu· solo GP
Co-investorsLAV
An innovative biopharmaceutical company focused on developing therapies for chronic kidney disease across multiple clinical stages, with a pipeline of eight products covering conditions such as hyperphosphatemia, renal anemia, IgA nephropathy, and diabetic kidney disease.
BiotechDigital HealthHealthtechMedical DevicesShanghai, CN
PartnerHongbo Lu· solo GP
Co-investorsLAVQuan Capital3E Bioventures Capital3H Health InvestmentSherpa Healthcare PartnersYuanBio Venture Capital
A pharmaceutical and life sciences company developing drug pipelines and conducting research and innovation activities.
BiotechHealthtechMedical DevicesShanghai, CN
Du JinhaoGuo Jianhui(Co-founder)
PartnerHongbo Lu· solo GP
Co-investorsLAVYuanBio Venture Capital
Ansun develops novel therapeutic treatments targeting viral diseases, particularly respiratory infections, through its proprietary sialic acid biology platform.
BiotechDigital HealthMedical DevicesSan Diego, US
RONALD MOSS(Executive Officer)inMARK ATTEBURY(Executive Officer)inMIKAEL HAVLUCIYAN(Executive Officer)
BoardMICHAEL CHANG(Director)Nancy Chang(Chairperson of the Board)Allen Chao(Director)
PartnerHongbo Lu· solo GP
Co-investorsLAV
ArriVent BioPharma is a clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing medicines for difficult-to-treat diseases, starting with cancers.
BiotechHealthtechMedical DevicesNewtown Square, US
Zhengbin (Bing) Yao(Executive Officer, Director)inBrent Rice(Chief Commercial Officer)in
BoardJason Zhang(Director)Cong Xu(Director)Stuart Lutzker(Director)
PartnerHongbo Lu· solo GP
Co-investorsCatalio Capital Management, LPForesite CapitalGeneral CatalystHBM Healthcare InvestmentsHBM PartnersHongShan Capital Group+4 more
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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 CapitalINCE CapitalLongwood FundNew Enterprise Associates (NEA)OrbiMed+6 more
Betta Pharmaceuticals is a Chinese biopharmaceutical company focused on innovative oncology drug research and development, with a portfolio of marketed anti-tumor drugs primarily targeting non-small cell lung cancer.
BiotechHealthtechMedical DevicesHangzhou, CN
PartnerHongbo Lu· solo GP
Co-investorsLAV
Burning Rock Biotech is a diagnostics company applying next-generation sequencing technology to precision oncology, offering NGS-based assays for tissue and blood samples alongside a proprietary database for clinical trial studies and research.
BiotechDigital HealthHealthtechMedical Devices
PartnerHongbo Lu· solo GP
Co-investorsLAV
Xian-ping LU(Founder)in
PartnerHongbo Lu· solo GP
Co-investorsEFung CapitalLAVLYZZ CapitalVertex Ventures China
ClinChoice operates a network of investigator sites that participate in clinical studies to support drug and device development.
BiotechHealthtechMedical DevicesPhiladelphia, US
Dr. John Balian(CEO)
Co-investorsDFJ DragonFundDraper AssociatesDraper DragonApricot CapitalLegend CapitalSherpa Healthcare Partners
Comanche Biopharma is a biopharmaceutical company developing an investigational siRNA medicine (CBP-4888) targeting a root cause of preterm preeclampsia in pregnant women.
BiotechFemTechHealthtechConcord, US
Mike Young(Founder)inT Scott Johnson(Founder)inPaul Antinori(Executive Officer)Allison August(Executive Officer)inThomas Scott Johnson(Executive Officer, Director)
BoardBrendan Bulik-Sullivan(Director)in
Co-investorsAtlas VentureGV (Google Ventures)Broadview VenturesF-Prime CapitalNew Enterprise Associates (NEA)
Connect Biopharm develops next-generation therapeutics for inflammatory diseases.
Biotech
PartnerHongbo Lu· solo GP
Co-investorsLAVQiming Venture Partners
CorrectSequence Therapeutics develops base-editing gene therapies using its proprietary transformer Base Editor (tBE) platform to treat genetic diseases, rare diseases, and common conditions including inherited disorders, metabolic diseases, cardiovascular diseases, and cancers.
