Sense Capital Research
Investment Thesis
Sense Capital (SenseTime Guoxiang Capital, 国香资本) is the venture and private equity arm of SenseTime, the Hong Kong-listed Chinese AI company. Founded in 2021, it invests across the full AI industry chain, with a focus on foundational technology companies and AI application companies, and uses SenseTime's platform resources to help portfolio companies. The firm's own site says it aims to connect the physical and digital worlds through AI and to help build a world-class AI industry cluster.
Partner Jun Yu describes two phases. In the AI 1.0 era the team backed AI infrastructure (AI chips) and computer-vision technology applied to concrete scenes. In the AI 2.0 era it moved to a fuller ecosystem of upstream and downstream applications. Current focus areas are robotics (embodied intelligence), semiconductors, smart hardware, large-model applications and AI for Science. Jun Yu also expects 2026 to be the first year of consumer-facing embodied robot startups, and says the firm is increasing investment in Chinese hardware companies selling abroad.
Stage Focus
The firm is an early-stage investor. Per the January 2026 Pedaily interview, most of Jun Yu's large checks went in before Series A, often at seed or angel stage. The firm led the angel round of EngineAI in 2024 with a RMB 40 million check, and joined the angel round of Galbot in March 2023. It also joined Robot Party's seed-plus round in December 2025. It does follow into later rounds (CB Insights lists a LanXin Computing Series B in October 2026).
Check Size
No range is published. The one disclosed check is RMB 40 million (about US$5.6M) into EngineAI at angel stage. Jun Yu says early-stage checks should be heavy, because a 2 to 3 percent position is too small to matter. The firm has moved from first contact to wire in as little as one month.
Lead Tendency
Mixed. The firm led EngineAI's angel round, but most CB Insights entries show it among many co-investors (for example Xinguangjie with IDG Capital, Redpoint China and others). Treated as both.
Recent Activity
According to Pedaily (January 2026), the firm has raised and manages three blind-pool funds plus several project funds, and made more than 20 new investments in 2025 alone. It expects more than 10 portfolio companies to be able to list in 2026. CB Insights shows 46 investments, the latest being ModCraft (seed) and LanXin Computing (Series B), both dated October 2026. Fund sizes are not disclosed in the sources reviewed. Fund status is actively deploying.
Portfolio Highlights
- Galbot (humanoid robot brain), angel 2023; raised RMB 2.5B in March 2026 at a valuation above RMB 20B
- EngineAI (humanoid robots), angel lead 2024; reported valuation near RMB 10B
- Tsingmicro (reconfigurable AI chips), has filed for IPO tutoring
- BrainCo (non-invasive brain-computer interface)
- Rokid (AR glasses)
- Paxini (tactile sensing and dexterous hands), ACE Robotics, Direct Drive Tech, DapuStor (storage controller chips), Rhino (automotive compute and autonomous driving), IMVision Innovation, BaseBit.ai, AIRLOOK
- Hardware going abroad: Procolored, Wilo Ring, Teeni
Team
- Yutong Hu (扈与同): Managing Partner; invited Jun Yu to join in early 2021
- Jun Yu (余俊, Andy): Partner; ex-IDG Capital (Shenzhen, from 2012), ex-GGV Capital (纪源资本, 2014, Xiaomi ecosystem; backed Niu, XPeng, EHang), founded a startup in 2018, joined Sense Capital in 2021; leads robotics and hardware
CB Insights lists Yutong Hu as the only team member; the firm's own team page was not reachable.
Decision Process
Partner-led and fast. Jun Yu meets founders in person and gives a decision or feedback in the room. The firm says financial return comes first: most of its capital comes from outside LPs, and synergy with SenseTime is a means to better returns, not the goal.
Founder Preferences
Technical founders with a history that fits what they are building, and teams in what the firm calls a structural opportunity. The firm will make large early bets on a founder it believes in even when outsiders see high risk. It looks for a first or second place position in a category. Young founders are welcome (Robot Party's founder was born in 2004).
Geographic Focus
Mainland China first, with offices in Beijing, Shanghai (SenseTime campus) and Hong Kong Science Park. The thesis also covers Chinese hardware companies that sell globally. Warm introductions are not stated as required; the site takes pitches through a BP submission form.
Gaps
Fund sizes, AUM, formal check range and stage-by-company dates are undisclosed. The firm's website is mostly a logo wall, and the apex domain sensecapital.com returns 403, so www.sensecapital.com was used.