Chinese AI model developer Zhipu and early-stage venture capital firm Jiangmen Ventures have set up a cognitive intelligence fund in Hangzhou with 1 billion yuan (US$150 million) in subscribed capital, according to corporate registration records.

Hong Kong-listed QuantGroup, which says it provides foundation models for physical AI, is participating through an affiliate as a limited partner.

Registered on September 24, 2026, the fund can invest only in unlisted companies.

Two Hangzhou government-backed partners hold a combined 60% stake.

Affiliates of Zhipu and QuantGroup, along with other firms, hold the rest.

All partners have until September 2031 to pay in their subscribed capital.

Zhipu previously raised US$257 million in a state-backed round in March 2025. Jiangmen Ventures has an investment portfolio.

The fund’s structure also reflects how local governments in China use guidance funds to steer capital into AI priorities.

🔗 Source: QuantGroup

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