Insights洞察

What we think, and what changed our minds投资洞察与思考

We publish the arguments, evidence and observations shaping our investment decisions — including where experience has caused us to revise them.

分享我们对产业变革、投资机会与市场趋势的观察。

Annual letter

年度信

2025: A Year of Clarification

2025:澄清之年

The year’s real work was deciding what not to own. Instead of joining the model-layer arms race or the application-layer hype, we kept backing companies where AI operates as invisible leverage — on the view that durable value forms where a technology meets a hard constraint.

2025 年的核心工作,是想清楚哪些资产不该持有。我们没有加入模型层的军备竞赛,也没有追逐应用层热潮,而是继续投资以 AI 作为隐形杠杆的企业,因为持久价值形成于技术与硬约束相遇之处。

December 2025 · Steven Xu

2025年12月 · Steven Xu

Read the letter

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Cross-border commercialisation跨境商业化

The Next Phase of AI Is Deployment, and Deployment Crosses BordersAI 下半场是落地,落地要跨境

The contest in AI is moving from models and compute to deployment in real industries, and that shift makes China and Canada more complementary than…INP Capital 与加中友好交流协会走进漕河泾 AI 加速器,与三家 AI 企业探讨出海加拿大的路径。

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November 20262026年11月
AI in the seams产业 AI 应用

GrubMarket: Reinventing the Food Supply Chain with AI and ScaleGrubMarket:以 AI 与规模重塑食品供应链

At INP Capital, we back visionaries reshaping global industries—and few exemplify this better than our portfolio company, GrubMarket.GrubMarket 成立于 2014 年,从连接本地农户与消费者起步,发展为全食品供应链科技平台。

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May 20252025年5月
Cross-border commercialisation跨境商业化

Scaling Impact: NILO’s Strategic Expansion into China with INP CapitalNILO 赴山东推进合作并签署谅解备忘录

At INP Capital, we believe that breakthrough innovation knows no borders. That belief came to life once again as we recently supported our portfolio…2025 年 4 月,INP Capital 协助被投企业 NILO 赴山东推进合作,并签署谅解备忘录。当时试点和商业化尚未开始。

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April 20252025年4月
Cross-border commercialisation跨境商业化

Bridging Innovation: INP Capital and China Canada Angel Alliance (CCAA) Empower Chinese Entrepreneurs GloballyINP Capital 与中加天使联盟(CCAA)支持中国创业者走向全球

Connecting visionary founders from China to Canada, Australia, and beyond through strategic investment, global expansion support, and the Start-up…通过战略投资、海外拓展支持与加拿大创业签证项目,连接中国创始人与加拿大、澳大利亚等市场。

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March 20252025年3月
Investment notes投资笔记

Emergence 2025: Insights from INP Capital on Venture Capital TrendsEmergence 2025:INP Capital 谈风险投资趋势

The Emergence 2025 conference at the Four Seasons Hotel in Sydney brought together global investors, founders, and industry leaders to discuss the…悉尼 Emergence 2025 大会上,全球投资人、创始人与行业领袖探讨风险投资与私募市场的最新趋势。

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March 20252025年3月
Investment notes投资笔记

Breaking Barriers in Plastic Recycling: Samsara Eco’s Latest InnovationSamsara Eco 的酶法回收扩展到尼龙 6

At INP Capital, we are always looking for groundbreaking technologies that reshape industries, drive sustainability, and create real impact. One of…公司称,其新开发的酶可分解尼龙 6,包括有色和染色混纺,相关产品试验仍需与合作伙伴开展。

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February 20252025年2月
Investment notes投资笔记

Turning Plastic Waste into Sustainable Innovation: Why NILO’s Formaldehyde-Free Binder is a Game-Changer变废塑料为可持续材料:NILO 的无甲醛胶黏剂

The world is waking up to the hidden dangers of traditional adhesives used in the wood fiber board industry. Urea-formaldehyde, a widely used binder…人造板行业常用的脲醛胶是室内空气污染的主要来源之一,NILO 以废塑料为原料开发无甲醛胶黏剂。

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February 20252025年2月
Investment notes投资笔记

Evolution is Great! – January EditionEvolution is Great! 月刊:一月号

Welcome to EVOLUTION IS GREAT!INP Capital 月度通讯创刊号,分享科技投资观察和近期动态。

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February 20252025年2月
Investment notes投资笔记

INP Capital - The 50INP Capital 入选加拿大 The 50 榜单

We’re thrilled to announce that INP Capital has been named as one of the top 50 VCs in Canada by the Canadian Venture Capital & Private Equity…INP Capital 入选加拿大风险投资与私募股权协会(CVCA)评选的加拿大 50 强风险投资机构榜单。

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January 20252025年1月
Investment notes投资笔记

