Walking Through the Heat, Gathering Along the Way | Yunqi Capital Quarterly

Summer trees cast deep shade; all things flourish in full splendor.

2025 has quietly reached its halfway mark. Amid the relentless heat of technological leaps forward, Yunqi Capital and its portfolio companies continue to rack up funding milestones and business growth, while injecting fresh momentum through deeper synergy and connection with the innovation ecosystem.

In this season of abundance, we're sharing the good news from our journey so far.

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Funding Updates

IPO Developments

Worldwide Logistics: Filed for Hong Kong IPO

On May 27, Yunqi portfolio company and leading domestic cross-border integrated logistics provider Worldwide Logistics submitted its IPO prospectus to the Hong Kong Stock Exchange. Founded in 2003, Worldwide Logistics operates a global network spanning over 6,000 cross-border shipping routes across approximately 200 countries and regions. Riding the generative AI wave, the company has actively embraced cutting-edge technology to deliver reliable, efficient services to customers worldwide.

Manycore Tech and JD.com Industrial Progressing Through Hong Kong IPO Process

Manycore Tech and JD.com Industrial filed their Hong Kong IPO applications on February 14 and March 30 respectively, and are currently advancing through the relevant procedures.

New Investments and Follow-On Rounds

Shenkepu: Yunqi Capital Participates in Series C+ Round

#TechManufacturing

Beyond Yunqi Capital, this round's investors include Zhuhai Sci-Tech Innovation Investment, Zhuhai Hi-Tech Investment, Chengdu Airport Sci-Tech Innovation Investment, and Zhuhai Fukun Shen Management. Shenkepu Industrial is an automation equipment company with expertise in motion control technology, laser technology, and dispensing process technology, providing high-end process automation equipment to customers in consumer electronics, automotive electronics, and other sectors. Learn more

X Variable Robotics: Closes Hundreds of Millions of RMB in Series A Funding; Yunqi Capital Participated in Pre-A Round

#EmbodiedIntelligence

The Series A round was led exclusively by Meituan. Earlier, Yunqi Capital participated in X Variable Robotics' hundreds of millions of RMB Pre-A+++ round. Founded in 2023, X Variable Robotics is among the earliest Chinese companies to pursue a fully end-to-end path toward general-purpose embodied intelligence large models. Since late 2024, the company has also made breakthroughs in multimodal output and embodied chain-of-thought capabilities. Learn more

Renxin Technology: Closes Hundreds of Millions of RMB in Series A Funding with Strong Participation from New and Existing Shareholders

#TechManufacturing

Yunqi early-stage portfolio company and automotive SerDes chip developer Renxin Technology announced the completion of its hundreds of millions of RMB Series A round, with active participation from industrial capital in the automotive and communications sectors. Proceeds will fund market promotion of Renxin Technology's camera-side SerDes products, supply chain operations for mass production projects, and R&D and tape-out of display-side SerDes products. Learn more

MoWa New Energy: Closes Angel+ Round

#TechManufacturing

European microinverters, Chinese new energy supply chain going global. With deep roots in Europe's photovoltaic industry, the company has a rare, fully-formed team with overseas expansion capabilities and power electronics R&D expertise. Yunqi Capital participated in the angel round in 2024.

Zhigu Tiancu: Closes Series A1 Funding

#Robotics

Zhigu Tiancu is a national high-tech enterprise and industry leader in cooking robots, focusing on R&D, production, and sales of intelligent Chinese cuisine cooking equipment and smart kitchen total solutions. Yunqi Capital previously participated in Zhigu Tiancu's Pre-A round.

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Portfolio Business Updates

New product developments, fresh partnerships — our portfolio companies' growth trajectories keep evolving.

General Secretary Inspects Shanghai's "Model Speed Space"; MiniMax and Keenon Robotics Featured

MiniMax demonstrated its next-generation agent's ability to achieve autonomous evolution through reinforcement learning; Keenon Robotics presented its humanoid embodied service robot XMAN-R1, showcasing its global deployment in real-world scenarios. The two companies highlighted Shanghai's cutting-edge achievements in large model and embodied intelligence application and commercialization, underscoring the strategic value of "Model Speed Space" as a full-chain AI industry incubation platform.

