Yunqi Capital Quarterly Q1 | Keep Moving Forward, Answers Lie Ahead
A Quick Look at Yunqi Capital's Latest
Spring is in full swing, and new milestones keep rolling in.
Over the past quarter, we and our portfolio companies reached new heights together: team promotions, fresh funding rounds, business growth, industry insights, new ecosystem connections...
In this quarterly issue, we're sharing what's new at Yunqi Capital in Q1 2026.
PART 1
The Yunqi Team
New Promotions and Additions to the Investment Team
Liang Hao and Sang Yu have been promoted to Executive Director; He Hongli joins as a new Executive Director. This diverse and professional collective is what gives Yunqi its steadiness through market cycles. We look forward to joining more changemakers in discovering broader horizons in the long river of technology. Learn more
PART 2 Funding Updates
"IPO"
MiniMax shares have risen over 500% from the listing price, with market cap exceeding HK$300 billion.
"New Investments"
The Jiaotong-Yunqi AI Angel Fund led the sole investment in Kongshanci Technology's Pre-A round #Brain-Computer Science Proceeds will primarily fund core R&D, clinical translation, and global expansion. As a new-generation full-stack technology platform addressing brain science needs, Kongshanci Technology applies multi-dimensional brain signal parsing to ultrasound, magnetic, electrical, and optical modulation methods, deeply integrating AI across diagnosis, treatment, and management workflows to create a continuously iterating flywheel of clinical data and intervention protocols — delivering systematic solutions for brain function disease diagnosis and treatment. Learn more
"Follow-on Rounds"
Early portfolio company Zibianliang Robotics announced two hundred-million-yuan rounds within two months #Embodied Intelligence In late February, Zibianliang Robotics announced a new financing round of several hundred million yuan, led by SAIC Capital and CICC-SAIC Fund, with follow-on investments from existing shareholders including Meituan Longzhu and HSG. Previously, the company announced a 1 billion yuan A++ round jointly invested by ByteDance, HSG, and other institutions. Yunqi has backed Zibianliang since its Pre-A series. Learn more
Early portfolio company Zhi² Technology completed over 1 billion yuan in Series B financing #Embodied Intelligence This round, announced in late February, drew investors spanning internet and AI giants, leading central SOEs, Tesla supply chain leaders, strategic scenario partners, "deep-pocket" PE funds, top securities-affiliated and local funds, plus continued support from existing shareholders. Learn more
Series A portfolio company RealMan Intelligence completed a new funding round, with revenue tripling for three consecutive years #Embodied Intelligence Proceeds will focus on product R&D iteration, accelerating construction of the AUTRON "super factory" production line, and deepening global ecosystem layout of "hardware + data + remote operations network" — breaking bottlenecks and providing solid foundational soil for the embodied intelligence industry's development. Learn more
Early portfolio company Noematrix announced completion of a hundred-million-yuan Series A round #Embodied Intelligence This round was led by C Capital, with follow-on from Sea Limited, Puhua Capital, and other overseas industrial players and domestic leading financial investors. The funding will further accelerate R&D iteration of Noematrix's embodied brain, multi-scenario commercialization, and internationalization through deeper industrial partnerships — solidifying the company's leading position in embodied intelligence. Learn more
First-round portfolio company Hetan Intelligence completed 50 million yuan in funding, with robot scientists stepping onto the lab bench #Embodied Intelligence + Lab R&D Led by Yonghua Investment, with follow-on from Wehao Chuangxin and individual investors. Yunqi led the company's first round in August 2022. The company is expanding from current purification experiments into ADME (drug metabolism and pharmacokinetics) studies, with plans to gradually cover GxP-compliant production and analysis. Learn more
Angel+ round portfolio company Yushi Space completed Pre-A+ round, with Yunqi continuing to invest #Commercial Aerospace This round was led by Hillhouse. In early 2025, Yunqi invested in Yushi Space's angel+ round, backing the company from its earliest stages and continuing to add in follow-on rounds. Learn more
Early portfolio company Qinghe Jingyuan completed approximately 500 million yuan in strategic financing #Compute Infrastructure This round was jointly led by Advanced Micro-Fabrication Equipment Inc. (AMEC) and Futen Capital, with follow-on from BAIC Capital. Proceeds will focus on core technology R&D, continuous iteration of high-end product matrices, building a world-class R&D and delivery team, and expanding production capacity to meet surging industry demand. Learn more
Early portfolio company Weichong Semiconductor completed a tens-of-millions strategic financing round #Compute Infrastructure This round was invested by Capital Development Science & Technology Group and Xiaoyu Leading Fund. Proceeds will fund R&D, market expansion, and team building. Learn more
Angel round portfolio company Yitu Technology received new strategic financing, with Yunqi continuing to invest #AI + Automotive This round was led by Volcano Engine and Ruicheng Fund, with follow-on from Hefei Baohe District Venture Capital Fund. Following this round, Yitu Technology will continue focusing precisely on its "AI empowering automotive" mission. Learn more
PART 3
Portfolio Growth
#Continuous Evolution
"MiniMax" released new models in rapid succession
Expanding its Agent application footprint
In Q1 2026, MiniMax released the M2.1, M2.5, and M2.7 models in rapid succession, achieving a generational architecture leap. The M2.5 adopts a Mixture-of-Experts (MoE) architecture, reaching top-tier performance on coding and Agent tasks while cutting costs to roughly 1/10–1/20 of comparable models. The M2.7 further enables model self-evolution capabilities. Around the Agent ecosystem, the company simultaneously launched MaxClaw (live February 2026) and pushed for a global mobile release, layered with products like Token Plan and Office Skills, steadily reinforcing its "model × Agent × application" footprint.
