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§ Venture Capital · China
Venture capital firm investing in early- to expansion-stage companies in China, focused on internet, consumer, and intelligent technology.
Key people at INCE Capital.
INCE Capital is a Hong Kong-based venture capital firm that invests in early- to expansion-stage companies across China's internet, consumer, and intelligent technology sectors. The firm manages approximately $1.2 billion in assets across multiple funds. Its first fund closed at $352 million in October 2019, followed by a second US dollar fund series which secured around $700 million in January 2022. The portfolio includes over 30 companies, with notable investments such as KK Group, Yuanxin Technology, and EEO Group. INCE Capital was founded on July 1, 2019, by JP Gan, a Forbes Midas List recipient, and Steven Hu, with Paul Keung also serving as a founding partner. Its business model centers on raises commitments from global institutional investors, endowments, foundations, family offices, and fund of funds for its venture capital funds, which are deployed into portfolio companies.
INCE Capital is a global venture capital firm founded in 2019 with a mission to deploy *Intelligent Capital* to empower the next generation of category-defining companies. The firm’s name stands for INtelligent, INnovative, INvestment, Capital Empowerment, reflecting its philosophy of backing visionary founders who are reshaping industries through technology-driven innovation. INCE focuses on early to expansion-stage companies in high-impact sectors including artificial intelligence, technology, internet consumer, and biotech, with a particular emphasis on how technological evolution transforms lifestyles, consumption behaviors, and business models.
With over $1 billion in assets under management across multiple funds, INCE has built a strong LP base of leading university endowments, foundations, family offices, and funds of funds. Its cross-border presence between the U.S. and Greater China allows it to support founders navigating both Western and Asian markets, positioning it as a key enabler of global innovation at the intersection of AI, consumer behavior, and deep tech.
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INCE Capital was founded in 2019 by a team of seasoned investors and operators, including JP Gan, who serves as Founding Partner, alongside other senior partners such as Jireh Li and venture partners like Ashton Lee and Czhang Lin. The firm launched its debut fund in October 2019, closing at $351.9 million, which marked one of the more notable early-stage VC fund launches out of Asia in that cycle.
From the outset, INCE positioned itself not just as a capital provider but as a strategic partner deeply engaged with founders building transformative businesses. The firm established offices in Shanghai, Beijing, and Hong Kong, creating a strong foothold in China’s innovation hubs while maintaining a global outlook. Over time, it expanded its mandate beyond internet consumer and intelligent technologies into adjacent frontier domains like AI infrastructure, robotics, and biotech, reflecting both the evolution of technological trends and the firm’s growing influence in the venture ecosystem.
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- Cross-Border Edge: With investment professionals spanning the U.S. and China, INCE offers portfolio companies access to dual ecosystems—critical for AI, hardware, and consumer startups that need to navigate supply chains, talent pools, and markets on both sides of the Pacific.
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INCE Capital is riding—and helping shape—some of the most consequential trends of the 2020s: the rise of AI-native companies, the convergence of software and physical systems (e.g., robotics, autonomous systems), and the globalization of consumer internet innovation beyond Silicon Valley. Its focus on “intelligent technologies” aligns perfectly with the shift from mobile-first to AI-first product design, where models like foundation models, multimodal systems, and agent-based architectures are redefining what’s possible.
The firm’s emphasis on consumer behavior and lifestyle transformation also positions it well in markets where digital adoption is accelerating rapidly, especially in Asia. At the same time, its increasing bets in biotech and healthtech reflect a broader trend of convergence between biology and computation, where data-driven drug discovery, surgical robotics, and digital therapeutics are unlocking new frontiers.
By backing companies at the intersection of these forces, INCE is playing a pivotal role in the emergence of a new generation of category-defining startups—many of which are poised to become global leaders rather than regional players.
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Looking ahead, INCE Capital is well-positioned to deepen its influence as a bridge between East and West in the age of AI and deep tech. As generative AI matures and begins to permeate enterprise, healthcare, and industrial applications, firms like INCE that have already built thematic expertise and strong founder relationships will be among the first calls for ambitious teams.
The firm is likely to continue expanding its fund sizes and geographic reach, potentially increasing allocations to AI infrastructure, robotics, and life sciences, while also exploring new frontiers like climate tech and space-enabled technologies where intelligent systems play a central role. Its ability to attract top-tier LPs and consistently back high-growth portfolio companies suggests that INCE is evolving from a promising new entrant into a mainstay of the global venture capital landscape.
In a world where the line between software, hardware, and biology is blurring, INCE’s mission—to empower the future greats with intelligent capital—feels increasingly relevant. The next decade may well see many of its portfolio companies not just defining categories, but redefining what’s possible.
Key people at INCE Capital.
INCE Capital has more than 26 tracked investments across 19 companies. The latest tracked deal is $143.1M Series A in X Square in January 2026.