Axiom Holographics won the Edison Award!Axiom Holographics 荣获爱迪生奖

🏆 Thrilled to announce that Axiom Holographics has been awarded the prestigious Gold Edison Award! This accolade is a powerful testament to their…被投企业 Axiom Holographics 荣获爱迪生奖金奖。

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May 20242024年5月
Cross-border commercialisation跨境商业化

Samsara Eco has made The Annual APAC Cleantech 25 ListSamsara Eco 入选亚太清洁技术 25 强

👏 Congratulations to our portfolio company, Samsara Eco, for being recognized in the 2024 APAC Cleantech 25! This recognition by the Cleantech Group…被投企业 Samsara Eco 入选 Cleantech Group 2024 年亚太清洁技术 25 强榜单。

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May 20242024年5月
Investment notes投资笔记

lululemon Teams Up with INP Capital-Backed Company Samsara Eco to Launch World's First Enzymatically Recycled Polyesterlululemon 与 Samsara Eco 推出全球首款酶法再生涤纶服装

Recently, Samsara Eco, an Australian enviro-tech company backed by INP Capital, teamed up with the renowned activewear brand lululemon to jointly…INP Capital 被投企业 Samsara Eco 与运动品牌 lululemon 合作,推出全球首款酶法再生涤纶纤维服装。

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April 20242024年4月
Investment notes投资笔记

INP Capital's Latest Investment Trends: Innovation, Collaboration, and Market Frontiers2024 年初被投企业动态

As 2024 unfolds, global markets are witnessing trends characterized by innovation and dynamic growth. These developments not only underscore industry…梳理 2024 年初被投企业的最新进展,包括 Wyvern 与 NorthWind Land Resources 的合作。

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February 20242024年2月
Investment notes投资笔记

Investment Perspective: Exploring the Frontiers of the Green Food Market绿色食品市场的投资机会

In the contemporary business landscape of the 21st century, the ascent of the green food market transcends mere trendiness; it embodies…消费者对可持续、健康食品的需求上升,推动食品企业与投资人在这一领域持续投入。

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February 20242024年2月
Investment notes投资笔记

Pioneering the Future: INP Capital's Insights on Unicorn EnterprisesINP Capital 谈独角兽企业

In a market filled with challenges and opportunities, unicorn enterprises are not just navigating, but also driving industry innovation and reshaping…以 ApplyBoard、GrubMarket 和 Xpansiv 为例,观察独角兽企业如何推动行业创新。

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February 20242024年2月
Investment notes投资笔记

INP Capital: Pioneering Biotechnology Investments!INP Capital 的生物技术投资

The landscape of biotechnology is rapidly evolving, attracting widespread global attention. Its interdisciplinary innovations, profound impact, and…生物技术正快速发展,文章介绍 Recursion、Samsara Eco 等相关被投企业。

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November 20232023年11月
Investment notes投资笔记

September Investment Highlights: Remarkable Collaborations and Innovations by Portfolio Companies九月投资动态:被投企业的合作与创新

As we bid farewell to September, portfolio companies backed by INP Capital have secured a series of remarkable achievements in the fields of…被投企业在可持续发展、航天科技、金融服务等领域取得进展,包括 GrubMarket 获奖及 Wyvern 与 Loft Orbital 合作。

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November 20232023年11月
Cross-border commercialisation跨境商业化

INP Capital Joins the Australian Investment Council, Embarking on a New Chapter!INP Capital 加入澳大利亚投资委员会

In the world of financial investment, every significant collaboration and recognition paves the way for expanded cooperation and future…INP Capital 正式成为澳大利亚投资委员会(Australian Investment Council)会员。

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October 20232023年10月
Investment notes投资笔记

Promotions at INP Capital: Celebrating Excellence and DedicationINP Capital 团队晋升公告

At INP Capital, our team is at the heart of our success. Their unwavering commitment, expertise, and vision drive our growth and set the pace for our…INP Capital 宣布团队晋升:Vincent Li 晋升为 Principal,Jasmine Gao 晋升为副总裁。

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October 20232023年10月
Investment notes投资笔记

ESG Market Overview: Insights into Trends Through Numbers从数据看 ESG 市场趋势

ESG, which stands for Environmental, Social Responsibility, and Corporate Governance, embodies the core principles of sustainable investments and has…ESG 已成为绿色金融的重要组成部分,文章结合 Samsara Eco、Xpansiv 等企业观察市场趋势。

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October 20232023年10月
Investment notes投资笔记

Scage signs SPAC merger agreement to list on NasdaqScage 签署 SPAC 合并协议,拟在纳斯达克上市

As summer comes to a close, it leaves behind a highly fulfilling and productive season. With the relentless advancement of technology and the…Scage International 宣布与 Finnovate Acquisition 签署业务合并协议;同期 Samsara Eco 启用其首个无限回收设施。

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October 20232023年10月
Cross-border commercialisation跨境商业化

INP Capital Becomes a Designated Organization for Canada’s Start-up Visa ProgramINP Capital 成为加拿大创业签证项目指定机构

