July: The Courage to Keep Believing | 5Y News Monthly
The big news from last month.
"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 and updates from 5Y and our portfolio companies, sharing them with friends who follow us in the hope of helping you get to know us better.
01 Portfolio Company Milestones
Major news on fundraising, IPOs, strategic partnerships, breakthroughs, and new product launches from 5Y portfolio companies.
02 5Y Capital Updates
News on 5Y honors, investor interviews, and thought leadership.
Note: Companies are listed in alphabetical order by pinyin.
01
Portfolio Company Milestones
Abogen's First Oncology mRNA Drug Approved for Clinical Trials
In June, Abogen Biotech (Shanghai) Co., Ltd. received approval from the National Medical Products Administration for its Investigational New Drug (IND) application for ABO2011, its first mRNA drug candidate in the oncology therapeutic area. Abogen aims to apply this transformative mRNA technology to the development of more innovative medicines, empowering the entire industry chain through upstream and downstream innovation, advancing domestically developed mRNA products to market in China, and enabling mRNA technology to reach broader disease areas sooner to serve more patients. Read more
Deepexi and CNNC Institute of Equipment Form Joint Large Model Data Intelligence Lab
In June, CNNC Institute of Equipment and Deepexi jointly established a large model data intelligence laboratory — the first of its kind for the nuclear industry. The lab aims to use AIGC large model data intelligence as its core technology driver, grounded in the practical project needs of the nuclear industry, with a focus on building out the AIGC engine stack: a data engine, a fine-tuning engine, and an evaluation engine, advancing solutions centered on nuclear industry domain-specific large model technology. In this collaboration, both parties will prioritize breakthroughs in key AGI scenarios, leveraging Deepexi's real-time lakehouse platform FastData and years of accumulated industry knowledge to develop vertical industry models through domain LLMs plus knowledge base fine-tuning. Read more
Kuaishou and CAEDA Reach Strategic Partnership
In June, Kuaishou and the Industry Innovation and Development Committee of the China-Asia Economic Development Association (CAEDA) held a strategic partnership signing ceremony in Beijing. Both parties believe that establishing this cooperative relationship will be meaningful for promoting Chinese enterprises' international development, supporting new-era integrated media innovation, and advancing economic and cultural exchanges in technology and trade across Asia. Read more
Leman Biotech and XLifeSc Sciences Enter Comprehensive Strategic Partnership
In June, Leman Biotech and XLifeSc Sciences signed a comprehensive strategic cooperation agreement. Both parties will leverage their respective technical strengths to fully explore the combined application of Meta 10 metabolic reprogramming technology and TCR-T cell therapy products in treating solid tumors. The partnership aims to achieve mutual benefit, complementary strengths, and enhanced capabilities in cell therapy industrialization and clinical translation, driving the advancement of the cell therapy industry. The collaboration will use Meta 10 metabolic reprogramming to prevent or reverse TCR-T cell exhaustion, further strengthening the sustained proliferation and killing activity of TCR-T cells in solid tumors, and comprehensively elevating the therapeutic potential of TCR-T cells for curing solid tumors. Read more
Moore Threads and Bank of Beijing Form Strategic Partnership
In June, Moore Threads and Bank of Beijing Co., Ltd. signed a strategic cooperation agreement. Both parties will jointly explore and advance the application of full-function GPUs in fintech, achieving deep integration of technological innovation with digital banking applications, meeting growing digital finance demands, continuously optimizing user experience, and serving new scenarios in China's digital infrastructure financial applications. Read more
Xmov Unveils First "Virtual Human Agent"
In June, Xmov held an online virtual human product launch, introducing its first virtual human agent, JING. JING is Xmov's "virtual human agent" — with a visual presence, the ability to think, and the capacity for expression. She breaks through ChatGPT's single-mode text-based communication, possessing human-like facial expressions, movements, gestures, and voice to enable real-time intelligent interaction. Xmov believes that virtual humans will not only help us improve social efficiency, but also make AI technology feel less like cold code and text, bringing greater warmth and human care. Read more
SenseTime Launches Yuanluobo AI Go Robot
In June, SenseTime launched the "Yuanluobo SenseRobot" AI Go-playing robot, designed specifically for young learners of the game. Li Xu, Chairman and CEO of SenseTime, noted: "From massive data centers to compact home robots, Yuanluobo represents a tremendous leap in computing power, extremely precise hand-eye coordination, and powerful engineering innovation — achieving the transformation from extremely large to extremely small, bringing AI into every household." Read more
NetEase Cloud Music and Xiaoice Company Reach Strategic Partnership
In June, NetEase Cloud Music announced a strategic partnership with Xiaoice Company, jointly launching the singing synthesis software NetEase Cloud Music · X Studio, providing musicians and music enthusiasts with convenient and effective music creation assistance tools. The collaboration also led to NetEase Cloud Music's first virtual singer label, WOWAIDO! Read more
