Yunqi Capital Quarterly Q2 | In the Height of Summer, the Future Takes on More Concrete Shapes

We're midway through 2026, and technology's forward march shows no signs of slowing.

In the thick of it, Yunqi Capital continues to seek out and stand beside founders building toward the future. Over the past few months, we've welcomed new partners in quantum computing, brain-computer interfaces, Physical AI, AI for Science, and more; our early-stage portfolio companies have also advanced toward IPOs, closed new funding rounds, and launched new technologies and products, accelerating their reach into broader markets.

At the same time, we've kept connecting universities, industry, founders, and investors around frontier tech topics — making cutting-edge exploration visible to more people, and enabling new ideas and collaborations to keep emerging.

In this quarterly issue, we're sharing our latest steps forward, new gains, and fresh connections with you.

PART 1

Funding Updates

IPO Progress

Anlan Wanjin advances toward Shanghai Stock Exchange main board listing

Anlan Wanjin disclosed its IPO prospectus in June. The company specializes in R&D, production, and sales of high-speed electronic wire and specialty cable for data communications, ranking among the global top three by market share for two consecutive years, and stands as a benchmark enterprise for import substitution. Yunqi Capital participated in Anlan Wanjin's Pre-IPO round in 2025.

MiniMax initiates A-share IPO process

The company announced the plan at the end of May. Its total revenue for 2025 reached $79.038 million, up 158.9% year-over-year, with ARR doubling to over 100% growth in a short period, and approximately 300 million global users. As MiniMax's first early-stage institutional investor, Yunqi Capital has accompanied its evolution from a large model company to an AI-era platform company.

XTransfer pursues Hong Kong Stock Exchange main board IPO

In April, XTransfer — an early Yunqi Capital portfolio company and one of the world's first payment platforms focused on B2B cross-border trade — formally filed for a main board IPO on the Hong Kong Stock Exchange. As of March 31, 2026, the platform served 897,000 registered SME clients, boasting the world's largest SME client base.

Manycore Tech lists on Hong Kong Stock Exchange

On April 17, Manycore Tech (00068.HK) officially debuted on the Hong Kong Stock Exchange main board, becoming the world's first listed company with spatial intelligence as its core technical foundation, and the first among the "Hangzhou Six Little Dragons" to reach the IPO milestone. Michael Mao, founding managing partner of Yunqi Capital, was Manycore's first institutional investor, accompanying the company throughout its long journey.

New Investments

SJTU-Yunqi AI Angel Fund (partial)*

Led Poke Robotics' multi-million-dollar angel round

#Home Embodied Intelligence

Founded by Huazhe Xu, assistant professor at Tsinghua University's Institute for Interdisciplinary Information Sciences, the company is positioned to build general-purpose home robots with proactive service capabilities, adhering to an original intelligent technology roadmap. The funding will advance embodied intelligence R&D and product deployment for home scenarios. Learn more

Participated in Baiyao Technology's new tens-of-millions-yuan round

#AI+Life Sciences

Since 2023, the company has been building an AI virtual cell foundation model, dedicated to simulating and predicting cellular dynamic responses under various perturbations through massive single-cell multi-omics data, bringing life system changes into the computable era. Its model capabilities are globally leading and have already achieved commercial deployment. Learn more

Participated in Taiyi Liangsheng's 300-million-yuan Pre-A round, as neutral-atom quantum computing enters acceleration phase

#Quantum Computing

The company focuses on complete-system development of ytterbium-atom neutral-atom quantum computers. The funding will be used for core R&D and commercial operations team building, with future strategy targeting frontier computing domains including AI training, chemical simulation, and drug discovery. Learn more

Participated in Taiwei Quantum's angel round series, securing position in upstream core quantum computing components

#Quantum Computing

Positioned as the "pick-and-shovel player" in the quantum computing ecosystem, the company does not build complete systems but instead provides standardized, highly stable, mass-producible upstream core components for neutral-atom and ion-trap quantum computing to system manufacturers and research platforms. Funding will primarily expand production and R&D across three core product matrices. Learn more

