AGI in Practice: Summer Results, Diverse Ecosystems, and Frontier Insights | Yunqi Capital Quarterly · Summer

云启资本·August 8, 2023

Large language models have been integrated across thousands of industries, and a new ecosystem is flourishing.

At a Glance

#1 Investment Updates

2 new portfolio companies, 5 existing investments closed new rounds

#2 Ecosystem Building

  • AGI+ Updates:
    • MiniMax's large models deployed across 10+ industries
    • Kujiale launched first cloud-design AI model
    • Yizao Tech released architectural design AI model
    • PingCAP and TabbyML shipped new products for developers
  • Key Milestones: Major product launches, multiple overseas strategic partnerships
  • Community: Joined global alliance boards, participated in AI summits, courtyard BBQ × alumni series continues

#3 Yunqi Capital Honors

  • Ranked top 5 early-stage investment firm for another year, multiple industry awards
  • Dozens of early portfolio companies named to industry lists

01 Investment Updates

Amid relentless technical iteration and tangible results this summer, we've embraced complexity and uncertainty with steady resolve — digging deep into industries and maintaining a measured investment pace.

This quarter, we made new bets in AGI+ applications, autonomous driving, and other fields; meanwhile, multiple early portfolio companies in AI+ robotics and enterprise software secured follow-on funding.

New Investments

Windrose Technology: Closed Series A of several hundred million RMB

#AutonomousDriving #NewEnergy

Windrose is China's first new-energy autonomous heavy-duty truck solution provider built from the ground up. Its products feature entirely new designs for wire-controlled architecture, electric powertrains, exterior, and interior — including a fully redundant wire-controlled electric chassis purpose-built for L4 autonomous driving. Yunqi Capital co-led this round.

Zhongdiao Technology: Closed Series A2 of several tens of millions of RMB

#AGI+Applications #EnterpriseSoftware

Zhongdiao Technology builds a full-lifecycle data intelligence platform for vehicles and drivers, helping OEMs construct data middle platforms and AI platforms. It leverages rich full-scenario tag model libraries to unlock data value, empowering automakers in marketing scenarios and in-car intelligence to support dealers and serve end consumers. Yunqi Capital was the sole investor in this round.

Follow-On Rounds

Neolix: Closed Series C3

#Robotics

Neolix was the first globally to achieve commercial deployment and scaled delivery of L4 autonomous vehicles, and has partnered with SF Express to open a new chapter in unmanned logistics delivery. Yunqi Capital led the company's Series A and has continued to add to its position.

RealMan Intelligent Technology: Closed Series A+

#Robotics #LargeModels

RealMan is the only domestic company to achieve self-developed breakthroughs across all four core components — controller, driver, motor, and reducer — and to build an ultra-lightweight humanoid robotic arm with fully independent intellectual property. Its products are now widely deployed in new retail, new dining, commercial services, intelligent inspection, healthcare, inspection and quarantine, education and research, industrial production, and aerospace. Yunqi Capital was the sole investor in the company's Series A and has continued to add to its position.

Quanyu Industrial: Closed Series A of nearly 100 million RMB

#IndustrialRobotics

Quanyu Industrial focuses on R&D of casting grinding robots, continuously iterating and optimizing its self-developed grinding robots through 3D vision algorithms, robot body technology, and rigid/flexible grinding tool series. It has established long-term partnerships with multiple leading customers, providing standardized grinding stations, production lines, and workshop-level equipment and services. Yunqi Capital was the sole investor in Quanyu Industrial's pre-Series A round.

Aosogena: Closed Pre-Series A of several million USD

#IndustrialSoftware #IntelligentDesign

Aosogena provides entirely new professional software and dedicated hardware solutions for future intelligent product design, including form shaping, behavior design, and human-machine interaction design. The underlying technology for product behavior design derives from Modelica, a computer language focused on physical behavior simulation, helping users break through in behavior design — the most challenging aspect of product development.

Biling Technology: Closed Series A+ of several tens of millions of RMB

#InformationSecurity #InfrastructureSoftware

Biling Technology is committed to technological innovation and commercialization in information security, helping enterprises improve software development capabilities and sustained compliance. It has established robust R&D and market cores, offering full-ecosystem solutions covering product development and supporting services.

... ...

