AGI in Practice, Innovation Breakthroughs, and Frontier Insights This Spring | Yunqi Capital Quarterly · Spring Issue
New thinking and new practice in AI from Yunqi Capital and its portfolio companies.
Spring brings new growth.
New technologies keep emerging, productivity evolves at breakneck speed, and together with our portfolio companies, we are thinking, building, and reaping rewards in the new wave of AGI.
Today marks the start of summer — the "Yunqi Quarterly" arrives as promised.
(Follow our Chief Information Officer Yun Xiaoqi — details at the end — for more updates on portfolio companies and job openings)
Founding Partner Chengyu Mao
We feel both deeply challenged and genuinely excited about the arrival of AGI+. Going forward, there will be vast new possibilities in small models built on top of large foundation models, as well as vertical application layers. Technology will undoubtedly drive industry progress, and we will embrace the inevitable transformation with sufficient confidence and patience.
Partner Yu Chen
The integration of multi-disciplinary models represents the future trajectory of large models. Facilitating seamless alignment between AI and human capabilities will become a critical paradigm for vertical application layers. We will continue to encourage and support our portfolio companies to upgrade and iterate by leveraging large model capabilities, while also looking forward to new opportunities born from emerging technologies.
New Applications, New Insights, New Ecosystem
Quarterly Highlights
#1 Ecosystem Co-Creation
- AGI+ Updates: Major partnerships / ecosystem expansion / new product launches
- Key Milestones: Industry-first breakthroughs / world records / significant commercial partnerships
- Diverse Ecosystem: Building together with LPs, top universities, founders, and industry experts
- Frontier Insights: Annual open-source / enterprise software reports released, perspectives evolving
#2 Yunqi Capital Accolades
- Ranked top 5 early-stage investor for another consecutive year, with 20+ industry awards
- Dozens of early-stage portfolio companies named to industry lists
#3 Funding Updates
- 4 companies closed new funding rounds
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Ecosystem Co-Creation
In this spring of explosive technological iteration, we and our portfolio companies have actively embraced change and explored new frontiers. Multiple Yunqi Capital early-stage portfolio companies have rapidly expanded their AGI ecosystems and launched AGI+ applications empowering multiple industries —
Latest AGI+ Progress
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MiniMax: Self-Developed Large Models Deployed Across Industries
MiniMax has become the first Chinese startup with large model capabilities across three modalities — voice, image, and text. It has established partnerships with WPS and leading companies in gaming, social networking, and other sectors. We invested in MiniMax at its angel round in late 2021, and believe that with the team's rapid iteration capabilities, commercial execution, and commitment to cutting-edge technology, MiniMax will become a central force in China's AGI development. Learn more
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Zilliz: First Batch of Invited Partners for OpenAI, ChatGPT's Vector Database
Recently, OpenAI announced ChatGPT's internet connectivity, providing six vector databases for effective retrieval. Zilliz and Milvus (Zilliz's vector database) were both selected and invited as first-batch partners, effectively helping developers and users with indexing and document search. Learn more
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Coohom: AIGC Lab for Architectural SaaS
Recently, Manycore Tech (Coohom) held its 2023 Technology Product Launch, officially establishing an AIGC lab focused on "spatial AIGC" applications. This includes AI design generation and iterative creation across full-space domains such as home furnishing, commercial spaces, and real estate architecture, as well as intelligent PPT generation in 2D scenarios. The company also launched the world's first data-driven intelligent interior lighting design system. Learn more
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Sobot: GPT-Powered Smart Customer Service Goes Live
Earlier this year, Sobot, a global leader in customer contact centers, conducted research with dozens of enterprise clients on "customer contact × GPT large language model applications" and assembled a dedicated GPT large language model team. Sobot's online customer service robot has now achieved integrated deployment and completed productization, with official rollout imminent. Learn more
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Xiaoxiang Zhihe: First to Launch "AI + Nano Digital Printing"
Recently, Xiaoxiang Zhihe released its latest AI-powered design + nano digital printing packaging solution. By combining AI technology with actual packaging production workflows, the company has developed an efficient, eco-friendly, high-quality digital printing solution. Learn more
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Bailian Intelligence: GPT-Powered Marketing Assistant Edison
Recently, Bailian Intelligence officially launched the Aideas intelligent marketing app marketplace — a one-stop, lightweight, and flexibly deployable B2B marketing "arsenal." Among its offerings is "Edison," a marketing assistant powered by ChatGPT's large language model capabilities. Learn more
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Zhenling Yinuo: AI Contract Review, Fast and Accurate
Recently, addressing pain points in contract review, Zhenling Yinuo introduced an intelligent contract review feature. By integrating large language models (LLMs), natural language processing (NLP), and knowledge graphs into the contract review workflow, the company transformed contract review from a "subjective essay question" into a "true-or-false judgment" — building an intelligent contract operations model that improves transaction quality and helps enterprises advance their digital transformation. Learn more
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Weiling Technology: GPT Personal Assistant for Rapid Efficiency Gains
Recently, Weiling Technology launched Xiaowei GPT, building on its existing intelligent interaction capabilities by integrating ChatGPT. Xiaowei GPT connects with every functional module within Weiling's collaborative CRM, automatically generating conversations, copy, and articles to boost marketing and sales efficiency. Learn more
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Xiaoyang Group: Full-Stack AI Empowering Education
Xiaoyang Group has built the industry's first fully integrated product ecosystem with unified data connectivity, demonstrating comprehensive digital capabilities for smart education across all scenarios and at depth. The standout feature is a consistent user experience that breaks down data silos and application barriers, significantly improving efficiency and user satisfaction in smart education applications.