Y Transformers Program (partial)*

Led NoonWake.AI's seed round: AI切入年轻人泛心理与情绪消费

#AI+Mental Wellness

Taking泛心理 as its entry point, the company provides emotional companionship and consultation products through AI, covering domestic AI companion app "Wanxiang Youling," overseas app Starot, and desktop AI companion hardware "Good Luck Calendar Machine," among other software and hardware products, having accumulated nearly 300,000 users. Funds will be used for product technology R&D and user growth. Learn more

***More New Partners***

Co-led Feijie Kesi's Pre-A round: NVIDIA PhysX founder rebuilds Physical AI underlying engine

#Physical AI

Feijie Kesi was founded by Professor Lihua Zhang, founder of NVIDIA PhysX, and is positioned as a "new-type operating system" for global Physical AI. The raised capital will focus on upgrading the high-fidelity solving capabilities of its core product, the Fysics engine, and strengthening the cross-scenario generalization of the OmniFysics foundation model, supporting embodied intelligence and robotics industry deployment. Learn more

Invested in Huai Ceramics Technology's A+ round: accelerating domestic substitution in high-end ceramic packaging

#Semiconductor Packaging

The company focuses on design and R&D of ceramic packaging shells and substrates for integrated circuits. Funding will be used for high-end ceramic packaging technology R&D, capacity expansion, and market development, accelerating the domestic substitution process in high-end ceramic packaging. Learn more

Sole investor in Beichen Aerospace's angel round: building "nerves and blood vessels" for spacecraft

#Commercial Space

Positioned as the only private-sector spacecraft electrical system interconnection component manufacturer in China providing full-chain turnkey solutions from design through production, assembly, and delivery, the company builds "nerve and blood vessel" systems for spacecraft, ranking first in market share in its niche segment. Learn more

Led Puruiyuan's A round: accelerating deployment of domestic high-end inspection equipment

#Advanced Manufacturing

The company focuses on high-speed online 3D-X-ray automated inspection equipment, driving scaled application and autonomous control of domestic high-end inspection equipment in semiconductor packaging testing, power devices, high-density PCB, precision electronics, and other fields. Learn more

Follow-on Rounds

Two embodied intelligence portfolio companies enter 20-billion-yuan valuation tier, leading the Greater Bay Area in embodied intelligence

#Embodied Intelligence

In June, Yunqi Capital early-stage portfolio companies Independent Variable Robotics and AI2Robotics announced completion of new funding rounds, with post-money valuations both exceeding 20 billion yuan, becoming the first batch of embodied intelligence enterprises in the Greater Bay Area to enter the 20-billion-yuan valuation range.

Astribot completes Series B of over 1 billion yuan, accelerating toward the Physical AI era

#Embodied Intelligence

Astribot's valuation has surpassed 10 billion yuan, having grown since its founding into a leading cable-driven AI robotics enterprise adhering to a full-stack architecture integrating "AI model — embodied OS — cable-driven body." The raised funds will be used for AI foundation model iteration, real-world scenario data accumulation, and R&D talent expansion. Learn more

NovaFusion raises 1.2 billion yuan in angel rounds, setting a record for early-stage private fusion financing

#NuclearFusion

NovaFusion is China's first company focused on small-scale distributed controlled nuclear fusion technology (FRC-SMR). The funds raised will be used to advance construction of the "Nova-1" validation device and FRC-SMR technology R&D. Learn more

Yunqi Capital doubles down on CREAO AI's Pre-A round, raising tens of millions of dollars

#AIAgent

CREAO AI has raised over $30 million in total funding. The company has built an Agent OS closed-loop system that enables AI to both create tools and autonomously execute them — upgrading from "chatbot" to a persistent agent that "does the work for you." Learn more

Yunqi Capital leads Yitu Technology's A+ round of over 100 million yuan: AI rewrites the smart cockpit