02 Ecosystem Building

Large models have reshaped application entry points; whether this will fundamentally alter commercial structures remains to be seen. Going forward, new applications will emerge built on novel capabilities from large models, and their core competitive moat will lie in engineering optimization and data uniqueness. In the rapidly iterating AI wave, entrepreneurs with drive, quick learning ability, resilience, and ambition will best adapt to this era.

We believe AGI represents the transformative trend in future technology. We will continue tracking the cutting edge, using China's industrial application scenarios as our anchor, and differentiate through innovative positioning amid industry upheaval.

AGI+ Latest Progress

Large models are gradually penetrating every industry. Multiple Yunqi Capital early portfolio companies have rapidly launched new applications built on large model capabilities, boosting sector efficiency and empowering developers —

New Products

Infrastructure Layer

MiniMax × Office / Gaming / Social / Smart Hardware / Education / Healthcare ......

MiniMax's self-developed text, voice, and vision multimodal general-purpose large model has been deployed across more than ten industries

Zilliz × OpenAI, GPTCache × LLM Caching Layer

Zilliz and Milvus were selected as OpenAI's official partner vector databases; Zilliz GPTCache serves as a semantic caching layer for LLM responses, improving response speed and reducing costs [Learn more]

Application Layer

■ Manycore Tech · Kujiale AI: First self-developed AI model in cloud design

For home design scenarios: image-to-image and text-to-image generation, now exceeding 300,000 images generated daily. [Learn more]

■ PingCAP · Chat2Query: Professional data analytics for everyone

Chat2Query generates SQL from natural language for dataset analysis. PingCAP also launched PingCAP Database for Chinese enterprise users. [Learn more]

■ Yizao Tech · FUGenerator: AI algorithm platform for architecture

Serves early-stage architectural design; AI computing power expands designers' perception and creativity [Learn more]

■ TabbyML · Tabby: Open-source AI coding assistant

Extracts context from comments and code to rapidly help developers scaffold program architecture

More Yunqi Capital portfolio companies will continue launching new applications — stay tuned!

● Major Milestones

Meanwhile, many of our portfolio companies continue to innovate across domestic and international markets, iterating on new products with a more comprehensive industry perspective and securing multiple significant partnerships with global tech leaders.

Keenon Robotics: Partnerships with hotels in Japan and New Zealand; joint R&D with Malaysian tech company

Signed a regional sales agency agreement with DFA Robotics Co., Ltd. for the Japanese market; deployed New Zealand's first hotel service robot capable of automated multi-floor delivery via elevators at M Social Auckland; signed an MOU with TOGL Technology to jointly develop enhanced digital solutions for the Malaysian market. [Learn more]

XTransfer: Strategic partnership with Meta to reduce costs and improve efficiency for foreign trade

XTransfer's foreign trade customer management platform "Anxincheng CRM" became an official partner of Meta's instant messaging product WhatsApp, jointly launching "Enterprise WhatsApp" — a digital solution for foreign trade customer management based on the WhatsApp Business Platform. [Learn more]

Triastek: T21 first-in-human results validate feasibility of 3D-printed colon-targeted drug delivery platform

The company's self-developed third 3D-printed drug product, T21, has completed its global first-in-human trial with results meeting expectations, validating the feasibility of its 3D microstructure colon-targeting platform in human subjects. T21 is a treatment for moderate-to-severe ulcerative colitis (UC), designed to deliver medication directly to the colon lesion site. [Learn more]

Zhenling Technology: Partners with Luckin Coffee to co-build contract management system

Leveraging Zhenling Technology's integrated finance-legal internal control system, Luckin Coffee will improve contract management efficiency, providing intelligent, high-efficiency management tools for subsequent store expansion and operations, and accelerating new store openings. [Learn more]

RisingWave: RisingWave 1.0 released with eight standout features

On July 12, the open-source distributed stream processing database project RisingWave released its official version: RisingWave 1.0. It is compatible with the PostgreSQL protocol and does not rely on a series of complex JVM-based components, allowing users to learn, develop, and operate stream processing systems with extremely low barriers to entry. [Learn more]

Windrose Technology: New energy heavy-duty truck achieves industry-low drag coefficient; reaches low-carbon strategic consensus with Decathlon and Rokin Logistics

According to the China Automotive Technology & Research Center, Windrose Technology's self-developed autonomous new energy heavy-duty truck WH11 achieved a drag coefficient of 0.2755, setting a new record low for heavy commercial vehicles; partnered with Decathlon and Rokin to launch zero-emission heavy-duty truck testing, which will help Decathlon reduce its absolute global carbon emissions. [Learn more]

Industry Engagement

Beyond this, we maintain close dialogue with forces driving technological innovation, actively participating in the co-construction of cutting-edge ecosystems including AGI and open source, and continuously refining our thinking through industry exchange and discussion.

