Morningside Venture Capital Limited
Venture capitalShanghai · Pre-Seed–Growth
Also known as 5Y CAPITAL MANAGEMENT LIMITED
Find your way into Morningside Venture Capital Limited
Investment thesis
Entrepreneur-run early-stage investor backing founders with crazy visions that contradict consensus, with a track record of early bets on Chinese tech leaders and expansion into AI infrastructure and biotech.
Source: firm website, verified Sep 15, 2026.
What they invest in
from 40 of 88 portfolio companiesConsumer ×16AI & Machine Learning ×15Hardware ×9E-commerce ×7Data & Infrastructure ×6Deep Tech ×6Media & Entertainment ×6Biotech ×5
HQs:China×24United States×4Hong Kong×1India×1Singapore×1
Who they back
founder profiles across 17 portfolio companiesFounding team size:solo founder×112 founders×43 founders×2
Where their founders studiedfrom 12 founders with education data
Fudan University ×2Nankai University ×2Tsinghua University ×2
What their founders studiedfrom 11 founders with field-of-study data
Computer Science ×6
Investments · 88 tracked
founders shown can be your intro path
ATRenew operates a business focused on pre-owned consumer electronic devices, including recycling and redistribution, and runs charitable initiatives such as donating refurbished devices to support education.
Circular EconomyConsumerE-commerceShanghai, CN
Pony.ai develops autonomous driving technology and systems for multiple applications including robotaxis, robotrucks, and personally owned vehicles, serving both everyday mobility and commercial logistics markets.
AI & Machine LearningMobility & TransportationRoboticsSilicon Valley, US
James Peng(Founder)inTiancheng Lou(Founder)in
Co-investorsComcast VenturesDCM VenturesF-Prime CapitalLegend CapitalPuhua Capital
未知君 (XBiome) develops microbiome-based therapeutics and diagnostics using AI-driven bioengineering, targeting diseases including cancer immunotherapy, inflammatory conditions, and autism through live bacterial therapeutics and fecal microbiota transplantation (FMT).
AI & Machine LearningBiotechDeep TechMedical DevicesBeijing, CN
Co-investorsGaorong CapitalHaystackHike CapitalLegend CapitalPrimavera Venture Management Limited
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-investorsCoatue ManagementQiming Venture PartnersSoftBank Vision Fund
US biotech using AI-driven computational design plus wet-lab validation to discover small-molecule oncology drugs.
BiotechNew York, US
Jie Fan(Founder)inWei He(Executive Officer)Yimin Qian(Executive Officer)Xiangyan Sun(Executive Officer)Quan Zhou(Director)Long Zhu(Director)
Co-investorsCoatue ManagementYF Capital
Agora provides APIs and a real-time engagement platform that enables developers to embed voice, video, interactive streaming, chat, and AI capabilities into their applications.
Cloud ComputingDeveloper ToolsMedia & EntertainmentSaaSSanta Clara, US
Tony Wang(Founder)inPat Frey
Co-investors500 GlobalCoatue Management
ByteDance builds a portfolio of digital platforms and services focused on short-form video, content creation, e-commerce, and workplace collaboration, serving creators and consumers globally.
Creator EconomyE-commerceMedia & EntertainmentBeijing, CN
Yiming Zhang(Founder)inRubo Liang(Founder; Chairman of the Board)inZhang Yiming(Founder)
Co-investors3Comma CapitalAglae VenturesBase PartnersCoatue ManagementEvolution VC PartnersGaldana Ventures+16 more
Trip.com is an international online travel service provider offering hotel and flight bookings across a network of over 1.7 million hotels and 600+ airlines, available in 24 languages and 35 currencies across 39 countries and regions.
ConsumerMarketplacesTravel & Hospitality
James Liang(Founder)inJane Sun(CEO)
Co-investorsBattery Ventures
Ride-hailing and mobility platform (testimonial from founder Will Cheng).
Haidian, CN
Cheng Wei(Founder & CEO)Jean Liu(Founder)
Co-investors137 VenturesA-Rod CorpACME CapitalAlpha Wave GlobalBeyond VenturesCoatue Management+11 more
Lekele Tang operates an online education platform offering Chinese K-12 learning products, including a daily practice app (天天练) and study tools such as dictionaries, idiom and riddle references.