#AI+Automotive

The funds will be used to accelerate R&D of its XinJie AI full-stack system, expand multi-site R&D and delivery centers, and break through frontier technologies like one-brain-multi-end. The company is positioned as an innovative leader empowering automotive cockpit intelligence upgrades through AI Native full-stack capabilities. Learn more

Seed-round lead project Morph Intelligence completes Pre-A round of several hundred million yuan: accelerating "Token Superfactory" construction

#AIComputing

Yunqi Capital was the lead investor in the seed round, witnessing the company's growth from early stage to commercial deployment. Positioned as a "Token Superfactory," the company focuses on providing high-performance, high-quality, high-value Token products for the global AGI industry. The funding will be used to continue building technology and scaled delivery capabilities. Learn more

Yunqi Capital doubles down on Kongshanci's A round: reshaping neuromodulation through brain-computer interaction

#BrainComputerScience

SJTU-Yunqi AI Angel Fund project Kongshanci uses a "whole-brain functional connectivity computing engine + robotic navigation + multimodal closed-loop modulation" architecture as its core, focusing on precision neuromodulation therapy for psychiatric and cognitive disorders, with the goal of becoming a full-stack ecosystem builder in the global multi-energy neuromodulation field from underlying technology to clinical application. For more on Kongshanci, you can also listen to the Yunqi podcast. Learn more

PART 2

Portfolio Growth

#ContinuousEvolution

Independent Variable Robotics releases WALL-B, the world's first unified world model

The model represents a major leap from VLA architecture to native multimodal fusion architecture, featuring three core characteristics: native multimodality, physical world perception, and self-evolution. Learn more

Additionally, in July Independent Variable Robotics released DMuon, an efficient distributed Muon infrastructure that eliminates the extra system overhead introduced when applying Muon to distributed training, reducing end-to-end step time from 2.2x that of AdamW to just 1.02x, and accelerating overall model training by approximately 30%. Learn more

AI2Robotics releases NeuroVLA, the world's first brain-like embodied intelligence system, alongside open-sourcing of AlphaBrain Platform

NeuroVLA features a biomimetic three-layer architecture modeled on the human brain's "cortex-cerebellum-spinal cord" structure. The previously released AlphaBrain Platform is the world's first one-stop, out-of-the-box embodied intelligence model open-source community, covering a full-chain toolchain from data → training → architecture → testing. AI2Robotics was also the sole representative from China's embodied intelligence robotics sector invited to UN Open Source Week, presenting NeuroVLA and AlphaBrain Platform at UN Headquarters in New York.

Astribot releases new products including next-generation robot T1

Astribot is the first to bring high-dexterity manipulation robots into the under-90,000-yuan price range. Its cable-driven transmission solution delivers highly dexterous manipulation, highly human-like expressiveness, and high interaction safety, covering five scenarios: home, commercial, research, entertainment, and industrial. Learn more

Additionally, in July Astribot released Lumo-2, its second-generation embodied foundation model — the industry's first home implicit world-action model (Latent World-Action Model). Learn more

Browsing 3D worlds as easily as scrolling videos

Manycore Tech open-sources Aholo Viewer

Users can smoothly browse ultra-large-scale 3D scenes in their mobile, desktop, or VR browsers without installing any client — as easily as scrolling through videos. Meanwhile, its Aholo spatial intelligence platform has opened up a complete suite of spatial capability APIs including spatial reconstruction, cloud rendering, 3D AI model generation, and robot training data. Learn more

Ropedia ranked among Qwen-VLA's four human data sources

Yunqi Capital early-stage portfolio company Ropedia's human experience dataset Xperience-10M was selected by Alibaba's Qwen team as one of four "first-person human data sources" for their embodied large model Qwen-VLA, alongside top global datasets including Ego4D, EgoDex, and EgoVerse. Its data is collected through self-developed head-mounted device Homie, supporting 360-degree field of view with multimodal sensor synchronization, achieving approximately 10x the collection efficiency of traditional solutions at roughly 1/12.5th the cost. Learn more

