云启资本

*Fortune* in Conversation with "Lightelligence": Why "Light" Is the Next Battleground in the AI Compute Race | Yunqi Partners

Breaking the Shackles of Electric Charge, Light Arrives from the Wilderness

Booster Robotics' Portfolio Company MiniMax Kicks Off A-Share IPO: ARR Doubled in Two Months as AI Leader Accelerates Evolution | Yunqi Partners

Advancing Toward an AI-Era Platform Company

"Independent Variable Robotics" Releases WALL-WM, the World's First "Event-Level" World Model: Teaching Robots to Ignore "Nonsense" | Yunqi Partners

Turning "Events" Into Units of Thought

Not Here to Disrupt the World Yet, Just Heading to the Office First: Keenon Unveils New Humanoid Robot "K-Zai" | Yunqi Partners

The Pragmatic Romance of Embodied AI

Starting at RMB 89,900, a High-Dexterity Robot Arrives: Astribot Unveils Next-Generation Robot T1 | Yunqi Capital

Moving Toward the Physical AI Era

Yunqi Capital Co-Leads Round in Feijiekesi: NVIDIA PhysX Co-Founder Rebuilds Foundational Physics AI Engine | Yunqi Portfolio

From the Ground-Up Engine, Looking at Physical AI Opportunities

Browse 3D Worlds Like Scrolling Short Videos — Manycore Tech Open-Sources Aholo Viewer | Yunqi Capital Portfolio --- Manycore Tech has open-sourced **Aholo Viewer**, a tool that lets users browse 3D content with the same swipe-based interaction model as short-video apps. The move marks the company's latest push to lower the barrier for immersive content consumption. Yunqi Capital, an early investor in Manycore Tech, counts the Hangzhou-based company among its portfolio. The firm has also backed AI unicorn MiniMax, among other bets.

Click a link and "step into" a 3D world.

Yunqi Portfolio | Early-Stage Project "Space Epoch" Raises 1 Billion RMB in Total Funding, Racing Toward Maiden Flight of Reusable Medium-Large Launch Vehicle

Accelerating the Build of "Space Android"

"Xiaosu Tech" Du Zhiheng: Search Is 10x Cheaper Than Reasoning, But 90% of People Don't Know | Yunqi Portfolio --- This is a headline/article title, so here's the full translation with context: **"Xiaosu Tech" Du Zhiheng: Search Is 10x Cheaper Than Reasoning, But 90% of People Don't Know | Yunqi Portfolio** Or if you need the body text translated as well, please provide it.

How to Spend Your Tokens Without Regret

Yunqi Capital Leads Beichen Aerospace's Angel Round: Building the "Nerves and Blood Vessels" for Spacecraft | Yunqi Portfolio

The Engineering Foundation Behind the Stars and the Sea

Vol.18 The Non-Sci-Fi Story of Brain-Computer Interfaces: From Top-Tier Hospitals to Home Bedrooms, How Many Steps to Rebuild Prefrontal Order? | A Conversation with Ximing Wang of Kongshan Ci

Vol.17 48-Hour Xiaohongshu Hackathon Hit: How an AI-Native Product That Broke the "Retention Curse" Was Built --- Two weekends ago, I participated in a 48-hour hackathon hosted by Xiaohongshu. Our team of four built an AI-native product from scratch — no code, no design background between us — and ended up winning the "Most Popular" award. The product? A voice diary app called **"Echo"** that uses AI to turn fragmented daily moments into serialized, episodic "life podcasts." Think *This American Life*, but starring you. What surprised me wasn't that we won. It was that people kept using it *after* the demo. Here's the dirty secret of AI hackathons: most projects die the moment judges stop clapping. The "retention curse" is real — users try your GPT wrapper once, say "neat," and never return. We broke that pattern. Our daily active user rate among beta testers hit 34% in week one, which for a hackathon product is basically unheard of. How? Three deliberate choices we made against hackathon orthodoxy. **First, we refused to build a chatbot.** The default AI product in 2024 is still "talk to a large language model." We explicitly rejected this. Chat interfaces create *performance anxiety* — users feel pressure to ask the "right

Vol.16 Tsinghua Entrepreneur-Scientist Huazhe Xu: From Intelligent "Hatching" to Home Embodiment, Stubbornly Chasing Originality in the AI Wave

Vol.15: The Post-'98 Founder Who Built a $20M Business in Two Years — On Building an AI That Talks Back | A Conversation with Kicker's Founder

Vol.14 OpenClaw Is Just the Beginning: Are Agents Reinventing the Company? | A Conversation with Happycapy's Founder

Vol. 13 The Smarter AI Social Gets, the More Human We Become Like NPCs? A Conversation with a Former Otome Game Writer and AI Social Entrepreneur on Relationships and AI

Vol.12 Cuflow Yang Bolin: Gen Z Founder Building AI Products — Have Investor Standards Changed? | Y Transformers

Vol.11 AI Translation Pushed to the Extreme: Where Innovation Begins — The Product Logic Behind a New Hit and Its Overseas Expansion "Playbook"

Vol.10: Do Robot Woks Make Pre-Made Meals? A Conversation with Geng Kaiping of ZhiGu TianChu

Vol.09 How Should Search Engines Work in the Agent Era? A Conversation with Yu Chen and Zhiheng Du on AI "New Infrastructure"