9 Funding Rounds from Spring | FreeS Family Funding News · Vol 9

"FreeS Family Funding News" is a regular column where we share funding updates from FreeS Fund portfolio companies. This includes both new investments and follow-on rounds for companies already in our portfolio. Together, we witness every step of these innovative companies' journeys from 0 to 1, 1 to 10, and 10 to 100.

This edition at a glance:

• Biotech & Healthcare: Xinyong Technology completed an angel round of tens of millions of RMB, with FreeS Fund as the sole investor.
• Deep Tech & Hardware-Software Integration: Aixuan Technology completed an A++ round of tens of millions of RMB; Alpha Optoelectronics completed a B round of tens of millions of RMB; Zhoupu Data announced a B+ round of approximately 150 million RMB, with FreeS Fund continuing to invest; Yifei Automation secured a D round of hundreds of millions of RMB; Qingdao Zhiteng Technology completed a Pre-B round of over 100 million RMB.
• Consumer & TMT: SPEEDIANCE secured a Pre-A round of tens of millions of RMB, led by FreeS Fund; Uah secured a Pre-A round of tens of millions of RMB, led by FreeS Fund; Wujiang Cross-Border completed a $5 million Pre-A round.

(Funding information in this roundup is limited to publicly disclosed rounds from February to March, sorted by announcement date.)

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SPEEDIANCE is offering FreeS Fund readers a 2,000 RMB discount code. Click the mini-program below and enter SPD100 in the promo code field before submitting your order (valid through April 15). Spring is here — let's get moving!

Xinyong Technology, a continuous blood pressure monitoring technology provider, recently completed an angel round of tens of millions of RMB, with FreeS Fund as the exclusive investor.

**/ Investor Perspective / **

Achieving continuous, accurate, and seamless blood pressure monitoring is a holy grail in medical measurement, requiring disruptive innovation and design. Xinyong has combined pressure and photoelectric sensing in hardware, and hemodynamics with machine learning in algorithms, achieving clinically precise wearable blood pressure measurement. The Xinyong team has demonstrated exceptional ability to solve complex interdisciplinary challenges at the intersection of medicine and engineering, along with strong execution capabilities and business acumen. We look forward to the launch of a watch that is as accurate as an electronic blood pressure monitor and capable of real-time monitoring, enabling better blood pressure management and fewer cardiovascular and cerebrovascular diseases.

**/ Company Details / **

Xinyong Technology, a continuous blood pressure monitoring technology provider, was founded in 2020. Co-founder Dr. Yibin Li graduated from the Department of Microelectronics at Tsinghua University and has nearly ten years of research experience in blood pressure monitoring. Co-founder Dr. Yaoguang Wei earned his Ph.D. in Electrical Engineering from the University of Minnesota and worked for many years as a senior engineer at IBM and Microsoft in the US, with extensive experience in AI and algorithms. The company currently has a team of about ten people, focused on hardware and software development and algorithm R&D, and is actively expanding.

Xinyong's continuous blood pressure monitoring products consist of a front-end device, mobile app, and cloud backend. Specifically, the wristband-style front-end device collects signals; the mobile app displays blood pressure and waveforms in real time and interacts with users; the cloud backend stores data and performs computations. (See [36Kr] "Xinyong Technology" Secures Tens of Millions of RMB in Angel Round, Using Hemodynamics + AI for Continuous Blood Pressure Monitoring for full coverage)

Aixuan Technology, an innovative insurance product developer, announced the completion of its A++ round led by Zhuhai Rongqian, with Shenghui Capital and a well-known industry investor participating.

**/ Investor Perspective / **

The insurtech sector has evolved from its early stage of粗放式 sales and traffic-driven growth to deeper waters of risk control and product innovation. The mismatch between supply and demand in insurance products persists, and insurers need more powerful digital tools to bridge this market gap.

Since its founding, Aixuan Technology has remained focused on挖掘 the actuarial and risk control value of underlying medical data, and has continuously深耕 product innovation for non-standard populations such as the elderly and those with pre-existing conditions — large demographic groups that remain underprotected.

