Bifunctional growth regulator that stimulates the growth of cultured chondrocytes in the presence of basic fibroblast growth factor (FGF) but inhibits the growth of cultured vascular endothelial cells. May contribute to the rapid growth of cartilage and vascular invasion prior to the replacement of cartilage by bone during endochondral bone development. Inhibits in vitro tube formation and mobilization of endothelial cells. Plays a role as antiangiogenic factor in cardiac valves to suppress neovascularization (By similarity). Accumulated in the inter-territorial matrix of cartilage. After cleavage, the post-translationally modified ChM-I is secreted as a glycoprotein. Belongs to the chondromodulin-1 family.