The pivotal shifts in long-term investments often unfold through consistent progress across different phases.
As a regularly updated column, 「TTGG QUARTERLY」 curates key developments from TTGG VENTURES and our portfolios. Through this column, we aim to showcase the authentic growth journey of enterprises at various development stages, and document our phased insights and actions in investment – all as an integral part of our long-term companionship and value accumulation.
Portfolio Updates
01 HPMicro(先楫半导体) Sucures New Strategic Financing Round
In April 2026, HPMicro Semiconductor (HPMicro), a leading domestic manufacturer of high-performance RISC-V microcontroller units (MCUs), announced the closing of a new strategic financing round. The round was backed by Beijing Information Industry Development Investment Fund and Beijing Chaoyang Jingguorui Equity Investment Fund, both managed by Beijing Jingguorui Investment Management Co., Ltd.. TTGG invested in HPMicro in 2024.
Specializing in high-performance embedded solutions, HPMicro has brought eight series of RISC-V MCU products to mass production, all certified under AEC-Q100 and multiple functional safety standards. Its products have been deployed at scale in high-end industrial scenarios such as servo drives and robotic motion control, and the company was named to the 2025 Forbes Asia Top 100 Most Promising Companies list.
Proceeds from this round will be primarily allocated to upgrading its dedicated MCU product line for robotics applications, optimizing capacity and supply chain layout, and deepening industry ecosystem partnerships. The investment will further strengthen the core competitiveness of its offerings in high-end industrial and embodied intelligence sectors, driving continuous breakthroughs for domestic MCU technology.
02 Humatrix Medical(海迈医疗) Closes Series A++ Financing
In June 2026, Humatrix Medical announced the completion of its Series A++ financing round, led by BOC International Investment with follow-on investment from existing shareholder Suzhou Innovation Investment Group (SVCG). TTGG invested in Humatrix Medical in 2025.
Humatrix Medical is the first company in China and the second globally capable of mass-producing small-caliber (inner diameter ≤6mm) tissue-engineered blood vessels. Focused on regenerative medicine and high-end medical device R&D, its flagship product LineMatrix® biological artificial blood vessel is the first domestically developed product of its kind. The product has completed full subject enrollment for its registrational clinical trial and is now in the follow-up phase.
The new funding will support core product R&D, accelerate clinical research and registration submission of the biological artificial blood vessel, advance the domestic substitution of high-end cardiovascular medical devices, and address unmet clinical needs.
03 Tuoyi Technology(拓易科技) Completes New Financing Round
Recently, Tuoyi Technology (Wuxi) Co., Ltd. closed a new financing round co-invested by Huaye Tiancheng Capital, Phenomenon Capital, Zhejiang Zijing Investment and other institutions. TTGG first invested in Tuoyi Technology in 2025.
Tuoyi Technology is an emerging player in the third-generation semiconductor optoelectronics sector. It has built a full-stack compound semiconductor IDM (Integrated Device Manufacturer) platform covering chip design, epitaxial growth, wafer fabrication, and device packaging & testing. Leveraging its proprietary indium phosphide (InP)-based optical chip integration technology, the company has overcome industrialization challenges for 100Gbps high-speed lasers and high-power CW-DFB chips, building a full product matrix of FP/DFB/EML laser chips. Its products are widely used in core scenarios including 5G bearer networks, hyperscale data centers, optical fiber communications and autonomous driving, providing critical optoelectronic components for digital infrastructure.
The financing will accelerate technology iteration of high-end optical chips, expand mass production lines, and grow its core customer base, further consolidating the company's technical barriers and market share in the high-speed optical communication chip segment.
04 Geyuan New Materials(格源新材料) Raises Hundreds of Millions in Pre-A+ Round
Zhejiang Geyuan New Materials completed a Pre-A+ financing round worth hundreds of millions of yuan, with participation from industrial investors including Wanxiang A123 Systems, Zhongning Silicon Industry, Dingfeng Venture Capital, Xin'an Capital, Sany Group and Shengquan New Energy. TTGG invested in Geyuan New Materials in 2024.
Founded in 2023, Geyuan New Materials focuses on the R&D of high-performance silicon-carbon anodes and porous carbon materials, while also developing self-built vapor deposition equipment. It has established an integrated industrial system of "silicon-carbon anode + porous carbon + equipment", positioning itself as a core innovator in the next-generation lithium battery anode material space.
Proceeds will be used for core technology iteration, capacity building and customer validation, accelerating the large-scale application of silicon-carbon anode materials and helping the company consolidate its technological advantages and market competitiveness amid the lithium battery material upgrade wave.
