Venture Capital Monthly Report | March Investment Volume and Price Rise: Galaxy General Robots Valuation Breaks 20 Billion, Blue Pool Capital's First Fund Achieves Over-Subscription

Produced by: Sina Finance Venture Plus

Author: Yi She

According to data from the Asset Management Association of China, in March 2026, there were 3 newly added private equity and venture capital fund managers, representing a significant decrease of 84.2% year over year and 40.0% month over month; 31 private equity and venture capital fund managers were deregistered, with more than 70% being voluntarily deregistered. During the month, 165 private equity investment funds were newly filed for record, up 55.7% month over month and 43.5% year over year; 517 new venture capital funds were filed for record, up 22.5% month over month but surging 119.1% year over year. Judging from the combined totals by fund type, the total number of newly added private equity and venture capital funds in a single month reached 682, up 29.2% month over month and up sharply 94.3% year over year. While fund manager-side clearing accelerated, the number of fund filings rose against the trend, and the capital-side structure continued to improve.

Both investment-side activity and deal value reached new recent highs. Based on incomplete statistics from public data, there were 798 investment events in China in March, up 45.1% month over month and up sharply 69.4% year over year; the disclosed total investment amount was RMB 69.45B, up 30.6% month over month, and with year-over-year growth of 134.8%, effectively doubling. Although total investment rose significantly, the average investment per deal retreated versus February, to about RMB 87.0256 million, down 10.0% month over month. Overall, in the first quarter, market sentiment for investment and financing clearly warmed up, and capital is accelerating into the primary market.

Of note is that AI-driven drug development company “Huashen Zhiyao” completed a B round of financing jointly led by Dimension Capital, DST Global, and Tsingtao Capital, with a total amount of as much as $787 million, equivalent to RMB 5.41B. The funds raised in this round will help accelerate the construction of an AI R&D platform, expand the cross-disciplinary and cross-technical R&D team, and advance multiple drug R&D pipelines. This large-scale financing is about 7.8% of the total disclosed investment amount for the month.

From the stage distribution, March showed a typical “dumbbell” pattern, with both early-stage and growth-stage investments gaining momentum at both ends. The number of Series A investment events remained in the top position; across the full month there were 230 deals, with disclosed amounts of RMB 8.84B. Closely following were angel rounds, with 194 events and RMB 3.05B. B-round financing performed especially strongly: not only were there 163 deals, but the disclosed amount was also as high as RMB 25.39B, making it the round with the strongest capital-absorbing ability that month.

Early-stage investments (including seed rounds, angel rounds, and Pre-A rounds) continued to run hot. In March, the total number of early-stage investment events was 285, accounting for 35.7% of the total investment events; the investment amount was RMB 9.74B, about 14.0%. Although the share fluctuated slightly based on year-over-year and month-over-month data—down 0.7 percentage points year over year and up 1.7 percentage points month over month—it still remained at a high level, indicating that under the current market environment, investment institutions still prefer to deploy upstream of the industrial chain and in the start-up stage, tapping into the “unicorns” with high growth potential.

Based on analysis of prior-period data, Series A in March continued the strong recovery trend seen since the beginning of the year. The number of investment events reached 230, up 25.7% month over month and up 41.1% year over year, setting a new single-month high within the quarter. On the capital side, the total disclosed investment amount for Series A was about RMB 8.84B, up slightly 4.0% month over month and up sharply 70.0% year over year. Despite both total investment and the number of projects rising, the average investment size per deal underwent a structural adjustment: in March it was about RMB 38.4457 million, down 17.2% month over month, though still higher than the same period last year (up 20.5% year over year). While the scale per deal eased, the breadth of capital coverage for companies at the Series A stage is expanding noticeably—more start-ups are receiving critical growth funding support.

