As Shanghai’s new infrastructure boomed，venture capital became a bridge between entrepreneurs interested in providing new infrastructure and services and the city’s huge digital demand. This paper focuses on the four industries of industrial Internet，artificial intelligence，cloud computing and big data that venture capital can play a key role in the development of new infrastructure in Shanghai. The analysis found that with the support of venture capital，Shanghai’s new infrastructure industry provides a solid foundation for digital transformation，intelligent application，cloud ecological construction and big data empowerment. However，due to the impact of the epidemic，it is much more difficult for seed and angel round enterprises to obtain venture capital. The study suggests that venture capital should better serve the national strategy to promote the development of new infrastructure in Shanghai，better play the role of government-led industrial parent fund，ensure the supply of land space factors for the development of new infrastructure，and pay attention to the prevention and control of various risks such as market，technology，law and morality.