Investor Profile: Lilly Asia Ventures — Thesis, Cheque Size & How to Apply

Lilly Asia Ventures funding is one of the most established routes for biomedical founders building with a China connection. Founded in 2008 as a corporate venture subsidiary of Eli Lilly, and independent since 2011, Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm with offices in Shanghai, Hong Kong and Palo Alto.

Thesis & focus

Lilly Asia Ventures aims to be the trusted partner for exceptional entrepreneurs seeking smart capital, building companies that develop breakthrough products to treat disease and improve human health. Its advantage is the combination of deep China expertise, including preclinical and clinical development experience, regulatory know-how and market insight, with a global perspective from team members and scientific advisers overseas.

Sectors & stages

The firm invests in pharmaceuticals, human therapeutics, medical devices, diagnostics and related life sciences, across China and the United States, always with a China nexus. It backs early-stage and growth-stage companies, and it has repeatedly backed the same companies across multiple rounds as they scale, rather than investing once and moving on.

Fund size & cheque size

Company releases put committed capital at over $4.5 billion. Its fifth fund, LAV Biosciences Fund V, closed at its $750 million hard cap, a step up from the $450 million raised for Fund IV. Lilly Asia Ventures does not publish a standard cheque-size range, and reporting has noted there are no top-down limitations on cheque size, so cheque size is best described as not publicly disclosed and flexible with fund size.

Notable portfolio

Innovent Biologics is a signature holding: Lilly Asia Ventures participated in a $20 million Series B in 2012 and re-invested in later rounds before its Hong Kong listing. Other portfolio names confirmed in company releases include Lynk Pharmaceuticals, which completed a $50 million Series B, Pulnovo Medical, a medical device company for pulmonary artery hypertension, Alebund Pharmaceuticals, jointly incubated by the firm in Shanghai, Singlera Genomics, GluBio Therapeutics and Connect Biopharma, which completed a $115 million Series C financing.

Partners & team

The firm is led by Yi Shi, its founding managing partner, and its team numbers over 30 distinguished scientific, medical, investment and operational professionals. Fei Chen is a managing partner at the firm and has led commentary on investments such as Singlera Genomics. That scientific and medical bench is the firm's calling card for founders who need help navigating clinical development and regulation in China as well as globally.

Programmes, credits & perks

No public accelerator programme, credits scheme or perks programme was found for Lilly Asia Ventures. Its support model is investment plus hands-on company building: incubation, as shown by Alebund Pharmaceuticals, regulatory and market guidance, and follow-on funding across rounds. Founders should not expect a cohort programme or startup credits.

How to apply for funding

Lilly Asia Ventures does not publish an open pitch-submission portal that could be verified. The route for founders is through its official website at lillyasiaventures.com, or through an introduction from a scientist, entrepreneur or investor in its China and US networks. An approach should make the China angle explicit, since the firm invests with a China nexus, and should lead with scientific differentiation and clinical evidence.