Yunqi angel-round portfolio company Beichen Aerospace participates in world's first rocket net recovery

On July 10, the Long March 10B carrier rocket successfully completed controlled recovery of its first stage, marking China's first carrier rocket first-stage recovery and simultaneously completing the world's first verification of carrier rocket net recovery technology. Yunqi Capital's exclusive angel-round investment project Beichen Aerospace participated throughout this major mission, providing core technical support in critical areas including vehicle structural section design, overall instrument equipment layout, and 3D model creation for electrical system interconnection components. Learn more

#AcceleratingDeployment

Neolix accelerates into pharmaceutical delivery, secures Malaysia's first unmanned delivery vehicle testing permit

Neolix has established ongoing deployment partnerships with leading pharmaceutical companies including Jointown Pharmaceutical, Laobaixing Pharmacy, and Yixintang, covering B2B urban distribution, chain store replenishment/network下沉, and B2C nighttime medicine delivery scenarios. Learn more

Additionally, on June 30, Neolix received approval from Malaysia's Ministry of Transport to become one of the first companies permitted to conduct sandbox testing of unmanned delivery vehicles on public roads. As of the end of June, the company's services covered more than 300 cities across over 15 countries globally, with cumulative autonomous driving mileage exceeding 170 million kilometers.

Shuyu Civilian Pharmacy and Noematrix Upgrade Strategic Partnership: Scaling Deployment Based on Proven Store Models

Noematrix's pharmacy robots previously deployed at pilot stores in Shenyang have been integrated into live order systems, handling daily order fulfillment tasks. The upgraded partnership marks Noematrix's pharmacy robot solution moving from bespoke "showroom" deployments to scaled rollout, with order volume reaching the thousands of units.

DeepRoute.ai and Desay SV Form Partnership to Launch Overseas Robotaxi Solution

The two companies jointly developed an autonomous driving solution for commercial Robotaxi applications using NVLink technology on the NVIDIA DRIVE Hyperion platform. The next-generation Robotaxi solution will be delivered first to overseas markets, pushing Robotaxi from technology validation toward scaled deployment. Learn more

Lightstandard Unveils World's First 256×256 Photonic In-Memory Computing Chip

This chip represents the highest compute density and precision of any optical computing chip in the world. Later this year, Lightstandard will launch its second-generation optoelectronic fusion computing card based on this chip, with single-card compute power comparable to leading dedicated AI inference GPUs from top global electronics computing companies. This marks Lightstandard's leap from first-generation hundred-TOPS-class to thousand-TOPS-class optoelectronic fusion computing cards.

PART 3

Ecosystem Connections

Centered on frontier directions including world models, embodied intelligence, quantum computing, AI agents, and AI open source, Yunqi Capital connects industry, academia, industrial ecosystems, and founders, continuously fostering collaboration and dialogue. Events, research reports, and thought leadership — through multiple touchpoints, sparks fly in many forms.

#Connecting Creators

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01

Yunqi Capital and Multiple Portfolio Companies Appear at WAIC 2026

From July 17–20, the 2026 World Artificial Intelligence Conference was held in Shanghai. Yunqi Capital and more than ten portfolio companies participated in the conference through forums, exhibitions, and product launches, bringing new insights and products across verticals including large models, world models, embodied intelligence, agentic infrastructure, compute power, and quantum. Learn more

02

BBQ on World Models: Yunqi Capital Hosts Attention Series WAIC Special Session

On July 18, "Yunqi Capital" partnered with "NICE Academic" to host the "World Model BBQ" during WAIC. The event gathered over 100 attendees, including professors, PhDs, and young scholars from universities and research institutions, as well as founders, corporate researchers, and frontline engineers working in world models, embodied intelligence, robotics, and AI for Science. Keynote presentations and panel discussions explored world models from multiple perspectives — research, entrepreneurship, and industry. Learn more

