Hermitage Capital

Hermitage Capital is a private equity firm with US$1 billion asset under management. With offices in Hong Kong and Shanghai, Hermitage Capital invests across the value chain of China’s New Economy sectors, in particular the enterprise technology and Internet sectors. Founded in 2017 by veteran investment bankers and investment professionals, Hermitage Capital is partnering with world-class entrepreneurs to create value for the investors, portfolio companies and communities.Hermitage Capital’s active portfolio includes Tencent Music, SenseTime, Horizon Robotics, Airwallex, WeDoctor, Lufax, Ximalaya, Medlinker, etc.

Kelvin Chan

Partner

Chun Kit Chu

Managing Director

Haotian Gao

Associate

Yiyue Li

Investor Relationship Manager

Hao Mao

Associate

Haoran Wang

Senior Associate

Simon Wong

Partner

Collin Wu

Executive Director

23 past transactions

MetaX

Series B in 2022
Developer of graphics chips, processors, and semiconductor technology designed for advanced GPU power. The company is mainly engaged in developing advanced GPU chips used in various fields including high-end PCs, data centers, and workstations, providing users with advanced GPU power at a fair cost.

Innovusion

Series C in 2022
Innovusion, Inc. is a prominent developer of image grade LiDAR sensor systems, specifically designed for level 4 and 5 autonomous vehicles and advanced driver-assistance systems (ADAS). Founded in 2016 and based in Sunnyvale, California, Innovusion focuses on providing solutions that combine range, resolution, and hardware-accelerated sensor fusion within a compact and cost-effective framework. This unique approach makes their products suitable for the most demanding applications in the autonomous driving sector. As a venture-backed company, Innovusion is positioned at the forefront of innovation in the rapidly evolving automotive technology landscape.

ScaleFlux

Series C in 2021
ScaleFlux, Inc. is a technology company specializing in data flow architecture and computational storage solutions designed to enhance data center and cloud infrastructure efficiency for demanding applications. Founded in 2014 and headquartered in San Jose, California, with additional offices in China, ScaleFlux focuses on delivering innovative technologies for data-driven applications. The company develops computational storage subsystems that combine advanced compute engines with solid-state storage, allowing clients to optimize their infrastructure for scalable and agile computing. By integrating storage intelligence, ScaleFlux enables organizations to improve performance and reduce costs in hybrid-cloud, on-premises, and cloud environments. The company is recognized for attracting top talent to create complex algorithms and efficient hardware solutions tailored to the evolving needs of the data-driven market.

XtalPi

Series C in 2021
XtalPi Inc. is a pharmaceutical technology company founded in 2014 and headquartered in Cambridge, Massachusetts, with additional offices in China. The company specializes in leveraging artificial intelligence and advanced computing to accelerate drug development. Its offerings include XtalForc, a visual force field calculation software; XtalVision, a tool for crystal structure prediction; and Renova, which supports AI-driven research and development. XtalPi provides a range of services such as crystal structure prediction and determination, solid state testing and analysis, crystallization process development, and small molecule drug design. By collaborating with pharmaceutical companies, XtalPi uses its predictive algorithms to facilitate the development of new drugs and the creation of patents, enhancing the efficiency of the drug discovery process.

SmartMore

Series B in 2021
SmartMore is a developer and operator of smart industrial platforms aimed at enhancing manufacturing optimization and intelligent manufacturing. The company integrates artificial intelligence and related technologies to deliver solutions that include intelligent industrial platforms, integrated equipment, and digital intelligence media. By focusing on the synergy between scientific research and industry, SmartMore seeks to innovate continuously and restructure AI systems to improve machine understanding. Its offerings provide industrial users with essential services for manufacturing optimization and digitalization, facilitating a more efficient and advanced industrial landscape.

