Yunqi Capital Quarterly | Upward, the Consistent Answer
New Growth, New Gains
As the year draws to a close, the colors of the season quietly deepen.
2025 has pushed everyone into a faster, more layered cycle of technological evolution. Amid the relentless acceleration, we and our portfolio companies have reached many important new milestones:
Active fundraising and partnerships, noticeably faster AI commercialization, expanding ecosystem connections, and growing industry recognition.
This quarterly report details these new developments and achievements.
Funding Updates
"IPO & M&A Developments"
JD Industrials: Hong Kong IPO Receives Exchange Approval
On November 23, documents published on the Hong Kong Stock Exchange website showed that Yunqi portfolio company JD Industrials — a leading domestic provider of industrial supply chain technology and services — has received approval from the Hong Kong Stock Exchange for its initial public offering in Hong Kong.
According to CIC Consulting data, by 2024 transaction volume, JD Industrials is the largest participant in China's MRO procurement services market, with a scale nearly three times that of its closest competitor. JD Industrials is also the largest service provider in China's industrial supply chain technology and services market, with a 4.1% market share.
Elastic Acquisition
Yunqi Seed-Round Portfolio Company Jina AI
Founded in 2020, Jina AI is a leading search AI company. Yunqi was its first institutional investor, leading the seed round solo and continuing to invest in multiple subsequent rounds. Elastic is a global leader in search infrastructure.
Following this acquisition, former Jina AI CEO Han Xiao will serve as VP of AI at Elastic, responsible for AI strategy and R&D. The core Jina team led by Han Xiao will continue advancing search AI in vector models, rerankers, Reader, and small models. Learn more
"New Investments"
YOOUSI:
Yunqi Invests Tens of Millions of RMB in Angel Round
#AIGC #Manhua Drama Agent
Founded in 2017, YOOUSI is dedicated to reconstructing the manhua drama content production workflow through AI, optimizing the efficiency and cost of creating high-quality works. The company is currently focused on the Japanese manhua drama consumer market and accelerating its internationalization strategy. Proceeds from this round will primarily be used to build a top-tier team, upgrade core technology, and comprehensively advance overseas market expansion. Learn more
ONERWAY:
Yunqi Leads $10 Million Series A+ Round
#Cross-Border Payments
Since its founding in 2017, ONERWAY has been committed to providing enterprises with secure, efficient cross-border payment solutions. This financing will help ONERWAY accelerate global expansion and strengthen its cross-border payment infrastructure, offering faster and more cost-effective payment processing capabilities. Additionally, ONERWAY completed its acquisition of Dutch fintech company PayPro within the year, further完善ing its global business compliance framework. Learn more
BenZhi JiHuo (本智激活):
Yunqi Leads Tens of Millions of RMB Seed Round
#Edge AI
BenZhi JiHuo was incubated from the Institute of Parallel and Distributed Systems (IPADS) at Shanghai Jiao Tong University, with core team members from that institute. Associate Professor and PhD Advisor Zeyu Mi of Shanghai Jiao Tong University serves as founder and CEO, with world-class technical expertise in edge-side large models and edge-side infrastructure underlying systems. Learn more
Creao AI:
Yunqi Makes Sole Investment in Angel Round
#Agentic OS
Founded in late 2024 and headquartered in Silicon Valley, Creao AI is a startup dedicated to building an Agentic OS (AOS). The core founding team comes from global top tech companies including Meta's Llama AI team, Apple, LinkedIn, TikTok, Emplifi, MiniMax, Alibaba, and Lark. In addition to making the sole multi-million dollar angel round investment, Yunqi also participated in the Pre-A round, which totaled tens of millions of dollars. Learn more
"Follow-On Rounds"
Astribot: Completes Hundreds of Millions of RMB Series A++ Round
#Embodied Intelligence
This round will focus on building out the R&D talent pipeline, preparing for scaled manufacturing of its cable-driven hardware, deepening multi-scenario solutions, and enhancing industrialization capabilities — further pushing forward the engineering and commercialization of embodied intelligence. Yunqi led Astribot's angel round in 2023 and has continued to invest in subsequent rounds. Within the past year, Astribot has received multiple rounds led consecutively by Ant Group. Learn more
Neolix: Secures Over $600 Million Series D Round
#Autonomous Driving #Unmanned Delivery
Neolix is a Yunqi-led Series A portfolio company. This round sets a new record for funding in the autonomous driving sector, with Yunqi continuing to invest in this round. Proceeds will continue to be invested in algorithm and technology R&D, developing and expanding new products for different commercialization scenarios, and further improving the service network to enhance user experience. Learn more
Noematrix: New Funding Round Receives Alibaba Investment
#Embodied Intelligence
Noematrix was founded in late 2023 and previously completed hundreds of millions of RMB in Pre-A++ and Pre-A+++ rounds. Since its founding, Noematrix has continued to make strides in embodied intelligence technology, rapidly iterating its self-developed physical-world large model and "force-centric" embodied intelligence large model, and this year launched the upgraded Noematrix Brain 2.0, its embodied intelligence brain product. Learn more
ZhiPingFang Technology:
Secures Hundreds of Millions of RMB Series A Funding, Led by Shenzhen Capital Group
#Embodied Intelligence
This round also attracted Bloomage Biotechnology and a large retail enterprise as strategic corporate investors. Funding will be used for continued iteration of ZhiPingFang's GOVLA large model and AlphaBot series robots, expansion of self-built production lines, and global market expansion.
