Cathay Innovation is a multi-stage venture capital firm that invests checks from $5 million to $100 million in startups across seed to growth stages. It backs companies in technology sectors such as AI, digital health, fintech, and consumer technology, with a recent focus on vertical AI applications. The firm was co-founded in 2015 by Denis Barrier, its CEO, and Mingpo Cai, founder and president of affiliated Cathay Capital. Cathay Innovation closed Fund III at $1 billion in 2025, following Fund II at $770 million, and manages over €2.5 billion in assets under management. It maintains offices in Paris, San Francisco, New York, Shanghai, Beijing, Singapore, Berlin, and others.