Cowin Capital

Cowin Capital, established in 2000, is a Shenzhen-based private equity firm specializing in early-stage investments. With 18 years of experience, it focuses on supporting the growth of small and medium enterprises, primarily in the energy, communication, electronics, and environmental protection sectors. Cowin Capital takes a long-term approach, aiming to create value through strategic partnerships and operational support. It has successfully invested in over 300 companies, with 60 becoming publicly listed and 150 achieving successful exits. Notably, Cowin Capital was one of the first venture capital institutions to be listed on the New Third Board (NEEQ) in China.

Ding Baoyu

Managing Director, Partner

Li Chao

Partner

Kai Chen

Partner

David Ding

Managing Partner

Dong Dongdong

Partner

Wang Jing

Partner

Huang Li

Founding Partner and CEO

Peng Qian

Risk Control Partner, Interlayer Business Partner

Zhongcheng Tang

Managing Partner

Zheng Weihe

Chairman, Founding Partner

Cai Weiliang

Partner

Yanbin Xi

Partner

Yang Xiaomin

Managing Director

Duan Yao

US Dollar Fund Partner

Tong Zaiping

Partner

Zhang Wenjun

Partner

Zhang Yiwei

Partner

Peng Zhang

Partner

Alex Zheng

Founding Partner and Board Chairman

Tang Zhongchen

Managing Director, Cowin Partner

Shu Qing

Partner

Wang Peng

Investor

Past deals in Hardware

Zhongke Hangxin

Series A in 2025
Zhongke Hangxin is a high-precision inertial navigation technology and product developer, focusing on fifth-generation inertial devices and system industrialization services.

Wolei Technologies

Funding Round in 2025
Wolei Technologies specializes in the development of advanced automotive power semiconductor modules, intelligent driving core systems, and automotive electronic control solutions. The company provides a range of comprehensive intelligent solutions, encompassing both software systems and hardware equipment designed for automation and intelligent measurement. Its products support various sectors, including electronic control, autonomous driving, new energy power systems, chassis safety, and rail transit. Wolei Technologies is recognized for its leadership in production, sales, and market share within the industry, bolstered by affiliations with provincial business technology centers and high-tech R&D facilities.

Snapmaker

Series B in 2025
Snapmaker Inc., founded in 2016 and based in China, offers an integrated platform that enables users to create through 3D printing, laser engraving, and CNC carving. The company designs modular 3D printers that transform desktop spaces into versatile workshops. These all-metal printers are user-friendly for beginners while remaining expandable for more experienced makers. By providing an accessible and affordable solution, Snapmaker empowers individuals to engage in creative projects with ease.

CARKU

Series B in 2025
CARKU pioneers a new way to change people’s life with smart lithium jump starter. We deep understanding of how frustrating when you are out but your car can’t start, enable us to delivery innovation to unlock new business value to customers. CARKU is the world's leading jump starter designer and manufacturer. We devoted ourselves to focusing on battery safety technology and jump starter design to extensively use in the area of automotive, motorcycle, consumer electronics, outdoor recreational enthusiasts, and recreational boaters.

Gooxi

Series A in 2024
Gooxi is a hardware manufacturer specializing in designing and producing server hardware for industrial clients. Its product portfolio includes server chassis, motherboards, complete machines, and software like BIOS and BMC, catering to diverse sectors such as artificial intelligence, cloud computing, data centers, and cloud storage. The company is dedicated to research and development, production, sales, and service, making it one of the few hardware manufacturers in its field.

Zibo Xincai

Series B in 2024
Zibo Xincai is an integrated circuit manufacturing company that focuses on the development, manufacturing, and sales of core materials for semiconductor packaging.

Hohem

Series B in 2024
Hohem is a camera gimbal developer specialized in the research, development, and design of drone flight control and image stabilization systems. Its key products are automatic face tracking shooting stabilizer, Bat vision positioning multi-rotor flight control system, Bfly multi-rotor flight control system, and Bee cross-country multi-rotor flight control system.

Taoshi Intelligent

Seed Round in 2024
Taoshi Intelligent is a company that manufactures precision metal parts. Taoshi Intelligent mainly engages in hardware product manufacturing.

Feiduwei

Angel Round in 2024
Feiduwei specializes in researching and developing mixed digital and analog circuits, including signal chain and power-related chips.The devices are utilized in automotive electronics, industrial control, consumer electronics, and various other applications.

Shifan Microelectronics

Seed Round in 2024
Shifan Microelectronics offers intelligent display SOC chip design and development services. Shifan Microelectronics is primarily concerned with the research and development of display processing and device technologies.

Yuanxin Semiconductor

Angel Round in 2023
Yuanxin Semiconductor is a high-performance analog chips and third-generation semiconductor chip suppliers.

Zhongke Hangxin

Seed Round in 2023
Zhongke Hangxin is a high-precision inertial navigation technology and product developer, focusing on fifth-generation inertial devices and system industrialization services.

