Key Takeaways
- • Starlink Capital completed the first close of its first USD fund in October 2026, creating a dual-currency fund structure alongside its RMB funds, according to the primary source article.
- • The firm says it closed the final round of its third VC fund and the first phase of its growth fund in the first half of 2026, with the RMB fund described as oversubscribed.
- • Starlink reports cumulative investment of tens of billions of yuan across more than 100 portfolio companies, with more than 70% of those companies Tsinghua-related.
- • The firm screens 2,500 to 3,000 projects annually and invests in roughly 1% of them, and it invested in 40 to 50 companies including new and existing projects in the first half of 2026.
- • Founder Mingchen Zhang frames the strategy as backing top researchers, stating "we only invest in the top 1% of top-tier researchers" and positioning the firm as a "Researcher Fund."
Summary
Starlink Capital, a Beijing-based venture firm founded in 2021 and rooted in the Zhongguancun area near Tsinghua and Peking Universities, has completed the first close of its first US dollar-denominated fund, according to the primary source article published on eu.36kr.com. The first close in October 2026 gives the firm a dual-currency structure that the article says supports its strategy of covering all stages and connecting domestic and overseas markets. The firm had earlier completed the final close of its third VC fund and the first phase of its growth fund in the first half of 2026. The article describes the RMB fund as oversubscribed, though it does not disclose fund sizes or commitment figures for either vehicle.
The firm, led by founder Mingchen Zhang, focuses exclusively on AI upstream and downstream investment and says it has deployed a cumulative investment scale of tens of billions of yuan across more than 100 portfolio companies. The article cites Starlink's early role as an angel lead in Zhipu AI, which it describes as the first global large model listed company. Starlink co-built an AI incubator with Tsinghua University, and the article states that more than 70% of its portfolio companies are Tsinghua-related, with nearly 50 Tsinghua professors involved. Portfolio companies named in the article include Shengshu Technology, Wall Intelligence, Infinite Core, Jiliu Technology, Qujing Technology, Super Evolution Intelligence, Qianhe Yibang, Arctic Core, Aifei Intelligent Pharma and Qiuzhi Technology.
Starlink's investment thesis centers on evaluating researchers on three criteria: research ability, research taste and research leadership. The firm reviews 2,500 to 3,000 projects per year, targets companies with state-of-the-art technical positions, and invested in 40 to 50 companies in the first half of 2026. Zhang is quoted as saying "VC is essentially a business of realizing the value of cognition." The article is a promotional, company-sourced feature, and its performance claims, such as the statement that researcher-led funds earn excess returns, are not independently verified.
The firm, led by founder Mingchen Zhang, focuses exclusively on AI upstream and downstream investment and says it has deployed a cumulative investment scale of tens of billions of yuan across more than 100 portfolio companies. The article cites Starlink's early role as an angel lead in Zhipu AI, which it describes as the first global large model listed company. Starlink co-built an AI incubator with Tsinghua University, and the article states that more than 70% of its portfolio companies are Tsinghua-related, with nearly 50 Tsinghua professors involved. Portfolio companies named in the article include Shengshu Technology, Wall Intelligence, Infinite Core, Jiliu Technology, Qujing Technology, Super Evolution Intelligence, Qianhe Yibang, Arctic Core, Aifei Intelligent Pharma and Qiuzhi Technology.
Starlink's investment thesis centers on evaluating researchers on three criteria: research ability, research taste and research leadership. The firm reviews 2,500 to 3,000 projects per year, targets companies with state-of-the-art technical positions, and invested in 40 to 50 companies in the first half of 2026. Zhang is quoted as saying "VC is essentially a business of realizing the value of cognition." The article is a promotional, company-sourced feature, and its performance claims, such as the statement that researcher-led funds earn excess returns, are not independently verified.
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