CAS Star

CAS Star CAS Star, affiliated with the Chinese Academy of Sciences, has been China's premier hard tech investor since 2013. The Pioneer Fund closed at RMB 2.6B ($360M), backed by 19 LPs including the National SME Development Fund. With 500 investments since inception and 70 deep tech deals in 2024 alone, the pace is extraordinary. The investment split, 70% early-stage "zero-to-one" and 30% growth-stage "one-to- ten", reflects a deliberate strategy to capture both breakthrough innovations and scale