Yunqi Capital Quarterly | We Are Stardust, Imagining the Universe
New Practices, New Breakthroughs, New Thinking for Summer and Fall
Every season has its joys, but golden autumn is the finest.
As autumn deepens, three-quarters of 2024 have passed. Yunqi Capital and our portfolio companies continue to build and harvest on the ground we've cultivated. This edition of the Yunqi Quarterly brings you updates on our and our partners' progress from June through September.
At a Glance
#1 Portfolio Growth
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AI breakthroughs: New moves in video generation and intelligent driving models / AI hardware blooming in both consumer and enterprise markets / Optical computing chips reach a new milestone
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Business partnerships: Teaming up with biopharma giants and Tier 1 logistics players / Delivering to major top-tier clients
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Going global: Portfolio company becomes the world's fastest-growing in its market
#2 Ecosystem Building
- Building platforms for deep connections with founders and industry players across AI hardware, embodied intelligence, and other key tech verticals
#3 Yunqi Honors
- Named among "Top 10 Best Early-Stage VC Firms in the Yangtze River Delta" plus vertical awards in AIGC, overseas expansion, and more / Multiple portfolio companies selected for major rankings
#4 Funding Updates
- 2 companies closed new funding rounds
#5 Yunqi Perspectives
- From the front lines: AI "coming down to earth" / Systematic analysis: How the AI industry is shifting / Deep dive: New trends in Silicon Valley venture capital
01
Growth Stories
AI advances, new partnerships, global breakthroughs — our portfolio companies' stories keep evolving.
• AI Breakthroughs
I. AGI+ New Trends
MiniMax: Video Generation Model Fuels Hailuo AI
8x Monthly Traffic Growth, Topping Charts at Home and Abroad
At the end of August, MiniMax released its video generation model and launched it on Hailuo AI. The following month, Hailuo AI's web traffic surged over 800%, landing it at #1 on both the global and domestic growth charts in the AI Product Rankings (web) for September. Learn more
Yunqi Capital: Developing VLA Model on Thor Chip, Launching Next Year
Yunqi Capital portfolio company DeepRoute.ai CEO Zhou Guang announced at the 2024 Global Intelligent Vehicle Industry Conference (GIV) that the company is developing a VLA model (Vision-Language-Action Model) based on its end-to-end model and the Thor chip, with the system set to launch next year. Learn more
IceKredit: Self-Developed Large Model Passes Generative AI Service Filing
Following its deep synthesis service algorithm filing in January, IceKredit's Bendao Daosheng large model has now achieved dual compliance certification for both "algorithm" and "service." This marks the acceleration of its large-scale commercialization and deep application. Learn more
Superhexa: Launches "Jiehuan AI Audio Glasses," Now in 137 Offline Stores
In August, Yunqi Capital Pre-A round portfolio company and Xiaomi ecosystem enterprise Superhexa launched the "Jiehuan AI Audio Glasses." The product supports AI notification broadcasting, face-to-face translation, and other features, with 10-hour battery life and a starting price of RMB 699. It has partnered with Baodao Optical, Dr. Optical, and other offline retail channels. Learn more
Lightelligence: Major Breakthrough in Optical Computing Chip
Compute Density and Precision Reach Commercial Standards
On July 1, Lightelligence announced it had successfully taped out an optical computing chip with both compute density and precision meeting commercial standards. The chip features a 128x128 matrix with peak compute exceeding 1,000 TOPS — meaning its compute density has already surpassed that of advanced-process electrical chips. Learn more
C12.ai: Industry's First Intelligent Robot for Pharmaceutical R&D
In July, Yunqi Capital angel-round portfolio company C12.ai unveiled LabBot, the industry's first intelligent robot for pharmaceutical R&D. The robot was autonomously trained by C12.ai on multi-source, multi-modal data from the pharmaceutical R&D field. It can independently design and execute experiments, analyze results, and continuously learn from expert feedback and experimental outcomes. Learn more
• Business Partnerships
"Triastek" x BioNTech: Platform Technology Partnership with Total Value Exceeding $1.2 Billion
Yunqi Capital A+ round lead portfolio company and 3D drug printing pioneer Triastek announced a research collaboration and platform technology licensing agreement with top-tier biopharma company BioNTech SE. Under the agreement, both parties will develop oral RNA medicines using 3D-printed drug technology. Learn more
Neolix: Strategic Partnership with ZTO Express, Receives First Batch of Nanjing Intelligent Connected Vehicle Test Plates
During the 2024 China International Fair for Trade in Services, Yunqi Capital early-stage portfolio company Neolix autonomous vehicles signed a strategic partnership with ZTO Express as a key partner. Separately, in August, the Nanjing Postal Administration issued Neolix the first batch of intelligent connected vehicle road test plates, marking another step in Neolix's scaled expansion in East China. Learn more
Weichong Semiconductor's First BRAVERY 3000 System Successfully Delivered to Major Top-Tier Client
On July 8, Weichong Semiconductor shipped its first BRAVERY 3000 system. The BRAVERY 3000 is a novel wafer defect inspection tool enabling non-contact, non-destructive, in-line, rapid internal inspection of wafers, with precise diagnosis and localization of wafer defects. Learn more
• Going Global
PingCAP Becomes World's Fastest-Growing Database Management System Vendor
Enterprise open-source distributed database company PingCAP surpassed Snowflake, ClickHouse, and Cockroach Labs with 97.9% growth to become the world's fastest-growing database management system vendor. Learn more
Coohom Selected for G2 2024 Summer Report
In the 2024 Summer Report from G2, the leading business software review platform, Coohom — the international version of Kujiale — performed strongly, appearing in 33 categories and earning 25 badges including "Leader" badges in visual configuration, visual product customization, 3D rendering, and 3D modeling, with notably high scores in both customer satisfaction and market presence. Learn more
Separately in July, Kujiale launched its "AI Photorealistic Enhancement" feature, enabling one-click quality improvement and full-image enhancement for interior design proposals. Learn more
02
Ecosystem Building
Deep connections with founders and industry players across tech verticals.