Horizon Robotics

Series C in 2020
Horizon Robotics, founded in 2015 and headquartered in Beijing, China, specializes in developing advanced chips for robotics and artificial intelligence applications. The company focuses on providing integrated, open embedded AI solutions that are designed to be high-performance, low-power, and cost-effective. Horizon Robotics aims to enable a wide range of devices, including autonomous vehicles, to operate with enhanced intelligence, facilitating capabilities such as perception, understanding, and decision-making to improve safety and convenience. The company's co-founding team possesses expertise in algorithms, software, hardware, and chip development, supported by a robust research and development team with significant industry experience. Horizon Robotics has garnered considerable investment from prominent venture capital firms and notable investors, positioning itself as a leading player in the global AI startup landscape.

SenseTime

Series D in 2020
SenseTime is an artificial intelligence company based in Beijing, China, founded in 2014. It specializes in computer vision and deep learning technologies, offering a range of solutions including face and body analysis, image recognition, and video comprehension. The company develops advanced applications for various sectors, such as smart cities, intelligent automobiles, healthcare, finance, and education. Notably, SenseTime's face recognition technology is widely adopted, serving over 300 companies, including major players like China Mobile and Huawei, with an impressive accuracy rate of one error in 100,000. Additionally, SenseTime is engaged in research and development of AI technologies and provides AI software and hardware products across different industries. Its operations extend beyond China to offices in Japan and Singapore, reflecting its commitment to harnessing AI for diverse applications globally.

Medlinker

Private Equity Round in 2020
Medlinker operates a social networking platform aimed at connecting verified doctors with their peers and various healthcare stakeholders. The platform facilitates easy communication and collaboration among certified medical professionals, allowing them to share knowledge, experiences, and insights. Key features include a medical quiz, case mapping, and anonymous social circles, all designed to enhance the exchange of high-quality information within the medical community. Additionally, Medlinker enables patients to book appointments and submit questions, fostering interaction between patients and healthcare providers. By streamlining referrals and the sharing of medical records, Medlinker seeks to improve access to essential medical information and enhance the overall efficiency of healthcare delivery.

SenseTime

Series D in 2020
SenseTime is an artificial intelligence company based in Beijing, China, founded in 2014. It specializes in computer vision and deep learning technologies, offering a range of solutions including face and body analysis, image recognition, and video comprehension. The company develops advanced applications for various sectors, such as smart cities, intelligent automobiles, healthcare, finance, and education. Notably, SenseTime's face recognition technology is widely adopted, serving over 300 companies, including major players like China Mobile and Huawei, with an impressive accuracy rate of one error in 100,000. Additionally, SenseTime is engaged in research and development of AI technologies and provides AI software and hardware products across different industries. Its operations extend beyond China to offices in Japan and Singapore, reflecting its commitment to harnessing AI for diverse applications globally.

Medlinker

Private Equity Round in 2020
Medlinker operates a social networking platform aimed at connecting verified doctors with their peers and various healthcare stakeholders. The platform facilitates easy communication and collaboration among certified medical professionals, allowing them to share knowledge, experiences, and insights. Key features include a medical quiz, case mapping, and anonymous social circles, all designed to enhance the exchange of high-quality information within the medical community. Additionally, Medlinker enables patients to book appointments and submit questions, fostering interaction between patients and healthcare providers. By streamlining referrals and the sharing of medical records, Medlinker seeks to improve access to essential medical information and enhance the overall efficiency of healthcare delivery.

VoxelCloud

Series B in 2019
VoxelCloud Inc. is a company that develops cloud computing and artificial intelligence solutions aimed at enhancing the analysis of medical images and clinical data for healthcare practitioners. Established in 2015 and headquartered in Los Angeles, California, VoxelCloud offers automated medical image analysis services designed to improve clinical workflows and deliver timely insights. The company's technology addresses various clinical needs, including the diagnosis of lung cancer, diabetic retinopathy, coronary heart disease, and liver disease. Utilizing proprietary algorithms and deep learning techniques, VoxelCloud provides accurate and personalized medical image analysis services. In addition to its Los Angeles headquarters, the company has offices in Shanghai and Suzhou, China, along with a satellite research and development team located in Phoenix.

