CAS Star, affiliated with the Chinese Academy of Sciences, has been China's premier hard tech investor since 2013. The Pioneer Fund closed at RMB 2.6B ($360M), backed by 19 LPs including the National SME Development Fund. With 500 investments since inception and 70 deep tech deals in 2024 alone, the pace is extraordinary.
The investment split—70% early-stage "zero-to-one" and 30% growth-stage "on...
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