Investorvc

5Y Capital (五源资本)

Shanghai venture capital firm formerly known as Morningside Venture Capital. Founded in 2008, it manages over $5B and invests in technology, life sciences, and consumer innovation; earlier portfolio names include Xiaomi, Kuaishou, XPeng, Pony.ai, and SenseTime.

Website

1 lab backed

StepFun (阶跃星辰)

Shanghai foundation-model lab founded by ex-MSRA Chief Scientist Jiang Daxin (姜大昕). Densest MSRA-diaspora cluster. Yin Qi (印奇, Megvii co-founder) became chairman January 2026.