HaoDF

Series F in 2019
Haodf.com (好大夫在线), a Chinese company, owns and operates a healthcare community platform. The company offers medical sites, hospitals, and information to help patients find doctors. At the beginning of its establishment, Haodf.com focused on providing Chinese patients with medical reference news and founded the first internet-based enquiry system with real-time updates on outpatient information. After several years of rapid development, Haodf.com has become the largest medical triage platform in China. It subordinates to Interaction Peak Technology, a medical website in China. Haodf.com was founded in 2006.

Ximalaya

Series E in 2018
Ximalaya (喜马拉雅) is a service website that enables users to share voices and personal radio stations. It is a product of Beijing Nali Huiju Network Science and Technology Co., Ltd. It was founded in August, 2012 and is committed to the construction and operation of online audio sharing platform. It launched ""Ximalaya APP"" in March 2013, and in just half a year, it achieved the target of ten million subscribers. In early May of 2014, the number of activated users of Himalaya exceeded 50 million, making Ximalaya the biggest online audio sharing platform in China. On May 22, 2014, Himalayan announced that it has successfully received an A series venture capital investment of 11.5 million US dollars. As of May 2014, the Ximalaya certified audio show creators were more than 6000. Its established columns were 240000 with audio volume reaching nearly 3 million and average daily new upload audio hitting more than 10000.

Lu.com

Series C in 2018
Shanghai Lujiazui International Financial Asset Exchange (“Lufax”) is an online marketplace for the origination and trading of financial assets. Lufax was incorporated in September, 2011 in Shanghai with the support of Shanghai’s Municipal Government, and has grown into China’s largest internet finance company in less than four years. The company is an associate of China Ping An Group, the largest and most innovative non-SOE financial institution in China. Lufax’s number of registered users surpassed 7 million by February 2015, while the volume of online transactions grew more than 8 times year-on-year. Close to 50% of Lufax transactions are now handled via mobile. As a constant innovator and pioneer in the internet finance industry, Lufax has developed China’s most open, safe and convenient investment and financing platform. Investors come to Lufax for its broad product offering, diverse liquidity avenues and superior user experience. Asset owners look to Lufax to help them structure, price and place complex assets to investors in a credible and transparent manner. Lufax takes full advantage of the latest big data and IT technologies, and leverages the most advanced risk assessment models and risk control systems. Combined with its value proposition to customers, Lufax has a competitive edge which it believes cannot be replicated.

360 Finance

Series B in 2018
360 Finance - A spin-off from Qihoo, is one of the largest FinTech companies in China. It serves millions of consumers with various types of saving products and loan services. By leveraging Qihoo’s massive 800 million user base, 360 Finance is able to quickly and exponentially grow its user base, while building a comprehensive risk management platform.

WeDoctor

Venture Round in 2018
WeDoctor Holdings (Zhejiang) Co., Ltd. is a prominent medical technology platform based in Hangzhou, China, founded in 2010. The company specializes in developing medical cloud and artificial intelligence solutions that cater to governments, hospitals, and healthcare institutions. WeDoctor provides a comprehensive cloud platform that facilitates both online and offline medical services, including general practice, specialty consultations, and appointment scheduling. Additionally, it operates a managed health services platform known as WeDoctor HMO, aimed at enhancing medical care accessibility and efficiency. By leveraging technology, WeDoctor strives to improve health management for users, positioning itself as a significant player in the health maintenance organization sector. Through its innovative approach, the company aims to serve as a crucial health resource for millions of families.