Shanhai Semiconductor

Series A in 2023
Shanhai Semiconductor is a high-performance digital-analog hybrid and signal chain chip developer.

Capcon

Series B in 2023
Capcon is a developer and manufacturer specializing in semiconductor assembly and packaging equipment. The company provides advanced products and innovative solutions tailored for the semiconductor assembly and packaging industry. Its diverse product line includes Flip-Chip Bonders, Chip-on-Wafer Bonders, Package-on-Package Bonders, Stack Die Bonders, Panel-Level Die Bonders, and Multi-Chip Die Bonders. These offerings enable clients to utilize high-precision, high-speed, and high-reliability semiconductor equipment, thereby enhancing productivity in their operations.

Remaster

Series A in 2022
Remaster is oriented towards the 5G, wireless communications, the internet of things, the internet of vehicles, and industrial internet industries and provides customers with test and measurement equipment, performance testing, and measurement solutions. For inquiries, email, telephone numbers, and physical addresses are available on their website.

Kaadas

Series C in 2022
Kaadas is a comprehensive company specializing in the development, manufacturing, sales, installation, and after-sales service of security solutions, primarily focused on high-tech locks. Headquartered in Shenzhen High-tech Park, China, Kaadas is recognized as a national high-tech enterprise. The company offers a range of innovative products, including biometrics-based smart locks such as push-pull, handle, rim, and deadbolt locks, aimed at enhancing security for residential and commercial properties. With a commitment to innovation, quality, and craftsmanship, Kaadas strives to provide consumers with comfortable and secure living environments. Employing over 1,000 individuals and operating numerous global outlets, the company ranks among the top in its industry worldwide.

PowerValue

Seed Round in 2022
PowerValue is a professional supplier of integrated circuit testing equipment and solutions, catering to the semiconductor industry. The company specializes in the testing of integrated circuit chip wafers and finished products, leveraging advanced design and research capabilities. As a national high-tech firm, PowerValue offers comprehensive testing solutions tailored to meet customer needs, along with exceptional after-sales support. Its steady growth can be attributed to the dedication of its founding team and the advancements in technology within the industry.

Jade Bird Display

Series A in 2021
Jade Bird Display (Shanghai) Limited is a manufacturer specializing in the development and production of micro-LED display chips and panels, primarily designed for augmented reality (AR) and virtual reality (VR) applications. Founded in 2015 and headquartered in Shanghai, with an additional office in Hong Kong, the company focuses on creating the smallest, brightest, and most efficient micro-display technology. Its products are utilized in a variety of applications including head-up displays, projectors, weapon sights, 3D printing, and microscopes. By providing ultra-compact micro-display panels and light engines, Jade Bird Display enables original equipment manufacturers to enhance user comfort and outdoor readability, while also extending operating times between charges for next-generation AR and VR hardware.

Hypersics Semiconductor

Series A in 2021
Hypersics Semiconductor Co Ltd is a prominent semiconductor company based in Yizheng, China, specializing in the research, development, and industrialization of 6-inch silicon carbide substrates. The company focuses on integrating innovative overseas technologies with domestic resources to enhance its capabilities. It has established a strong research and development team by attracting both overseas returnees and foreign experts, thereby fostering a high level of expertise within the organization. Hypersics Semiconductor aims to lead advancements in the semiconductor industry, particularly in the growing field of silicon carbide technologies.

FDMTEK

Seed Round in 2021
Zhongke Benyuan manufactures digital signal processor (DSP) chips. It provides DSP products and solutions for industrial control, renewable energy, electric vehicles, household appliances, rail transit, and other applications.

TBSTest

Series C in 2021
TBSTest Technology is a developer and manufacturer of automatic test equipment for integrated circuits, specializing in ultra-large-scale integrated circuit testing. Founded in 2017 and headquartered in Beijing, China, with additional offices in Xi’an and Shanghai, as well as Suwon, South Korea, the company provides a comprehensive range of products, including test boards, software solutions, and memory systems. TBSTest Technology also offers pre-sales and after-sales support for its equipment, accessories, and software systems, along with application development projects. The company serves a diverse clientele, including clients engaged in integrated circuit design and production, as well as scientific research institutions and educational establishments.

JingxunSoft

Series B in 2019
Shenzhen Jingxun Software Communication Technology Co., Ltd. specializes in manufacturing Internet of Things (IoT) based wireless audio and lighting solutions. Founded in 2003 and headquartered in Shenzhen, China, the company develops Bluetooth chips, including those for audio and BLE SIG Mesh technology, which are used in lamps and various electronic products. JingxunSoft also provides an application that allows users to control lighting systems through cloud connectivity, integrating artificial intelligence for enhanced functionality. The company's offerings enable consumers to manage and schedule their home lighting and audio systems, while also allowing manufacturers to incorporate wireless capabilities into their products.

