About Tsing Capital
Tsing Capital is a venture capital firm founded in 2000. It is primarily based out of Hong Kong, China. As of Sep 2022, Tsing Capital has invested in 54 companies. It primarily invests in Series A round in China based startups. Its investments are spread across a wide range of sectors from High Tech to Environment Tech and Auto Tech. Most recently it participated in the $***** Series A round of BoomRay Pharmaceuticals Overall, Tsing Capital portfolio has seen 1 unicorn, 9 IPOs and 5 acquisitions including key companies like Lucid, Ehang and Lucid. A lot of funds co-invest with Tsing Capital, with names like Intel Capital sharing a substantial percentage of its portfolio. Tsing Capital has team of 8 people including 4 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Tsing Capital's List of Top Investments
Tsing Capital has a portfolio of 54 companies, one of which is a Unicorn. Their most notable investments are in Enevate and Enevate.Their portfolio spans across China, United States, Canada and 2 more locations. They have invested in High Tech, Environment Tech, Auto Tech and 21 other sectors, across stages such as Series A, Series B and 4 more. Here is the list of top investments by Tsing Capital:
1. Lucid
Manufacturer of electric vehicles and related technologies for consumer markets. It offers various models with different range capabilities and features. The company also provides related services, including financing options and vehicle accessories.
Key facts about Lucid
- Founded Year: 2007
- Location: Newark (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $1.13B
- Employee Count: 7,725 as on May 31, 2026
- Investors: Black Capital Investments, Robeco and 17 Others
- Latest Funding Round: Post IPO, Apr 14, 2026, $*****
- Highlight: Public
2. Ehang
Developer of autonomous aerial vehicles and related command and control systems. It focuses on providing solutions for aerial transportation and related applications. The company designs, develops, manufactures, and operates these systems. It also offers services related to the operation and maintenance of its products.
Key facts about Ehang
- Founded Year: 2014
- Location: Guangzhou (China)
- Stage: Public
- Total Funding till date: $52M
- Employee Count: 112 as on May 31, 2026
- Investors: Zhongchuang Ocean Equity Investment Fund, Carmignac and 13 Others
- Latest Funding Round: Post IPO, Nov 14, 2024, $*****
- Highlight: Public
3. Lucid
Provider of solutions for businesses to visualize, plan, and build their business. They mainly offer three Product suite solutions Lucid Charts which is an intelligent diagramming application, Lucidspark which is a virtual whiteboard that connects teams and Lucidscale which is used for cloud visualization.
Key facts about Lucid
- Founded Year: 2010
- Location: South Jordan (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $166M
- Employee Count: 1,370 as on May 31, 2026
- Investors: Meritech, Cross Creek and 18 Others
- Latest Funding Round: Series C, Apr 16, 2020, $*****
- Highlight: Editors' Pick
4. Phononic
Providing solid state thermal management solutions. It utilizes thermoelectric capabilities of semi conductors to create products that can convert heat into electricity or use electricity to eliminate heat. Phononic has developed solid state pump which can replace compressors in high end refrigeration requirement like in labs and medical facilities.
Key facts about Phononic
- Founded Year: 2009
- Location: Durham (United States)
- Stage: Series F
- Total Funding till date: $230M
- Employee Count: 125 as on May 31, 2026
- Investors: Venrock, Temasek and 18 Others
- Latest Funding Round: Series F, Jul 21, 2021, $*****
- Highlight: Editors' Pick
5. Horizon
Platform for self driving car technology. The platform supports development of intelligent driving systems that enable vehicles to navigate and operate with reduced human input. It focuses on software and system integration to support perception, decision making, and control within an online development environment.
Key facts about Horizon
- Founded Year: 2015
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $3.4B
- Investors: Intel, Baillie Gifford and 54 Others
- Latest Funding Round: Series C, Sep 26, 2022, $*****
- Highlight: Public
Tsing Capital's Year-on-Year Investment Trends
Tsing Capital has invested in 54 companies over the last 18 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in BoomRay Pharmaceuticals and most recent follow-on round was in Iview Displays.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 2 | 0 | 2 |
2021 | 0 | 0 | 0 |
2020 | 1 | 0 | 1 |
2019 | 0 | 0 | 0 |
2018 | 0 | 1 | 1 |
2017 | 5 | 1 | 6 |
Tsing Capital's Investments by Stage
Tsing Capital has made 7 investments in Series A stage with an average round size of $14.8M, 6 investments in Series B stage with an average round size of $16.7M and 5 investments in Seed stage with an average round size of $2.6M.Stage of entry | No. of Investments |
|---|---|
Series A | 7 |
Series B | 6 |
Seed | 5 |
Series C | 4 |
PE | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Tsing Capital's Investments by Sector
Tsing Capital has a diverse portfolio, with companies operating in the High Tech, Semiconductors, Sustainability Tech, Energy Tech and Environment Tech. Notably, it has invested in 35 Enterprise (B2B) companies, 31 Tech companies, 16 Tech hardware companies and at least 11 companies focusing on Software.Sector | No. of Investments |