Unknown and Mead Johnson China Enter Strategic Partnership
In June, Unknown and Mead Johnson China signed a strategic cooperation framework agreement. Both parties will pursue deep collaboration in three areas: an AI + microbiome innovation platform, precision nutrition and health management solutions, and functional probiotic nutrition product pipelines. This marks Mead Johnson China's continued investment in the microbiome health space, and represents another innovative breakthrough for the "new Mead Johnson" in accelerating its science-backed, full life-cycle nutrition strategy. Read more
Xinhuazhang Releases China's First Multi-Billion-Gate Hardware Emulation System
In June, Xinhuazhang, a leading domestic provider of system-level verification EDA solutions, officially released HuaEmu E1, China's first hardware emulation system designed to support over 10 billion gates, with verification capacity exceeding 15 billion gates. Developed through independent R&D, the product achieves multiple breakthroughs in domestic verification technology, featuring massively scalable verification capacity, automated implementation tools, full-flow intelligent compilation, high-speed runtime performance, and powerful debugging capabilities — greatly facilitating hardware-software co-development, enhancing system-level innovation efficiency, and empowering development across high-performance computing, GPUs, AI, autonomous driving, wireless communications, and other application domains. Read more
Pony.ai Reaches Cooperation Agreement with Shenzhen Qianhai
In June, Pony.ai signed a cooperation framework agreement with the Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration. Both parties will conduct commercial pilot operations of autonomous ride-hailing services in the Qianhai cooperation zone, providing citizens with safe, convenient, green, and technology-driven mobility services, jointly promoting the high-quality development of Shenzhen's intelligent connected vehicle industry. Read more
02
5Y Capital Updates
5Y Capital Wins Multiple Awards from 36Kr
In June, 36Kr released its 2023 "Most Founder-Friendly Investors/Investment Institutions" and "Most Influential/Growth-Potential Investment Institutions" lists. The rankings were compiled through questionnaire surveys, data platform collection, and cross-validation through interviews with founders. **5Y Capital was honored with "Top 10 Most Founder-Friendly VC Firms" and "Top 10 Most Influential VC Firms." Qin Liu, Founding Partner of 5Y Capital, and Zhang Fei, Partner at 5Y Capital, were both named "Most Founder-Friendly Investors." Read more**
5Y Capital's Zhang Fei: AI of Loving Grace — The Horse That Can Count
This piece features a May speech by 5Y Capital Partner Zhang Fei titled "AI of Loving Grace." As a new species, AI creates things fundamentally different from everything before it. All logic can be reimagined; everything solid melts into air. Our cognition has been reset to the same starting line, and some of the most basic questions may have become especially important.
When intelligence is everywhere, what becomes most scarce? How do we define the relationship between humans and AI, and how do we re-examine human value and meaning? We hope this speech offers you some inspiration. Read more
Kehua CEO Bai Yan: AI Native App — Back to the Future
What is the core value of artificial intelligence? How will fundamental product principles change in the new AI era? How will future intelligent humans differ from us today? Bai Yan, founder and CEO of Kehua, shares his thinking on AI Native App product design and value, and his greatest hope for the AI revolution — not that people realize machines can be intelligent, but that they realize humans themselves can harness intelligence to become better humans. Read more
"Belief" Has Its Own Pendulum; Innovation Never Stops
"Belief" seems to have a pendulum-like cyclical effect. Sometimes people believe without hesitation; other times they are extremely cautious. The psychology of belief may involve cognition, emotion, motivation, values, social influence, and many other factors. "Belief" has its own pendulum, but innovation never stops.
Maintaining the courage and endurance to believe — time will nourish those builders who create crazy value. This article by 5Y Capital Partner Yuan Ye hopes to offer you some inspiration. Read more
Agora x 5Y Capital: Supersonic Plan Spring Camp Final Four Announced
On June 10, the Spring 2023 Supersonic Plan cohort faced their "exam" — an internal demo day. The top four from this demo day will join the top four from the Fall 2023 Supersonic Plan and outstanding overseas RTE startups on the final stage of the 3rd RTE Innovation Competition to compete for the global top three. After more than four hours of intense presentations, four teams emerged with the highest total scores: InsightMon (a large model-based full-stack observability intelligent operations platform), Kivisense (focused on solving the "try before you buy" essential scenario in e-commerce), Firefly Space (the world's largest field-of-view mixed reality headset), and Heartbeat (using AI to quickly learn popular dance moves and gain fans). These four will represent the Spring 2023 Supersonic Accelerator Camp at the 1024 RTE Innovation Competition finals. Read more
5Y Capital seeks out, supports, and inspires lonely entrepreneurs, providing them with support from the spiritual to the operational. We believe that if the you whom others see as crazy begins to be believed in, the world will become a different place.
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