IMPAQ Testing Technology

Series A in 2019
IMPAQ Testing Technology Co., Ltd. is an independent third-party testing organization based in Shenzhen, China, with branches in several other cities, including Shanghai and Guangzhou. The company specializes in a wide range of testing services, including RoHS testing for restricted substances in electrical and electronic products, toys testing, and environmental pollution assessments. It assists manufacturers in identifying Substances of Very High Concern (SVHC), developing alternative materials, and meeting EU documentation requirements. IMPAQ also provides testing for textiles, footwear, and food contact materials, along with occupational health and safety evaluations. The organization is supported by relevant government policies and operates accredited laboratories that comply with national and international standards, ensuring high-quality assurance for clients across various industries.

Snapmaker

Seed Round in 2019
Snapmaker Inc., founded in 2016 and based in China, offers an integrated platform that enables users to create through 3D printing, laser engraving, and CNC carving. The company designs modular 3D printers that transform desktop spaces into versatile workshops. These all-metal printers are user-friendly for beginners while remaining expandable for more experienced makers. By providing an accessible and affordable solution, Snapmaker empowers individuals to engage in creative projects with ease.

Wolei Technologies

Post in 2018
Wolei Technologies specializes in the development of advanced automotive power semiconductor modules, intelligent driving core systems, and automotive electronic control solutions. The company provides a range of comprehensive intelligent solutions, encompassing both software systems and hardware equipment designed for automation and intelligent measurement. Its products support various sectors, including electronic control, autonomous driving, new energy power systems, chassis safety, and rail transit. Wolei Technologies is recognized for its leadership in production, sales, and market share within the industry, bolstered by affiliations with provincial business technology centers and high-tech R&D facilities.

ICOMWELL

Angel Round in 2018
ICOMWELL is involved in the development of sports wearables. They provide accurate statistics of running steps, step length, stride frequency, distance, speed, and pace. They also detect the ground situation, inversion situation, and stride pace.

Thunderobot

Series C in 2017
Thunderobot is a brand focused on the design, research and development, production, and sales of gaming computers and accessories specifically designed for esports players. The company provides a wide range of products, including laptops, desktops, keyboards, monitors, and other peripherals, aimed at enhancing the gaming experience. In addition to hardware, Thunderobot integrates various elements of the esports ecosystem, such as education and events, creating a comprehensive platform that supports esports enthusiasts.

PhotonIC Technologies

Series B in 2017
PhotonIC Technologies is a chip company based in Shanghai, China, specializing in the development of integrated optoelectronic circuits. The company focuses on designing and commercializing high-speed, low-power optoelectronic integrated chips that cater to various applications, including data centers, 5G transmission, and 3D time-of-flight smart sensing. Utilizing proprietary CMOS technology, PhotonIC Technologies aims to deliver competitive chips that excel in performance, power efficiency, and cost-effectiveness. The company collaborates with research institutions and industry partners to advance its chip technology and support the growing demands of optical networking and Internet of Things (IoT) sensing systems.

Candela

Angel Round in 2017
Candela is a robotic hardware and software design company. The company focuses on magnetic suspension technology and autopilot technology. It provides terminal intelligent 3D distribution solutions from the outdoor to the indoor and realizes full process automation solutions for the last mile of distribution in CBD, technology parks, corporate headquarters, universities, and communities. Candela's unmanned logistics vehicles, building robots, and hotel service robots are used to provide a complete set of solutions to cover multiple links systematically, help the industry reduce costs, increase efficiency, and release manpower.

Ecaray

Series A in 2016
Ecaray offers city-level traffic management services. They provide urban road parking charge inspection management software, closed parking lot management, and new energy charging pile management services. In addition, they offer smart hardware for city road parking, closed car parking, new energy, a city guidance system, and a city master control center.

3Glasses

Series A in 2014
3Glasses, also known as Shenzhen VR Group, is a leading virtual reality (VR) and mixed reality (MR) technology company based in China, with over 15 years of experience in the industry. As one of the earliest adopters of VR technology in China, the company has made significant advancements, including launching the nation’s first VR headset, the 3Glasses D1, and its first mixed reality device, the Blue Perot S1. 3Glasses has developed a comprehensive ecosystem that encompasses hardware, software, content platforms, and industry solutions, establishing itself as a national hi-tech enterprise. The company boasts over 256 autonomous core patents and collaborates with more than 1,000 global developer partners to support a vast library of over 10,000 VR applications and 400 signed VR games. Their products are utilized across multiple sectors, including entertainment, education, tourism, and healthcare, and are made available through more than 5,000 VR experience points in 33 countries. 3Glasses continues to innovate in both hardware and VR content services, solidifying its position as a prominent Chinese brand in the global VR market.

Vintage

Angel Round in 2014
Yuntaiji Technology is an enterprise specializing on the field of intelligent machine vision, and an AI technology research and development center. They provide a complete set of services for industrial robots and intelligent hardware development and manufacturing.
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