Zhongtian Anch: Completes New Equity Financing Round
#Intelligent Transportation
Founded in 2013, Zhongtian Anch is a global leading AI technology enterprise focused on providing the most advanced video telematics solutions for commercial vehicle fleets. Following this round, Zhongtian Anch will leverage the chip platform of one of this round's investors — Black Sesame Technologies — to build a "traffic safety intelligent agent" for the future. Learn more
WIZ.AI: Secures Tens of Millions of Dollars Series B Round
#Intelligent Customer Service
Founded in 2019, WIZ.AI primarily provides Southeast Asian enterprises with large language model-based voice intelligence and customer interaction solutions. This round totals tens of millions of dollars; the company stated that proceeds will be used to strengthen R&D for its AGI platform and expand its business presence in emerging markets, with a focus on voice interaction systems and enterprise-grade AI integration solutions. Learn more
Renxin Technology: Secures Over 100 Million RMB Series A+ Investment
#Automotive Chips
Including this round, Renxin Technology has raised nearly 300 million RMB so far this year. The round was led by existing shareholder Desay SV, with participation from Gopher Asset Management and other investors. Renxin Technology will further accelerate the mass production and deployment of its automotive products, delivering more competitive solutions for the intelligent vehicle industry. Learn more
Green Voltis:
Closes New Round of Several Million Dollars
#AI Virtual Power Plant
This round was led exclusively by MinYin International. The funds will be used to further drive innovation and upgrades to the company's core technology platform, while solidifying its leading position in Europe's virtual power plant sector and supporting the continent's transition toward sustainable energy. Learn more
Portfolio Growth
Product launches, AI deployment, and continuous growth updates from partner companies
AGI + New Trends
MiniMax M2 Open-Sourced, Ranks Top Three Globally in API Calls
Open-sourced and launched in late October, MiniMax M2 was built specifically for agents and coding — at just 8% of Claude Sonnet's price, with 2x the speed, and free for a limited time. Within just one week of release, it broke into the top three globally on OpenRouter by API call volume and hit #1 on HuggingFace Trending. Learn more
Throughout 2025, MiniMax has continued updating its foundation models and its full multimodal suite covering voice, music, and video models, and has introduced full-stack agent development capabilities.