|---|---|
High Tech | 12 |
Semiconductors | 8 |
Sustainability Tech | 8 |
Energy Tech | 7 |
Environment Tech | 7 |
Others | 42 |
Note: We have considered here, only first round of investments
Tsing Capital's Investments by Geography
Tsing Capital has made most investments in China (13), followed by United States where it has made 8 investments.Country | No. of Investments |
|---|---|
China | 13 |
United States | 8 |
Canada | 1 |
New Zealand | 1 |
South Africa | 1 |
Note: We have considered here, only first round of investments
Tsing Capital's recent investments
Tsing Capital has not made any investment in 2026 so far.Here are the most recent investments by Tsing Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 07, 2022 | China | Series A | 8529 | ||
Jan 31, 2022 | New Zealand | Seed | 6768 | [+11] | |
Sep 27, 2020 | China | Series C | 9995 | [+3] | |
Sep 13, 2018 | China | Series B | 9249 | ||
Nov 30, 2017 | United States | Series A | 4109 | [+4] |
Unicorns in Tsing Capital's Portfolio
Tsing Capital has 1 unicorn in its portfolio - Lucid. The most recent unicorn in their portfolio is Lucid which became a unicorn in 2020, 6 years before Tsing Capital first invested in it.Here is a list of unicorns in Tsing Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
75 | Provider of solutions for businesses to visualize, plan, and build their business | 2010 | South Jordan | Series C | lqesyka |
IPOs and Publicly Listed companies in Tsing Capital's Portfolio
9 of Tsing Capital's portfolio companies have become public. Horizon got listed on the Hong Kong Exchanges (HKG), in Oct 2024 at marketcap of $104M and Jing-Jin Electric Technologies got listed on the Shanghai Stock Exchange (SSE) at marketcap of $284M.Here are Tsing Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 24, 2024 | Jun 2016 | Seed | 6362 | |
Oct 27, 2021 | - | - | 6069 | |
Sep 18, 2020 | Dec 31, 2009 | Series A | 1955 | |
Dec 13, 2019 | - | - | 4586 | |
Oct 10, 2014 | - | - | 6560 |
Acquired companies in Tsing Capital's Portfolio
5 companies from Tsing Capital's portfolio have been acquired. The most recent acquisition was GaN Systems in Mar 2023 by Infineon for $*****.Here are Tsing Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 02, 2023 | May 07, 2015 | Series B | 9864 | |
Feb 28, 2021 | - | - | 5074 | |
Nov 23, 2016 | Nov 09, 2015 | Series F | 8345 | |
Dec 14, 2015 | - | - | 8224 | |
May 08, 2015 | - | - | 6697 |
Team profile of Tsing Capital
Tsing Capital has a team of 8 members including 4 Partners located in China. Tsing Capital's team does not sit on the board of any company as of now.Here is a list of all team members in Tsing Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Beijing | - | ||
Partner | Hong Kong | - | ||
Partner | Hong Kong | - | ||
Partner | Beijing | - |
Co-investors of Tsing Capital
Over the past 18 years, 185 investors have co-invested in Tsing Capital's portfolio companies. This includes funds and angels.
- Invested before Tsing Capital: DOE, OSTI and 43 others have invested in rounds before Tsing Capital. There are 2 companies where DOE has invested before Tsing Capital and 2 companies where OSTI has invested before Tsing Capital.
- Top Co-investors of Tsing Capital: 46 investors entered a company along with Tsing Capital. These include investors like Intel Capital (2 companies).
- Invested after Tsing Capital: A total of 94 investors have invested in Tsing Capital's portfolio after their investments. Top Investors include Chaos Investment (3 companies), GGV Capital (2 companies) and China Renaissance Group (2 companies).
Recent News related to Tsing Capital
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Knowdee Intelligence Completes Nearly CNY 100 Mn Pre-A Round ...EqualOcean•Apr 17, 2024•EqualOcean, Tsing Capital, Summitview Capital, Lenovo
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Biotech firm BoomRay bags $43m in Series B; E-commerce enabler Pook raises almost $29mShareandstocks•Sep 05, 2022•Bombaypharma, HongShan, Jebsen Capital, Sequoia Capital China and 4 others
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MetaDojo Secures $3 Million In Funding As Demand For Metaverse Premises Continues To AccelerateGlobeNewswire•Feb 01, 2022•MetaDojo, DFG, OKX, NGC Ventures and 3 others
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Ionova nets $ 100mGlobal Corporate Venturing•Aug 24, 2021•Ionova Life Science, LAV Asset Management, Greater Bay Area Homeland Investments, Tsing Capital and 4 others
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RecBio receives $227m in series B roundGlobal Corporate Venturing•Nov 11, 2020•Legend Holdings, LYFE Capital, Sequoia Capital, Vertex Ventures and 7 others
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3D Medicines' new financing round reaches 1.5b yuanChina Daily•Oct 19, 2020•3DMed, CPE Capital, Jemincare, Tsing Capital and 10 others
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Chinese biotech firm Creative Biosciences raises $88m from IDG, CDH, othersDeal Street Asia•Sep 27, 2020•Guangzhou Kang Liming Biotechnology, Tsing Capital, IDG Global Solutions, Oceanpine Capital and 4 others
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Vion invites corporates for $20m series BGlobal Corporate Venturing•Dec 12, 2017•ViON, Beijing Vion Technology, Samsung, ABB and 2 others