More Yunqi Capital portfolio companies will continue rolling out new applications — stay tuned!
Meanwhile, multiple companies in our portfolio have achieved major milestones in their respective fields, launched industry-leading technical products, set world records, and secured important commercial partnerships.
Major Milestones
Yunqi Capital: First HD Map-Free Mass Production Solution, Entering Consumer Market This Year
Recently, Yunqi Capital officially released its DeepRoute-Driver 3.0 intelligent driving solution. This marks the industry's first high-level autonomous driving mass production solution that does not rely on high-definition maps, enabling active intelligent driving across all domains. Built on the Driver 3.0 technical framework, Yunqi Capital simultaneously launched two products — D-PRO and D-AIR — with intelligent driving vehicles developed in partnership with automakers set to hit the consumer market in 2023. Learn more
Renshuo Solar Energy: World Record Shattered! Perovskite Tandem Cell Efficiency Reaches 29.0%
Recently, certified by Japan's JET authority, the Renshuo Solar Energy team achieved a stabilized photoelectric conversion efficiency of 29.0% for their all-perovskite tandem cells — breaking the 28.0% world record they themselves set in June of this year. Learn more
PingCAP: Winning Bid for China Construction Bank's Domestic Database Migration Project
Recently, enterprise open-source distributed database company PingCAP announced it has successfully won the bid for China Construction Bank's domestic database migration project from mainframe systems. PingCAP will support the bank's smooth transition from traditional databases to domestic alternatives, aiming to ensure stable system operations, technological autonomy, sustained business innovation, and reduced costs with improved efficiency. Learn more
Keenon Robotics: Expanding to Southeast Asia, Opening First Overseas Brand Experience Store
Recently, Keenon Robotics and its Malaysian general agent DSC officially opened Southeast Asia's first robot brand experience store in Malaysia. Breaking new ground by integrating advanced high-tech solutions in the country, the store features fully automated service robots deployed in hotels — providing intelligent solutions for Malaysia's hospitality, tourism, and retail sectors. Learn more
Yizao Technology: Creating 3D-Printed Art Installation "Gate of Light" for Xujiahui Library
Recently, Yizao Technology created the 3D-printed art installation "Gate of Light" for Xujiahui Library — a new Shanghai landmark formerly known as Xuhui District Library. The entire piece was produced by two large-scale architectural printing robots over 50 days, with a total print path of 17,000 meters and 1.8 tons of material consumed, representing the cutting edge of additive manufacturing technology. Learn more
Triastek: Partnering with the World's Largest Privately Held Pharma Company to Accelerate Drug R&D Through 3D Printing
Recently, Triastek signed a collaboration agreement with Boehringer Ingelheim China to explore applications of 3D printing technology in accelerating new chemical entity (NCE) drug formulation development. Led by Boehringer Ingelheim China's Drug Development department, the partnership will focus on rapid formulation R&D for new drug molecules. Learn more
Zhijin Technology (Baibu): Partnering with China Construction Bank on Digital Equipment Financing Solutions for the Textile Industry
Recently, Zhijin Technology (Baibu), China Construction Bank, and Mingxin Technology jointly launched a next-generation digital equipment financing solution for textile production, completing the first financing disbursement for a textile production line — advancing the development of supply chain finance ecosystems and services in the textile sector. Learn more
Sobot: Partnering with New-Style Tea Brand ChaYanYueSe to Build Integrated Service-Marketing Operations
Weichong Semiconductor: Yield Guardian for Chips, First System Successfully Shipped to Major Tier-1 Customer
Beyond this, we maintain close ongoing dialogue with LPs and top universities, actively cultivating a diverse ecosystem, and continuing to partner with collaborators on industry research reports to distill and share our thinking.