AI & Machine LearningBiotechDeep TechHealthtechMedical DevicesShanghai, CN
陈佳(Founding Professor / Chief Scientific Advisor)牟晓盾(Chief Executive Officer)
PartnerHongbo Lu· solo GP
Co-investorsLAV
Lang Lai Technology (朗来科技) is a clinical-stage drug discovery company that runs an end-to-end new-drug R&D process spanning proof of concept, candidate compound screening, preclinical druggability development, and clinical research, pursuing both pipeline development and platform building.
BiotechHealthtechWuhan, CN
Co-investorsOrbiMedVivo Capital
Crown Bioscience is a contract research organization based in California providing discovery, preclinical, and translational platforms and services for oncology and immuno-oncology drug development.
BiotechHealthtechMedical DevicesCalifornia, US
PartnerHongbo Lu· solo GP
Co-investorsAcorn Pacific VenturesGRC SinogreenLAVQiming Venture PartnersTrans-Pacific Technology Fund
Cullinan Therapeutics develops clinical-stage T cell engager therapies targeting autoimmune diseases and cancer, leveraging immune modulation expertise to advance high-impact therapeutic candidates.
BiotechDigital Health
PartnerHongbo Lu· solo GP
Co-investorsLAVMPM BioImpactSchooner CapitalTaiho Ventures, LLC
EdiGene is a biotechnology company developing genome-editing-based therapies, including allogeneic cell therapies and in vivo RNA base editing platforms, alongside a high-throughput genome editing screening platform.
BiotechDeep TechHealthtech
PartnerHongbo Lu· solo GP
Co-investorsLAVWI Harper Group3H Health InvestmentAlwin CapitalBioTrack CapitalIDG Capital+2 more
Skyline Therapeutics develops gene therapy vector technology and supports clinical development for therapeutic applications using genetic science approaches.
BiotechDeep TechHealthtech
PartnerHongbo Lu· solo GP
Co-investorsF-Prime CapitalLAV
Geneseeq develops next-generation sequencing (NGS) based genetic tests and in-vitro diagnostic products for cancer patients, using gene profiling to guide targeted drug selection, indicate drug resistance mechanisms, and monitor post-surgical recurrence.
AI & Machine LearningBiotechDigital HealthNanjing, CN
PartnerHongbo Lu· solo GP
Co-investorsLAV
Nexoplex Bio develops immunotherapies that target tumor cells through recognition of HLA-peptide complexes using multi-specific antibodies, addressing tumor types including lung, gastric, esophageal, head and neck, cervical cancers, and lung squamous cell carcinoma.
BiotechDeep TechHealthtechSan Carlos, US
Wayne(CEO)Rachel(VP of Operations)
PartnerHongbo Lu· solo GP
Co-investorsBay City CapitalGV (Google Ventures)LAVAlexandriaFrazier Healthcare PartnersThe Column Group+1 more
A research-intensive biopharmaceutical company that develops medicines and vaccines.
BiotechHealthtechSouth San Francisco, US
Luke Nathaniel Walker(Executive Officer)Julie Eastland(Executive Officer, Director)in
BoardRonald Hunt(Director)Mark Chin(Director)Alan Colowick(Director)Jonathan Drachman(Director)
Co-investorsK2 HealthVenturesRidgeback CapitalTaiho Ventures, LLCArix BioscienceMPM BioImpactNew Leaf Venture Partners+1 more
Huamai Taike develops and manufactures medical devices including vascular stents, catheters, guidewires, and hemostatic devices for interventional vascular and neurovascular procedures.
HardwareHealthtechMedical DevicesBeijing, CN
PartnerHongbo Lu· solo GP
Co-investorsLAV
Inhibrx develops protein therapeutics, using target biology and protein engineering to create therapeutic candidates in clinical trials for conditions including sarcoma and head and neck cancer.
BiotechLa Jolla, US
Mark Lappe(Executive Officer, Director)inBrendan Eckelman(Director)inDoug Forsyth(Director)Jon Faiz Kayyem(Director)Margery Fischbein(Director)
BoardJudith Li(Director)
PartnerHongbo Lu· solo GP
Co-investorsLAVRA CapitalOxford Finance LLC
PartnerHongbo Lu· solo GP
Co-investorsF-Prime CapitalHongShan Capital GroupLAVLegend Capital
InventisBio is a China-based drug discovery company developing patent-protected small-molecule targeted therapies for oncology and metabolic diseases.
