IDG Capital

Tracked participation in 5 Atlas companies, with 1 explicitly attributed lead.

5portfolio companies

7round participations

1lead positions

$500Mled round total

Conviction

Most recent leads

The latest rounds this investor is sourced as leading, newest first.

Dec 2025Moonshot AISeries C$500Mat $4.3B valuation

Capital activity

Portfolio

CompanyLatest valuationFirst → latestRoundsRoleAttributed partner

DDeepSeek$50BJun 2026 → Jun 20262 roundsParticipant—

MAMoonshot AIApplicationsMoonshot AI (website: moonshot.ai) is an AI company focused on long-context and “open-weight” foundation models,…$20Bvaluation$5BraisedRecent roundsGrowth/late-stage round (undisclosed series) · May 2026$2B · led by Long-Z InvestmentsSeries C · Dec 2025$500M · led by IDG CapitalGrowth/Series B (later tranche) · Aug 2024$300M · Alibaba Group Holding, Gaorong Capital +1Moonshot AI$20BDec 2025 → May 20262 rounds1 led—

MMiniMaxApplicationsMiniMax (minimax.io) is a global AI foundation model company focused on multimodal model development and consumer +…$2.6Bvaluation$2.3BraisedRecent roundsIPO (Hong Kong; global offering) · Jan 2026$710M · Abu Dhabi Investment Authority (ADIA), Alibaba +5Pre-B Series · Mar 2024$654MSeries B (or similar late-stage priced equity round led by Alibaba; reported as ongoing/committed) · Mar 2024$600M · led by Alibaba GroupMiniMax$2.5BMar 2024 → Mar 20241 roundParticipant—

BTBiren TechnologyChipsBiren Technology (Shanghai Biren Technology Co., Ltd.) is a GPU-focused, fabless “chip + system + ecosystem”…$16.9Bvaluation$10.5BraisedRecent roundsIPO / Global Offering (H-share listing) · Dec 2025$247.7MStrategic round (Pre-IPO investment) · Aug 2025$2.4B · Guangzhou Industry Investment Major Projects Special Fund Partnership (Limited Partnership), Knowledge City (Guangzhou) Industrial Park Development Group Co., Ltd. +1Series B (Pre-IPO investment) · Jan 2021$1.5B · Beijing Yurun, Cyber Chief +11Biren Technology—Jan 2020 → Jan 20201 roundParticipant—

FIFourier IntelligencePhysical AIFourier Intelligence (operating under the broader Fourier / Fourier Rehab brand) is a robotics company focused on…$800Kvaluation$63MraisedRecent roundsSeries E (E3增资/strategic equity investment disclosed in filings) · Jun 2025$30K · 中小企业基金, 元璟（Yuanjing） +4Series E · Jan 2025$8 · Guoxin Investment (国鑫投资), Junshan Capital (钧山资本) +5Series D · Jan 2022$63M · led by SoftBank Vision Fund, SoftBank Vision Fund 2Fourier Intelligence—Feb 2018 → Feb 20181 roundParticipant—

DateCompanyRoundRaisedValuationRoleEvidence

Jun 17, 2026DDeepSeekfirst external funding round (completed)$7.4B$50BParticipant

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Jun 03, 2026DDeepSeekfirst external funding round (maiden)$7.4B$350BParticipant

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May 07, 2026MAMoonshot AIApplicationsMoonshot AI (website: moonshot.ai) is an AI company focused on long-context and “open-weight” foundation models,…$20Bvaluation$5BraisedRecent roundsGrowth/late-stage round (undisclosed series) · May 2026$2B · led by Long-Z InvestmentsSeries C · Dec 2025$500M · led by IDG CapitalGrowth/Series B (later tranche) · Aug 2024$300M · Alibaba Group Holding, Gaorong Capital +1Moonshot AIGrowth/late-stage round (undisclosed series)$2B$20BParticipant

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Dec 31, 2025MAMoonshot AIApplicationsMoonshot AI (website: moonshot.ai) is an AI company focused on long-context and “open-weight” foundation models,…$20Bvaluation$5BraisedRecent roundsGrowth/late-stage round (undisclosed series) · May 2026$2B · led by Long-Z InvestmentsSeries C · Dec 2025$500M · led by IDG CapitalGrowth/Series B (later tranche) · Aug 2024$300M · Alibaba Group Holding, Gaorong Capital +1Moonshot AISeries C$500M$4.3BLead

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Mar 05, 2024MMiniMaxApplicationsMiniMax (minimax.io) is a global AI foundation model company focused on multimodal model development and consumer +…$2.6Bvaluation$2.3BraisedRecent roundsIPO (Hong Kong; global offering) · Jan 2026$710M · Abu Dhabi Investment Authority (ADIA), Alibaba +5Pre-B Series · Mar 2024$654MSeries B (or similar late-stage priced equity round led by Alibaba; reported as ongoing/committed) · Mar 2024$600M · led by Alibaba GroupMiniMaxSeries B (or similar late-stage priced equity round led by Alibaba; reported as ongoing/committed)$600M$2.5BParticipant

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Jan 01, 2020BTBiren TechnologyChipsBiren Technology (Shanghai Biren Technology Co., Ltd.) is a GPU-focused, fabless “chip + system + ecosystem”…$16.9Bvaluation$10.5BraisedRecent roundsIPO / Global Offering (H-share listing) · Dec 2025$247.7MStrategic round (Pre-IPO investment) · Aug 2025$2.4B · Guangzhou Industry Investment Major Projects Special Fund Partnership (Limited Partnership), Knowledge City (Guangzhou) Industrial Park Development Group Co., Ltd. +1Series B (Pre-IPO investment) · Jan 2021$1.5B · Beijing Yurun, Cyber Chief +11Biren TechnologyPre-A financing agreements (multi-tranche series described as five series)$3B—Participant

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Feb 27, 2018FIFourier IntelligencePhysical AIFourier Intelligence (operating under the broader Fourier / Fourier Rehab brand) is a robotics company focused on…$800Kvaluation$63MraisedRecent roundsSeries E (E3增资/strategic equity investment disclosed in filings) · Jun 2025$30K · 中小企业基金, 元璟（Yuanjing） +4Series E · Jan 2025$8 · Guoxin Investment (国鑫投资), Junshan Capital (钧山资本) +5Series D · Jan 2022$63M · led by SoftBank Vision Fund, SoftBank Vision Fund 2Fourier IntelligenceSeries A$3K—Participant

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DateCompanyRoundRaisedValuationRoleEvidence

Jun 17, 2026DDeepSeekfirst external funding round (completed)$7.4B$50BParticipant

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Jun 03, 2026DDeepSeekfirst external funding round (maiden)$7.4B$350BParticipant

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