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

Partner

Shu Qing

Partner

Zhongcheng Tang

Managing Partner

Zheng Weihe

Chairman, Founding Partner

Cai Weiliang

Partner

Yanbin Xi

Partner

Yang Xiaomin

Managing Director

Duan Yao

Partner

Tong Zaiping

Partner

Wenjun Zhang

Partner

Zhang Yiwei

Partner

Peng Zhang

Partner

Alex Zheng

Founding Partner and Board Chairman

Tang Zhongchen

Managing Director, Cowin Partner

Wang Peng

Investor

Past deals in Manufacturing

Yunshen Technology

Series A in 2025
Yunshen Technology is a manufacturing company that provides production and raw materials solutions for the semiconductor industry.

Snapmaker

Series B in 2025
Snapmaker is a China-based hardware company that develops an integrated platform for rapid prototyping and fabrication, combining 3D printing, laser engraving, and CNC carving in modular, all-metal machines. Founded in 2016, the company designs modular 3D printers that can be converted into CNC machines or laser cutters and engravers, aiming to turn desktops into small-scale workshops. The printers are described as easy to use for beginners and expandable for makers, offering affordable, convenient capabilities for creating objects and prototypes.

Meinangaoke

Series A in 2025
Meinangaoke is a research and development manufacturer of new waterproof materials.

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.

Hengtuogao

Series B in 2024
Hitop Pneumatic Machinery specializes in the development, production, and distribution of pneumatic and electric actuators, grippers, and a wide range of components suitable for industrial automation. The company focuses on providing solutions that enhance efficiency and productivity in various industrial settings. With a commitment to innovation and quality, Hitop offers products designed to meet the diverse needs of its customers. The company's portfolio includes a comprehensive selection of automation machinery that caters to different sectors, ensuring that clients have access to the tools necessary for optimizing their operations.

Zhongde Technology

Seed Round in 2024
Zhongde Technology specializes in the R&D and manufacture of VC Lids for chip packaging.

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.

Bynet

Series B in 2024
Bynet is a manufacturer of optical communication products.Bynet specializes in the research and development, manufacturing, and sales of passive optical communication components, as well as providing comprehensive solutions for physical connection devices for optical communication networks.

Lianjie Technology

Seed Round in 2024
Lianjie Technology is a semiconductor material company that provides integrated circuit chip and product manufacturing services.

Color Tech

Seed Round in 2024
Color Tech is a company specialized in the research and development, manufacturing, and sales of semi-solid battery electrolytes , sodium-ion battery electrolytes, and specific lithium-ion battery electrolyte technologies.

Qingchuan Intelligent Technology

Series A in 2024
Qingchuan Intelligent Technology is a high-tech enterprise that develops and manufactures robot servo drives, motors, and control products. It specializes in the research, development, and production of these components, catering to advanced robotics and intelligent equipment applications. The company offers a range of solutions, including servo drives, servo motors, robotic control systems, integrated mechanisms, and smart equipment, tailored to diverse customer needs.

Sigma Squares Tech

Series B in 2024
Sigma Squares Tech is a developer of automated manufacturing systems that focuses on industrial automation and computer vision solutions. The company specializes in creating cloud-based vision service platforms and algorithms designed to detect and analyze substantial volumes of industrial data during the manufacturing process. By offering integrated analytical and control solutions, Sigma Squares Tech aims to enhance operational efficiency for small and medium-sized manufacturing companies, enabling them to leverage advanced technology for improved productivity and decision-making.

Taoshi Intelligent

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

IKX technologies

Seed Round in 2024
IKX technologies specializes in designing and manufacturing INS/IML/IMR diaphragms for automotive interior and exterior decoration. With a technical route, the company ensures product performance is comparable to overseas suppliers while significantly reducing production costs. Yongmaxi's business with major OEMs is progressing smoothly, with stable batch shipments and cooperation with first-tier OEMs on popular models.

MatriBox

Seed Round in 2024
MatriBox is a supplier specializing in edge control systems and solutions for industrial automation. It designs, develops, and manufactures high-performance controllers and industrial network IO products, integrating information to facilitate cloud-edge-device collaboration. The company offers comprehensive services including whole-plant automation and digital project implementation to assist clients in their industrial digital transformation efforts.

Parkson Optoelectronics

Venture Round in 2024
Parkson Optoelectronics is a manufacturer and provider specializing in cold processing services for hard and brittle materials, particularly within the electronics industry. The company focuses on the research and development of various optical glass products, including high-end piezoelectric crystals, blue glass for camera filters, glass-ceramic covers for mobile phones, and periscope prisms used in mobile phone cameras. By delivering industry-leading standard products, Parkson Optoelectronics aims to meet the evolving needs of its clients in the technology sector.

