The Future Unfolds in Every Generation | 5Y News Monthly
The big news from last month.
5Y News Monthly
"5Y News Monthly" is a regular column from 5Y Capital. At the start of each month, we look back at the past month's news from 5Y Capital and our portfolio companies, sharing it with friends who follow us — we hope it helps you get to know us better.
01 Portfolio Company Highlights
Major news on fundraising, IPOs, strategic partnerships, breakthroughs, and new product launches from 5Y Capital portfolio companies.
02 5Y Capital Updates
News on 5Y Capital honors, investor interviews, and perspectives.
Note: Companies listed in alphabetical order by pinyin
01
Portfolio Company Highlights
D-Robotics and Shenzhen University Establish Embodied Intelligence Joint Laboratory
On July 23, D-Robotics and Shenzhen University officially unveiled their jointly established Embodied Intelligence Laboratory. The two parties will pursue in-depth exploration around two directions: "talent cultivation" and "scientific research breakthroughs," continuously deepening curriculum co-development and innovative talent training programs, building an integrated "coursework — competition — research" education system, and jointly tackling major national and provincial-level research projects to drive the translation of technological achievements into industrial applications. Read more
Kingsoft Office Releases WPS Lingxi
On the afternoon of July 27, the "2025 Kingsoft Office AI Productivity Forum" at the World Artificial Intelligence Conference was held at the Shanghai World Expo Center. At the event, Kingsoft Office released WPS AI 3.0 — WPS Lingxi, which enables users to complete document creation, presentation generation, and voice assistant functions through natural language and multi-turn dialogue, all without complex operations or external navigation — a truly native Office productivity agent. In addition to WPS Lingxi, the WPS Knowledge Base was also officially unveiled. Read more
XtalPi's AI Peptide R&D Platform PepiX Enters Peptide Radiopharmaceutical Collaboration with Jingjia Hang
On July 25, XtalPi (2228.HK) Innovation Center announced a deep collaboration with Hangzhou Jingjia Hang Biomedical Technology Co., Ltd. ("Jingjia Hang") on AI-driven novel radiopharmaceutical development. XtalPi Innovation Center will apply its AI and automation-powered peptide R&D design platform PepiX to discover and design novel peptide precursors targeting selected highly expressed tumor cell targets; Jingjia Hang will leverage its technical expertise in radiopharmaceutical development to handle the design and R&D of the radiopharmaceuticals. Read more
StepFun Releases Next-Generation Foundation Model Step 3
On July 25, on the eve of the 2025 World Artificial Intelligence Conference, StepFun officially released its next-generation foundation model — Step 3 — in Shanghai. As StepFun's flagship base model, Step 3 balances intelligence and efficiency, designed to be the most application-ready model for the inference era. Step 3 will be open-sourced globally for enterprises and developers on July 31, contributing the strongest open-source multimodal reasoning model to the open-source community. Read more
Moore Threads Unveils Domestic Full-Function GPU Innovation Results
From July 8 to 9, the 2025 China Mobile Industry Investment Ecosystem Cooperation Conference was held in Chengdu. China Mobile gathered with over 170 portfolio and ecosystem companies and investment institutions in Sichuan to discuss industry investment trends and explore cooperation and development. As a China Mobile-invested domestic GPU innovator and ecosystem partner, Moore Threads comprehensively showcased its general-purpose computing acceleration platform and innovation results based on domestic full-function GPUs, including the Moore Threads AI large model training and inference all-in-one machine MCCX D800 X2, AI cloud computers, and 3D digital humans, and demonstrated a fully domestic driving simulation system on-site — demonstrating its technical strength as a core industry ecosystem partner. Read more
Shukun Technology Signs Comprehensive Strategic Cooperation Agreement with Yongzhou Central Hospital
On July 9, Yongzhou Central Hospital and Shukun Technology signed a comprehensive strategic cooperation agreement. The two parties will jointly build a modern digital hospital integrating smart healthcare, smart services, and smart management, marking a new stage in Yongzhou's medical digitalization and intelligentization. Peng Zhigang, Party Member and Deputy Director of Yongzhou Municipal Health Commission, Jiang Yongjun, Secretary of Yongzhou Central Hospital Party Committee, and Mao Xinsheng, Founder and Chairman of Shukun Technology, attended the signing ceremony. Read more
SenseTime and ECADI Reach Strategic "AI + Architecture" Cooperation
On July 23, SenseTime and Huajian Group East China Architectural Design & Research Institute Co., Ltd. ("ECADI"), a leading enterprise in China's architectural design industry, formally signed a strategic cooperation agreement. This powerful combination aims to integrate SenseTime's leading AI capabilities in large models and other areas with ECADI's extensive engineering experience, jointly exploring deep AI applications across the full building lifecycle, and driving industry transformation with disruptive technology. Read more
Bambu Lab and Tencent Cloud Reach Comprehensive Cooperation
