Zhihu has announced plans to inject 1.5 billion yuan in cash to acquire limited partnership interests in a fund managed by Lisi Capital, which will focus heavily on artificial intelligence and robotics. The fund, Tianjin Lisi Xingchen Equity Investment Partnership (Limited Partnership), is steered by Cao Xi, a former partner at Sequoia Capital China, who also participated in DeepSeek's initial funding round alongside Tencent and CATL.
According to the announcement, Zhihu will make this investment through its wholly-owned subsidiary, Beijing Zhizhe Exploration Technology Co., Ltd., contributing self-owned cash of 1.5 billion yuan. The fund, established in May 2026, operates as a blind pool with a seven-year term, concentrating on foundational models, AI infrastructure, robotics, and AI applications. The fund is managed by Hainan Lisi Private Equity Fund Management Co., Ltd., the RMB private equity platform under Lisi Capital, which has long focused on technology innovation, particularly in artificial intelligence, advanced computing, and frontier tech.
Following Zhihu's contribution of 1.5 billion yuan, its stake in the fund will not exceed 30%, implying a target total fund size of approximately 5 billion yuan. In addition to Zhihu, the investor lineup is expected to include 20 to 30 market-oriented institutions and industry players. Zhihu stated that the rationale for this participation lies in the alignment between the fund's focus areas and the company's ongoing commitment to AI technology and industry development, which could help broaden its investment channels for quality AI and tech firms and deepen its understanding of technology evolution, product forms, and business models.
The investment strategy also presents potential synergies with Zhihu's existing AI operations. In foundational models and AI applications, the fund's positioning could help Zhihu better track trends in large-model technology and scenario development, potentially offering technical applications or collaboration opportunities for businesses like Zhihu Zhida, expert data solutions, and AI-related content and IP development. Meanwhile, in AI infrastructure and robotics, the fund could aid Zhihu in enhancing its understanding of the AI industry chain and cutting-edge technology trends.
This is not Zhihu's initial foray into artificial intelligence. In April 2023, Zhihu led a seed round alongside Zhipu AI, investing tens of millions of yuan in Mianbi Intelligence. This investment was closely tied to a key figure: Li Dahai, then partner and CTO of Zhihu. Just two months after the investment, he became a director and CEO of Mianbi Intelligence, eventually leaving Zhihu in June 2024 to lead the company full-time. Today, Mianbi Intelligence has become a unicorn in the on-device AI sector and has initiated its A-share IPO counseling. The success of this early-stage investment has provided Zhihu with experience and confidence for this larger-scale bet on an AI fund.
Lisi Capital, in which Zhihu is now a limited partner, was co-founded by Cao Xi, a former partner at Sequoia Capital China, and Tim Wang, a former secondary market partner at Boyu Capital. Within Lisi Capital's investment landscape, its position in DeepSeek stands out as a notable move. In July 2026, DeepSeek completed its first external financing round, with Lisi Capital participating through its fund, Tianjin Lisi Xingling Venture Capital Partnership (Limited Partnership). Beyond DeepSeek, Lisi Capital has also invested in companies like Kimi.
Recently, Lisi Capital's funds have drawn subscriptions from several listed companies and industrial investors. Since July, Intco Recycling, Century Huatong, and Visual China Group have announced investments in the Lisi Xingque Fund, with contributions of 20 million yuan, 150 million yuan, and 10 million yuan, respectively. Jiuan Medical subsequently announced plans to invest up to 100 million yuan, marking its latest addition after continuously backing multiple Lisi Capital funds since the second half of 2022.
Cover image source: Yicai Media Library.
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