ConsumerEdTech
Co-investorsOwl VenturesBlueRun VenturesLightspeed China Partners
Lexi is an AI tool that generates creative and advertising content for marketers and agencies managing clients across different industries.
AdTechAI & Machine LearningMarketing Tech
Moody sells daily disposable colored contact lenses direct to consumers, offering spherical lenses in cosmetic colors such as the GlowyLock Moonstone Blue.
ConsumerDirect to ConsumerE-commerce
Co-investorsGranite AsiaPlum VenturesSource Code Capital
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PingCAP develops TiDB, a cloud-native distributed SQL database built for scalability, strong consistency, and high availability.
Cloud ComputingData & InfrastructureDeveloper ToolsEnterprise SoftwareFintech
Co-investorsChina Growth CapitalCoatue ManagementAccess Technology VenturesGGV CapitalJeneration CapitalKunlun Capital+3 more
Bengaluru, IN
Ankush Sachdeva(Founder)in
Co-investorsAlkeon InnovationCapria VenturesElevation CapitalIndia QuotientLightspeed Venture PartnersTrifecta Capital Advisors+1 more
Soul is a Chinese AI-powered immersive social platform where users interact through customizable avatars rather than real identities, matched by interest graphs and AI-driven recommendations.
AI & Machine LearningConsumerSocialShanghai, CN
Zhang Lu(Founder & CEO)Tao Ming(Chief Technology Officer & Executive Director)Zhang Gaozheng(Vice President of Technology & Executive Director)
Co-investorsGranite AsiaCleveland AvenueHorizons VenturesLiberty City VenturesSalesforce VenturesSolasta Ventures+1 more
UC is a mobile browser and content app offering AI-powered web search, cloud storage with 10GB of free space, personalized news aggregation, and access to a large library of e-books and web novels.
AI & Machine LearningConsumerMedia & Entertainment
Co-investorsNGP CapitalGGV Capital
AiHuiShou (Wanwu Xinsheng) operates a platform for recycling and reselling used electronics and second-hand consumer devices.
Circular EconomyE-commerceMarketplacesShanghai, CN
Jim Jin(Founder)in
Co-investorsEnlight Partners
Viomi makes home water purification appliances such as reverse osmosis water purifiers, along with other kitchen appliances including espresso machines and ice makers, sold to households in the United States.
ConsumerHardwareWellness & Fitness
Jaguar Micro is a semiconductor company that designs data processing unit (DPU) chips and related software solutions for cloud computing and data centers.
Cloud ComputingHardwareSemiconductorsShenzhen, CN
Co-investorsQBN Capital
XVERSE Technology develops large language models (including the long-context XVERSE-Long-256K) and 3D content generation and rendering technologies, offering products such as an AI interactive reading app and immersive 3D experiences for uses like virtual house viewing, tourism, and marketing.
AI & Machine LearningDeep TechGamingShenzhen, CN
Forrest Yao(Founder)
Co-investorsCPEHillhouse CapitalNotable CapitalSequoia CapitalTemasek
Phoenix New Media (ifeng.com) is a Chinese-language online news and media portal covering current affairs, finance, technology, automotive, entertainment, sports, culture, and lifestyle.
Media & Entertainment
Zepp Health is a smart wearable and health technology company that delivers cloud-based health insights and personalized wellness guidance through its Amazfit, Zepp Clarity, and Zepp Aura consumer brands.
AI & Machine LearningConsumerHardwareHealthtechIoTWellness & FitnessHefei, CN
Wang Huang(Founder, Chairman & CEO)Fan(Co-Founder, CTO)
Co-investorsShunwei Capital
SenseTime is an AI and computer vision company that develops technology solutions for enterprise and industry applications.
AI & Machine LearningCloud ComputingDeep TechEnterprise SoftwareHong Kong, HK
Dr. Xu Li(Co-Founder, Executive Chairman of the Board, Executive Director & Chief Executive Officer)Dr. Wang Xiaogang(Co-Founder, Executive Director, Chief Technology Officer & Executive Vice President)Dr. Lin Dahua(Co-Founder, Executive Director, Chief Scientist & Executive Vice President)Mr. Yang Fan(Co-Founder, Executive Director & President of SenseCore Business Group)
Co-investorsAlpha Intelligence CapitalBeyond VenturesChina Internet Investment FundGreen Pine Capital Partners
Horizon Robotics develops intelligent driving technology and assisted driving systems for automotive manufacturers globally.