BiotechHealthtechShanghai, CN
Xing Dai(Founder)inYaolin Wang(Chairman & General Manager (Co-founder))in
PartnerHongbo Lu· solo GP
Co-investorsLAVOrbiMedQiming Venture Partners
Jacobio is a biopharmaceutical company developing novel oncology therapeutics, focusing on next-generation antibody-conjugated drugs including ATDCs, ISACs, and AOCs to treat cancer patients.
BiotechDeep TechHealthtechMedical DevicesBeijing, CN
Wang Yinxiang(Chairman and Co-Chief Executive Officer)Wang Yi(Co-Chief Executive Officer, Chief Medical Officer)
PartnerHongbo Lu· solo GP
Co-investorsLAVQiming Venture Partners
A biopharmaceutical company developing targeted cancer drugs and related therapies.
BiotechHealthtechMedical DevicesShanghai, CN
Co-investorsDecheng CapitalQiming Venture Partners
Khartis is a drug discovery company developing oral therapies for patients with immune-mediated and chronic diseases.
BiotechMedical Devices
Co-investorsForesite CapitalNextech InvestAlexandriaLongwood Fund
KSQ Therapeutics develops eTIL therapies—engineered tumor-infiltrating lymphocyte treatments for solid tumors—using its proprietary CRISPRomics platform to identify and target novel therapeutic candidates through genome-wide CRISPR/Cas9 functional genomic screens.
AI & Machine LearningBiotechMedical DevicesCambridge, US
Tim Wang(Cofounder)JOHN TRZUPEK, PH.D.(TREASURER, SECRETARY & CHIEF FINANCIAL OFFICER)DAVID P. MEEKER, M.D.(PRESIDENT AND CHIEF EXECUTIVE OFFICER)inFRANK STEGMEIER, PH.D.(CHIEF SCIENTIFIC OFFICER)Qasim Rizvi(Chief Executive Officer)inJAMES GILBERT(Director)
PartnerHongbo Lu· solo GP
Co-investorsAlpha Wave GlobalARCH Venture PartnersFlagship PioneeringLAVLG Technology VenturesBaillie Gifford+3 more
Lupeng Pharmaceutical develops next-generation small-molecule targeted drugs for malignant tumors and autoimmune diseases, focusing on hematologic cancer targets such as BTK, Bcl-2, and Bcl-xL, with multi-center clinical development and commercialization in international and Chinese markets.
BiotechHealthtech
周正清(首席财务官 (CFO))Stephen Anthony(首席医学官 (Chief Medical Officer))
PartnerHongbo Lu· solo GP
Lynk Pharma develops pharmaceutical products for rheumatoid arthritis and ankylosing spondylitis, with selective licensing arrangements for regional commercialization.
AI & Machine LearningBiotechDeep TechHealthtechMedical DevicesHangzhou, CN
Zhao-Kui (ZK) Wan(Founder, Chairman of Board & CEO)Michael Vazquez(Co-founder & Executive Vice President)inJun Wang(Co-founder & CSO)inYan Chen(Co-founder & COO)in
PartnerHongbo Lu· solo GP
Co-investorsDecheng CapitalLAV
PartnerHongbo Lu· solo GP
Co-investorsB Capital GroupB4 CapitalF-Prime CapitalLAVMarathon Venture Partners
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San Diego clinical-stage biopharma developing non-bile acid FXR agonists for liver and gastrointestinal diseases.
BiotechSan Diego, US
Ronald Evans(Director)Trisha Millican(Executive Officer)Ken Song(Executive Officer, Director)
BoardKristina Burow(Director)inRichard Heyman(Director)inAmir Nashat(Director)in
PartnerHongbo Lu· solo GP
Co-investorsage1EcoR1 CapitalLAVLifeSci Venture PartnersNew Enterprise Associates (NEA)Vivo Capital+8 more
MicroTech Medical provides medical information services in China, with operational headquarters in Hangzhou and a principal place of business in Hong Kong.
Digital HealthHardwareMedical DevicesHangzhou, CN
PartnerHongbo Lu· solo GP
Co-investorsLAVLYZZ CapitalQiming Venture Partners
Neukio is a biopharmaceutical company developing iPSC-derived cell technology platforms and next-generation off-the-shelf, mass-producible immune cell products (such as NK cells) to treat solid tumors and autoimmune diseases.