By industry distribution, “hard tech” remains the core area that capital is chasing. This month, advanced manufacturing ranked first by activity with 206 investment events, accounting for 25.8% of total investment events. Artificial intelligence followed closely, with 187 investment events and disclosed amounts of RMB 20.91B; it achieved an astounding 968.5% growth in year-over-year data, accounting for about 30.1% of the total investment amount for the period.

Within sub-sectors, integrated circuits stood out particularly brightly, contributing about half of the total advanced manufacturing investment event volume, with disclosed investment amount reaching RMB 8.01B, accounting for more than 60% of funding weight in the track. At the same time, high-end manufacturing sub-tracks such as aerospace (39 deals, RMB 2.82B) and electronic equipment (19 deals, RMB 584 million) also received key capital tilt, indicating that under the current market environment, hard-tech tracks with core technology barriers and potential for domestic substitution remain the first-choice direction for investment institutions to allocate assets.

After “China’s domestic AI big-model dual heroes” Zhipu AI and Minimax listed on the Hong Kong Stock Exchange, their share prices climbed steadily. Optimistic sentiment in the secondary market flowed into the primary market. As the track that attracts the most capital, nearly 50% of the companies invested in this month are intelligent robotics companies with more mature business models; about 57.9% of the capital flows went to embodied intelligence. “Galaxy General” completed another round of financing of RMB 2.5 billion, refreshing the industry’s single-deal financing scale; post-investment valuation has risen to $3 billion. Another company, “Lingchu Intelligent,” also completed angel and Pre-A financing, with an amount of RMB 2.0 billion as well.

Combining analysis of prior-period data, the advanced manufacturing track in March demonstrated extremely strong explosive power, with 206 investment events, up sharply 90.7% month over month and also up 70.2% year over year. The disclosed total investment amount reached RMB 13.19B, up sharply 233.8% year over year, but down slightly 18.4% versus February. However, as investment breadth expanded rapidly, the average investment size per deal in March’s advanced manufacturing sector was about RMB 64.0533 million. Although this was up 96.1% versus the same period last year, due to the surge in project numbers, it declined 57.2% month over month. This shows that capital is accelerating coverage of more sub-segments within advanced manufacturing; investment and financing activity in the industry has nearly approached the peak levels in recent years.

In terms of regional distribution, investment heat shows a clear “top-heavy clustering” effect, and regional differentiation is also significant. Jiangsu ranked first with 163 investment events, up 58.3% month over month, showing extremely strong project incubation and capital activity. Beijing, while ranking second with 128 events, led the country with disclosed amounts of RMB 21.32B.

By contrast, although Shenzhen reached 116 events (ranking third), the disclosed amount (RMB 4.58B) fell sharply 51.6% month over month, indicating fewer large transactions that month. In addition, places such as Zhejiang, Guangdong (excluding Shenzhen), and Anhui also maintained some activity, but compared with core regions there is still a clear gap in capital scale; the imbalance in development across regions remains hard to resolve.

Based on analysis of prior-period data, Jiangsu’s investment performance has long maintained high activity, but the amount per deal has been relatively low, with relatively stable fluctuations. In 2025, except for higher disclosed investment amounts in February and December, the other months basically stayed between RMB 1.0–5.0 billion, showing strong synchronization with the trend in the number of events.

This month, Jiangsu saw 163 investment events. Not only did it remain No. 1 nationwide, it also refreshed the single-month record from the past year. The disclosed investment amount reached RMB 8.59B, up sharply 103.3% month over month and up 203.2% year over year. With the rapid growth in project numbers, the average investment amount per deal in Jiangsu also increased significantly to RMB 52.7192 million, up 28.5% month over month and up 61.9% year over year. The trend of “both volume and price rising” indicates that competition for high-quality projects in Jiangsu has become increasingly intense; the region is continuously consolidating its position as a high ground for primary-market investment.