AI & Machine LearningHardwareMobility & TransportationRoboticsSemiconductorsBeijing, CN
Taimei builds software and digital services for pharmaceutical companies, CROs, clinical trial institutions, and site management organizations, offering platforms that connect industry stakeholders, standardize data flow, and improve clinical research efficiency.
BiotechDigital HealthSaaS
HotMaxx (好特卖) operates a chain of discount retail stores in China that sell surplus and near-expiry branded goods—including snacks, beverages, instant foods, household products, and baby items—at deeply reduced prices.
Circular EconomyConsumerRetail Tech
Manu Kumar Jainin
Co-investorsGranite AsiaNGP CapitalQiming Venture PartnersQualcomm Ventures
XPeng AEROHT develops flying cars, including the Land Aircraft Carrier, a modular flying car, and the A868, a tilt-rotor flying car, along with flying experience programs.
Deep TechHardwareMobility & Transportation
XPeng is a Chinese electric vehicle manufacturer that develops smart EVs alongside adjacent AI robotics and flying-car ventures.
AI & Machine LearningEnergyHardwareMobility & TransportationRobotics
Xiaopeng He(Founder)inHe Xiaopeng(Chairman/CEO)
Co-investorsEast West Ventures EWVShunwei Capital
Sipai Health (Medbanks) is a Chinese healthcare company operating specialty pharmacies for oncology drugs, providing clinical-trial site-management services to pharma firms, and brokering health insurance products.
Ctrip is an online travel booking platform offering reservations for hotels (over 1.7 million properties across 200+ countries), flights (nearly 2 million global routes), tour packages, and dining deals, with 24/7 customer support.
ConsumerMarketplacesTravel & HospitalityShanghai, CN
Mthreads designs and manufactures full-function GPU chips and accelerated computing products for AI training and inference, 3D graphics rendering, video encoding/decoding, and scientific computing.
AI & Machine LearningData & InfrastructureHardwareSemiconductors
Co-investorsHongtai Capital Holdings
AI-powered medical imaging company.
Co-investorsMarathon Venture PartnersQiming Venture Partners
XtalPi is an AI-driven materials discovery platform that combines computational chemistry, machine learning, and automated wet lab experimentation to accelerate research in pharmaceuticals, new materials, and clean energy.
AI & Machine LearningBiotechDeep TechRoboticsShenzhen, CN
温书豪马健赖力鹏
Co-investorsSoftBank Vision Fund
正保教育集团 (Zhengbao Education Group) provides remote education and online learning services in China, offering courses across multiple subjects including accounting and professional certifications.
EdTechEnterprise Software
朱正东 (Zhu Zhengdong)(Chairman & CEO)
Deepexi (滴普科技) builds enterprise-grade AI infrastructure and platforms for businesses, with attention to security concerns such as agent injection.
AI & Machine LearningData & InfrastructureEnterprise Software
Vast AI Tech manufactures GPU accelerator cards and software platforms for data center, video processing, and edge computing applications.
AI & Machine LearningData & InfrastructureHardwareSemiconductors
Sensors Data provides a data analytics and AI agent platform for enterprise digital operations, offering automated diagnosis, strategy generation, and execution for marketing and customer growth.
AI & Machine LearningData & InfrastructureMarketing TechBeijing, CN
wenfeng sang(Founder)桑文锋(Founder)
Co-investorsXiang He CapitalLinear Capital
Cytea sells premium Chinese tea and related products such as matcha lattes and blended teas directly to consumers online.
ConsumerDirect to ConsumerE-commerce
Lizhi is a web-based audio content platform that provides recording technology services, information storage space services, and internet live streaming for audio creators and listeners in China.
ConsumerCreator EconomyMedia & EntertainmentSocialGuangzhou, CN
Xingyun Group (founded 2015) operates a digital supply chain and cross-border e-commerce services platform that helps Chinese brands and manufacturers reach global markets through localized overseas operations, brand management, fulfillment, compliance, and omnichannel distribution.
B2B MarketplacesE-commerceLogistics & Supply ChainShenzhen, CN
Co-investorsB Capital GroupB4 Capital
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Xunlei is a decentralized storage and transmission network provider founded in 2003, offering file download acceleration, cloud storage, browser, and video streaming services to consumers and enterprises globally.