Sinsegye

Series A in 2023
Sinsegye is a product-driven enterprise that specializes in industrial control supercomputing infrastructure. The company develops and provides industrial intelligence computers and software aimed at enhancing industrial automation and intelligence. Its offerings are tailored to advanced manufacturing, high-end equipment manufacturing, new energy, and industrial IT innovation sectors. By focusing on these areas, Sinsegye seeks to transform the current landscape of industrial computing, equipping users with the tools necessary for modernization and efficiency in their operations.

Sermatec Energy

Series C in 2023
Sermatec Energy is a manufacturing company specializing in energy storage solutions tailored for commercial and industrial sectors. The company develops hybrid inverters and lithium batteries, utilizing advanced control technology to enhance security and operational efficiency. Its product offerings include battery management systems, energy management systems, and energy storage bidirectional converters, all designed to optimize power systems. By focusing on security, standards, and service, Sermatec Energy provides comprehensive solutions that meet the evolving needs of the energy market, enabling customers to improve their energy management capabilities.

Anpaixin

Series A in 2023
Anpaixin manufactures thin-film lithium niobite photonic circuits and optical engines.

Sinsegye

Seed Round in 2023
Sinsegye is a product-driven enterprise that specializes in industrial control supercomputing infrastructure. The company develops and provides industrial intelligence computers and software aimed at enhancing industrial automation and intelligence. Its offerings are tailored to advanced manufacturing, high-end equipment manufacturing, new energy, and industrial IT innovation sectors. By focusing on these areas, Sinsegye seeks to transform the current landscape of industrial computing, equipping users with the tools necessary for modernization and efficiency in their operations.

XiRobot

Series B in 2023
XiRobot is a high-tech firm that operates in the design, development, and manufacture of intelligent automation equipment for welding and cutting. It is dedicated to addressing the pressing demand for intelligent welding and cutting robots in the manufacturing sector and enhancing the competitiveness of the manufacturing sector in the nation.

Zhongneng Chuang

Series A in 2023
Zhongneng Chuang manufactures photovoltaic equipment and components and provides solar power generating technology services.

Moment Control Xinchen

Angel Round in 2023
Moment Control Xinchen is a manufacturer of technologically advanced industrial control systems.

MatriBox

Seed Round in 2023
MatriBox is a supplier specializing in edge control systems and solutions for industrial automation. It designs, develops, and manufactures high-performance controllers and industrial network IO products, integrating information to facilitate cloud-edge-device collaboration. The company offers comprehensive services including whole-plant automation and digital project implementation to assist clients in their industrial digital transformation efforts.

Hengchuang Precision

Series B in 2023
Hengchuang Precision is a manufacturer and supplier specializing in connector hoses and hose fittings for hydraulic equipment. The company is dedicated to the research, development, production, and sales of various fluid connection hose assemblies, ensuring a reliable and stable supply for its clients. Hengchuang Precision emphasizes continuous investment in scientific research and adheres to a development strategy that prioritizes product branding, industrial scale, marketing network, staff expertise, management modernization, and international image enhancement.

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.

Sinsegye

Seed Round in 2022
Sinsegye is a product-driven enterprise that specializes in industrial control supercomputing infrastructure. The company develops and provides industrial intelligence computers and software aimed at enhancing industrial automation and intelligence. Its offerings are tailored to advanced manufacturing, high-end equipment manufacturing, new energy, and industrial IT innovation sectors. By focusing on these areas, Sinsegye seeks to transform the current landscape of industrial computing, equipping users with the tools necessary for modernization and efficiency in their operations.

Yinli Electric

Series C in 2022
Ningxia Yinli Electric Co., Ltd. is mainly engaged in the production and research and development of reactors and transformers. At present, the company's main products include: three-phase filter reactors, four-phase five-column reactors, water-cooled reactors, three-phase AC reactors, hollow core Reactors, isolation transformers and high-frequency transformers, etc.

Hengpujiguang

Series A in 2022
Hengpujiguang is engaged in the research, development, and promotion of industrial laser 3D printing technology. They provide metal 3D printing equipment, consumable industrial 3D printing products, customized products, metal repair, and other businesses. They used their products in the fields of engineering knives, mining, subway tunnels, oil exploration, roads and bridges, and infrastructure construction, breaking the monopoly of international cutting tool giants in the field of engineering tools.