WeDoctor

Series F in 2018
WeDoctor Holdings (Zhejiang) Co., Ltd. is a prominent medical technology platform based in Hangzhou, China, founded in 2010. The company specializes in developing medical cloud and artificial intelligence solutions that cater to governments, hospitals, and healthcare institutions. WeDoctor provides a comprehensive cloud platform that facilitates both online and offline medical services, including general practice, specialty consultations, and appointment scheduling. Additionally, it operates a managed health services platform known as WeDoctor HMO, aimed at enhancing medical care accessibility and efficiency. By leveraging technology, WeDoctor strives to improve health management for users, positioning itself as a significant player in the health maintenance organization sector. Through its innovative approach, the company aims to serve as a crucial health resource for millions of families.

Tencent Music Entertainment

Private Equity Round in 2018
Tencent Music Entertainment (TME) is the largest online music entertainment platform in China, operating the top four music mobile apps in terms of mobile MAUs. Our platform comprises our online music, online karaoke and music-centric live streaming services, supported by our content offerings, technology and data. Our platform is an all-in-one music entertainment destination that allows users to seamlessly engage with music in many ways, including discovering, listening, singing, watching and socializing. On our platform, social interactions, such as sharing, liking, commenting, following and virtual gifting, are deeply integrated in our products and highly complementary to the core music experience, thereby enhancing our user experience, engagement and retention. We had over 800 million total unique MAUs in the second quarter of 2018, covering the full spectrum of user demographics in China.

OneConnect

Series A in 2018
OneConnect Financial Technology Co.,LTD (Shanghai) (abbr. OneConnect, formerly known as Ping An Financial Technology Consulting CO., LTD Shenzhen) focuses on providing financial technology solutions for small and medium-sized banks. OneConnect built four service platforms based on Big Data, Blockchain, Financial Cloud, Intelligent Finance and other new technologies. The four platforms—namely Direct Bank Cloud, Financial Cloud for small and micro enterprises, Interbank Asset Transaction and Personal Credit Investigation—aims to offer small- and medium-sized banks one-stop comprehensive financial technology solutions. With these platforms, OneConnect helps small- and medium-sized banks increase revenue, reduce cost and risk, and boost competitiveness, pushing for a smooth transition to the new economic norm.

HaoDF

Series F in 2017
Haodf.com (好大夫在线), a Chinese company, owns and operates a healthcare community platform. The company offers medical sites, hospitals, and information to help patients find doctors. At the beginning of its establishment, Haodf.com focused on providing Chinese patients with medical reference news and founded the first internet-based enquiry system with real-time updates on outpatient information. After several years of rapid development, Haodf.com has become the largest medical triage platform in China. It subordinates to Interaction Peak Technology, a medical website in China. Haodf.com was founded in 2006.

TUS International

Convertible Note in 2017
TUS International Limited, headquartered in Beijing, China, specializes in the production and sale of advanced driving assistance systems (ADAS) and automotive-grade wireless connectivity modules. The company, which was established in 2004 and rebranded from Jinheng Automotive Safety Technology Holdings Limited in 2016, operates across various regions including China, Europe, the United States, and the Asia Pacific. TUS International is committed to advancing smart and connected vehicle technologies, aligning with China's "Made in China 2025" initiative. In addition to its core automotive components, the company also provides financing services for leasing motor vehicles and equipment. TUS International seeks to expand its influence in the automotive industry by exploring investment opportunities abroad, particularly in the United States and Europe.

Tencent Music Entertainment

Private Equity Round in 2017
Tencent Music Entertainment (TME) is the largest online music entertainment platform in China, operating the top four music mobile apps in terms of mobile MAUs. Our platform comprises our online music, online karaoke and music-centric live streaming services, supported by our content offerings, technology and data. Our platform is an all-in-one music entertainment destination that allows users to seamlessly engage with music in many ways, including discovering, listening, singing, watching and socializing. On our platform, social interactions, such as sharing, liking, commenting, following and virtual gifting, are deeply integrated in our products and highly complementary to the core music experience, thereby enhancing our user experience, engagement and retention. We had over 800 million total unique MAUs in the second quarter of 2018, covering the full spectrum of user demographics in China.
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