BiotechDeep TechHealthtech
Liqun Wang(Founder)
Co-investorsPan-Lin CapitalAlwin CapitalIDG CapitalSherpa Healthcare Partners
PartnerHongbo Lu· solo GP
Co-investorsAcorn Pacific VenturesLAVLegend Capital
NiKang Therapeutics is a clinical-stage biotechnology company developing small molecule drugs for cancer, using structure-based drug design against targets such as HIF2α, CDK2, KRAS, and SHP2.
BiotechHealthtechWilmington, CN
Yan Lou(Founder)inZhenhai Gao(President, CEO, and Secretary)Hong (Kelsey) Chen(Chief Financial Officer)
BoardGary Yeung(Director)Ting Jia(Director)Roderick Wong(Director)
PartnerHongbo Lu· solo GP
Co-investorsEcoR1 CapitalHBM Healthcare InvestmentsHBM PartnersLAVRA CapitalSamsara BioCapital+3 more
Nucleix is a healthcare company developing diagnostic technology based on DNA/nucleic acid analysis for cancer detection.
BiotechDigital HealthHealthtechMedical Devices
Eli Frydman(President EMEA)
Co-investorsGefen CapitalOrbiMedRA CapitalAurum Ventures MKIBlackRockLYFE Capital+1 more
BiotechCampbell, US
Amr Salahieh(Executive Officer, Director)Casey Gordon(Director)Mariam Maghribi(Executive Officer)
PartnerHongbo Lu· solo GP
Co-investorsLAVThe Capital Partnership
Precede Biosciences develops a blood-based diagnostic platform that profiles gene expression from cell-free DNA to reveal disease biology at the transcriptional level for drug developers and clinical trials.
AI & Machine LearningBiotechDigital HealthBoston, US
Rehan Verjee(Co-Founder, Chief Executive Officer, Board Director)inSylvan Baca(Co-Founder; Assistant Professor of Medicine, Dana-Farber Cancer Institute)inToni Choueiri(Co-Founder; Director, Lank Center for GU Oncology, Dana-Farber Cancer Institute)Matthew Freedman(Co-Founder; Professor of Medicine, Dana-Farber Cancer Institute)
Co-investors5AM VenturesIllumina VenturesOUP (Osage University Partners)AlexandriaOsage University PartnersS28 Capital
Acquired by Genmab in April 2024.
PartnerHongbo Lu· solo GP
Co-investorsB Capital GroupB4 CapitalHongShan Capital GroupLAVLifeSci Venture PartnersLYFE Capital+2 more
Readcoor developed an in situ spatial transcriptomics platform using padlock probe rolling circle amplification chemistry to detect and map RNA transcripts across tissue sections, now offered as the Xenium In Situ platform.
BiotechDeep TechHardwareHealthtechCambridge, US
Evan Daugharthy(Cofounder)Richard Terry(Executive Officer, Director)
BoardYuh-Geng Tsay(Director)Victor Tong(Director)Thomas Grogan(Director)
PartnerHongbo Lu· solo GP
Co-investorsDecheng CapitalLAVLilly VenturesVivo Capital
Regor is a drug discovery company that uses a computational platform (rCARD) to identify and optimize preclinical small-molecule candidates in metabolism, oncology, and immunology, which it licenses to pharmaceutical companies for clinical development.
AI & Machine LearningBiotechDeep TechShanghai, CN
Xiayang Qiu(Founder)in
PartnerHongbo Lu· solo GP
Co-investorsLAVVertex VenturesVertex Ventures China
RemeGen is a biopharmaceutical company that develops and commercializes novel antibody and fusion protein therapeutics, including telitacicept (a BLyS/APRIL dual-target fusion protein) and disitamab vedotin, for conditions such as autoimmune diseases and cancers.
BiotechHealthtechYantai, CN
王威东(Co-founder)房健民(Co-founder)
PartnerHongbo Lu· solo GP
Co-investorsLAV
Rona Therapeutics develops siRNA-based therapeutics using its GAIA platform to target metabolic and cardiovascular conditions including hypertriglyceridemia, obesity, ASCVD, and MASH.