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Zhangjiang Group x Yunqi Capital: Win-Win Collaboration to Build a Science and Innovation Ecosystem
On April 10, Zhangjiang Group and Yunqi Capital co-hosted a portfolio company exchange, with nine Yunqi early-stage portfolio companies participating. Attendees engaged in in-depth discussions on company development, industry trends, and how to further build a science and innovation ecosystem, exploring possibilities for diverse collaboration. Learn more
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Yunqi BBQ x Stanford University:
New Opportunities and Challenges in AIGC
In early April, Yunqi Capital founding partner Yubin Huang joined nearly a hundred Stanford alumni at the Yunqi courtyard for a discussion on the opportunities and challenges of AIGC.
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Celebrating Shanghai Jiao Tong University's 127th Anniversary, Building a Sci-Tech Innovation Ecosystem
On the occasion of Shanghai Jiao Tong University's 127th anniversary, Yunqi Capital founding partner Chengyu Mao was appointed to the university's Development Advisory Committee and the Tiangong Program as a startup mentor, and received the Siyuan Distinguished Alumni Contribution Award from his alma mater. Committed to the founding spirit of "Siyuan" (remembering the source) and reaching far, Yunqi has steadily deepened its multi-faceted partnership with Shanghai Jiao Tong University over the years. Learn more
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Yunqi Partners with Kaiyuanshe Again to Release the 2022 China Open Source Annual Report
As fellow travelers in technology-driven progress, we have always believed in the power of open source and openness. This year, Yunqi once again joined forces with [Kaiyuanshe], China's most influential open source community, to officially release the 2022 China Open Source Annual Report. The report presents a multi-dimensional picture of the current state and trends of China's open source development, with the commercialization chapter written by the Yunqi team. Learn more
Reply with keyword "2022 Open Source Report" in the backend to get the full report
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Yunqi Releases Enterprise Software Report, Deep-Diving into Valuation and Value
Enterprise software has long been a focus sector for Yunqi. Recently, the Yunqi team examined U.S.-listed and A-share software companies, studying their valuations, performance, and data profiles to explore where software investment opportunities lie in 2023, how to properly value software companies, which software sub-sectors can grow against the trend, and how software companies should choose their listing venues. Learn more
Through in-depth discussions with founders and industry experts, we solve old problems, define the right problems, and continuously iterate our understanding and insights.
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AGI Salon Series: 3 Weeks, 3 Cities,
Chatting with 150+ Founders About New Variables in the AGI Era
Recently, we held a series of AGI+ salons in Beijing, Shanghai, and Hangzhou, joining with several of Yunqi's portfolio companies including MiniMax, Kujiale, and Transfar Logistics, along with industry experts, to discuss technological and application-level thinking in the AGI era with over 150 founders. We also launched an in-depth content special, "Riding the AGI+ Wave." The series will continue — we look forward to connecting with more AGI founders. Learn more
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Dongxu Huang, PingCAP:
After GPT-4, ChatGPT + Database = ?
PingCAP co-founder and CTO Dongxu Huang wrote an in-depth piece analyzing the benefits of ChatGPT from a database perspective, and how to integrate ChatGPT into TiDB. Learn more
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Han Xiao, Jina AI:
Revealing the Harsh Truth Behind the Auto-GPT Hype
Jina AI founder and CEO Han Xiao explores whether Auto-GPT is a groundbreaking project or just another overhyped AI experiment. Learn more
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Yunqi View:
ChatGPT's Qualitative Leap Is Not a Technological Revolution,
But an Engineering Innovation. Of New Opportunities at the Application Layer,
20% Will Bring Revolutionary Change Based on Large Models.
Partner Yu Chen believes that the qualitative change driven by the scaling of model parameters, with human feedback, is the root of ChatGPT's standout success.
Going forward, the general capabilities of large models will change the technical path at the application layer, but 80% of application opportunities will remain consistent with those of 2018 and 2019;
20% of applications will be newly born from large model platform opportunities, such as automatically generating code through natural language capabilities — revolutionary for developers.
Yunqi × The Paper: ChatGPT's Qualitative Leap Is Not a Technological Revolution Yunqi × Jazzyear: Where Are China's Large Model Opportunities?