As Aixuan Technology's angel round investor, FreeS Fund has witnessed its development and iteration along the way, and is pleased to see the company enter a fast growth track since 2021. Aixuan Technology has already partnered with dozens of mid-to-large insurers and reinsurers, with its product and technical capabilities gaining broad market recognition. We believe that with the support of this new funding round, Aixuan Technology can further strengthen its business development capabilities and technical reserves, continuing to contribute to China's health industry.

**/ Company Details / **

Founded in 2017, Aixuan Technology is an insurtech company co-founded by senior insurance industry executives and actuarial experts. Since its inception, Aixuan Technology has been committed to building a super-marketplace under the "medicine-insurance-health" ecosystem, deeply cultivating new commercial areas such as elderly insurance, coverage for those with pre-existing conditions, and interactive policies for the general population. Leveraging its dual advantages of technical moats and market recognition, the company has collaborated with multiple insurers to launch exclusive, customized hit products, continuously strengthening its position in the deeply customized commercial insurance space. Additionally, Aixuan Technology provides insurance product pricing and real-time risk assessment services for mid-to-high risk and standard risk populations, and on this foundation, uses data, expert experience, and algorithm-driven health management to form a closed loop. (See [Artery Network] Innovative Insurance Product Developer Aixuan Technology Completes Tens of Millions of RMB in A++ Round, Led by Zhuhai Rongqian Fund for full coverage)

Alpha Optoelectronics, a developer of new photonic chips and optoelectronic integration technology, announced the completion of a B round of tens of millions of RMB, with Shenzhen Capital Group as the investor.

**/ Investor Perspective / **

Congratulations to Alpha Optoelectronics, an optical communication module and solutions company, on completing its B round. Special thanks to Shenzhen Capital Group for their investment and trust.

▍Finding Blue Ocean Opportunities in Red Oceans

The optical communication sector that Alpha Optoelectronics has entered encompasses telecom backbone fiber networks, metropolitan area networks, 2G/3G/4G/5G base station access networks, as well as internal data center communication networks and inter-data center fiber connections.

Like other technically-founded teams in FreeS Fund's portfolio, Alpha Optoelectronics' founding team has strong educational backgrounds in optical communication and deep industry experience. As a startup, Alpha deliberately avoided making its first move into the red ocean of standard communication optical modules for competitive reasons. Instead, based on accurate market analysis and insight, it identified consumer fiber optics as an emerging growth market. For example, HDMI video connection fibers: as video content quality and resolution continue to improve, traditional cables increasingly struggle to guarantee high bit-rate data transmission, or even if they meet the required transmission rates, the cable weight and cost increase substantially.

Under the leadership of founder Dr. Junbin Huang, the team developed optical engine modules with higher integration and lower costs, bringing fiber optics — previously a niche, high-end technology — to the consumer market as an accessory for TVs, projectors, and other home appliances. These products will rapidly普及, entering millions of households. After several years of effort, Alpha Optoelectronics has become a stable supplier in the consumer optical module industry.

▍In Red Oceans, You Need Higher Efficiency and Better Cost Performance

The consumer market breakthrough wasn't the end of Alpha Optoelectronics' ambitions. With accumulated strength, Alpha has now set its sights on two new frontiers: traditional optical communications and the emerging automotive optical internet market.

Traditional optical communications is a classic red ocean. After years of development, giants specializing in every niche have established entrenched "standard" technical solutions and pricing systems. As a latecomer, Alpha Optoelectronics is leveraging its strengths in optical design and its end-to-end capabilities from design through manufacturing to push for higher integration, simpler architectures, and lower production and testing complexity — ultimately delivering far better cost performance in optical modules and cables. And better cost performance is what customers always want, especially in an increasingly "involuted" market. We look forward to Alpha achieving even greater breakthroughs.

**/ Company Profile / **

Founded in 2016, Shenzhen Alpha Optoelectronics Technology Co., Ltd. is a high-tech enterprise focused on the independent R&D and production of next-generation optoelectronic modules and optical engine products. Its main offerings include standardized and customizable HDMI/USB/DisplayPort/DVI optoelectronic modules and active optical cables (AOCs). (For more coverage, see [Lieyunwang: Optoelectronic chip and integrated technology developer Alpha Optoelectronics closes tens of millions of RMB in Series B financing])

Smart fitness brand SPEEDIANCE recently announced the completion of a Pre-A round totaling over ten million RMB, led by FreeS Fund with participation from Weiyi Capital and others.

