Yunqi Partners, a Chinese venture capital firm that primarily backs early and middle-stage startups, is targeting to raise up to $275 million for its third fund, Yun Qi Partners III, according to a filing with the U.S. Securities and Exchange Commission (SEC) on August 26.
The company has yet to raise any capital commitments for the new fund and it intends to complete the fundraising in no more than one year, the filing indicates.
Shanghai-based Yunqi Partners focuses on investment opportunities in early and middle-stage technology startups promoting industry upgrade in China.
The firm mainly sources deals in the fields of artificial intelligence (AI), big data, Internet of Things (IoT)-based equipment, advanced manufacturing, Software-as-a-Service (SaaS), business-to-business (B2B) supply chain, among others, according to its website.
Yunqi Partners was founded in 2014 by Yi Pin Ng, a former partner at GGV Capital, and Michael Mao, who was previously a partner at IDG Capital. The company has invested in nearly 100 startups including over 10 unicorns, which are companies valued at $1 billion and more.
Some of its billion-dollar-worth portfolios are Baibu, which secured $300 million in a Series D round in December 2019; Shanghai-based AI fintech firm IceKredit; open-source distributed database (DDB) firm PingCAP; and Keenon Robot, a developer and manufacturer of commercial service robots.
Its major exits include 360 Finance, which raised $51 million in an initial public offering (IPO) on Nasdaq in December 2018; Shenzhen-listed medical devices maker Intco Medical; and Yiqixie, an online work collaboration platform acquired by Kuaishou, among others.