BiotechLongevityShanghai, CN
Jinyu Huang(Chief Executive Officer, Founder)Stella Shi(Founder & Chief Executive Officer, Chair of the Board)in
PartnerHongbo Lu· solo GP
Co-investorsB Capital GroupLAV
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 AsiaINCE CapitalVivo CapitalJJDC
Singlera is a biotech company specializing in in vitro diagnostic reagents and instruments.
BiotechDeep TechDigital HealthHealthtechMedical DevicesShanghai, CN
Zhang Jiangli(Co-founder, Chairman & CEO)inZhang Hun(Co-founder)
PartnerHongbo Lu· solo GP
Co-investorsLAVDetong CapitalGreen Pine Capital Partners
Singleron Biotechnologies develops single-cell and single-nucleus sequencing kits and solutions for transcriptome analysis of biological samples.
BiotechMedical DevicesCologne, DE
PartnerHongbo Lu· solo GP
Co-investorsARCH Venture PartnersLAVLake Bleu CapitalMSA CapitalSBCVCSherpa Healthcare Partners+1 more
Sonoma Biotherapeutics develops engineered regulatory T cell therapies to treat autoimmune and inflammatory diseases.
BiotechHealthtechMedical DevicesSouth San Francisco, US
Jeffrey Bluestone(Executive Officer, Director, Promoter)inJeff Bluestone, PhD(Founder and Scientific Advisor; co-founder and former President and CEO)Qizhi Tang, PhD(Founder and Scientific Advisor)Fred Ramsdell, PhD(Founder and Scientific Advisor)Alexander Rudensky, PhD(Founder and Scientific Advisor)Stephen Dilly, MBBS, PhD(President and Chief Executive Officer)
PartnerHongbo Lu· solo GP
Co-investors8VCARCH Venture PartnersFrazier Life SciencesGV (Google Ventures)JDRF T1D FundLAV+6 more
A biotech company focused on researching and commercializing treatments for genetic rare diseases in China, aiming to address unmet medical needs and improve patient access to advanced therapeutics.
BiotechHealthtechMedical DevicesYangzhou, CN
严知愚(Co-founder, Chairman & CEO)王晓晖(Co-founder, Chief Business & Operations Officer)
PartnerHongbo Lu· solo GP
Co-investorsLAV
Tempest Therapeutics is a clinical-stage biotechnology company developing in vivo CAR-T cell therapies for autoimmune and oncology indications.
BiotechHealthtechBrisbane, US
Stephen Brady(Director)inMatthew Angel(Executive Officer, Director)Nicholas Maestas(Executive Officer)inThomas W. Dubensky, Jr.(Executive Officer, Director)Thomas Woiwode(Director)Geoffrey Nichol(Director)
PartnerHongbo Lu· solo GP
Co-investorsF-Prime CapitalLAVNew Enterprise Associates (NEA)Quan CapitalRoche Venture FundVersant Ventures
Terns Pharmaceuticals is a biopharmaceutical company developing therapies, including its TERN-701 program.
BiotechHealthtechFoster City, US
Mark Vignola, Ph.D.(Executive Officer)Bryan Yoon(Executive Officer)inSenthil Sundaram(Director, Executive Officer)inWeidong Zhong, Ph.D.(Executive Officer, Director)Jill Quigley(Director)inDavid Fellows(Director)
PartnerHongbo Lu· solo GP
Co-investorsDecheng CapitalLAVVivo Capital
Tmunity Therapeutics was a University of Pennsylvania spinout developing engineered T-cell therapies, including CAR-T and TCR-based treatments, for cancers.
BiotechPhiladelphia, US
Anne Chew(Director and President)
BoardKevin Mahoney(Director)
PartnerHongbo Lu· solo GP
Co-investorsAndreessen HorowitzKhosla VenturesKleiner PerkinsLAVMilitia Hill VenturesGilead Sciences
Hong Kong-listed, Suzhou-headquartered biopharmaceutical company developing antibody therapeutics with in-house biomanufacturing.
Suzhou, CN
Xueming Qian(Executive Director, Chairman and CEO)in
Co-investorsARCH Venture PartnersChina Structural Reform FundFortune Venture CapitalHillhouse CapitalQatar Investment AuthorityTemasek
PartnerHongbo Lu· solo GP
Co-investorsForesite CapitalLAVNextech InvestSv Tech Ventures, Inc.HBM PartnersSR One Capital Management
PartnerHongbo Lu· solo GP
Co-investorsAddor CapitalHighlight CapitalLAVGreen Pine Capital Partners
Innovative biopharma company focused on cancer and immune disease therapies (SHSE: 688192).
