Previously Invested in Kimi and Itsuki, Source Code Capital's Debut USD Fund Oversubscribed at Over $150 Million

According to 1M AI News's monitoring, Source Code Momentum, an independent early-stage investment firm spun off from Source Code Capital, has announced the completion of its first USD fundraise, totaling over $150 million, surpassing its original target and receiving oversubscription. Investors include Middle Eastern sovereign funds, globally renowned endowments, multinational corporations, industrial investors, family offices, and prominent entrepreneurs. A RMB fundraise has also been initiated.

Source Code Momentum, led by Huang Yungang, formerly a managing partner at Source Code Capital, officially spun off from Source Code Capital's VC business in May 2025, independently fundraising and making independent decisions. The first fund focuses on three major areas: AI infrastructure and applications, robotics and hardware, and global expansion. The core team members have previously participated in investments in companies such as Kimi, Yushu, Galaxy General, Accelerated Evolution, and Sand.ai.

The fund has invested in multiple early-stage projects: the first investment is in the embodied AI company Nuoyin Intelligence, founded by Li Yinchuan, a former Huawei employee, focusing on home scenario embodied intelligence; another investment is in Kitar, a Southeast Asian second-hand e-commerce platform that uses AI to reconstruct the overseas efficiency of a proven business model in China. Huang Yungang stated that the team proactively controlled the fund size, stating that "in the AI-driven super wave, deep cognitive iteration is more important than simple resource stacking."