Hangzhou Runmiao Fund: A 20-year patient capital inviting global scientists to build the future together
Through historic institutional breakthroughs, Hangzhou is opening a “window of opportunity” for scientists worldwide to bridge the gap between the laboratory and commercialization.
In November 2025, the Hangzhou municipal government spearheaded the establishment of the Hangzhou Runmiao Fund—with an initial scale of RMB 2 billion (approx. $280 million), a 20-year lifespan, and a revolving investment model. Managed by HANGZHOU CAPITAL (Hangzhou State-owned Capital Investment and Operation) and executed by HANGZHOU STI GROUP (Hangzhou Science and Technology Innovation Group), the Fund adheres to the principle of “government guidance and market-driven operations.” It focuses on investing in early-stage, small-scale, long-term, talent-driven, and hard-tech ventures and is dedicated to providing early-stage investment—including “first capital”—to technology-based startups and entrepreneurial teams.
Precision positioning: Bridging hard tech across the “valley of death”
The Runmiao Fund is specifically designed for scientists and hard tech entrepreneurs. Eligible investment targets must meet the following criteria: established for no more than five years and currently in the technology R&D or product prototype stage; having completed no more than two financing rounds and currently at or before the Series A stage; having 100 or fewer employees or a valuation of no more than RMB 100 million (approx. $14 million); and registered in Hangzhou. Industry focus covers hundred-billion-yuan-scale industrial clusters such as visual intelligence, artificial intelligence, biopharmaceuticals, and integrated circuits, as well as frontier sectors such as synthetic biology, brain-inspired intelligence, quantum technology, and commercial aerospace. Individual investments generally do not exceed RMB 5 million (approx. $700,000), with an equity stake not exceeding 20%, and the Fund does not hold the largest shareholder position. Instead, it adopts a “partner-not-owner” approach, nurturing growth like a gardener rather than a controller.