**/ Investor Perspective / **

Driven by technology, supply chain, and market forces, China is currently upgrading from "Made in China" to "Created in China" and "Brand from China," and we continue to be bullish on investment opportunities in this category. In fitness, intelligent equipment is the inevitable trend. The SPEEDIANCE team has solid product foundations and technical innovation capabilities — they've digitized physical weight, miniaturized, smartened, and made affordable the bulky strength training equipment, targeting mid-to-high-tier fitness enthusiasts with established workout habits. This is genuinely meaningful innovation. C-end markets in Europe and America have already developed strong consumption habits around smart fitness devices, with high market acceptance, while domestic and B-end markets show significant long-term potential.

**/ Company Profile / **

Founded in December 2020, SPEEDIANCE is dedicated to driving digitalization, mass adoption, and platformization in fitness, exploring healthier lifestyles together with users. In late 2021, its debut product launched on overseas crowdfunding platform Kickstarter with an average price of $2,100, raising nearly $600,000 — becoming the platform's only digital strength training product. Unlike traditional fitness products using physical weights, SPEEDIANCE's home fitness products achieve digital weight through direct-drive motors. The team has mastered core technologies in drive circuit design and algorithmic control, forming the critical foundation for sustained product iteration. [(For more coverage, see Lanxiongsports: Home smart fitness brand SPEEDIANCE closes Pre-A round with over ten million from FreeS Fund and others | Exclusive)

Reader Perk

SPEEDIANCE is offering FreeS Fund readers a 2,000 RMB discount code. Click the mini-program below and enter SPD100 in the promo code field before submitting your order (valid until April 15). Spring is here — let's get moving!

Fast-moving consumer goods (FMCG) digitalization and big data service provider Zhoupu Data announced the completion of approximately 150 million RMB in Series B+ financing. This round was led by SoftBank Ventures Asia and Professor Zeng Ming, former Chief Strategy Officer of Alibaba, with existing investor FreeS Fund continuing to add to its position from the angel round.

**/ Investor Perspective / **

We are honored to have partnered with Zhoupu Data since its founding. As Zhoupu Data's angel investor, we firmly believe that regardless of macroeconomic conditions, e-commerce cannot fully replace offline distributor channels in the FMCG industry — yet distributors who fail to adapt to changing times will be eliminated by those very times.

We observe that the US offline retail distributor network achieved centralization, digitalization, and networking (the "three transformations") before the rise of internet e-commerce. In China, however, the offline retail distributor network has lagged significantly behind the birth and rapid growth of e-commerce. Catching up on these three transformations is both necessary and arduous.

Zhoupu Data's core value lies in enabling distributor digitalization and networking to improve FMCG offline circulation efficiency, while building a digital distribution network that serves upstream brand owners — reducing their distribution costs and accelerating circulation efficiency. This creates broad social value alongside solid commercial value.

**/ Company Profile / **

Founded in January 2016, Zhoupu Data has long been committed to providing digital, intelligent solutions and industry big data services for FMCG distribution channels and supply chain management. Since 2016, Zhoupu Data has secured multiple rounds of investment, continuously deepening its industrial service capabilities. It has built complete solutions spanning distributors to brand owners, improving distributor efficiency and management as the entry point to ultimately enhance efficiency across the entire FMCG distribution industry. (For more coverage, see [Cyzone: Zhoupu Data closes approximately 150 million RMB in Series B+ financing, led by SoftBank and former Alibaba CSO Zeng Ming])

Emerging pet products and services brand uah announced the completion of a Pre-A round of tens of millions of RMB, led by FreeS Fund with Zhixing Capital participating.

**/ Investor Perspective / **

While the pet industry as a whole is fiercely competitive, the broader trend of younger pet owners treating pets as family members, combined with increasingly refined and intelligent pet care demands, makes this sector ripe for the emergence of regional or even global smart pet product brands. CEO Lu and his team possess deep strategic thinking capabilities, efficient product R&D and operational execution, and valuable experience in consumer electronics. The company has already achieved notable success with select products in both Chinese and American markets — all demonstrating its potential in the smart pet supplies direction.

