Cathay Innovation is a global multistage venture capital firm founded in 2015 and headquartered in Paris, France. Affiliated with Cathay Capital, the firm operates across Europe, North America, Asia, Latin America, and Africa. With over €2.5 billion in assets under management, Cathay Innovation focuses on investing in transformative technologies that address global challenges. The firm combines capital with access to a strategic corporate ecosystem of 20+ Fortune 500 partners, enabling portfolio companies to scale faster through deep industry collaboration.
Cathay Innovation invests in Series A, B, and growth-stage startups developing vertical AI applications in four core sectors: digital health, fintech, consumer, and mobility/energy. The firm backs companies across Europe, the U.S., and Asia, and typically leads or co-leads rounds with checks ranging from $5 million to $100 million. A significant portion of capital is reserved for follow-on support, reflecting a long-term commitment to portfolio growth.
In May 2025, Cathay Innovation announced the final close of its third fund (Fund III) at $1 billion. The fund is dedicated to artificial intelligence-driven vertical solutions and is backed by a global network of institutional and corporate investors.
These include Sanofi, TotalEnergies, Valeo, BNP Paribas Cardif, Groupe SEB, Groupe ADP, as well as international industry investors like Vale Ventures and Copec WIND Ventures.
Fund III has already invested in 14 startups across continents, supporting AI breakthroughs in health, finance, energy, and consumer sectors. Beyond capital, the fund is designed to connect startups to Cathay’s strategic partners to accelerate commercial adoption and global scale, including collaborations like Sanofi’s AI partnerships with portfolio companies Owkin, AQEMIA, and Inato.
Leadership
Cathay Innovation was co-founded by Mingpo Cai, Chairman of Cathay Capital, and Denis Barrier. The leadership team brings together global investment expertise, deep corporate connections, and a strong track record of building cross-border growth platforms. The firm operates from offices in Paris, San Francisco, Berlin, Madrid, Shanghai, and Singapore.
Investment Strategy
Cathay Innovation follows a multistage approach, investing from Series A through late-stage rounds. The firm prioritizes sector-specific AI startups with global potential and leverages its corporate LP network to open commercial pathways for its companies. Strategic partnerships, co-investments, and business development opportunities are integral to the firm's model, positioning it as a connector between cutting-edge startups and global industry incumbents.
Notable Investments
Cathay Innovation’s portfolio includes high-growth companies such as:
These companies represent the firm’s sectoral focus on AI across healthcare, financial services, consumer platforms, and energy innovation. Earlier investments include Chime, Glovo, Ledger, Wallbox, ZenBusiness, Alma, Getaround, Descartes Underwriting, and Pinduoduo.
Notable Exits
Cathay Innovation has seen notable exits and growth trajectories in several of its early investments, including Chime, Pinduoduo, Glovo, and Ledger. These exits underscore the firm’s ability to identify globally scalable ventures and support them through late-stage growth.
Other
Cathay Innovation’s hybrid model — blending VC with deep corporate engagement — offers founders a unique go-to-market advantage. The firm’s strong global reach and industry-agnostic approach make it an attractive partner for AI-driven startups aiming to commercialize within regulated or complex industries. Fund III further strengthens this position, with dedicated AI focus and a robust follow-on capital reserve for scaling winners.