MiniMax: Open-Sources First Reasoning Model; Unveils Full Suite of Multimodal Products

In May, MiniMax successively released MiniMax Speech 02 — a next-generation text-to-speech system that topped two major global benchmarks — and fully open-sourced V-Triune, the first open-source unified visual reinforcement learning framework, along with its Orsta model series. Learn more

In late June, MiniMax rolled out major updates over five consecutive days, launching MiniMax-M1 — the world's first open-source large-scale hybrid-architecture reasoning model — along with the Hailuo02 video generation model, MiniMax Agent, and a series of other new products. Learn more

X Variable Robotics: Releases Unified-Modality Embodied Intelligence Architecture, Reshaping Robot Perception-Reasoning-Action Paradigm

This architecture breaks the traditional modular boundaries between vision, language, and action, achieving deep coupling of perception, reasoning, and action within a unified representation space. The new architecture supports robots in autonomously completing complex tasks such as spatial construction, physical reasoning, and video-based learning, demonstrating human-like intuitive multimodal reasoning and collaborative capabilities — marking embodied intelligence's entry into a new phase of native integration. Learn more

Astribot: Releases DuoCore Fast-Slow Collaborative System, Pioneering Elder Care Scene Deployment

Based on Nobel Economics laureate Daniel Kahneman's "dual-system theory," this system enables robots to possess both instinctive reaction and deep-thinking intelligence capabilities for the first time, while introducing human-like skill transfer mechanisms. By building a modularized "meta-skill" library, it supports rapid generalization and few-shot learning across tasks and scenarios. Learn more

Additionally, in June Astribot entered into a deep strategic partnership with Shenzhen Nursing Home — the city's first municipal public nursing institution — to jointly explore innovative applications of embodied intelligence technology in elder care scenarios including daily living assistance, health monitoring, and emotional companionship. Learn more

Zhipingfang Robotics: Releases Next-Generation General-Purpose Intelligent Robot AlphaBot 2

AlphaBot 2 is a new-generation intelligent terminal defined by the embodied large model Alpha Brain. Alpha Brain is Zhipingfang's full-stack self-developed whole-body, whole-domain VLA large model, breaking through traditional single-task limitations to achieve end-to-end vision-language-action coordination. Learn more

Manycore Tech: SpatialLM Space Understanding Model Ranks in HuggingFace Global Trends Top 3

As a model that extends large language models to 3D spatial understanding tasks, SpatialLM generates structured spatial scene descriptions from 3D point cloud inputs — a process that breaks through LLMs' limitations in understanding the physical world's geometry and spatial relationships, endowing machines with spatial cognition and reasoning capabilities, and providing foundational spatial understanding training frameworks for embodied intelligence and related fields. Learn more

DeepRoute.ai: Exceeds 10,000 Units Delivered in June

On July 7, Yunqi portfolio company and leading domestic intelligent driving enterprise DeepRoute.ai announced that its partner models achieved over 10,000 units in single-month deliveries in June. DeepRoute.ai empowers partners with its leading combined assisted driving solution, winning consumer favor through superior product experience and helping create best-selling models. Learn more

In June, DeepRoute.ai also partnered with Volcano Engine to release its latest vision-language-action model (VLA), simultaneously unveiling four core capabilities: "X-Ray Vision," "Know-It-All," "Translator," and "Quick Responder" — marking its AI driver technology's entry into an entirely new phase. Learn more

Neolix: Deepens Partnership with ZTO Express; Expands into Incheon, South Korea

From April to June, Neolix continuously advanced partnerships and achieved multiple important deployment milestones. During this period, Neolix deepened cooperation with ZTO Express, completing delivery of dozens of unmanned vehicles in Hubei Province and selling over 300 units through live-streaming; partnered with Tuhu Car to build an intelligent logistics and maintenance system; conducted localized testing and demonstrations in Changsha's Xiangjiang New Area; and on the international front, successfully entered South Korea's Incheon Free Economic Zone as the first project to land there, while receiving high praise from SF Express US clients.

Aiper (Yuan Ding Intelligence): Signs Strategic Partnership with Global Pool Equipment Leader Fluidra in Singapore

This collaboration marks the formal launch of deep cooperation between the two parties in the professional pool sector. Aiper will deeply integrate Fluidra's leading global pool industry resources and expertise with its own technological innovation capabilities, scale advantages, and growth potential. Both parties will maintain operational autonomy within strategic coordination, jointly driving product innovation and technological breakthroughs to create smarter, worry-free yard care experiences for global users. Learn more

XTransfer: Partners with BNP Paribas and Netherlands Foreign Investment Agency to Accelerate European Cross-Border Payment Expansion

XTransfer achieved multiple heavyweight partnerships and breakthroughs from April to June. The company successively reached strategic cooperation with BNP Paribas to simplify cross-border payment processes for European SMEs; signed a letter of intent with the Netherlands Foreign Investment Agency to establish a European headquarters in the Netherlands, promoting cross-border trade financial services for local SMEs. Additionally, XTransfer partnered with OCBC and Deutsche Bank, respectively winning The Asset 2025 "Best Payments and Collections Solution – Regional" and "Best Payments and Collections Solution – Hong Kong" awards.

