- Dreame-linked Skyworks invested in 39 companies in just three months, over 60% of its 2025 total
- The CVC platform is doubling down on robotics, smart homes, EVs and AI through an increasingly independent investment model
Skyworks (天空工场), the corporate venture capital platform associated with Chinese consumer-tech company Dreame Technology (追觅科技), ranked 1st among corporate venture capital investors in China by investment activity in the first half of 2026, Chinese media have reported.
The venture firm has invested into 57 portfolio companies and manages 5.33 billion yuan ($790 million) in registered fund capital by the first half of this year.
Formerly known as ZC Ventures (追创创投), Skyworks upgraded its brand at the end of 2025, placing greater emphasis on independent fundraising and investment decisions.
Its investment pace accelerated sharply from February. Skyworks invested in 10 companies in February, 15 in March and 14 in April.
The 39 investments made during those three months alone represented more than 60% of its total investment activity in 2025, averaging roughly one deal every 3.5 days.
Five major areas
Its portfolio is also closely tied to Dreame’s industrial capabilities rather than being a broad financial-investment strategy. The five major areas include robotics, smart homes, new energy, automotive and mobility, and AI and consumer technology.
Robotics accounts for 11 investments, spanning humanoids, industrial robots and components. Smart-home investments total 10, with many projects based in Suzhou.
Other bets include nuclear fusion, solid-state batteries, energy storage, autonomous driving, AI inference chips, AI glasses and 3D printing.
Skyworks also serves as an internal incubation and spinout platform for Dreame. Five projects, including Stareep AI bed (希瑞智能床) and Nextroom (焕星家居), have already raised independent financing through this model, resembling Xiaomi’s ecosystem approach of combining internal incubation with external capital.
Largely backed by state capital
Government-backed capital plays an unusually large role in the platform. Across 29 Skyworks funds, government entities have committed nearly 10 billion yuan, accounting for 60.78% of LP capital and spanning more than 10 cities including Suzhou, Shaoxing, Ningbo, Hangzhou and Xiamen.
Dreame founder and CEO Yu Hao has said that the Dreame-linked funds managed through Skyworks have raised more than 20 billion yuan in total, with him personally contributing about 20%.
The model illustrates a growing trend in China’s industrial investment landscape: a leading company acts as the industrial anchor, while government-backed funds provide capital to build out an ecosystem around it.
Drastic slowdown amid scrutiny
But the rapid expansion has also attracted greater scrutiny.
In June, a district-level government in the Yangtze River Delta reportedly asked companies to disclose their cooperation with Dreame, including projects, investment and government capital involvement.
Skyworks’ fundraising activity subsequently slowed noticeably. Only two new funds were registered between July and August, compared with 29 funds registered during the first half of the year.
The shift highlights both the power and the challenge of China’s CVC model: industrial capital can accelerate ecosystem building at remarkable speed, but the growing involvement of government money also brings greater scrutiny over long-term risk, capital efficiency and exit mechanisms.
