Xianghe Capital (襄禾资本)
About Xianghe Capital (襄禾资本)
Xianghe is a venture capital firm that invests in start-up businesses.
Xianghe Capital was founded in 2016 by Hesong Tang and Yang Liu (Maggie Yang). Both previously worked in Baidu's strategic investment and M&A group. Tang was a vice president there and Yang was an executive director. Chinese press profiles say Tang led Baidu deals including iQiyi, Qunar, PPS and 91 Wireless. The firm's legal entity is Xiang He Business Consulting (Beijing) Co., Ltd. Crunchbase lists it in the 11-50 employee range. Tang is Founding Partner and Yang is Co-Founding Partner. Tang is also listed as an academic advisor at Tsinghua University's School of Finance and has a Harvard public administration degree. Fund names and fund sizes are not published in the sources reviewed, so none are listed here.
Xianghe describes itself as a fund for early and growth-stage TMT opportunities. Its stated focus areas include AI and big data, the upgrading of traditional industries with internet and AI, enterprise services, B2B marketplaces, and consumer and entertainment content. The firm says it has invested in more than 30 companies since 2016. Its listed holdings include AI-related names such as Infervision (推想医疗), Senyint (森亿智能), Dmall-style data and SaaS firms like Sensors Data (神策数据) and Guanyuan Data (观远数据), and robotics maker Rokae (珞石机器人). Recent AI activity covers embodied intelligence and AI-native drug discovery. In March 2025 Xianghe took part in the US$120M angel round of embodied AI startup TARS (它石智航), co-led by Lanchi Ventures and Qiming Venture Partners. In September 2026 it led a round of about CNY 100M in Aifei Intelligent Pharma (艾斐智药), a Tsinghua AIR-incubated company. The Lounge deals desk also lists a TARS seed round of $513M in April 2026. The sources reviewed do not say whether Xianghe took part in that round.
The firm states that it invests at early and growth stages. Its recent AI deals include an angel-stage lead (Aifei) and a participation in an angel round (TARS). Xianghe does not publish a check size range or target ownership, so none is given here.
- TARS (它石智航): embodied intelligence startup. Xianghe joined its US$120M angel round announced in March 2025. Lanchi Ventures and Qiming Venture Partners co-led that round.
- Aifei Intelligent Pharma (艾斐智药): AI-native drug discovery company incubated by Tsinghua AIR. It builds the DrugCLIP drug foundation model and the PharmAgents agent engine. Xianghe led its angel round of about CNY 100M in September 2026.
- Infervision (推想医疗): medical imaging AI company, named on the Tsinghua alumni fund profile of Xianghe's investments. Round and year not confirmed.
- Senyint (森亿智能): healthcare AI company, named in the same profile. Round and year not confirmed.
- Rokae (珞石机器人): robotics company, named in the same profile. Round and year not confirmed.
Investing activity
Xianghe Capital (襄禾资本) appears in 2 AI deals tracked by the Lounge deals desk, rounds totalling $528M, and led 1 of them. The rounds are mostly Seed, with a median round size of $513M. The most recent are Aifei Intelligent Pharma (Angel (seed), $14.9M (CNY 100.0M), Sep 2026) and TARS (Seed, $513M, Apr 2026).
Xianghe Capital (襄禾资本) most often invests alongside Xinglian Capital, Hillhouse Capital, HSG and Shanghai Guotou Futeng Capital, and the companies it backs on Lounge are mostly in AI and Manufacturing.
Deals
Frequently asked questions about Xianghe Capital (襄禾资本)
Who founded Xianghe Capital (襄禾资本)?
Hesong Tang and Yang Liu (Maggie Yang) founded it in 2016. Both came from Baidu's strategic investment and M&A team, where Tang was a vice president.
What AI startups has Xianghe Capital invested in?
Recent AI deals include embodied AI startup TARS (它石智航) and AI drug discovery company Aifei Intelligent Pharma (艾斐智药), where Xianghe led the angel round. Press profiles also name Infervision, Senyint and Rokae among its holdings.
What stage does Xianghe Capital invest at?
It describes its focus as early and growth-stage TMT companies in China. Its recent AI deals include angel-stage rounds.
How large are Xianghe Capital's checks and funds?
Neither fund sizes nor typical check sizes are published in the sources reviewed. The Aifei round Xianghe led was about CNY 100M in total, and that figure is not Xianghe's own check.
Where is Xianghe Capital based?
The firm is headquartered in Beijing, China. Its registered address is in Haidian District.
What AI companies has Xianghe Capital (襄禾资本) invested in?
Xianghe Capital (襄禾资本)'s AI investments include Aifei Intelligent Pharma and TARS. The 2 rounds on Lounge are listed on this page with amounts, dates and co-investors.
Where is Xianghe Capital (襄禾资本) based?
Xianghe Capital (襄禾资本) is based in Beijing, Beijing, China.
What stage does Xianghe Capital (襄禾资本) invest at?
In the rounds tracked on Lounge, Xianghe Capital (襄禾资本) has invested at Seed, with a median round of $513M. Xianghe Capital (襄禾资本) led 1 of those rounds.
Who does Xianghe Capital (襄禾资本) co-invest with?
Xianghe Capital (襄禾资本)'s most frequent co-investors on Lounge are Xinglian Capital (1 deal), Hillhouse Capital (1 deal), HSG (1 deal), Shanghai Guotou Futeng Capital (1 deal) and CICC Capital (中金资本) (1 deal).
How can founders reach Xianghe Capital (襄禾资本)?
Founders on Lounge can see Xianghe Capital (襄禾资本)'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 Xianghe Capital (襄禾资本) to their Investor Pipeline to track the conversation.