Active Institutions

This month’s leading investment institutions demonstrated extremely high activity, serving as an important driver of the market rebound. Sequoia China, Shenchuangtou, and Yida Capital are tied for the top spot; each of the three institutions had 16 investments in the month. Gloer Capital followed closely, ranking among the top with 15 investments. Sky Factory Venture Capital Fund, IDG Capital, WI Harper (Mirco?), and Shunwei Capital also each had more than 10 investments in a single month. Dense bursts of action by top institutions not only inject liquidity into the market, but also convey positive signals about the current economic environment and the value of start-ups.

Looking at the track distribution of the invested companies, the investment strategies of active institutions are highly focused on hard tech and industrial upgrading. Nearly all listed institutions position artificial intelligence, advanced manufacturing, and enterprise services as core allocation directions. Meanwhile, healthcare, new energy, and smart hardware are also key areas that institutions are paying attention to. This allocation suggests that although the market environment is complex and variable, technology innovation companies with core technology barriers and high-growth potential remain the focus of competition among top-tier capital.

Fundraising also brought major positive news: a massive fund on the scale of 100 billion level appeared again. After the second round of close for Xian Gaoxin Emerging Industry Investment Fund managed by Xigao Investment, its size has expanded to RMB 10 billion. The fund was initiated and established in 2016 by the Management Committee of the Xian High-tech Zone, with an initial size of RMB 5 billion. It focuses on strategic emerging industries and hard-tech industries that the Xian High-tech Zone prioritizes for support, and mainly serves as a fund-of-funds to invest in other sub-funds or directly invest in enterprises within the zone.

Fundraising activity for USD funds is also showing signs of recovery, with an even more diversified LP structure. Blue Pool Capital, the family office of Cai Chongxin, completed final closing for its first private equity fund, which ultimately exceeded $1.0 billion. Behind it, investors include family offices, sovereign wealth funds, and long-term capital such as pension funds, with investment directions focused on areas such as high-end retail, fintech, and artificial intelligence. Source Code Capital’s independent brand SourceCode Momentum, completed final closing for its $150 million first tranche USD fund; its LP lineup includes Middle East sovereign funds and globally well-known mother funds, and the new fund will focus on AI infrastructure and robotics.

Large-Scale Investments

This month there were 9 large investment events of more than RMB 2 billion, with total investment amount of RMB 8.58B, about one-third of the total disclosed investment amount.

Within the statistical period, large investment events showed a clear characteristic of “hard tech leading, with traditional industry upgrading running in parallel.” Capital highly concentrated in leading projects, more certain tracks, and areas with policy support. Artificial intelligence is an absolute main line: among the 9 large financings, the AI track accounted for 4 deals, with total financing of about RMB 1.95B. Strategic financing rounds have a high proportion, with investors mainly being industrial capital or local SOE platforms, reflecting that the “capital招商” model led by industrial integration and local SOEs is becoming an important driver of large-scale financing. In addition, USD funds still prefer tracks such as healthcare, AI, and new energy that have capabilities to benchmark against global technology, while RMB funds are more concentrated in policy-driven industries such as computing power, construction, and energy.

Emerging Tracks

This month, the brain-computer interface sector performed prominently, driving higher investment activity in the medical device sector. A total of 49 companies completed financing totaling RMB 1.951 billion. Among them, “Jieti Medical” received RMB 500 million in strategic financing led by Alibaba, with GIC Venture Capital as co-investor; existing shareholders Tencent, Yuanlai Capital, AOBO Capital, Yuanzhi Yuandian, Qiming Venture Partners, Eli Lilly Asia Fund, SourceCode Capital, and Shanghai Guotou Xianfeng continued to follow. According to public reports, earlier this year the company successfully completed clinical implantation of its intended-to-register 256-channel wireless high-throughput invasive brain-computer interface system (WRS02) and received effective validation of brain-controlled interaction functions. It is currently the only invasive brain-computer interface product in China approved to enter the National Medical Products Administration’s “green channel” for innovative medical devices.

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责任编辑：杨舒