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Yunqi Updates
Yunqi Awards
TOP Early-Stage Investment Firm
Zero2IPO
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"China Top 5 Early-Stage Investment Firms"
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Founding Partner Chengyu Mao named to "China's Top 5 Early-Stage Investors"
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Partner Yu Chen named to "F40 China's Young Investors" for consecutive years
Forbes
- Founding Partner Chengyu Mao named to "China's Best Venture Capitalists" for the sixth consecutive year
CVCRI
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"China's Most Influential Early-Stage Investment Firm"
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"Most LP-Favored Early-Stage Investment Firm"
Jiemian
- "China's Top Venture Capital Firm"
Qimingpian
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"Top 4 Early-Stage Best Firm"
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"Top 3 Most Active Early-Stage Firm"
Sector-Specific Rankings
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Enterprise Software & Industrial Supply Chain
- Zero2IPO "Top 10 Investment Firms in Next-Generation Information Technology"
- Qimingpian "Best Enterprise Service Investment Firm"
- TMTpost "Enterprise Service Investment Pioneer"
- Industry Observer "Gold Award for Industrial Internet Investment Firm"
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Advanced Manufacturing
- TMTpost "Advanced Manufacturing Investment Pioneer"
- Qimingpian "Top 20 Best Advanced Manufacturing Firms"
- IPO Zao Zhi Dao "Best Advanced Manufacturing Investment Firm"
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Frontier Technology
- Named Jazzyear's "Most Active AIGC Investment Firm in China"
- China Securities Journal "Golden Bull Award Winner for Big Data and AI Investment" for consecutive years
Portfolio Company Recognition
- 10 Yunqi Capital portfolio companies named to the "Hurun Global Unicorn Index"
PingCAP, Zhijing Technology (Baibu), Coohom, Yunqi Capital, XTransfer, Keenon Robotics, Worldwide Logistics, JD.com, Xiao Pang Xiong, Zhaogang.com
- 16 Yunqi Capital portfolio companies named to Digital China series "China's High-Tech High-Growth Enterprises"
PingCAP, Keenon Robotics, Yunqi Capital, Neolix, Lingmao SCM, Zhenling Technology, Jina AI, Renshuo Solar Energy, Weichong Semiconductor, Jijia ERP, Qinghe Jingyuan, Wide Energy Semiconductor, Biling Technology, Xingji, Songying Technology, Aosogena.
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Financing Updates
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New Investment · Biorigen Biotechnology: Completed over RMB 100 million Pre-A round
#Synthetic Biology #Dual Carbon
Biorigen Biotechnology leverages synthetic biology and machine learning (BT-IT) to drive the development of bio-based materials and products. Its core team includes multiple PhDs with world-class academic achievements and seasoned experts in process engineering. The company focuses on protein and polysaccharide raw material development pipelines, with applications spanning pharmaceuticals, medical aesthetics, cosmetics, and food. Learn more
Follow-on Round · JD.com: Completed $300 million Series B
#Industrial Supply Chain #Industrial Internet
JD.com is JD.com's business unit focused on empowering industrial development through "supply chain + technology + service," and has become a leading provider of industrial supply chain and industrial internet technology services in China. It currently serves nearly 40% of Fortune Global 500 companies, nearly 50% of Fortune China 500 companies, and over 8,000 large enterprise group clients. Learn more
Follow-on Round · Zhenling Technology: Completed RMB 70 million A+ round
#Enterprise Service #Finance-Legal-Operations Integration
Zhenling Technology is a leading domestic contract management solution provider. Its core team was incubated from Hand Enterprise Solutions, a well-known enterprise digitalization service provider. It currently serves over 180 clients, primarily in biopharma, new energy, and broad internet sectors. 2022 revenue reached tens of millions of RMB, triple the previous year, with NDR (net dollar retention) of 120%. Learn more
Follow-on Round · Weichong Semiconductor: Completed two rounds totaling tens of millions of RMB
#Advanced Manufacturing #Semiconductor Inspection
Weichong Semiconductor was founded by a leading overseas-returned semiconductor technical team together with senior domestic scientists and engineers. It enables non-contact, non-destructive, in-line, rapid internal inspection of wafers, with precise identification and localization of wafer defects, delivering significant value to clients across R&D, ramp-up, and mass production phases. Learn more
We thank the industry for this recognition. As summer arrives, we will continue to think deeply and practice diligently, and look forward to sharing more good news.