**/ Company Profile / **

Founded in 2019 and headquartered in Shenzhen, uah operates under the philosophy of "raising pets with scientists," promoting the vision of "harmonious interconnection between humans and pets." It is dedicated to building a full-scenario pet care products and services platform. To date, uah has launched over 10 innovative products, holds dozens of core patents, and has achieved strong market performance and industry recognition for multiple offerings. For example, its smart vacuum food storage container won 2020 New Domestic Product of the Year for Innovation and the 2021 PFA Product Design Award; its smart litter box deodorizer received the 2021 Tmall Golden Beauty Award; and its pet palm-sized hair dryer and "Delicious Bugs" toy ranked #1 in Tmall's pet blow dryer category and smart pet toy category respectively during Singles' Day sales. (For more coverage, see [36Kr: Former Baofeng TV co-founder enters pet supplies赛道, uah raises tens of millions of RMB in Pre-A round led by FreeS Fund])

Fast-fashion cross-border DTC brand BOUNDLESS announced the completion of a nearly $5 million Pre-A round. The round was led by BAI Capital, with participation from Kuanzhai Venture Capital and Yi San Capital.

/ What the Investors Say /

Congratulations to BOUNDLESS on completing three consecutive funding rounds in less than a year — a remarkable pace of growth.

As an early investor, we've witnessed BOUNDLESS's evolution through different stages of cross-border e-commerce. Starting from multiple boutique independent sites, the company has converged toward a platform model that aggregates custom-made, handcrafted, and independent designer products, skillfully building the relationship between its jewelry brands and the platform.

At the same time, the cross-border赛道 is intensely competitive, requiring teams to rapidly secure supply chains, acquire customers, and drive product sales. BOUNDLESS's founders have demonstrated exceptional execution, achieving multi-category product selection and sales in a short timeframe. We look forward to seeing BOUNDLESS continue to iterate and advance on the path of cross-border e-commerce.

/ Company Details /

As a DTC-focused fast-fashion cross-border brand, BOUNDLESS specializes in building non-standard product brands. The company currently operates three independent non-standard brands — Jouer, 404, and R!CH — covering apparel, accessories, and 3C accessories. Jouer is designed for fashion-forward young women, while 404 targets avant-garde consumers drawn to "non-mainstream culture." R!CH serves Black consumers and those who embrace Black culture. BOUNDLESS's primary revenue currently comes from self-operated sales, with plans to gradually open its platform to third-party brands in the future. (For more coverage, see 36Kr Global: Fast-fashion cross-border DTC brand BOUNDLESS completes $5 million Pre-A round)

Industrial robotics and intelligent manufacturing company Yifei Automation announced the closing of a Series D round of several hundred million RMB. The round was led by Primavera Venture Partners, with follow-on investment from existing shareholders Tsinghua Holdings Capital and CBC Capital, alongside the addition of a well-known strategic investor.

Click the video above to watch Yifei Automation founder & CEO Sai Zhang introduce the company's latest achievements in industrial robotics and automated production lines. 👆

/ What the Investors Say /

Congratulations to Yifei Automation on closing its Series D round of several hundred million RMB. Led by Primavera Venture Partners, with follow-on from existing shareholders Tsinghua Holdings Capital and CBC Capital and the addition of a strategic investor, this funding will accelerate Yifei's march toward becoming a world-class Chinese robotics brand.

FreeS Fund invested in Yifei Automation at an early stage in 2016 and has continued to increase our stake in subsequent rounds, as we remain bullish on intelligent innovation in industrial scenarios. Yifei entered the market with parallel robots and, while becoming the domestic leader in market share for Chinese-made parallel robots, has gradually evolved into a full-category platform company offering parallel robots, SCARA robots, small six-axis robots, and Cartesian coordinate robots.

2022 marks Yifei Automation's 10th anniversary. The company has already built a robust product and business ecosystem spanning core components, motion control algorithms, multi-category robot bodies, and industry-specific automation solutions. Its products and solutions serve leading customers in 3C, new energy, and pharmaceutical inspection — including Lens Technology, BYD, Huaqin, and Mindray. Going forward, Yifei will continue investing in robot body productization and core component R&D, contributing to the automation and intelligent upgrading of Chinese manufacturing.

/ Company Details /

Founded in 2012, Yifei Automation entered the industrial robotics market with parallel robots. After nearly a decade of development, it has grown into a global leading provider of light-industry full-category robots and intelligent manufacturing systems.

