On Tuesday, Lightspeed China Partners announced on its official website that it had completed fundraising totaling $920 million, with a total fund size under management reaching $3 billion. At the same time, it announced an upcoming new brand: Lightspeed Photosynthesis.
The new fund includes early- and growth-stage funds, which is the largest fundraising for the institution since it began operating independently in 2011. The new fund will focus on investment in green technologies, hard technologies, enterprise services, medical technologies and consumption field. According to the institution, the new fund has been officially launched, and 10 enterprises have been invested in or signed letters of intent for investment.
It is worth mentioning that this fundraising took only three months from its start through to completion, and won the support of the world’s top institutional investors. Although the new fund was greatly oversubscribed, it finally adhered to the principle of raising funds and kept the fund at an appropriate size.
In 2006, Lightspeed began to invest in China. Five years later, its Chinese team began to operate independently and founded Lightspeed China Partners. Among the invested enterprises, a number have grown into industry leaders, including Meituan, Pinduoduo, Full Truck Alliance, Zhongji Innolight, FinVolution Group, New Century Information Technology, XYLink and Laiye Network.
At present, Lightspeed China Partners has deployed in the field of green science and technologies, and has invested in more than 10 enterprises, such as new energy commercial vehicle company Newrizon, biomaterial company Bluepha, battery management systems technology company BMSer Technology, electric outboard motors developer ePropulsion and plant-based meat startup Starfield.
At the same time, in the field of hard technologies, Lightspeed China Partners has successively invested in AIC Semiconductor, Standard Robots and other enterprises. In the field of unmanned driving, it invested in the leading lidar manufacturer Hesai Technology and self-driving truck company Plus.ai.