As an investment firm with a global perspective, we're both honored and elated to announce a new milestone for INP Capital. We have successfully…INP Capital 成为加拿大联邦创业签证项目(SUV)的指定机构。

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September 20232023年9月
Investment notes投资笔记

INP Capital: Pioneering Cross-Sector Investments, Spearheading Innovation Across Diverse DomainsINP Capital 的跨领域投资

In an ever-evolving global market landscape, INP Capital, armed with its acute insights and profound comprehension of various industry trends,…回顾被投企业在多个领域的进展,包括 Grow Finance 与 Pismo 的信用卡业务合作。

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August 20232023年8月
AI in the seams产业 AI 应用

INP Portfolio Company EULEE: Leading AI Innovation, Elevating the Metaverse被投企业 EULEE 的 AI 与元宇宙业务

In today's fast-paced and interconnected global business ecosystem, as an investment institution, we diligently monitor the latest advancements and…介绍 INP Capital 被投企业 EULEE 在 AI 领域的最新进展。

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July 20232023年7月
Investment notes投资笔记

INP Capital Investment Update: Portfolio Companies Achieve Remarkable Milestones in Innovative TechINP Capital 投资动态:被投企业的技术进展

Amidst the rapid evolution of technology, global industries are undergoing profound transformations. INP Capital, a prominent venture capital firm,…汇总被投企业 2023 年年中的技术和业务进展。

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July 20232023年7月
Investment notes投资笔记

Deep Tech: INP Capital's Rising Star Samsara Eco Shines Brightly at Tech23Samsara Eco 亮相 Cicada x Tech23 深科技大会

Recently, Samsara Eco, a Sydney-based biotech company backed by INP Capital, made a remarkable splash at Australia's premier deep tech event, Cicada…专注塑料无限循环回收的 Samsara Eco 参加澳大利亚深科技大会 Cicada x Tech23 2023。

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July 20232023年7月
Investment notes投资笔记

Revolutionizing Satellite Data: Wyvern's Dragonette-002 Successfully LaunchedWyvern 第二颗卫星 Dragonette-002 成功发射

Wyvern is thrilled to announce the successful launch of its second satellite, Dragonette-002, as part of SpaceX's Transporter 8 mission! This…Wyvern 第二颗卫星 Dragonette-002 随 SpaceX Transporter 8 任务发射,离建成三颗卫星的 Dragonette 星座更近一步。

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July 20232023年7月
Investment notes投资笔记

lululemon Deepens Commitment to Circularity Through Infinitely Recycled Nylonlululemon 与 Samsara Eco 合作推进尼龙循环

lululemon has announced a multi-year collaboration with Australian enviro-tech startup, Samsara Eco, to scale circularity through textile-to-textile…lululemon 宣布与澳大利亚环保科技公司 Samsara Eco 开展多年合作,推进纺织品循环回收。

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June 20232023年6月
Investment notes投资笔记

Breakfast with INP – Global Technology Insights and Opportunities in 2023Breakfast with INP:2023 年全球科技洞察与机会

On Friday March 3rd, 2023, INP Capital hosted an engaging event in Vancouver - “Breakfast with INP”.2023 年 3 月 3 日,INP Capital 在温哥华举办 Breakfast with INP 交流活动。

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March 20232023年3月
Investment notes投资笔记

Amazon Climate Tech Fund backs Genecis to turn food waste into bioplastics亚马逊气候基金投资 Genecis,将厨余转化为生物塑料

INP Capital investee company - Genecis Bioindustries, a Toronto-based company that transforms food waste into bioplastics, is the first company in…INP Capital 被投企业 Genecis Bioindustries 获亚马逊气候承诺基金投资,是该领域首家获投企业。

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March 20232023年3月
Investment notes投资笔记

Xpansiv gets $US125m at $2b valuation; Goldman, BoA, Aware Super tip inXpansiv 完成 1.25 亿美元融资及对 Evolution Markets 的收购

Our portfolio company Xpansiv, the premier infrastructure provider for environmental markets, today announced the completion of its acquisition of…被投企业 Xpansiv 宣布完成对 Evolution Markets 的收购,并完成 1.25 亿美元融资。

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January 20232023年1月
Investment notes投资笔记

Blackstone announces a $400 million investment in Xpansiv黑石宣布向 Xpansiv 投资 4 亿美元

NEW YORK, NY & SAN FRANCISCO, CA – Blackstone announced today that funds managed by Blackstone Energy Partners ("Blackstone") have committed $400…黑石能源合伙人管理的基金承诺投入 4 亿美元,领投环境商品市场基础设施平台 Xpansiv 的战略融资。

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July 20222022年7月

INP Capital | Investment Perspectives

INP Capital 投资观察

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Investment perspectives and portfolio updates, delivered monthly.

每月精选投资观点与被投企业动态。

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