03

SJTU-Yunqi AI Angel Fund BBQ Special Session

This event brought together founders from multiple portfolio companies of the "SJTU-Yunqi AI Angel Fund," as well as investors and university professors on the front lines of venture capital and research. Through daytime technical presentations and evening BBQ discussions, participants delved into the path from laboratory to commercialization for hard tech across frontier fields including world models, quantum computing, brain-computer interfaces, and nuclear fusion. Learn more

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04

Table Tennis Fever Heats Up

Yunqi Capital Supports SJTU Alumni Table Tennis Team in "Recreating" Championship Glory

Yunqi Capital supported the SJTU alumni table tennis team in multiple tournaments including the "Siyuan Cup" Alumni Table Tennis Invitational, the 2026 "Friendship Cup" 5th Chinese University Singapore Table Tennis Team Championships, and the "Century Guanghua" Table Tennis Friendship Match Centennial Finals, with the team achieving consecutive strong results. A small ball connects not just the matches themselves, but also the growing network of action and innovation vitality within the SJTU ecosystem. Learn more

#Connecting Investors

"Clouds Part, Intelligence Surges · Vision of a New Era"

2026 Annual Investor Conference Successfully Held

On April 21, over 100 fund investors, portfolio company representatives, and key partners gathered for in-depth discussions on frontier topics including AI technology, commercial aerospace and inter-satellite intelligence, and compute power new infrastructure. The conference featured systematic exchanges on Yunqi Capital's observations, thinking, and investment positioning in AI and frontier technology. Founders and executives from portfolio companies in commercial aerospace, compute infrastructure, and embodied intelligence attended and shared insights. Learn more

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#New Insights

Yunqi Capital Deeply Participates

in Compilation of China Open Source Development Deep Dive Report (2025)

The Yunqi Capital team led the writing of the "Open Source Commercialization Development Trends" chapter in the China Open Source Development Deep Dive Report (2025). This marks Yunqi Capital's fourth consecutive year participating in the compilation of vertical deep-dive reports in the open source domain. Learn more

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Yunqi Capital News

Portfolio Company News

Selected Highlights

8 Yunqi Portfolio Companies Named to

"2026 Hurun Global Unicorn Index"

PingCAP, XTransfer, Zhijing Technology, Neolix, AI2Robotics, Independent Variable Robotics, Keenon, DeepRoute.ai

3 Yunqi Portfolio Companies Selected for "Forbes China AI TOP50"

MiniMax, Neolix, Independent Variable Robotics

Intco Medical, Inco Regeneration

Named New Fortune 2025 "Best Listed Company" and "Best ESG Practice Award"

Independent Variable Robotics

Selected for China Entrepreneur's "21 High-Growth Innovative Companies"

LightStandard

Founder and CEO Yinjiang Xiong received the "2026 WAIC Yunfan Award"

Keenon

Latest IDC report: Ranked #1 globally in commercial service robot shipments for multiple consecutive years

Beisen

Latest IDC report: Ranked #1 in China's HCM SaaS market for ten consecutive years

Yunqi Awards & Recognition

Selected Highlights

ChinaVenture

China's Best Early-Stage VC Firm — Top 4

China's Best Returns Early-Stage VC Firm — Top 10

China's Best Investor in Digitalization & Informatization — Top 20

China's Best Investor in AI & Big Data — Top 30

China's Best Investor in Carbon Neutrality — Top 30

Nova Rising Star Investor — Top 50: Yu Chen

Zero2IPO

Investment Community Top 100 Investors: Michael Mao

36Kr

China's Most Influential Early-Stage Investment Firm — Top 10

China's Best Early-Stage Investment Firm — Top 15

China's Most Entrepreneur-Friendly Investor: Michael Mao

Qimingpian

2025 Top 10 Investor in Artificial Intelligence

2025 Top 20 Investor in Embodied Intelligence

2025 Top 50 Best Early-Stage Investment Firm in China

2025 Top 50 Most Active Early-Stage Investment Firm in China