"Lightelligence" releases glass-based photonic computing chip
Compute potential reaches 1,000× that of conventional chips
Lightelligence developed a photonic computing chip based on glass substrates, demonstrating thousand-fold compute potential over traditional electronic chips in AI inference scenarios. Concurrently, the company formed a strategic partnership with Baidu Cloud to explore reconstructing chip R&D workflows through AI Agents, accelerating the convergence of photonic computing technology with engineering capabilities.
"Zilliz" releases Milvus 2.6 cloud version, boosting AI retrieval efficiency
In January, Zilliz released the Milvus 2.6 general availability cloud version, achieving up to 85% cost reduction and 4–7× retrieval performance improvement through a three-tier storage architecture. It also open-sourced a "semantic highlighting model" that reduces roughly 80% of contextual redundancy, further optimizing retrieval efficiency for RAG and AI Agent applications. [Learn more]
Multiple Yunqi Capital portfolio companies anchor key links in the OpenClaw ecosystem
HappyCapy launched a cloud-based Agent product, productizing the OpenClaw runtime environment as an "out-of-the-box" service with multi-Agent collaboration support, lowering barriers to entry and expanding user reach — repeatedly topping Product Hunt's monthly leaderboard.
PingCAP released mem9.ai, equipping Agents with long-term memory capabilities through a combination of vector and full-text search, improving task continuity and stability. Learn more
Rebyte explored a serverless approach to Agent deployment, using an "on-demand wake, stop when done" mechanism to reduce 24/7 operating costs while supporting multi-instance parallelism, improving resource utilization and scalable deployment capacity. Learn more
Kicker explored consumer-facing Agent applications based on OpenClaw, embedding lightweight access into everyday communication scenarios to push Agents toward personal assistant evolution. Learn more
#Accelerating Deployment
"Neolix" autonomous vehicles surpass 100 million kilometers
Scaled operations and commercialization advancing in tandem
Neolix became the first company in the global autonomous delivery industry to complete 100 million kilometers of real-world operational validation. On the commercialization front, the company joined JD.com's self-operated platform, further pushing large-scale deployment of unmanned delivery. Meanwhile, its globally pioneering RaaS (Robot-as-a-Service) instant delivery model continues to roll out, having completed over 1.5 million deliveries across more than 40 million service kilometers. [Learn more]
"DeepRoute.ai" secures partnership with international automaker
Full coverage from L2+ to L4
On March 19, DeepRoute.ai announced a partnership with a leading international automaker to scale deployment of L2+ to L4 autonomous driving capabilities. On the technology side, its autonomous driving model completed upgrades for complex road conditions. At the industry level, CTO Tongyi Cao presented the Foundation Model approach at GTC 2026, advancing autonomous driving toward a general intelligence paradigm. [Learn more]
"X Variable Robotics" advances cross-scenario deployment
Breakthroughs in both home and industrial applications
On the commercial side, the company partnered with 58 Daojia to explore "robots entering homes," and reached agreements with Shenyang Automotive Group and Jack Technology to penetrate core industrial segments including automotive manufacturing and apparel production. On the technology and ecosystem side, it collaborated with multiple institutions to launch the ManipArena evaluation framework, selected as a real-robot evaluation standard at CVPR 2026, and hosted a global developer conference while open-sourcing WALL-OSS, steadily building out the embodied intelligence developer ecosystem. [Learn more]
"Noematrix" data collection products accelerate deployment
RoboPocket orders exceed hundreds of units in first month
The lightweight data collection solution RoboPocket, released in January, signed orders surpassing several hundred units in its first month, validating market demand for high-quality data collection in real-world scenarios. The CoMiner companion data collection kit, meanwhile, achieved initial mass production and delivery of its first hundred units in March, further completing the closed-loop capability from data collection to model iteration. [Learn more]
"XTransfer" launches local collection accounts in multiple countries in Q1
Global expansion accelerates
In Q1 2026, XTransfer launched local collection accounts in New Zealand and Colombia, supporting local currency receipt to improve security and compliance in cross-border capital flows. It also introduced features including arrival guidance and automatic transfer information recognition, optimizing the user experience for foreign trade clients. On global expansion, it received in-principle approval for a payment license from Bank Negara Malaysia, entered the South African market, and partnered with chambers of commerce in multiple locations to continue serving enterprises exploring emerging markets.
