Source Code Rhythm's First Dollar Fund Closes Over $150M in Oversubscription, Focuses on Three Core Areas

Source Code Rhythm announced the completion of its first dollar fund raising, with a scale exceeding $150 million, surpassing the original target and achieving oversubscription. Investors include Middle Eastern sovereign funds, global well-known FOFs, multinational enterprises, industrial investors, family offices and prominent entrepreneurs. It has also started raising a RMB fund.

Led by Huang Yungang, the institution split from Source Code Capital's VC business in May 2025, focusing on three core areas: AI infrastructure and applications, robotics and hardware, and global overseas expansion. The team has previously participated in investments in companies like Kimi, Unitree, and Galaxy General.

The fund has invested in embodied intelligence company Nuoyin Intelligence (focused on home scenarios) and Southeast Asian second-hand e-commerce platform Kitar (using AI to optimize overseas efficiency). Huang Yungang stated that the team actively controlled the fund size, believing that deep cognitive iteration is more important than resource accumulation.