Qiming Venture Partners: China's Series A specialist — investor profile

Qiming Venture Partners is one of China's most decorated early-stage firms — a 2006-vintage venture house that has backed generation-defining companies on both sides of the Pacific. Founded by Gary Rieschel and Duane Kuang, the firm now manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised, and counts some of the world's leading universities and institutions among its limited partners.

Overview and thesis

Qiming's stated mission is to be "the preferred investor for top entrepreneurs", seizing technological change early and building long-term value. The firm emphasises deep industry research, rigorous due diligence and a "Qiming ecosystem" in which portfolio companies cooperate with each other — with a growing share of new investments sourced from upstream or downstream of existing portfolio companies, or from founder referrals.

Sectors and stages

The firm invests in the Technology and Healthcare industries at the early and growth stages — 70 percent of its investments are in Series A, and it says many portfolio companies become industry leaders in under seven years. Within technology it covers mobile internet, social networking, entertainment, artificial intelligence, robotics, semiconductors, enterprise software and blockchain; in healthcare it has invested in over 100 startups across diagnostics, R&D, equipment and services, plus AI-driven digital healthcare.

Fund size

The firm states $9.5 billion in capital raised across its eleven USD and seven RMB funds. Individual fund sizes are not publicly disclosed.

Notable portfolio

Since inception Qiming has backed over 580 companies; more than 210 have achieved exits through IPOs or M&A, and over 80 have reached unicorn or super-unicorn status. Standout names include Xiaomi, Meituan, Bilibili, Zhihu, Roborock, Hesai Technology, UBTech, WeRide, Zai Lab, CanSino Biologics, Schrödinger and Z.ai.

Partners and team

Qiming's investment team blends founders, entrepreneurs, scientists, engineers, doctors and finance professionals. Co-founder Duane Kuang is a regular on the Forbes Midas List, and longtime managing partner Nisa Leung — a leading healthcare investor in China — stepped down from the managing partner role in February 2025. The firm has offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.

Programs and resources

Rather than a cohort-based accelerator, Qiming offers what it calls value-added services: help with strategically critical decisions, leadership and team-building support, access to its East–West industry network, and hands-on guidance on financing, IPOs and M&A — with a culture it describes as "being inclusive, staying hungry, while keeping humility and sincerity".