Manycore Tech Releases Industrial AI Twin Platform Spatial Twin
Built specifically for the era of industrial embodied intelligence, it enables real-time simulation of dynamic real-world industrial environments and supports large-scale agent operation in digital twin spaces. From factory design and planning, simulation validation, and intelligent operations to embodied robot simulation training, SpatialTwin provides one-stop, full-lifecycle services aimed at redefining human-machine collaboration in the embodied intelligence era. Learn more
This year, Manycore Tech has continued rolling out spatial intelligence products. In August, it also open-sourced its 3D scene generation model SpatialGen and shared for the first time its AI video generation solution built on SpatialGen. Learn more
X-Variable Robotics: Unveils Humanoid Robot Quanta X2, Open-Sources End-to-End Embodied Model
This robot is a model-native general-purpose robotic platform. Its design accounts not only for model training and complex manipulation tasks, but also achieves comprehensive balance and optimization across core metrics including payload capacity, workspace, movement speed, and control precision. In less than six months, X-Variable achieved full-stack self-development of the complete robot platform, high-DOF dexterous hands, and exoskeleton teleoperation data collection equipment. Learn more
The open-sourced end-to-end embodied model WALL-OSS introduces multiple innovations in model architecture design and training methodology, contributing to collaborative development of foundational capabilities across the embodied intelligence industry. Learn more
Keenon Robotics: Releases Self-Developed VLA Model,
Building the Core Engine for End-to-End Embodied Action Intelligence
Keenon's KOM2.0 model adopts a fast-slow dual-system architecture. The slow system (K-Mind) is built on a VLM multimodal large model and, through Keenon's constructed job-service scenario dataset K-Infinity, achieves environmental perception, task understanding, and planning for service scenarios. The fast system (K-Act) employs an Action Expert model trained on extensive real-machine data for fine-grained action generation. Learn more
DeepRoute.ai: Self-Developed VLA Deployed, Robotaxi Business Launching
The next-generation assisted driving platform — DeepRoute IO 2.0 — is equipped with DeepRoute.ai's self-developed VLA (Vision-Language-Action) model, integrating three core capabilities: visual perception, semantic understanding, and action decision-making. The first mass-production vehicles are entering the market soon. Learn more
Having delivered over 150,000 units in mass production, DeepRoute.ai will also launch its Robotaxi business by year-end, becoming the first domestic company to operate such a service using consumer-grade mass-production vehicles. Learn more
Neolix Autonomous Vehicles Surpass 10,000-Unit Deployment, Accelerating Global Expansion
On September 23, Neolix announced delivery of its 10,000th autonomous vehicle, becoming the first to enter the "10,000-unit era" — marking not only the birth of the world's first 10,000-scale autonomous delivery fleet, but also a major milestone for the autonomous delivery industry in transitioning from technology validation to large-scale commercial deployment. Learn more
On the global front, Neolix announced in October a strategic partnership with UAE state-owned technology company K2 Group in Dubai to jointly accelerate the deployment of autonomous driving technology in the Middle East and build a new ecosystem for intelligent logistics and smart mobility. Learn more
Astribot Secures Multiple Large-Scale Commercial Robot Orders
On November 16, Astribot announced a strategic partnership with Jinma Amusement (stock code: 300756), a domestic leader in cultural tourism equipment, to jointly develop next-generation cultural and entertainment robot products — among the earliest large-scale orders for humanoid robots in China's cultural tourism, entertainment, and commercial service sectors. Learn more
Earlier in September, Astribot and Seer Robotics reached a strategic partnership for thousand-unit-scale humanoid robot orders, with plans to deploy over a thousand AI robots across industrial and logistics scenarios within two years. This represents the first thousand-unit commercial order in China's embodied intelligence sector. Learn more
Ecosystem Building
Connecting top industry, academic, and research resources in AI open source, embodied intelligence, and beyond — while engaging deeply with Silicon Valley investment circles and the post-'98 AI founder generation to understand the present and collide over the future.
• Expanding the Ecosystem
Partnering with a dozen ecosystem collaborators
Launching the Y Transformers Initiative
Unveiled on October 10, this initiative seeks out AI-native founders born in 1998 or later (details here). Since launch, it has accumulated nearly 200 applications. In early November, we hosted our first offline gathering alongside Y Transformers ecosystem partners Amazon Web Services, Shanghai Jiao Tong University Industrial Research Institute, Xiaosu Tech, and S-Create, engaging in deep conversations with post-'98 AI-native founders. Learn more
Yunqi Capital X Amazon Web Services X AGI Bar:
Attent!on AI Open Source Night
Over 30 practitioners gathered on Zhongguancun Startup Street, spanning open-source databases, AI infrastructure, major internet platforms, and open-source communities — cutting through the hype to discuss substance, sharing night-long conversations on the present and future of the AI open-source ecosystem. Learn more
Yunqi Capital x TechBuzz China:
Dialogue with Silicon Valley Tech Investment Delegation
The China Tech Discovery Trip: AI (2025) delegation organized by TechBuzz China visited Yunqi Capital, where our team exchanged ideas with more than 20 Silicon Valley tech investors. Three portfolio companies focused on Agent technology and overseas expansion — Creao AI, Cloudsway, and Pioneer Fountain — presented in turn, sharing their innovative practices in depth.