In 2014, the company independently developed the Xunyi series high-speed parallel robot, filling a domestic gap. As a high-precision, high-speed premium body — distinct from general low-end alternatives — its core performance metrics including repeat positioning accuracy and rated-load cycle time surpassed those of comparable products from the foreign "Big Four" robot families. By 2018, Yifei's parallel robot shipments ranked #1 in China. Building on this foundation, Yifei Automation has continued to innovate and invest in R&D, gradually evolving into a full-category platform company. (For more coverage, see Yifei Automation: Yifei Automation closes Series D round of several hundred million RMB, accelerating toward world-class robotics brand)

Qingdao Zhiteng Technology completed a Pre-B round of over 100 million RMB, led by well-known venture capital firm Hongta Innovation and Shaanxi Growth Fund, which specializes in integrated circuits, with participation from Jiaxing Runze.

/ What the Investors Say /

Congratulations to Qingdao Zhiteng Technology on completing its Pre-B round of over 100 million RMB, with special thanks to the multiple institutions for their investment and trust.

▍ Qingdao Zhiteng: The "Red and Expert" Entrepreneur

We often say internally at FreeS Fund: "We are a private investment institution that is both 'red and expert.'" This isn't just because we are Chinese, with an innate conviction deep in our hearts. It's also because FreeS's investment business is rooted in China's market and daily life, accompanying Chinese manufacturing as it goes global, serving Chinese manufacturing, and benefiting from it. Our fate is intertwined with China's rise and the improvement of people's livelihoods — we share glory and endure hardship together.

As one of FreeS's portfolio companies, Qingdao Zhiteng is also such a "red and expert" company. As a high-tech sensor company, Zhiteng Technology develops and manufactures a range of products including health monitoring and fault diagnosis sensors, accelerometers, directional sensors, positioning and navigation systems, and DAS/DTS fiber optic sensors.

These sensors cover numerous intelligent scenarios, extensively serving key national aerospace and defense units. Its products also support commercial aerospace companies including LandSpace, i-Space, Jiuzhou Yunjian, and Galactic Energy, as well as autonomous driving and robotics sectors, with products sold to over a dozen countries worldwide.

Over several years of development, Zhiteng Technology has made outstanding contributions to national pillar industries such as defense and aerospace, earning recognition and strong support from key government departments and local authorities. It has also achieved stable and substantial returns, with operating revenue rising year after year, putting the company on a fast track of high-speed growth.

▍ The Right People, Doing the Right Things

The customers Zhiteng serves are typically highly specialized and vertical, sometimes even unique. Their demands are usually customized, their technical requirements frequently and rapidly evolving, and their performance specifications demanding — even stringent. Particularly for extreme high and low temperatures, ultra-high precision, and high reliability, the challenges posed not only test a team's technical and process capabilities but also set high bars for customer communication, requirement comprehension, project management, and quality control. These are not tasks that ordinary technical teams can undertake and complete.

Zhiteng's core team members come from renowned universities and defense research institutes, bringing with them extensive technical and management experience. This allows the team to more deeply understand customer needs and communicate seamlessly and effectively. Only such a team can tackle one technical challenge after another and produce high-quality products. It is a virtuous cycle of talent: the defense research institutes cultivated the team, and the Zhiteng team now contributes back to defense and aerospace through its own efforts.

Once again, congratulations to Qingdao Zhiteng on its dual success in business and financing. We wish Zhiteng further ascent in the intelligent sensor field, soaring toward an even higher and farther-reaching future.

/ Company Details /

As a private high-tech enterprise that has supplied components for the Long March rocket series more than a hundred times, Qingdao Zhiteng — after years of R&D and production experience — has become a representative player in the intelligent sensor space. Leveraging technical strengths in ultra-high temperature, ultra-low temperature, high precision, and high reliability, Zhiteng has established long-term, stable partnerships with multiple key national aerospace and defense institutions. Beyond supplying China's state-backed space programs, its products are now also used by commercial space companies including LandSpace, i-Space, Jiuzhou Yunjian, and Galactic Energy, and have been exported to more than a dozen countries overseas. (Full report: Qingdao Zhiteng Closes 100M+ Yuan Financing Round, Committed to Intelligent Sensor Hard Tech)

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