Yunqi Attent!on Offline Salons
- Shenzhen · AI Hardware Session
In June, Yunqi Capital partnered with Zhixing Research Institute, an entrepreneurship and innovation empowerment organization, to host an in-depth discussion on core issues in the AI hardware industry with nearly 100 participants including hardware founders, tech and product experts from major companies, algorithm scientists, and tech investors. Learn more
- Beijing · Embodied Intelligence Session
In August, Yunqi Capital partnered with SEEFund, an early-stage investment firm originating from Tsinghua University's Department of Electronic Engineering, to host the "Attent!on" AGI+ Salon · Embodied Intelligence Session. Participants from cutting-edge research institutions at home and abroad, as well as across the embodied intelligence supply chain — compute, motors, robotic arms, dexterous hands, humanoid robots — discussed frontier industry topics. Learn more
Yunqi CloudConnect Demo Day
- Intelligent Driving Session
In June, Yunqi Capital co-hosted an automotive industry innovation project joint roadshow with the Anhui Open Automotive Ecosystem Laboratory, automotive innovation enabler NEW AUTOHUB, New Auto Investor Club, and Ruicheng Fund. Eleven innovative projects participated including four Yunqi portfolio companies: Renxin Technology, Juefei Technology, Yitu Technology, and Zhongdiao Technology. Learn more
- Embodied Intelligence Session
In August, Yunqi Capital hosted an embodied intelligence-themed online Demo Day. Four Yunqi portfolio companies participated: Astribot, C12.ai, RealMan Robotics, and Songying Technology. Learn more
03
Yunqi Honors
Portfolio Honors
Selected highlights
Frontier Technology
"Kujiale," "PingCAP," "MiniMax," "DeepRoute.ai," "Sobot,"
"IceKredit," "Zilliz" selected for "2024 Cloud 100 China"
"DeepRoute.ai," "Windrose Technology" selected for KPMG's "China Leading Auto Tech Enterprises 50"
Advanced Manufacturing
"Triastek" named to Jiemian News's "REAL 100 Innovators" list for the third time
"Keenon Robotics" named one of 2024 Fortune China's Most Socially Influential Startups
"Weichong Semiconductor" awarded "Supply Chain Breakthrough Award," "Most Investment-Worthy Award," and "Investor Recommended Award" at the JW Semiconductor Conference
"Zhijin Technology" selected for Guangdong Province Manufacturing Digital Transformation Typical Case Collection
Yunqi Awards
Selected highlights
Top Early-Stage Investment Firm
ChinaVenture
· 2024 "Top 10 Best Early-Stage VC Firms in the Yangtze River Delta"
Cyzone
· 2024 "Most Admired Early-Stage Investment Firms Top 50"
Frontier Technology
CVCRI
· 2024 "Top 20 Best Investment Firms in AI and Big Data"
Cyzone
· 2024 "Most Admired VC Firm in AIGC"
· 2024 "Most Admired VC Firm in Overseas Expansion Ecosystem"
04
Funding Updates
2 portfolio companies announced follow-on funding rounds
Astribot: Closed Tens of Millions of Dollars in Pre-A Round
#AI Robotics #
Astribot focuses on developing "the next generation's most capable AI robot assistant." The founding team's core members come from China's top robotics labs, having led multiple star projects with strong technical accumulation, deep expertise, and extensive resources in embodied intelligence.
Additionally, on August 20, Astribot officially released its next-generation AI robot Astribot S1. Compared to its first technical demo, the S1 has advanced significantly with substantially expanded mobility and operational range, more complex environments and tasks, and finer-grained task execution.
Qinghe Jingyuan: Closed Over RMB 300 Million in Follow-On Funding
#Semiconductor
Qinghe Jingyuan is one of the few companies globally to master the full suite of advanced semiconductor materials and heterogeneous integration technologies, dedicated to solving pain points of low yield, high cost, and performance limitations in advanced semiconductor materials and devices. This round will fund the build-out of advanced bonding equipment and bonded substrate production lines.
05
Yunqi Perspectives
· What happened at the packed World AI Conference?
Robots took center stage, AI models stopped competing on parameters, AI applications became the new protagonists... Learn more
· GPT-5 didn't arrive in H1 2024. Did the AI industry get better anyway?
Larger models got stronger and cheaper, open and closed-source models competed fiercely, video generation entered a new generation, AI hardware heated up, embodied intelligence R&D and funding stayed active... Learn more
· Where the tide rises: Is AI still hot in Silicon Valley?
Early-stage and angel investment remain active, AI+B2B is the mainstream choice for both entrepreneurs and investors, big companies' advances increase pressure on startups... Learn more
Golden autumn has arrived, and the story of exploring the future continues to be written. We look forward to harvesting more fruit.
