Embodied AI investment in China topped 65 billion yuan in 2025, 36Kr reports

On July 9, 2026, Chinese outlet 36Kr published the annual ranking «China Private Equity Investment Institutions 2026», compiled by the analytics project «暗涌Waves». An accompanying article cites key figures on the shift of Chinese venture capital toward artificial intelligence and hard tech.

How much embodied AI raised

According to the figures cited, embodied AI alone (具身智能, embodied intelligence), meaning robotics and physical systems with AI, raised more than 65.6 billion yuan in 2025, and almost a thousand new companies entered the field. Over the longer term, hard tech's share of venture investment in China rose from 38% to 62% in five years.

• The ranking was published on July 9, 2026 by the analytics project «暗涌Waves»
• Embodied AI raised more than 65.6 billion yuan in 2025, with almost 1,000 companies receiving funding
• Hard tech's share of Chinese venture investment rose from 38% to 62% in five years
• Global closed-end PE fundraising fell 17% year over year in 2025, and nearly halved in Asia-Pacific
• The macro estimate comes from McKinsey's report on global private markets, published in early 2026

Why capital is moving into hard tech

The article cites a thesis from McKinsey's global private markets report, released in early 2026: «alpha» (excess return) is no longer found but created. In the report's wording, the old levers, such as falling rates, rising valuation multiples and cheap financing, have disappeared one by one over the past decade. Against that backdrop, global closed-end PE fundraising shrank 17% year over year in 2025, and in Asia-Pacific the drop was almost twice as large.

In China, the source of capital has also shifted: as dollar-denominated funds retreat, state and industrial capital has stepped in and now largely sets deal terms. In 36Kr's words, the primary-market narrative around artificial intelligence has «quietly changed its logic»: AI is no longer one of many promising sectors and is increasingly reaching almost every industry.

What the Waves ranking includes

The 2026 «暗涌Waves» ranking includes several lists: the top 100 investors most popular with entrepreneurs, the top 30 most active investors for 2025–2026, and the top 50 early-stage investment institutions in China. The publication itself notes that over the past year, some new players who grew out of industry expertise quickly closed and deployed their first funds without fanfare, while a number of once-prominent names have visibly reduced their activity.

What this means

The figures 36Kr cites show more than growing interest in AI in China; they point to a structural shift across the whole venture market. Capital is moving away from classic internet and consumer plays toward physical, capital-intensive technologies such as robotics and embodied AI, even as the total pool of PE/VC funding worldwide is shrinking.

Frequently asked questions

How much did embodied AI raise in China in 2025?

According to figures cited by 36Kr, embodied AI (robotics with AI) raised more than 65.6 billion yuan from almost a thousand companies in 2025.

How has hard tech's share of

Chinese venture investment changed?

Over five years, hard tech's share of China's total venture investment rose from 38% to 62%, which points to a shift of capital from internet services to physical, capital-intensive technologies.