Shangshi Fund
About Shangshi Fund
Crunchbase lists Shangshi Fund, also known as iSeed Capital or 尚势资本, as a Beijing venture firm founded in December 2014. The legal entity is Beijing Shangshi Investment Management Co., Ltd. Qingke and 36Kr profiles say the firm is headquartered in Beijing with offices in Shenzhen and San Francisco. 36Kr names Liu Di (柳迪) as founding partner. Crunchbase puts headcount at 11 to 50. I did not find a public list of the partners who lead AI deals specifically.
Older firm descriptions name digital health, consumer upgrade, IoT and enterprise services as focus areas. They do not mention AI, so the AI deals below look like a newer direction. The 2026 AI deals on the Lounge desk are in AI computing hardware and AI-driven aerospace. Yuanli Semiconductor, founded in Beijing in April 2023, supplies AI chiplets and a toolchain so customers can configure AI chips of different specifications. PitchBook lists Beijing Shangshi Investment Management among its 14 investors. Critical Aerospace builds AI-driven liquid rocket engines for commercial launch, according to the investor database Shizune. Shizune tags the firm's industries as information technology, manufacturing and artificial intelligence, and says the firm has made 65 investments in China.
Crunchbase lists the firm's stages as seed and early-stage venture. The older 36Kr profile says it covers seed through Series B. The firm does not publish check sizes. Shizune reports round sizes for deals the firm joined: seed rounds of $1.4M to $73M, angel rounds of $425k to $14M and Series A rounds of $1.4M to $71M. These are whole-round sizes, not the firm's own checks. Shizune also estimates that the firm led 12% of its deals and followed in 88%, so it mostly joins rounds led by others.
A 36Kr profile says the firm manages two USD funds and three RMB funds, with assets under management above CNY 1.5 billion. CB Insights gives CNY 1.3 billion, with one USD fund and two RMB funds. Neither source is dated, and I found no named fund sizes in press releases or filings.
- Yuanli Semiconductor: Beijing AI chiplet and computing infrastructure company, founded 2023. The Lounge desk records a $73.1M (CNY 500.0M) seed round in April 2026. PitchBook labels its April 2026 round Series A1 at $72.9M.
- Critical Aerospace: develops AI-driven liquid rocket engines for commercial launch. The Lounge desk records a $29.6M (CNY 200.0M) angel round in July 2026.
Investing activity
Shangshi Fund appears in 2 AI deals tracked by the Lounge deals desk, rounds totalling $103M. The rounds are mostly Seed, with a median round size of $73M. The most recent are Critical Aerospace (Angel (seed), $29.6M (CNY 200.0M), Jul 2026) and Yuanli Semiconductor (Seed, $73.1M (CNY 500.0M), Apr 2026).
Shangshi Fund most often invests alongside Source Code Capital, Crystal Stream Capital, Vitalbridge Capital and Oriental Fortune Capital, and the companies it backs on Lounge are mostly in AI.
Deals
Frequently asked questions about Shangshi Fund
When was Shangshi Fund founded?
Crunchbase and 36Kr both date the firm to 2014, with the operating company established in December 2014. It is based in Beijing.
What AI companies has Shangshi Fund invested in?
Two recent AI deals are Yuanli Semiconductor, an AI chiplet company that raised a seed round in April 2026, and Critical Aerospace, an AI-driven rocket engine developer that raised an angel round in July 2026.
What stage does Shangshi Fund invest at?
Crunchbase lists seed and early-stage venture. A 36Kr profile says seed through Series B. Shizune's data shows angel, seed and Series A deals.
What check size does Shangshi Fund write?
The firm does not publish check sizes. Shizune shows whole-round sizes from about $425k for angel rounds up to about $73M for seed rounds, and estimates the firm follows in most deals.
Does Shangshi Fund lead rounds?
Shizune estimates it led about 12% of its tracked deals and followed in the rest, so founders should expect it to join rounds alongside a lead.
Who does Shangshi Fund co-invest with?
Shangshi Fund's most frequent co-investors on Lounge are Source Code Capital (1 deal), Crystal Stream Capital (1 deal), Vitalbridge Capital (1 deal), Oriental Fortune Capital (1 deal) and IDG Capital (1 deal).
How can founders reach Shangshi Fund?
Founders on Lounge can see Shangshi Fund's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Shangshi Fund to their Investor Pipeline to track the conversation.