01 TTGG Ranks Among 36Kr's 2026 Top 50 China Venture Capital Institutions
Recently, 36Kr released its 2026 annual ranking of China's equity investment institutions. With its deep track record in hard tech investment and full-cycle value creation capabilities, TTGG Ventures was named to:
Top 50 Venture Capital Institutions in China's Equity Investment Industry
In individual recognitions:
Zhang Sheng(Michael), President of TTGG, was honored as Most Popular Investor Among Entrepreneurs in China
Guo Bin, Partner at TTGG, was selected for the 36 Under 36 Investors list
At the concurrent 36Kr WAVES Conference, Guo Bin joined the panel Those Who Stand Against the Wind: Answers Sought Across Oceans, sharing TTGG's perspective on corporate globalization. He noted that companies should not expand overseas for the sake of globalization alone. Given the varying capability boundaries, product value and resource endowments across enterprises, finding markets that truly match their own strengths matters more than blindly expanding into multiple countries and regions.
02 TTGG Named to ChinaVenture's 2026 Top 30 Best VC Institutions in the Yangtze River Delta(YRD)
Recently, the ChinaVenture Awards 2026 – Yangtze River Delta Regional Ranking was officially released. Leveraging our deep industrial roots in Zhejiang and long-standing presence across the YRD, as well as our long-term empowerment support and stable investment performance for regional hard tech enterprises, TTGG was selected as:
Top 30 Best Venture Capital Institutions in the Yangtze River Delta (2026)
03 TTGG President Michael Zhang Lectures at Zero2IPO Investment Research Institute
On June 25, the Zero2IPO Investment Research Institute held a themed training program titled Capital Empowerment for Industrial Upgrading and Investment Operation Practices. Michael Zhang, President of TTGG, was invited as a guest lecturer to deliver systematic insights on venture capital value orientation and long-term ecosystem building, grounded in the industry's underlying logic.
In his lecture, Michael noted that sunlight is the best disinfectant: improving industry transparency is the most effective way to build an investor-centric, real-return-oriented industry environment, and to advance the venture capital sector toward a more professional and sustainable future. He pointed out that the core proposition of venture capital is "for whom we create value" — and value shapes behavior. Institutions that uphold the "investor first" principle and target carried interest focus on actual capital distribution and long-term value creation, using DPI (Distributed to Paid-In Capital) as their core performance metric. By contrast, institutions prioritizing scale tend to focus on management fee income, pursuing larger AUM and short-term performance metrics.
He further called on the industry to establish DPI as the core performance benchmark, promote comprehensive, long-term and continuous DPI disclosure across all venture capital funds, and eliminate selective disclosure practices. Through transparency, the industry can achieve natural selection, curb blind expansion, help institutions calibrate their own positioning, and guide the entire sector back to the essence of long-term value creation.
04 TTGG President Michael Zhang Interviewed by Securities Times
Michael Zhang, President of TTGG, was interviewed by Securities Times, sharing core perspectives on current venture capital performance evaluation standards and industry transparency building.
Michael stated that the key to alleviating industry involution(excessive competition) lies in improving the transparency of the venture capital sector, and DPI should be adopted as the core public metric. He explained that while Multiple on Capital (MOC) and Internal Rate of Return (IRR) leave room for subjective adjustment and window dressing, DPI represents actual cash returned to investors — the most robust, fraud-proof metric for measuring an institution's real return capability. If an institution chooses to disclose performance, it should release DPI data for all funds under management rather than selectively showcasing top-performing projects. This will effectively reduce information asymmetry between LPs and GPs, and guide the industry back to the fundamentals of value investing.
05 TTGG President Michael Zhang Interviewed by SS&C Intralinks
Michael Zhang, President of TTGG, sat down for an in-depth interview with SS&C Intralinks, covering core topics including the underlying logic of China's hard tech rise, investment methodology, sector allocation, and shifts in the international LP market.
Michael noted that market forces are the primary driver of hard tech moving from niche to mainstream, with policy acting as an amplifier — but long-term success ultimately depends on market competition. For TTGG, hard tech is not a new investment direction, but a long-standing core strategy. He also observed that over the past six months, international LPs have shifted from a wait-and-see stance toward selective re-engagement with China's hard tech sector. The ability to source proprietary deals, understand industrial dynamics, and identify high-quality enterprises at an early stage has become the key metric by which international LPs evaluate a manager's core competitiveness.
06 TTGG Managing Partner Zhou Xin Attends Zero2IPO Pedaily SuperLink Conference
On June 10, the Zero2IPO Pedaily SuperLink Conference 2026 was held in Suzhou. Zhou Xin, Managing Partner of TTGG, was invited to join the panel discussion Tech Investment: Returning to Essence, exploring the underlying logic of tech investment and cycle management with industry peers.
Zhou noted that hard tech investment is defined by high risk and long cycles. The core of investment is to look ahead and identify real industrial value rather than market sentiment. The essence of tech innovation investment lies in value discovery and value creation: upholding disciplined investment principles and generating long-term sustainable returns for investors amid market fluctuations.