PartnerHongbo Lu· solo GP
Co-investorsHongShan Capital GroupLAV
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
BlossomHill TherapeuticsAkura MedicalTP TherapeuticsVeritas Genetics International
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 · 8
6 IPOs · 2 acquisitions · showing 5Black Diamond Therapeutics, IncNASDAQ: BDTXLegend BiotechNASDAQ: LEGNNextCureNASDAQ: NXTCPassage BioNASDAQ: PASGAvedroacq. by Glaukos
Portfolio news
latest coverage across their companies
Black Diamond Therapeutics, Inc · finance.yahoo.com · Sep 2, 2026
Ronovo Surgical · finsmes.com · Sep 8, 2025
Fund performance · per public LP disclosures · 4
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| LAV Fund VI Opportunities, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System, Robert Wood Johnson Foundation | 2021 | — | 3.2% | 1.10x | 0.14x |
| LAV Fund VI, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System, Robert Wood Johnson Foundation | 2021 | — | 9.1% | 1.27x | 0.29x |
| LAV Biosciences Fund V, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System | 2019 | — | 6.3% | 1.29x | 0.37x |
| LAV Biosciences Fund IV, L.P.LPs: Los Angeles County Employees Retirement Association, California State Teachers' Retirement System | 2017 | — | 14.5% | 1.85x | 1.11x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
IPO stake values · per SEC filings
Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.
| Company | Owned | IPO price | At IPO | Stake value |
|---|---|---|---|---|
| NextCure | 6.3% | $36.75 | Nov 2019 | $62.6M |
Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).
Frequently asked questions
- How many investments has Lilly Asia Ventures made?
- Lilly Asia Ventures has 101 tracked investments, 8 of which have exited, including 3 dated in the last 24 months.
- What stage does Lilly Asia Ventures invest at?
- Lilly Asia Ventures invests at the Pre-Seed, Seed, Series A, Series B, Series C stages.
- What sectors does Lilly Asia Ventures focus on?
- Lilly Asia Ventures focuses on Biotech, Digital Health, EdTech, Healthtech, Medical Devices.
- Where is Lilly Asia Ventures located?
- Lilly Asia Ventures is headquartered in Hong Kong, HK.
- Does Lilly Asia Ventures lead rounds?
- Lilly Asia Ventures typically participates in rounds rather than leading them.
- Who does Lilly Asia Ventures co-invest with?
- Lilly Asia Ventures most often shares deals with LAV, Qiming Venture Partners, HongShan Capital Group, among 74 tracked co-investors.
- What size deals does Lilly Asia Ventures back?
- Across 6 deals with disclosed amounts, Lilly Asia Ventures has joined rounds of $45M – $100M (median $72.5M).
Images
Co-investors · 7
OrbiMed is a healthcare-focused investment firm providing tailored financing solutions and global resources to build world-class healthcare companies across biopharmaceuticals, medical devices, digital health, diagnostics, and healthcare services.
Vivo Capital is a global healthcare-focused investment firm operating a multi-strategy platform spanning venture capital, private equity, and public equity. It aims to expand healthcare access and drive innovation through its 'Ecosystem Strategy.'
SR One Capital Management is a life sciences venture capital firm that takes a 'back-and-build' approach, providing entrepreneurs with human, intellectual, and financial resources. It emerged from the legacy SR One team formerly part of GSK.
HBM Partners is a Swiss healthcare-focused asset manager that invests in private and public companies across biopharma, medtech, diagnostics and healthcare, supporting portfolio companies through all stages of development.
venBio is a life sciences venture capital firm that partners with industry leaders to develop novel therapeutics and technologies addressing unmet medical needs.
Boehringer Ingelheim Venture Fund, established in 2010, invests in biotechnology companies developing therapeutics in immuno-oncology, regenerative medicine, and gene therapy, including platform technologies and novel vaccines. The fund targets early-stage companies addressing unmet medical needs through translational research and scientific innovation.
Wildcat Venture Partners is a venture capital firm that backs technology entrepreneurs aiming to create new market categories.
Firms observed investing alongside Lilly Asia Ventures, from public investor directories. Shared companies are the overlap with Lilly Asia Ventures's recorded portfolio.
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