On July 30, Bambu Lab and Tencent Cloud reached a comprehensive cooperation. Bambu Lab's model platform MakerWorld will soon fully integrate Tencent's Hunyuan 3D generation model — even novice users with zero experience can quickly generate high-quality 3D models by simply uploading an image or entering a text prompt. Compared to traditional manual modeling, efficiency improves by over 80x, and it supports direct export for printing. Read more
Pony.ai's Seventh-Generation Autonomous Robotaxi Enters Mass Production and Road Testing
On July 14, Pony.ai announced that its seventh-generation autonomous driving system-equipped BAIC Arcfox Alpha T5 Robotaxi had begun road testing in Shenzhen. Following GAC Aion V Robotaxi's obtaining of intelligent connected vehicle road test licenses in Guangzhou and Shenzhen, multiple models of Pony.ai's seventh-generation Robotaxi have entered mass production and begun public road testing. This milestone marks a key step toward Pony.ai's goal of expanding fleet scale to thousands of vehicles by the end of 2025, laying the foundation for large-scale deployment. Read more
Xpeng Motors Signs Strategic Cooperation Framework Agreement with Guangzhou Anju Group
On July 7, Guangzhou Anju Group and Xpeng Motors Group signed a strategic cooperation framework agreement at Xpeng Motors headquarters. The two parties will accelerate the implementation of a customized employee apartment project at Xpeng Motors' new headquarters, helping address housing challenges for industry talent. Chen Zhiyong, Secretary of the Party Committee and Chairman of Guangzhou Anju Group, Liao Yuping, Party Member and Deputy General Manager, Wang Xudong, Senior Vice President of Xpeng Motors, Hu Yining, Assistant President, and Sun Feng, Senior Director of Administration, attended the signing ceremony. Read more
Xpeng AeroHT Completes $250 Million Series B Funding
On July 15, Xpeng AeroHT completed a $250 million Series B round. The funding will be used to ensure the smooth progress of Xpeng AeroHT's flying car R&D, mass production, and commercialization. Mass production of the "Land Aircraft Carrier" is accelerating across the board. Xpeng AeroHT's world's first flying car mass production factory has been topped out and is currently undergoing equipment commissioning, with planned completion in Q4 this year; the "Land Aircraft Carrier" will enter mass production and delivery in 2026. Read more
GalaxySpace Successfully Develops World's First Rollable Fully Flexible Solar Array
On July 25, according to media reports, Xu Ming, Founder, Chairman and CEO of GalaxySpace, recently disclosed a major space technology breakthrough: the company has successfully developed the world's first large-scale rollable fully flexible solar array. Xu Ming explained that as the "power source" for satellites, this fully flexible solar array significantly reduces weight and envelope dimensions while substantially improving energy density, providing more robust power support for satellites. Its unique rollable design is particularly suited for multi-satellite stacked launch requirements, opening new paths for future space exploration. Read more
Moonshot AI Releases Kimi K2 Model
On July 11, Moonshot AI officially released the Kimi K2 model, simultaneously open-sourcing it. Kimi K2 is an MoE architecture foundation model with stronger coding capabilities and greater proficiency at general agent tasks, with 1T total parameters and 32B active parameters. On benchmark performance tests including SWE Bench Verified, Tau2, and AceBench, Kimi K2 achieved SOTA results among open-source models, demonstrating leading capabilities in coding, agent tasks, and mathematical reasoning. During Kimi K2's pre-training phase, the MuonClip optimizer enabled stable and efficient training of trillion-parameter models; in a context where high-quality human data has become a bottleneck, it effectively improved token utilization efficiency and identified new scaling space. Read more
02
5Y Capital Updates
5Y Capital Ranked on TMTpost Venture Capitalist 【2025 H1 Pioneer List】
On August 1, 2025, TMTpost Venture Capitalist released the 2025 H1 Investment Institution Pioneer List. Since data collection began for the 2025 H1 Pioneer List, TMTpost Venture Capitalist gathered fundraising, investment, portfolio management, and exit data from 124 investment institutions, ultimately selecting multiple lists across various sectors. 5Y Capital was ranked on multiple lists including "Investment Pioneer — Venture Capital Institutions TOP 20," "AI Agent Sector TOP 20," and "Healthcare Sector TOP 20." Read more
Talking AI Agents with Three Frontier Researchers: Rules, Environment, and Real Questions Beneath the Hype | 5Y Tavern Vol. 31
In this episode of 5Y Tavern, we spoke with three researchers active on the AI Agent frontier — Huang Kexin, Xie Yunfei, and Zhang Jiayi — to explore the real progress and challenges in agent development. From research to application, they shared their assessments of current agent system capability boundaries, speculation on future evolutionary paths, and an important and radical question: Could future models develop a "problem awareness" like scientists, proactively proposing valuable tasks and achieving breakthroughs through their own agency? Read more
5Y Capital seeks out, supports, and inspires lonely entrepreneurs, providing them with support from spirit to all operational matters. We believe that if the you whom others see as crazy begins to be believed in, the world will become a different place.
BEIJING · SHANGHAI · SHENZHEN · HONG KONG
