Monolith Management, a Chinese venture capital firm led by former Sequoia China partner Cao Xi and ex-Boyu Capital partner Tim Wang, has raised US$289 million to invest in the country’s AI sector.

The fund exceeded its initial US$265 million target and is among the few Chinese VC firms that secured dollar funding this year.

The firm is known for backing MoonShot AI, a competitor to DeepSeek.

Other major Chinese venture firms, including Qiming Venture Partners and LightSpeed China Partners, are collectively targeting US$1.8 billion in new funds.

This fundraising activity comes as global investors start to re-engage with China’s startup ecosystem after a period of economic slowdown and regulatory challenges.

🔗 Source: Bloomberg