Cloud ComputingConsumerCrypto & Web3Data & InfrastructureSaaSShenzhen, CN
李金波 (Li Jinbo)(Chairman & CEO)张玉波 (Zhang Yubo)(President)Lei Chenin
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
KeepKeep (3650.HK)Modern China Tea ShopX-PEIC万物新生云米 (NASDAQ: VIOT)凤凰新媒体分众传媒分众传媒 (002027.SZ)华米科技商汤科技地平线声网太美医疗科技 (02576.HK)小冰小米集团小马智行小鹏汽车微医集团快手快手（1024.HK）思派健康 (0314.HK)搜狐搜狐 (NASDAQ: SOHU）携程晶泰科技松灵机器人欢聚集团欢聚集团 (NASDAQ: JOYY）正保远程教育脉脉芯耀辉荔枝虎牙虎牙 (NYSE: HUYA)超参数科技迅雷金山办公金山办公 (688111.SH)银河航天零食很忙
Exits · 4
3 IPOs · 1 acquisitions · showing 3ATRenew (NYSE: RERE)NYSE: RERE小马智行 (NASDAQ: PONY)NASDAQ: PONY正保远程教育acq. by Champion Distance Education Investments Limited (founder-led buyout by Zhengdong Zhu and Baohong Yin)
Portfolio news
latest coverage across their companiesMoody · tipranks.com · Aug 18, 2026
Didi · bloomberg.com · Aug 13, 2026
Soul · afr.com · Jul 30, 2026
ByteDance · research.contrary.com · Jun 8, 2026
Lexi · altss.com · Jun 3, 2026
ATRenew (NYSE: RERE) · stocktitan.net · Apr 8, 2026
Accutar Biotech · nasdaqprivatemarket.com · Apr 2, 2026
Frequently asked questions
- How many investments has Morningside Venture Capital Limited made?
- Morningside Venture Capital Limited has 88 tracked investments, 4 of which have exited.
- What stage does Morningside Venture Capital Limited invest at?
- Morningside Venture Capital Limited invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth stages.
- What is Morningside Venture Capital Limited's typical check size?
- Morningside Venture Capital Limited typically writes checks of $5M – $400M.
- What sectors does Morningside Venture Capital Limited focus on?
- Morningside Venture Capital Limited focuses on AI & Machine Learning, Biotech, Consumer, Crypto & Web3, Enterprise Software, Fintech, SaaS.
- Where is Morningside Venture Capital Limited located?
- Morningside Venture Capital Limited is headquartered in Shanghai, CN.
- Does Morningside Venture Capital Limited lead rounds?
- Morningside Venture Capital Limited typically participates in rounds rather than leading them.
- Who does Morningside Venture Capital Limited co-invest with?
- Morningside Venture Capital Limited most often shares deals with Coatue Management, Granite Asia, Qiming Venture Partners, among 61 tracked co-investors.
Images
Co-investors · 14
Granite Asia is a multi-asset investment platform focused on Asia, providing bespoke financing structures and comprehensive investment solutions across multiple asset classes and strategies to support company growth.
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.
Shunwei Capital is a venture capital firm focused on backing founders in high-tech industries, aiming to help entrepreneurs build world-leading enterprises with capital and operational experience.
DCM Ventures is an early-stage venture capital firm that leads rounds and partners with a small number of companies each year, backing innovative founders with a global, cross-border team.
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.
Source Code Capital is a Chinese venture capital firm whose team comes from investment management, product/technology, consulting, and media backgrounds.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies.
IDG Capital is a multi-strategy investment platform founded in 1993 that supports entrepreneurs across the full business lifecycle, bridging East and West with a global presence and over 300 professionals.
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.
UpHonest Capital is a Silicon Valley-based investment firm founded in 2017 that supports cross-border entrepreneurship and investment between China and the United States, and runs media, scout, and incubation programs.
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.
Notation Capital writes the very first check for technical founding teams at the moment of company creation, treating pre-seed as a distinct risk profile and working "in the trenches" with founders on "day 0:00" rather than just writing smaller checks. The firm operates with unusual transparency by publishing its internal operating manual on GitHub and running a podcast that interviews LPs to demystify venture fund underwriting, while also running a free, equity-free program for future founders in underestimated ecosystems beyond Silicon Valley.
▶2 more co-investors
Firms observed investing alongside Morningside Venture Capital Limited, from public investor directories. Shared companies are the overlap with Morningside Venture Capital Limited's recorded portfolio.
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