Kaadas

Series C in 2022
Kaadas is a comprehensive company specializing in the development, manufacturing, and sales of advanced locking systems, including biometrics-based smart locks designed for both residential and commercial properties. Headquartered in Shenzhen High-tech Park, China, Kaadas operates as a national high-tech enterprise, focusing on innovation and quality to enhance security and convenience for consumers globally. The company employs over 1,000 staff and boasts a vast network of terminal outlets worldwide, positioning itself among the top manufacturers in the security market. Through its commitment to craftsmanship and integrity, Kaadas aims to provide a comfortable and secure living experience for its customers.

Zhongke Jiuyuan

Series A in 2021
Zhongke Jiuyuan focuses on the manufacturing and sales of key materials such as polyimide films and slurries.

XinHeYun

Series C in 2021
New Nuclear Cloud is an industrially intelligent software service company that combines data and processes to realize the needs of manufacturing enterprises and configure services. They provide container technologies and services to meet the various needs of enterprises for data deployment.

Sermatec Energy

Series A in 2021
Sermatec Energy is a manufacturing company specializing in energy storage solutions tailored for commercial and industrial sectors. The company develops hybrid inverters and lithium batteries, utilizing advanced control technology to enhance security and operational efficiency. Its product offerings include battery management systems, energy management systems, and energy storage bidirectional converters, all designed to optimize power systems. By focusing on security, standards, and service, Sermatec Energy provides comprehensive solutions that meet the evolving needs of the energy market, enabling customers to improve their energy management capabilities.

Zhongke Jiuyuan

Angel Round in 2021
Zhongke Jiuyuan focuses on the manufacturing and sales of key materials such as polyimide films and slurries.

Industics.com

Series B in 2021
Industics.com is an enterprise services company that specializes in developing a manufacturing software suite aimed at enhancing operational efficiency for manufacturers. Its platform offers tools for analyzing inventory flow, setting up procurement alerts, aggregating quality assurance errors, and managing research and development processes. By providing these functionalities, Industics.com enables enterprises to optimize their manufacturing operations effectively.

XinHeYun

Series B in 2021
New Nuclear Cloud is an industrially intelligent software service company that combines data and processes to realize the needs of manufacturing enterprises and configure services. They provide container technologies and services to meet the various needs of enterprises for data deployment.

Lieth

Series A in 2020
Lieth supplies second-hand equipment and new equipment with basic process integration capabilities.

IMPAQ Testing Technology

Series A in 2019
IMPAQ Testing Technology Co., Ltd. is an independent third-party testing organization based in Shenzhen, China, with additional branches in major cities including Shanghai, Qingdao, Suzhou, Guangzhou, and Zhongshan, as well as Taipei, Taiwan. The company specializes in a wide range of testing services, primarily focusing on consumer goods sectors such as textiles, clothing, footwear, toys, electronics, and food products. IMPAQ provides RoHS testing for restricted substances in electrical and electronic items, as well as testing for substances of very high concern. Additionally, the company offers services related to environmental pollution, occupational health and safety, and biodegradable materials. IMPAQ's laboratories are certified with national metrology accreditation and ISO 17025 laboratory accreditation, ensuring that they meet industry standards for quality and reliability in testing and certification. The organization is well-supported by relevant government policies, which facilitate its operations in the testing and certification field.

Snapmaker

Seed Round in 2019
Snapmaker is a China-based hardware company that develops an integrated platform for rapid prototyping and fabrication, combining 3D printing, laser engraving, and CNC carving in modular, all-metal machines. Founded in 2016, the company designs modular 3D printers that can be converted into CNC machines or laser cutters and engravers, aiming to turn desktops into small-scale workshops. The printers are described as easy to use for beginners and expandable for makers, offering affordable, convenient capabilities for creating objects and prototypes.

Lihexing

Funding Round in 2019
Shenzhen Lihexing Co., Ltd. is a manufacturer specializing in flexible industrial automation equipment, founded in 2006 and based in Shenzhen, China. The company’s product portfolio includes universal film machines, laminating machines, TP laminating equipment, and custom-designed equipment tailored to specific client needs. Lihexing focuses on providing automation and intelligent manufacturing solutions primarily for the production and inspection of mobile smart terminals and network infrastructure devices. Its notable clientele includes major industry players such as Huawei, Foxconn, and Canon, positioning the company as a significant contributor to advancements in manufacturing technology. The company underwent a name change in November 2014, reflecting its evolving business focus and commitment to innovation in the automation sector.

Crystal Pharmatech

Series A in 2018
Crystal Pharmatech specializes in solid-state chemistry services, focusing on material science and engineering for drug development. The company offers a comprehensive suite of services that includes crystallization process development, prescribing studies, and the development of preclinical animal experimental formulations. Additionally, Crystal Pharmatech engages in formulation research and development, clinical and commercial production, as well as analytical chemistry services. By providing these tailored solutions, the company enables pharmaceutical industries to efficiently develop new drugs and optimize existing formulations.

