INCE Capital
About INCE Capital
INCE Capital was founded on July 1, 2019 by JP Gan and Steven Hu, with Paul Keung also named as a founding partner. The firm's team page lists Stella Zhou and Paul Keung as founding partners, Jireh Li as a partner, and Maomeng Tong and Zhen Xia as principals. Gan was previously at Qiming Venture Partners. The first fund closed in October 2019 with about US$352 million in commitments, and a second US dollar fund series reached around US$700 million across two funds in January 2022. Third-party profiles put total assets at roughly $1.2 billion. Listed offices are in Hong Kong, Shanghai and Beijing.
INCE Capital names artificial intelligence as one of its four sectors, alongside technology, consumer and biotechnology. Its portfolio includes Loti AI, a company working on deepfake detection, facial recognition and likeness protection, with a deal dated January 2024. INCE Capital also took part in a $787 million financing for Earendil Labs, which describes itself as an AI-driven biologics developer, alongside investors including Dimension Capital, DST Global and Sanofi. The firm's news page also highlights portfolio companies such as LiblibAI, which announced a $130 million Series B. Recent AI deals on the Lounge deals desk include a Maxinsights seed round of $30 million in October 2026.
Public sources describe INCE Capital as investing from early to expansion stage. Tracxn reports that most of its deals are Series A rounds in China-based startups. Lounge lists the firm as active at Pre-Seed, Seed, Series A, Series B and Series C+. INCE Capital does not publish its check sizes, so none are listed here.
- Earendil Labs: AI-driven biotechnology company developing next-generation biologics; announced $787 million in financing rounds with INCE Capital among the participants.
- LiblibAI: portfolio company per INCE Capital's news page; announced a $130 million Series B.
- Loti AI: deepfake detection, facial recognition and likeness protection technology; deal dated January 2024.
- X Square: Series A of $143.1 million, January 2026, per tracked deal data.
- AYR.ai: Series A, December 2021, from INCE Capital Partners USD Fund II.
- Maxinsights: seed round of $30 million, October 2026, per the Lounge deals desk.
Investing activity
INCE Capital appears in 1 AI deal tracked by the AI Lounge deals desk, rounds totalling $30M. The rounds are mostly Seed, with a median round size of $30M. The most recent is Maxinsights (Seed, $30M, Oct 2026).
INCE Capital most often invests alongside PeakXV, South Park Commons, Tola Capital and Alumni Ventures, and the companies it backs on AI Lounge are mostly in Physical AI training data.
Deals
Frequently asked questions about INCE Capital
When was INCE Capital founded?
INCE Capital was founded on July 1, 2019, by JP Gan and Steven Hu, according to startup and investor databases. Its first fund closed in October 2019.
Who leads INCE Capital's AI investing?
INCE Capital's team page lists JP Gan, Steven Hu, Stella Zhou and Paul Keung as founding partners, with Jireh Li as a partner. Public sources do not name a separate partner who leads AI deals.
How large are INCE Capital's funds?
The first fund closed at about US$352 million in 2019. A second US dollar fund series reached around US$700 million across two funds in January 2022.
Does INCE Capital invest in AI startups?
Yes. The firm lists artificial intelligence among its focus sectors, with examples including Loti AI and Earendil Labs.
What stages does INCE Capital invest in?
Lounge lists Pre-Seed, Seed, Series A, Series B and Series C+. Public sources describe early to expansion-stage investing, and check sizes are not public.
What AI companies has INCE Capital invested in?
INCE Capital's AI investments include Maxinsights. The 1 round on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is INCE Capital based?
INCE Capital is based in Hong Kong, Hong Kong.
What stage does INCE Capital invest at?
In the rounds tracked on AI Lounge, INCE Capital has invested at Seed, with a median round of $30M.
Who does INCE Capital co-invest with?
INCE Capital's most frequent co-investors on AI Lounge are PeakXV (1 deal), South Park Commons (1 deal), Tola Capital (1 deal) and Alumni Ventures (1 deal).
How can founders reach INCE Capital?
Founders on AI Lounge can see INCE 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 INCE Capital to their Investor Pipeline to track the conversation.