Glory raises $120m for second China venture fund

AVCJ learned of the final close from a source close to the situation.

A first close of $34 million came in April of last year, with support from a variety of VC peers. Gaorong Capital, 5Y Capital, Lightspeed China Partners, and Sky9 Capital are all LPs.

Glory, which has around RMB2 billion ($314 million) in assets under management, was established in 2015 by Guang Yang and Zongyi Bai. They previously worked for Infinity Equity Capital, a cross-border venture capital firm based in Israel. The remit was to back deep technology start-ups in Israel and China.

Gaorong immediately offered support. It took a stake in Glory's onshore management entity and was among the LPs in the firm's RMB50 million debut fund. A first US dollar vehicle closed at $20 million in 2017 and a second renminbi fund of RMB180 million followed later the same year. A third renminbi vehicle closed at RMB682 million at the end of 2019.

Glory takes a systematic method to screening the technology sector, allocating 70% of its capital to infrastructure and 30% to applications. Its entire investment philosophy is based on dividing data points into four categories corresponding to the four steps of data processing: acquisition, transmission, storage, and computing.

Examples of portfolio companies across each category include: Vertilite, which develops vertical-cavity surface-emitting lasers (VCSEL); Senscomm Semiconductor, a specialist in technologies that increase Wi-Fi speeds; Yeestor Microelectronics, a data storage player; and Open AI Lab, a big data applications business.

Glory also has considerable exposure to autonomous driving technology through Innoviz Technologies - which is now listed in the US - DeepRoute and Neolix. Semiconductors are another major area, with the likes of Biren Technology, SigmaStar, National Chip, and NuVolta Technologies in the portfolio.

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• Topics
• Greater China
• Fundraising
• Technology
• Venture
• China
• Unicorn Capital Partners
• Glory Ventures
• TMT