Aante

Series B in 2018
Aante is a comprehensive supplier of FA factory automation components. It is committed to the development and manufacturing of automobile testing and testing equipment.

Betterfuse

Post in 2018
Betterfuse is a manufacturer specializing in circuit protection components for electronics and circuits. The company focuses on the research, development, production, and sales of a variety of protection devices, including power fuses, electronic fuses, self-recovery fuses, disposable thermal fuses, and resettable thermostats. Betterfuse is committed to providing safe and high-quality solutions for its clients, addressing customer inquiries through phone, email, and online platforms. Their offerings include overcurrent protection, overvoltage protection, thermal protectors, and fuse accessories, ensuring comprehensive circuit protection for a wide range of applications.

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.

Caslon

Series C in 2013
Caslon is a line of kids' shoes and kids' items for businesses. Additionally, it offers children's shoe Research and innovation, manufacturing, and sales. They provide a range of brands.

Guangzhou Jingyuan Mechano-Electric Equipment

Series A in 2012
Guangzhou Jingyuan Mechano-Electric Equipment is a manufacturer specializing in industrial robots, automated logistics systems, and intelligent equipment systems. The company aims to transform the industrial sector in China by providing innovative solutions that enhance operational efficiency in both industrial and logistics applications. Through its advanced products, Guangzhou Jingyuan enables clients to optimize their business operations, resulting in significant time and cost savings.

Jiangsu Sanhuan Industrial (Group)

Venture Round in 2011
Jiangsu Sanhuan Industrial (Group) Co., Ltd. (江苏三环实业(集团)股份有限公司) is a company focused on the production of environmental protection equipment, storage battery special production equipment, storage battery special environmental protection equipment, and environmental engineering construction. It owns the abilities f independently researching, developing and producing lead-acid battery production systems for over 100 (sets) types, and the one-stop contracting service level from product design and production to installation debugging and technical transformation. Jiangsu Sanhuan Industrial (Group) Co., Ltd., which was known as Third Yixing City Environmental Protection Equipment Factory, was built in 1978. Its annual output value reaches more than 80 million RMB. It also owns Sanhuan design and research institute, and owns more than 180 professional personnel and over 50 patented inventions.

LEACHENG GROUP

Angel Round in 2011
Leacheng Group Co., Ltd., founded in 1999 and headquartered in Suzhou, China, specializes in the design, production, and sale of home loungewear and related textile products. The company's diverse offerings include fabric, sleepwear, casual wear, sportswear, and pajamas, alongside various garment and home furnishing items. Leacheng Group also engages in branding and retailing, distributing products through domestic supermarkets, department stores, and an international sales network that covers regions including the United States, Europe, and Australia. The company boasts a robust supply chain comprising fully owned, joint partnership, and contracted manufacturing facilities located across multiple provinces in China, as well as in Southeast Asia, enabling it to meet significant production demands—up to 80 million pieces annually.

Caslon

Series A in 2011
Caslon is a line of kids' shoes and kids' items for businesses. Additionally, it offers children's shoe Research and innovation, manufacturing, and sales. They provide a range of brands.

Lantern

Angel Round in 2010
Lantern offers from brand positioning, planning, trademark registration, and design to research and development, production, production of brand products, and sample processing. Lantern provides one on one professional skin care advice and services, products for skin needs, and solutions to skin troubles.

MoSo

Corporate Round in 2009
MOSO Power Supply Technology Co., Ltd. is a high-tech enterprise based in Shenzhen, China, specializing in power supply solutions for both domestic and international markets. Founded in 2006, the company offers a wide range of products, including LED drivers for various lighting applications, switch power supplies such as wall plugs and desktops, and photovoltaic solutions like string inverters and charging stations. MOSO is committed to innovation and quality, focusing on the research, development, design, production, and sales of its products. With advanced manufacturing capabilities, including over 40 automatic assembly lines and state-of-the-art testing equipment, the company produces more than 50 million transformers and 30 million switching power supplies annually. Its products serve diverse sectors, including portable consumer electronics, IT communication devices, and electric tools.

Jinruida Rare Earth

Jinruida Rare Earth engages in the production and sales of high-performance rare earth permanent magnet materials.

Xinhui Aerospace

Xinhui Aerospace is a company specializing in the development and manufacturing of aerospace electric servo systems. It focuses on the research, development, production, sales, and service of electric servo systems specifically for the aerospace sector.
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