About This Fund
Yuanma Lvdong (源码律动) is an independent early-stage venture capital fund and investment management platform spun out of Source Code Capital (源码资本), one of China's most established growth-stage technology investors with over $1.5 billion USD and RMB 3.5 billion under management. Formally launched in May 2025 and led by managing partner Huang Yungang, Yuanma Lvdong represents a strategic specialisation in earlier-stage bets — a category where Source Code's scale had historically limited its ability to move quickly at the seed and pre-A levels. The fund's name — "Lvdong" (律动), meaning "rhythm" in Chinese — reflects the conviction that transformational technology progresses in generational waves, and that identifying and entering at the right inflection point creates compounding, enduring value.
Yuanma Lvdong operates as a dedicated early-stage vehicle targeting pre-seed to Series A investments across three core thesis areas: artificial intelligence infrastructure and applied AI applications, advanced robotics and intelligent hardware, and companies pursuing a global expansion strategy from inception rather than as an afterthought. The fund takes an active, conviction-driven approach with concentrated initial positions and pro-rata follow-on rights as portfolio companies scale. Its LP base is internationally diverse — including Middle Eastern sovereign wealth funds, global fund-of-funds, multinational corporations, family offices, and prominent technology entrepreneurs — providing both capital and strategic access to markets across the Middle East, Europe, and North America.
Yuanma Lvdong's inaugural USD fund completed its first-phase fundraising at over $150 million, oversubscribed against its original target — a strong validation of the team's thesis and access advantage. As a former principal at Source Code Capital, Huang Yungang brings deep relationships across the Source Code portfolio of over 150 Chinese technology companies, including Bytedance and Meituan, providing portfolio companies with distribution channels, co-investment opportunities, and strategic partnership networks that are difficult to replicate from outside the Source Code ecosystem.