Yunqi Capital invited to become founding council member of Global Tech Industry Alliance

At the 2023 Little Sashan Tech Conference & AIGC AI Summit, the Global Tech Industry Alliance was formally established. Yunqi Capital, alongside founding council members including Hong Kong University of Science and Technology, IDG Capital, Alibaba Entrepreneur Fund, Huawei, and JD.com, will help galvanize global tech forces and industry incubation. [Learn more]

Yunqi AGI × WAIC2023: Three New Opportunities for Large Model Commercialization

At the Shanghai World Artificial Intelligence Conference (WAIC) 2023, Yunqi Capital partner Chen Yu was invited to speak at the Investment & Financing Forum, where he identified three major opportunities in AGI: first, Enterprise Services 2.0; second, the middleware layer for large models; and third, "new vehicles" connecting the digital and physical worlds — autonomous driving and general-purpose robotics.

Meanwhile, several Yunqi Capital portfolio companies debuted new AGI+ products at the event. Learn more

Yunqi Capital AGI × Founder Park: How Are Open-Source Commercialization and Globalization Progressing Amid New Trends?

At the AGI Playground conference, Yunqi Capital partner Chen Yu joined open-source industry experts to discuss the new challenges and opportunities facing open-source product commercialization and globalization. Chen Yu argued that open-source companies must define their positioning before commercializing, maintain openness, respect community input, and execute regionally differentiated operations. Learn more

Yunqi Capital BBQ × Alumni Series

Yunqi Capital maintains close ties with top international universities and tech ecosystems. This month, several Stanford alumni of Yunqi Capital founding partner Huang Yubin's gathered at Yunqi's Shanghai courtyard to explore new opportunities and challenges in the tech industry. Separately, Ex-Googlers also convened at the courtyard to discuss the latest advances and trends in frontier technology.

BBQ × Stanford Alumni Series

BBQ × Ex-Googlers

Yunqi Capital Highlights

Yunqi Capital Awards

Top Early-Stage Investment Firm

Zero2IPO

  • Founding partner Mao Chengyu named "Top 100 Investor"

ChinaVenture

  • Repeatedly ranked "China's Best Early-Stage VC Firm Top 5"
  • Partner Chen Yu named "SUPERNOVA Investor"

FOF Weekly

  • Repeatedly ranked on "Investment Firm Soft Power List"
  • Ranked "Top 20 Investment Firms by Market Influence"

36Kr

  • Repeatedly ranked "Most Founder-Friendly Early-Stage Investment Firm"

Sector-Specific Rankings

Frontier Technology

ChinaVenture, First New Voice, TMTPost

  • "Top 5 AI Investment Firm"

Advanced Manufacturing

TMTPost

  • "2023 H1 New Energy Investment Pioneer Top 20"

Enterprise Software & Industrial Supply Chain

ChinaVenture, ChinaVenture

  • "Top 10 Enterprise Service Investment Firm"

Portfolio Company Awards

Selected Highlights

Frontier Technology

  • PingCAP received the highest score in Gartner 2023 database "Strong Performer" category Learn more
  • IceKredit won 2022 Shanghai Science and Technology Award Learn more
  • SmatData selected as 2023 World Economic Forum Technology Pioneer Learn more

Advanced Manufacturing

  • Keenon Robotics won the Capek "Service Robot Annual Technology Innovation Product Award" for six consecutive years Learn more
  • Triastek won 2023 TCT Awards "Best Medical Application" and was named to ArteryNet 2023 Future Healthcare 100 "Innovative Biomedicine List" Learn more

Enterprise Software & Industrial Supply Chain

  • Zhijin Technology named to Hurun Research Institute's 2023 Hurun China Industrial Internet Top 30 Learn more

Turning innovative technology into market-ready products requires patient engineering refinement, deep industry insight, and the courage to break from old frameworks. As summer's warmth lingers, we will continue working alongside our portfolio companies with creative passion, driving quality and efficiency gains in production and daily life through technological progress. (If you wish to connect with any portfolio company or explore partnerships, please reach out via private message.)