3,5 Milliarden. Das größte Kapitalbeschaffungsergebnis eines Risikokapitalunternehmens im Jahr wird am Jahresende erzielt.

The investment industry has been informed that Monolith Capital recently completed the final fundraising for its second US dollar VC fund and its first Renminbi VC fund. The total size of the new two - currency funds amounts to 488 million US dollars (approximately 3.5 billion Renminbi). In the middle of this year, the new round of fundraising for Monolith's hedge fund was also completed, and there is a continuous expansion.

As a result, the total assets managed by Monolith exceed 10 billion Renminbi.

Recall November 2021 when Monolith was founded and officially entered the venture - capital scene with its first technology hedge fund. "Monolith represents the ultimate truth and wisdom of the universe. With this name, we express our curiosity, our will to seek the truth, and our eagerness to explore the essence of business and the world," explained Cao Xi, the founding CEO of Monolith at that time.

In the four years since its establishment, Monolith has financed several representative projects by focusing on the AI sector and has thus carved out a distinct path and style among the new generation of VC providers. This fundraising once again proves that the new generation of Chinese VC providers is on the rise.

3.5 billion Renminbi in early - stage capital, with restraint

As is known to the investment industry, in fact, both of Monolith's new funds were significantly over - subscribed - during the fundraising process, shares worth about 160% of the original target were desired, totaling approximately 630 million US dollars. Nevertheless, Monolith decided to actively reduce the fundraising size to maintain its restrained investment discipline.

The more difficult the fundraising, the better it can be for investments - those who get capital first have more options to make their investments. Continuing with Monolith's consistent method, which is based on "research - driven and theme - oriented", the two new funds will continue to focus on the core directions of artificial intelligence, including the application areas of AI, model infrastructure, as well as hardware and embodied intelligence.

Monolith is restrained both in fundraising and in investments. Monolith wrote on its third - year anniversary: "We have believed from day one that it really matters to invest in a few truly excellent companies rather than in many companies." Since its establishment, Monolith has consciously controlled the size of fundraising and the pace of expansion and has invested more time in research and accompanying founders.

After completing the fundraising for the two VC funds and in combination with its hedge fund, Monolith has now established its two - currency, multi - product strategy in AI investment. With a total managed asset of 10 billion Renminbi, solid research, and sufficient capital, Monolith will continue to support the next important companies.

Four years of a VC

If we look at the past few years, Monolith is undoubtedly one of the most representative new - generation VC providers.

Back in November 2021, Cao Xi, a former partner of Sequoia China, founded Monolith together with Tim Wang, a former secondary - market partner of Boyu Capital. At that time, Monolith's first hedge fund made a sensational debut with 500 million US dollars and attracted attention.

Subsequently, the venture - capital environment deteriorated, yet Monolith's fundraising continued to be successful. In February 2023, the first round of fundraising for Monolith's first US dollar VC fund was completed. It took less than three months from the official inauguration to the first - round closing.

The investment industry is aware that Monolith's second US dollar VC fund was over - subscribed after just one month.

Today, Monolith's primary investment team consists of professional investors from the fields of artificial intelligence, hardware engineering, and To - C products. They understand both the technical principles and the commercial implementation and are a group of young, interesting, thoughtful, and dynamic investors.

The market evaluation is that this team, which is active on the front line, does not make too many investments, has good investment taste, communicates directly, is very friendly to founders, and has a simple and efficient corporate culture.

Regarding the investment direction, the global capital market is in a cyclical change. Monolith's investment philosophy always emphasizes "finding the best companies in the greatest changes". The greatest current change is undoubtedly the new generation of artificial intelligence.

If we look at the past two years, Monolith has focused on the AI investment direction and has built a systematic portfolio in the fields of large models, AI software infrastructure, embodied intelligence, and hardware. The entire portfolio covers the key points of the AI industry chain. A plan is taking shape - companies such as Yuezhianmian in the large - model industry, YuAiWeiWu in AI education, Xingmai Innovation in the pool - robot industry, LeXiang Technology in the embodied - intelligence industry, and JiKe in the consumer - exoskeleton technology industry have developed rapidly after the investment and received several rounds of financing.

In addition, Monolith's Renminbi fund focuses on AI chips and computing - power infrastructure. MuXi Technology's project has already successfully passed the review.

Monolith's precise investments are also due to the experiences of the hedge - fund team. Since its establishment, the hedge fund has conducted a comprehensive study of several dozen world - leading listed companies and shared this information in real - time and transparently within the team. This mechanism has given Monolith's investment team a more comprehensive perspective and a more global assessment ability.

Signs

At the end of the year, Monolith's successful fundraising is a welcome recovery.

Data from the Zero2IPO Research Center shows that the number and size of newly raised funds in the first three quarters of 2025 increased by 18.3% and 8.0% respectively compared to the previous year. More specifically, the dominance of Renminbi funds has further increased, while the fundraising of foreign - currency funds continues to decline. Everyone is eagerly waiting for an improvement.

The sign of change often begins with fundraising.

It was already known that several VC institutions specializing in China initiated a new round of US - dollar fund fundraising, which attracted attention in the foreign LP community. Therefore, Monolith's successful fundraising is encouraging.

Notably, foreign capital providers are re - evaluating the value of Chinese AI assets. Some long - term capital providers from Europe and the Middle East are beginning to turn their attention back to the Chinese market. The aesthetics, style, and professionalism of the new generation of young Chinese VC providers are exactly suitable for seizing these timely opportunities.

In the venture - capital industry, after several years of difficulties, the new Chinese VC providers have now reached the growth phase. After 30 years of ups and downs in the venture - capital scene, the golden age of VC 1.0, and the rise of VC 2.0, the new young institutions have finally found their stage.

Every industrial change brings a re - evaluation. Twenty years ago, it was the Internet; ten years ago, it was the mobile Internet; today, it is artificial intelligence. It is certain that a new generation of VC providers will emerge under the new wave.

With the passage of time, a new chapter begins.

This article is from the WeChat account “Investment Industry” (ID: pedaily2012), written by Yang Jiyun and published with the permission of 36Kr.