Zhigu Tiancu: Reaches Strategic Partnership with Renowned Japanese Chinese Cuisine Enterprise DinnerBank

The two parties signed the agreement during Zhigu Tiancu's exhibition at the Osaka Expo, marking further rooting of Zhigu Tiancu's intelligent dining technology in the Japanese market. DinnerBank will comprehensively introduce Zhigu Tiancu's intelligent cooking robots and smart kitchen systems across its restaurant operations throughout Japan. Currently, Zhigu Tiancu has provided smart kitchen solutions for hundreds of leading social dining brands globally and over 2 million-person-scale corporate cafeterias. Learn more

Renxin Technology: Launches Latest 32Gbps Automotive Display SerDes Chip, Accelerating Domestic Chip Development

This chip employs an advanced technical architecture, supporting full-rate lossless DP interface solutions compatible with speeds from 32Gbps down to 3.2Gbps, providing smart vehicles with rich,细腻 display effects and flexible, efficient display system solutions. Meanwhile, the deserializer chip integrates Bridge and OSD functions, further enhancing system integration. It not only meets market demand for high-speed data transmission but also helps customers reduce overall system costs. Learn more

Ecosystem Co-Creation

Connecting with premier industry-university-research resources including Shanghai Jiao Tong University and Tsinghua University's Department of Electronic Engineering, engaging in deep interaction with frontline entrepreneur communities, gaining insights into the present, and sparking ideas for the future.

Yunqi Capital Partners with Shanghai Jiao Tong University to Launch AI Angel Fund

The fund targets early-stage and seed-phase AI technology enterprises, with focused deployment in frontier directions including large model industry applications, embodied intelligence, and AI chips, aiming to achieve value co-creation among universities, market institutions, and industry. Learn more

Yunqi Capital x SJTU Institute of Industrial Research x Datawhale: "What's Next: Finding Next-Gen AI Entrepreneurs" AI2C Special Session

Over 30 entrepreneurs engaged in in-depth exchanges with investors and technology incubation institution representatives, discussing "zero-to-one" entrepreneurship paradigms and AI2C commercial practices in software and hardware forms. Learn more

Yunqi Capital x Tsinghua University Department of Electronic Engineering: Exploring Embodied Intelligence Industry in the Greater Bay Area

On May 25, over 40 Tsinghua University Department of Electronic Engineering alumni deeply engaged in the embodied intelligence industry gathered in Shenzhen for in-depth discussions on industry development. Yunqi Capital co-organized this event and shared its systematic layout thinking and industry insights in the embodied intelligence domain. Learn more

Research Report Insights on AI Application Technology and Business Trends; Podcast Dialogue with Frontline Agent Entrepreneurs

Yunqi Capital's investment team shared AI Applications 2025: New Technologies and Trends Analysis covering AI application technology paths, commercial deployment, and ecosystem evolution.

Yunqi Capital partner Chen Yu and Creao AI founder and CEO Kai Cheng engaged in a lively discussion on changes in the AI Agent technology ecosystem, the shifting center of gravity in Agent "infrastructure," and Creao AI's practice of "using Agents to build Agents." Learn more

Yunqi Capital Honors

Portfolio Honors

Selected highlights

9 Yunqi portfolio companies named to Hurun Global Unicorn Index

JD.com Industrial, Zhijing Technology, PingCAP, MiniMax, Manycore Tech, DeepRoute.ai, XTransfer, Keenon Robotics, Worldwide Logistics

7 Yunqi portfolio companies selected for AI Cloud 100 China

MiniMax, PingCAP, Manycore Tech, Zilliz, DeepRoute.ai, Noematrix, IceKredit

3 Yunqi portfolio companies selected for ChinaVenture 2024 Annual Sharp Companies

MiniMax, DeepRoute.ai, Triastek

Neolix awarded "China Unicorn Enterprise" designation

Tianfu Software named 2025 Nanjing Cultivated Unicorn

Keenon Robotics wins Capek Award for 8th consecutive year

Noematrix co-founder Cewu Lu wins ICRA 2025 Best Paper Award in Human-Robot Interaction

PingCAP has five projects selected for MIIT "2024 Information Technology Application Innovation Excellent Solutions" Award

XTransfer first-time selection for Global Top 100 Cross-Border Payment Companies list

Yunqi Capital Awards

Selected highlights

ChinaVenture

• China's Best Early-Stage Venture Capital Firm TOP10
• China's Best Investment Firm in AI and Big Data Industry TOP30
• China's Best Investment Firm in Digitalization and Informatization Industry TOP30
• China's Best Investment Firm in Carbon Neutrality Industry TOP30
• Nova Rising Investor TOP50 (Chen Yu)

36Kr

• China's Most Influential Early-Stage Investment Firm TOP10
• China's Early-Stage Investment Firm TOP15 in Equity Investment Industry

LP CLUB Rankings

• Best Torch Open-Source Early-Stage Investment Firm TOP30
• Best Cross-Border Investment Footprint Builder TOP20