IDG Capital
About IDG Capital
China-based venture and growth firm; investor in DeepSeek and Meshy AI.
IDG Capital was founded in 1993. Hugo Shong helped IDG chairman Patrick McGovern launch what is described as China's first venture investment firm. Quan Zhou joined in 1993 and is a co-managing partner. The firm's website says it was founded in Boston and is headquartered in Hong Kong, with offices on three continents. It reports more than 300 staff, about 40% of them investment professionals, and 1,800+ portfolio companies and 600+ exits. Wikipedia puts assets under management above US$30 billion as of 2025. Public sources do not name a partner who leads AI investing, so none is listed here.
IDG does not run a separate AI fund in any source found. AI deals sit inside its general venture and growth strategy, which spans seed through growth, M&A and public markets. Its AI record centers on Chinese model developers. It led a US$500M Series C in Moonshot AI, announced in January 2026, with Tencent and others following. It also backs DeepSeek and Meshy AI. Recent deals on the Lounge desk include the Manus (Butterfly Effect) round, the Yuanli Semiconductor seed round and the Apex Intelligence seed round, all marked as led by IDG. Dealroom also lists robotics and autonomous-driving companies in the portfolio, such as Galbot, Momenta and WeRide.
Reported funds include IDG Capital Fund III, a US$1 billion China-focused fund closed with Breyer Capital, and the earlier IDG China Venture Capital Fund IV at US$586 million. IDG also raised an earlier IDG-Accel China Capital Fund II at US$750 million. Bloomberg reported in 2021 that IDG was raising about US$900 million for a China tech fund. In 2026 Krasia reported that the firm is seeking US$2 billion for a consumer-technology growth fund, with a first close targeted by the end of 2026.
The firm says its stages cover seed, early, growth, M&A and public markets. Dealroom's data on 578 portfolio companies shows most first investments came at Series A (272), then Series B and later (173), then seed (132). IDG has not published check sizes, so none are stated here.
- DeepSeek: Hangzhou-based developer of large language models; Series A, $7B, led by IDG (2026).
- Moonshot AI: maker of the Kimi assistant; IDG led the $500M Series C announced in January 2026, and the Lounge desk lists a $2B Series D in May 2026.
- Meshy AI: Series B, $400M (2026).
- Manus (Butterfly Effect): AI agent developer; $500M venture round led by IDG (2026).
- Yuanli Semiconductor: $73.1M (CNY 500M) seed round led by IDG (2026).
- Flova Tech: $80M angel (seed) round (2026).
- Apex Intelligence: $50M angel (seed) round led by IDG (2026).
Investing activity
IDG Capital appears in 7 AI deals tracked by the AI Lounge deals desk, rounds totalling $10.1B, and led 4 of them. The rounds are mostly Seed, Growth and Series B, with a median round size of $400M and the largest at $7B. The most recent are Manus (Butterfly Effect) (Venture round, $500M, Oct 2026), Apex Intelligence (Angel (seed), $50M, Sep 2026) and Flova Tech (Angel (seed), $80M, Jul 2026).
IDG Capital most often invests alongside Tencent, HSG, Boyu Capital and ZhenFund, and the companies it backs on AI Lounge are mostly in AI, AI agents and Generative 3D.
Deals
Frequently asked questions about IDG Capital
Who founded IDG Capital?
IDG Capital was founded in 1993. Hugo Shong helped IDG chairman Patrick McGovern launch it as China's first venture investment firm. Quan Zhou also joined in 1993.
Has IDG Capital invested in DeepSeek or Moonshot AI?
Yes. IDG is an investor in DeepSeek. It led Moonshot AI's US$500M Series C, announced in January 2026.
What stages does IDG Capital invest in?
The firm's stated coverage is seed, early, growth, M&A and public markets. Most of its portfolio entries were at Series A, according to Dealroom.
What check size does IDG Capital write for AI startups?
IDG does not publish check sizes. Individual round sizes are disclosed only per deal, so founders should ask the firm directly.
Where is IDG Capital based?
IDG's website says it is headquartered in Hong Kong with offices on three continents. Some databases list Beijing, and Lounge uses Beijing as the headquarters.
What AI companies has IDG Capital invested in?
IDG Capital's AI investments include Manus (Butterfly Effect), Apex Intelligence, Flova Tech, Meshy AI, DeepSeek, Moonshot AI and Yuanli Semiconductor. The 7 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
What stage does IDG Capital invest at?
In the rounds tracked on AI Lounge, IDG Capital has invested at Seed, Growth, Series B and Series A, with a median round of $400M. IDG Capital led 4 of those rounds.
Who does IDG Capital co-invest with?
IDG Capital's most frequent co-investors on AI Lounge are Tencent (3 deals), HSG (3 deals), Boyu Capital (1 deal), ZhenFund (1 deal) and Zhongguancun Science City (1 deal).
How can founders reach IDG Capital?
Founders on AI Lounge can see IDG Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add IDG Capital to their Investor Pipeline to track the conversation.