Ince Capital Research
Investment Thesis
INCE Capital is a global venture capital firm founded in 2019 by JP Gan, Steven Hu, Stella Zhou, and Paul Keung. The firm's name embodies its mission: "INtelligent Capital Empowering" the future greats. INCE invests in early- to expansion-stage companies spearheading innovation across AI, technology, consumer, and biotech industries, combining a China-and-US cross-border perspective with deep sector expertise carried over from the founders' prior careers at Qiming Venture Partners, The Carlyle Group, and Source Code Capital.
Sector Focus
INCE's portfolio spans several concentrated verticals rather than being generalist:
- Embodied AI / Robotics - Dyna Robotics (foundation models for robotic manipulation), Great Robotics and Ronovo Surgical (surgical robotics)
- Biotech / Life Sciences - Allorion Therapeutics, Avenzo Therapeutics, Bambusa Therapeutics, Earendil Labs (AI-driven biologics discovery)
- AI infrastructure & consumer AI - LiblibAI, Lovart (AI design agent), MyShell (AI consumer layer), FeiLiu Tech (AI apparel supply chain)
- Crypto / Web3 - Bubblemaps, UXLink, Cyber
- Mobility - WEFLY (eVTOL/urban air mobility), PhiGent Robotics (autonomous driving 3D vision)
- Consumer & retail - KK Group, Black Unique, Petkit, Pebble (electric RVs), Shine Lab, ToyCity
- Healthcare / logistics / edtech - YuanXin Tech / MiaoShou Doctor, iMile (last-mile logistics), EEO/ClassIn (online education SaaS)
- Hospitality - Delonix (hotel group)
Stage Focus
Site language describes "early to expansion-stage companies." Portfolio evidence (seed-stage biotech through $787M mega-rounds for Earendil Labs and $130M Series B for LiblibAI) confirms the firm invests across Seed through growth/expansion rounds, generally as part of larger syndicates rather than solo.
Check Size
Not disclosed on the website. Round sizes the firm has participated in range from single-digit millions (early biotech seed rounds) to $787M (Earendil Labs) and $120M (Dyna Robotics), suggesting a flexible check size that scales with round size rather than a fixed band.
Lead Tendency
Not explicitly stated. Reported financings are large, heavily syndicated rounds (e.g., Avenzo $60M Series B, Ronovo Surgical Series D, LiblibAI $130M Series B) where INCE is named as a portfolio investor rather than a stated lead. Classified as unknown pending direct confirmation.
Recent Activity
INCE has been active and disclosing portfolio financings regularly through 2025-2026:
- April 2026: Portfolio company Earendil Labs announced $787M in financing for AI-driven biologics discovery
- January 2026: Bambusa Therapeutics presented at the J.P. Morgan Healthcare Conference; portfolio companies showcased at CES 2026
- December 2025: Founding Partner JP Gan ranked among Forbes China's Top 100 Venture Capitalists (multiple consecutive years)
- November 2025: WEFLY signed 105 eVTOL purchase agreements; Bambusa Therapeutics closed a Series A-2
- October 2025: LiblibAI closed a $130M Series B
- September 2025: Avenzo Therapeutics closed a $60M Series B; Dyna Robotics raised $120M; Ronovo Surgical closed a Series D
- July 2025: WEFLY completed a test flight of its new eVTOL aircraft
- December 2024: Hired Jireh Li (ex-Source Code Capital partner) to lead global initiatives
Fund status reads as actively deploying given the cadence of disclosed portfolio financings through April 2026.
Portfolio Highlights
Notable names: Trip.com Group, Bilibili, Musical.ly (became TikTok), Meitu, and Tuhu Car among JP Gan's and Stella Zhou's prior Qiming-era investments (pre-INCE track record). Current INCE portfolio highlights include Dyna Robotics, Lovart, Pebble, iMile, KK Group, Petkit, EEO/ClassIn, PhiGent Robotics, WEFLY, Allorion Therapeutics, Avenzo Therapeutics, Bambusa Therapeutics, Ronovo Surgical, Great Robotics, MyShell, Bubblemaps, UXLink, and Cyber.
Team
- JP Gan, Founding Partner - 25+ years in VC; Forbes Midas List top investor (No. 5 globally in 2019, ranked 7 consecutive years); prior Managing Partner at Qiming Venture Partners (13 years) and founding member of The Carlyle Group's Asian venture fund; board member at Trip.com and Bilibili; MBA University of Chicago Booth, BBA University of Iowa
- Steven Hu, Founding Partner - 20+ years investment/operating experience; former partner at Qiming Venture Partners; former CEO of Ourpalm Ltd (300315.SZ); focuses on internet/consumer; B.S. Peking University
- Stella Zhou, Founding Partner - Nearly two decades in venture investing; Forbes China Top 100 VC Investors and Top 20 Female VCs; leads AI-enabled and biotech-driven strategy; serves on the Investment Committee; formerly youngest Partner at Qiming Venture Partners; MBA University of Chicago Booth
- Paul Keung, Founding Partner & COO - Former Qiming venture partner; ex-CFO for Tian Ge Interactive and Taomee Holdings IPOs; former CIO of Wyndham Hotels; Cornell School of Hotel Administration, M.S. real estate NYU
- Jireh Li, Partner - 17 years investment management/IR/strategy; formerly Partner at Source Code Capital and China Chief Representative for Commonfund Capital; joined INCE Dec 2024 to lead global initiatives; B.A. Princeton, EMBAs Tsinghua and INSEAD
- Maomeng Tong, Principal - Leads biotech/medtech investing (Allorion, Avenzo, Bambusa, Earendil Labs, Ronovo Surgical); formerly KKR healthcare investing and McKinsey; Ph.D. UCLA David Geffen School of Medicine
- Zhen Xia, Principal - Leads AI and embodied AI investing (Dyna Robotics, First Intelligence); formerly Scale AI, Amazon/AWS, Robinhood, T. Rowe Price; MBA University of Chicago Booth, BSE Princeton
Decision Process
Investment Committee structure confirmed via Stella Zhou's bio ("serves as a member of the Investment Committee"). Multiple founding partners plus sector-focused Principals suggest a partnership/committee model rather than solo GP.
Founder Preferences
No explicit founder-preference statement on the site, but the team's own bios and portfolio skew toward technical, category-defining founders in AI/robotics and de-risked biotech founders with strong scientific platforms.
Geographic Focus
Global with a clear US-China cross-border core: "investment professionals spanning from the U.S. and China." Firm operates out of Shanghai (headquarters), with additional offices in Beijing and Hong Kong per third-party reporting; portfolio companies are based in the US (Pebble, Lovart, Avenzo, Bambusa), China, Dubai (iMile), and elsewhere.
AUM & Investor Base
INCE Capital manages more than US$1 billion across its funds. Investor base includes leading university endowments, foundations, family offices, and funds of funds.