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INV Venture capital

Sinovation Ventures

Innovation Works创新工场

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Kai-Fu Lee's Beijing-based VC with $3B+ AUM across ten USD and RMB funds; focuses on Chinese AI, robotics, and deep tech; angel and Pre-A investor in XYZ Robotics; participated in XAG's $182M 2020 round and its 2023 C++ follow-on.

HeadquartersBeijing, CN

Portfolio5 companies

Cited round volume$571M

Cited rounds7

01

Physical AI portfolio

Round-by-round participation

CoEvolutionSoftware · registered · corporate

2022-09-01Series A$16MSource

MegaRobo TechnologiesRobot maker · early · corporate

2022-06-15Series C$300MSource

2021-05-28Series B$65MSource

XAGRobot maker · registered · corporate

2020-11-17Venture$182MSource

XYZ RoboticsRobot maker · registered · corporate

2019-08-01Series A$8MSource

DorabotRobot maker · registered · corporate

2018-02-28Series ANot disclosedSource

2016-01-01Series ANot disclosedSource

02

Source ledger

7 unique public sources

Startup Funding: September 2022Semiconductor Engineering · retrieved 2026-07-05

MegaRobo Technologies Raised USD 300 Mn from Series C Round Led by GGV CapitalEqualOcean · retrieved 2026-07-05

MegaRobo Closed US$65 Million New Round FinancingJoy Capital · retrieved 2026-07-05

Agricultural drone maker XAG raises US$182 million in funding round led by Baidu, SoftBank (Series C+, CNY 1.2B)South China Morning Post · retrieved 2026-07-05

The Robotic Company Taking up the Challenge That's Been Haunting Amazon Warehouses (Chinese; XYZ Robotics Series A ~$8M, Aug 2019)Sina Finance · retrieved 2026-07-05

Chinese Logistics Robot Company Dorabot Raises Series A+ Round Led By Yunfeng CapitalChina Money Network · retrieved 2026-07-05

Shenzhen Dorabot Inc.: EverybodyWikiEverybodyWiki · retrieved 2026-07-05