Qiming Venture Partners
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston and the San Francisco Bay Area. Currently Qiming Venture Partners manages nine US Dollar funds and six RMB funds with over $5.6 billion assets under management. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.
Gary Rieschel and Duane Kuang co-founded Qiming in Shanghai in 2006. Rieschel previously worked at Softbank and Kuang at Intel Capital. Nisa Leung joined the same year and later became a managing partner. In 2017 Rieschel and former pharma executive Mark McDade started Qiming U.S. with the firm's first independent U.S.-based fund. Recent public figures put capital raised at $9.5 billion across 11 US dollar funds and seven RMB funds, which is newer than the totals in the profile text above. Fund VII (USD) closed at $1.2 billion in November 2020. Fund VIII closed at $2.5 billion in July 2022, alongside a first close of RMB Fund VII at RMB 4.7 billion (about $700 million). Funds VII and VIII are led by managing partners Duane Kuang, Nisa Leung, William Hu and Gary Rieschel. In August 2025 Caproasia reported a new AI and healthcare fund targeting $600 million, with a $1 billion hard cap. Treat that as a press report, not a firm announcement.
The AI work sits in the firm's technology team. Managing Partner Alex Zhou's bio says he invests in artificial intelligence, robotics and other emerging technologies. It lists Zhipu AI, Biren Technology, UBTech Robotics, StepFun, Shengshu Technology, Galbot, TARS, Dexmal, Infinigence AI and AIEDU among his portfolio. Principal Qi Hu joined in 2020 and focuses on AI, infrastructure software and 3D/XR. His portfolio includes Zhipu AI, Shengshu Tech, StepFun, Infinigence AI, AiEdu and Miguo AI. Before Qiming he worked at DiDi, Sinovation Ventures' AI Institute and JD.com. Qiming has followed on in large models: it was in StepFun's December 2024 Series B and again in the Series B+ of more than RMB 5 billion in early 2026. Founders should expect AI interest to cover models, AI chips, infrastructure software and robotics, mostly in China.
Qiming says it invests at the early and growth stages, and most of its backed companies were early stage at first investment. The firm does not publish a check size policy. A third-party aggregator, Superscout, estimates checks from $500,000 to $34 million, averaging $16.9 million at seed, $23.9 million at Series A and $34 million at Series B. These are estimates, not firm statements. The Lounge deals desk also lists Qiming as lead on a CNY 100 million (about $14.9 million) angel round for Chiplight Technology.
- StepFun: Shanghai foundation model developer founded in 2023. Qiming joined its Series B in December 2024 and the Series B+ in early 2026. Lounge also lists a $2.5B venture round in May 2026.
- Zhipu AI: large model company, listed in Hong Kong (02513.HK) and named in both Alex Zhou's and Qi Hu's portfolios.
- Shengshu Technology: AI company named in both Alex Zhou's and Qi Hu's portfolios. Round details are not public in our sources.
- TARS: robotics company in Alex Zhou's portfolio. The Lounge deals desk lists a $513M seed round in April 2026.
- Biren Technology: AI chip maker, listed in Hong Kong (06082.HK) and named in Alex Zhou's portfolio.
- Chiplight Technology: Qiming led a CNY 100M angel round, per the Lounge deals desk.
- en.wikipedia.org/wiki/Qiming_Venture_Partners
- thewirechina.com/2022/04/10/who-is-qiming-venture-partners
- qimingvc.com/en/team/alex-zhou
- qimingvc.com/en/team/qi-hu
- qimingvc.com/en/news/20220011-QM-02
- qimingvc.com/en/news/qiming-venture-partners-announces-final-closing-u
- biocentury.com/article/644338/july-11-quick-takes-qiming-announces-3-2
- kr-asia.com/chinas-investors-double-down-on-ai-frontrunners-as-stepfun
Investing activity
Qiming Venture Partners appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $3.04B, and led 1 of them. The rounds are mostly Seed, Series B and Growth, with a median round size of $513M and the largest at $2.5B. The most recent are Baiqu Biology (Series B, $14M, Oct 2026), Chiplight Technology (Angel (seed), $14.9M (CNY 100.0M), Aug 2026) and StepFun (Venture round, $2.5B, May 2026).
Qiming Venture Partners most often invests alongside CSC Financial Capital, 5Y Capital, Pudong Venture Capital and Tencent, and the companies it backs on AI Lounge are mostly in AI for multi-omics and diagnostics, AI and Natural Language Processing.
Deals
Frequently asked questions about Qiming Venture Partners
Does Qiming Venture Partners invest in AI startups?
Yes. Its team bios list AI holdings including StepFun, Zhipu AI, Shengshu Technology, Infinigence AI and TARS. Qiming has also joined several StepFun rounds.
Who leads AI investing at Qiming Venture Partners?
Managing Partner Alex Zhou covers AI, robotics and other emerging technologies. Principal Qi Hu focuses on AI, infrastructure software and 3D/XR.
What check size does Qiming Venture Partners write?
The firm does not publish one. Third-party data from Superscout estimates $500,000 to $34 million, depending on the stage.
How large are Qiming's funds?
Fund VII closed at $1.2 billion in 2020 and Fund VIII at $2.5 billion in 2022. Recent figures put total capital raised at $9.5 billion across 11 USD and seven RMB funds.
Does Qiming Venture Partners invest outside China?
Its focus is China, but it has U.S. offices and started Qiming U.S. in 2017 with its first independent U.S.-based fund. We found no public detail on U.S. AI check sizes.
What AI companies has Qiming Venture Partners invested in?
Qiming Venture Partners's AI investments include Baiqu Biology, Chiplight Technology, StepFun and TARS. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Qiming Venture Partners based?
Qiming Venture Partners is based in Shanghai, Shanghai, China.
What stage does Qiming Venture Partners invest at?
In the rounds tracked on AI Lounge, Qiming Venture Partners has invested at Seed, Series B and Growth, with a median round of $513M. Qiming Venture Partners led 1 of those rounds.
Who does Qiming Venture Partners co-invest with?
Qiming Venture Partners's most frequent co-investors on AI Lounge are CSC Financial Capital (1 deal), 5Y Capital (1 deal), Pudong Venture Capital (1 deal), Tencent (1 deal) and China Life Private Equity (1 deal).
How can founders reach Qiming Venture Partners?
Founders on AI Lounge can see Qiming Venture Partners'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 Qiming Venture Partners to their Investor Pipeline to track the conversation.