谁在投资中国版英伟达和AMD

Company Overview - Yaotu Capital was founded in 2015 and currently manages over 4 billion RMB across 6 RMB and USD funds [1] - The team consists of fewer than 20 people, with only 2 investors focused on semiconductors, while others cover areas like smart manufacturing, ESG, overseas expansion, and AI [1] - In 2022, Yaotu recruited senior investor Song Ye, formerly of Alibaba and IDG, who now focuses on opportunities in smart manufacturing, especially new materials [1] Investment Strategy - Yaotu Capital's investment logic involves deeply exploring demand scenarios, adopting a global perspective on technological development, and meticulously mapping out entrepreneurs with the right fit [5] - The firm employs a dual-currency system for investments [5] - Key investment criteria include selecting the right sector, identifying large incremental opportunities, and finding top-tier teams that match the scenario and customer needs [16] - The firm's investment network is grid-like, covering various layers of the autonomous driving ecosystem, including perception, algorithms, and vehicle-grade chips [17] Semiconductor Investments - Yaotu Capital has invested in over 100 projects, with half in the semiconductor sector, primarily at the angel and Series A stages [13] - Notable investments include Hanbo Semiconductor, Cloud Leopard Intelligence, and Credo, which went public on NASDAQ with a market cap exceeding $11 billion [13] - The firm also invested in AI chip company Starblaze Technology, which IPOed on the Shenzhen Stock Exchange with a market cap of 31.7 billion RMB [13] Autonomous Driving and Laser Radar - Yaotu Capital invested in Israeli laser radar startup Innoviz, which went public on NASDAQ with a market cap of $194 million and secured a $4 billion order from Volkswagen [38] - The firm also invested in Vayyar, another Israeli laser radar company, and Chinese autonomous driving companies like Yuanrong Qixing and New Stone [17] - The laser radar market has seen significant price reductions, with costs dropping from hundreds of thousands to thousands of RMB, making it more accessible for mid-range vehicles [21] Entrepreneur Selection - Yaotu Capital prefers entrepreneurs with strong resilience and rapid iteration capabilities [22] - The firm values CEOs who demonstrate crisis awareness and the ability to navigate tough situations, such as managing teams through prolonged salary delays without losing talent [23][24] - Entrepreneurs with a clear understanding of dynamic market changes and the ability to adjust strategies accordingly are highly regarded [37] Market Trends and Insights - The semiconductor investment landscape in China is becoming more competitive, with smaller VCs needing to act faster to capture high-quality opportunities [2] - GPU startups in China are now valued between 15 billion to 20 billion RMB, making it difficult for smaller VCs to enter at later stages [12] - The rapid development of China's new energy vehicle market has accelerated the adoption of laser radar and autonomous driving technologies [31] Investment Methodology - Yaotu Capital emphasizes the importance of investing in deterministic scenarios, focusing on import substitution and incremental markets [27] - The firm conducts thorough mapping of relevant personnel and teams to ensure the right fit for investment opportunities [27] - The investment process includes in-depth discussions with CEOs and co-founders, often over drinks, to gauge their true intentions and capabilities [39] Lessons Learned - Yaotu Capital acknowledges that while they have made correct technical and company selections, they have sometimes misjudged priorities, such as in the case of Innoviz [32] - The firm has learned to slow down its investment pace, focusing more on quality rather than quantity, and taking the time to thoroughly understand projects [36]