Cowin Capital (Tongchuang Weiye), founded 2000. One of China's first batch of PE/VC firms. AUM: 300B+ yuan. Invested 30+ robotics companies across the full lifecycle. On Mar 19, 2025 alone, invested 3 robot companies in a single day (Xiazhi, Shuzihuaxia, Zhongke Diwuji). For hardware founders: massive government-backed fund, invest in hard tech across all stages.