PART 4
Ecosystem Co-Creation
Centered on key directions including embodied intelligence and Agent technology, as well as hot topics like OpenClaw, Yunqi Capital connected university, industry, and founder ecosystems to initiate collaboration and dialogue at the earliest opportunity. Donations, events, research reports, podcasts, industry conferences — multiple touchpoints, multiple sparks.
01
Yunqi Capital × Shanghai Jiao Tong University:
Second donation to Yuanqi Development Fund
This donation will focus on exploring the deep integration of artificial intelligence with the humanities and social sciences. Representatives from relevant Shanghai Jiao Tong University departments and the Education Development Foundation gathered with the Yunqi team at the verdant Anfu Road courtyard to witness this milestone and engage in in-depth discussion around "AI + Humanities." [Learn more]
02
Yunqi Capital × MiniMax:
OpenClaw Meetup @ Shanghai
The event joined hands with multiple ecosystem partners including Shanghai Jiao Tong University Engineering Research Institute, Shanghai Jiao Tong University AI Alumni Association, Xuhui Capital, Xujiahui Sci-Tech Incubator, Shanghai Science and Technology Innovation Bank, and Amazon Web Services, bringing together over a hundred frontline "shrimp farmers" to explore the fundamental questions around agents. [Learn more]
03
Yunqi Capital × Zhongguancun Science City × Guixingren × Yuanpoint Academy:
Y Transformers AI Hotpot @ Beijing
The event gathered nearly 50 AI innovators to chat over steaming hotpot about what they're building, pitfalls they've hit, and opportunities emerging on the horizon. [Learn more]
04
Yunqi Capital portfolio companies × CES 2026
Neolix, Keenon Robotics, XTransfer, RealMan Robotics, Aiper, Hohem, and Baima Technology appeared at CES 2026, collectively showcasing Chinese innovation to the world. [Learn more]
05
Yunqi Capital portfolio companies × NVIDIA GTC 2026
At NVIDIA GTC 2026, Yunqi portfolio companies X Variable Robotics, DeepRoute.ai, and Zilliz appeared in the directions of embodied intelligence, autonomous driving, and data infrastructure respectively, entering the core view of the global AI ecosystem. [Learn more]
Yunqi Capital research report: Embodied Intelligence in Industrial Scenarios
Centered on key directions including embodied intelligence, Yunqi Capital continues to produce systematic research. The February release of Embodied Intelligence in Industrial Scenarios provides a phased summary of technology evolution and application pathways in industrial and logistics scenarios. [Learn more]
Yunqi Podcast: OpenClaw and Trends in AI Social
Centered on hot topics including OpenClaw and AI social, Yunqi Capital's branded podcast Attent!on invites frontline founders and investors to join the discussion — exploring conversations from the dual perspectives of practice and judgment, continuously delivering real feedback and industry observations from the ground.
After OpenClaw Went Viral: A New Kind of Company Is Emerging | Yunqi Attent!on Podcast
#Y Transformers Keep Coming
Since its launch in October 2025, Yunqi Capital's Y Transformers initiative has invested in five AI+ ventures across different sectors. Three Y Transformers-backed founders have already appeared on the Yunqi podcast — tune in to hear their stories.
PART 5
Yunqi Wins
Portfolio Highlights
Selected excerpts
Three Yunqi portfolio companies named to Hurun Global Gazelle Index
"IceKredit," "Sobot," "Windrose Technology"
"Intco Recycling"
First-time inclusion in S&P Global's Sustainability Yearbook 2026, earning top-tier international ESG recognition
"Manycore Tech"
Two papers accepted to CVPR 2026, advancing technical breakthroughs through industry-academia collaboration
"BioMap"
Founding team published in Nature, with cell differentiation programming pushing the boundaries of bio-manufacturing
"Keenon Robotics"
Sole industrial participant in a national major R&D program; named to 2026 Embodied Intelligence Industry Development Research Report
"DeepRoute.ai"
Named one of the three most representative leading companies in China Intelligent Driving Industry Trends White Paper (2025)
"XTransfer"
Named to People's Daily "2025 Financial Powerhouse Innovation Practice Cases" and TMTPost EDGE AWARDS "Global Expansion Service Benchmark"
Yunqi Awards
Selected excerpts
ChinaVenture
Top 10 Best Early-Stage VC Firms in the Yangtze River Delta Region
Top 50 Best Early-Stage Investors in China — Chengyu Mao
Zero2IPO
Top 20 AI Investment Firms in China
Top 20 Early-Stage Investment Firms in China
Rongzi China (融资中国)
Top 10 Early-Stage Investment Firms in China
Forbes
Best Venture Capitalists in China — Chengyu Mao
Best Venture Capitalists in China — Yubin Huang
FOFWEEKLY
100 Young Leaders in Investment — Yu Chen
TMTPost
Investment Pioneer — Top 20 Early-Stage Firms
Post-Investment Management Pioneer Top 20
AI Agent Top 20
Embodied Intelligence / Robotics Top 20