• Spotlight at Industry Events
Yunqi Capital X World Artificial Intelligence Conference
At the closely watched WAIC 2025, Yunqi brought portfolio companies including MiniMax, Manycore Tech, DeepRoute.ai, Keenon Robotics, RealMan Intelligent, Ziliang, Noematrix, Robotera, and Yitu Technology to showcase new products and fresh thinking — from large models and Agents to embodied intelligence, demonstrating how AI can be truly integrated into daily life across multiple dimensions. Learn more
Yunqi Capital X World Robot Conference
During the 2025 World Robot Conference, we co-hosted the featured event "Embodied Intelligence: The Future Is Here — Venture Capital, Innovation, Creation" with the Infinity SEE Fund. The event focused on the technological evolution, commercial deployment, and globalization pathways of embodied intelligence, bringing together more than ten leading embodied intelligence entrepreneurs, industrial technology experts, representatives from international partner organizations, and investment and financial institutions for three hours of industry-academia-research dialogue that sparked genuine insights.
Portfolio companies from Yunqi's embodied intelligence matrix — Ziliang, Robotera, Astribot, Keenon Robotics, RealMan Intelligent, Manycore Tech, and Noematrix — also appeared at the conference to showcase new products and perspectives. Learn more
Delivering Professional Insights
Yunqi Research: Investment Logic and Commercial Thinking on AI Agents
How should we understand AI Agents' overall position within the coordinate system of technological evolution? How do we seize independent entry-point opportunities amid the dual pressures of "LLM evolution" and "platform Agentization"? How do we build product moats for AI Agents? Beneath the hype, clarifying the underlying essence and trends matters for both entrepreneurs and investors. Addressing these critical questions, the Yunqi team produced the research report Investment Logic and Commercial Thinking on AI Agents. Learn more
Yunqi Capital × OpenAtom Foundation:
Jointly Publishing the China Open Source Development Deep Dive Report
As the only early-stage investment institution among the report's contributing organizations, Yunqi authored the chapter on "Open Source Commercialization Development Trends." This chapter examines the evolution of open-source business models and investment environment trajectories — from the 1.0 support-services model, to the 2.0 open-core model, to the 3.0 cloud-hosted model — systematically analyzing the advantages, challenges, and suitable scenarios of each commercial approach. Learn more
Yunqi Capital Honors
Portfolio Company Highlights
4 Yunqi portfolio companies named to MIT Technology Review's
"50 Smartest Companies"
"MiniMax," "Neolix," "Keenon Robotics," "Zilliz"
4 Yunqi portfolio companies named to FOFWEEKLY's
"2025 New Quality Productive Forces Investment Institutions Soft Power Rankings"
"Manycore Tech," "Neolix," "DeepRoute.ai," "Robotera"
"JD Industrials" selected for Internet Conference Innovation Case; super supply chain helps drive trillion-yuan cost reductions in industry
"PingCAP" co-authored paper successfully published at VLDB 2025, a top international database conference
"XTransfer" selected during WAIC for "AI Solutions for SME Recommended Solutions"
Yunqi Capital Awards
GEW & Zero2IPO
2025 Angel Investor of the Year TOP30
Chengyu Mao
FOFWEEKLY
New Quality Productive Forces Investment Institutions Soft Power Rankings
AI and Digital Economy TOP20
New Quality Productive Forces Investment Institutions Soft Power Rankings
Value Creation TOP30
New Quality Productive Forces Investment Institutions Soft Power Rankings
GP TOP100
36Kr
2025 China Embodied Intelligence Industry & Artificial Intelligence Industry & New Quality Productive Forces Industry
Investment Institutions TOP30
2025 China Embodied Intelligence Industry Investor TOP30
Chengyu Mao
2025 China Artificial Intelligence Industry Investor TOP30
Yu Chen
2025 China New Quality Productive Forces Industry Investor TOP30
Yu Chen
TMTPost
2025 H1 Early-Stage Investment Institutions TOP20
2025 H1 Post-Investment Management Vanguard TOP20
2025 H1 Embodied Intelligence/Robotics TOP20
Jazzyear
2024-2025 AI Best Investment Institution
2024-2025 AI Best Investor
Yu Chen
