Artificial Intelligence and Robotics Propel Venture Capital Investments in Zhejiang Province
China's eastern Zhejiang province has transformed into a hotspot for venture capital funding in 2024, primarily influenced by advancements in artificial intelligence and robotics. A total of 41 new corporate venture capital funds were established last year, the most among 18 provinces as reported by the CYZone Research Centre.
Hangzhou, the capital of Zhejiang, hosts the prominent Alibaba Group Holding and innovative start-ups like DeepSeek, Unitree Robotics, Deep Robotics, Game Science, and Manycore. The province's transition from an e-commerce powerhouse to a transformative technology hub is reflected in its favorable policies, including tax incentives and industrial estate development.
In a significant breakthrough, the video game Black Myth: Wukong earlier this year and the launch of advanced open-source AI models, V3 and R1, by DeepSeek demonstrate Zhejiang's industrial prowess.
Despite facing national declines in venture capital registrations by 41.7%, Zhejiang continues to stand out, attracting entrepreneurs and investors amidst China's economic challenges. In total, 124 corporate events were hosted, with Hangzhou securing fifth place for the number of investment gatherings in 2024.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.