From Three Consecutive Rounds to a Mega $100M+ Series E: 16 Companies Announce New Funding | FreeS Family Funding News Vol.25
Looking forward to working alongside more outstanding founders.
Sowing seeds in winter, opening new chapters in spring. Spanning late autumn and deep winter of 2025 through early spring of 2026, the venture capital market has undergone a period of consolidation and renewal. Over these months, companies across sub-sectors have built momentum, secured funding to fuel growth, and steadily climbed in industrial potential and vitality. Today, we review the industry's trajectory and witness how these companies have broken through and grown toward the light.
The "FreeS Family Funding News" column regularly publishes funding updates from FreeS Fund portfolio companies. Together we witness every step of innovative enterprises from 0 to 1, from 1 to 10, and from 10 to 100.
This issue at a glance:
- Embodied Intelligence: FreeS angel-round portfolio company LimX Dynamics completed a $200 million Series B; FreeS angel-round portfolio company Dongyi Technology completed a hundred-million-yuan angel++ round; Shunheng Intelligence completed three consecutive angel rounds, co-invested by FreeS; FreeS Series A portfolio company Yinshi Robotics completed Series C1 and C2 rounds; FreeS angel-round portfolio company Starlight AI completed a tens-of-millions-yuan Pre-A+ round.
- Semiconductors: FreeS Series A portfolio company加特兰微电子 completed an over-1-billion-yuan Series E; Yuanchuan Micro completed an angel round, co-invested by FreeS; FreeS angel-round portfolio company LuminWave received investment from Shaanxi Photonics Industry Strengthening Fund; FreeS angel-round portfolio company Chuguang 3D completed a pre-A+ round.
- Biopharma: FreeS angel-round portfolio company Qiongding Medical completed a nearly-100-million-yuan A+ round; FreeS angel-round portfolio company Shize Biotech completed four consecutive market-oriented financings totaling 400 million yuan across Series B/B+ and C1, with FreeS continuing to add; Ningkang Ruizhu completed an over-100-million-yuan Series A, with FreeS following on; FreeS angel-round portfolio company Anyipu completed a nearly-100-million-yuan Series B.
- Consumer + Hardware: FreeS pre-A portfolio company Dail Technology completed a nearly-100-million-yuan Series A, with FreeS continuing to add; Zhuma Innovation completed a tens-of-millions-yuan angel round, led by FreeS Fund.
- Commercial Aerospace: FreeS angel-round portfolio company Jiuzhou Yunjian completed a Series B2.
(This summary covers publicly disclosed funding news from November 2025 to March 2026, organized by sector.)
**/ 01 / **
Embodied Intelligence
(Image source: LimX Dynamics)
LimX Dynamics announced the completion of a $200 million Series B round. This round attracted participation from multiple renowned domestic and international institutional investors, including UAE-based Stone Venture, Oriental Fortune Capital, Cornerstone Capital, Tianchuang Capital, GF Xinde Investment Management, Hefei Innovation Investment, Guotai Junan Innovation Investment, CSCI, Tangxing Capital, and Caixin Capital; strategic industry investors including JD.com, Zhongding Shares, Guangyang Shares, and Dongtu Technology; and existing shareholders Shangqi Capital (under SAIC), Bi'an Times, NIO Capital, and Future Capital, who continued to increase their stakes.
/ Investor Perspective /
Looking back at 2025, humanoid robots officially began advancing from "humanoid" to "intelligent." The industry's focus has shifted from single motion-control algorithms to end-to-end architectures that deeply integrate "brain" and "cerebellum." We see that achieving autonomous intelligence is now driving the reconstruction of hardware architecture and perception capabilities. With its profound understanding of robot AI plus hardware fundamentals and rapid technical iteration capabilities, LimX Dynamics is redefining the evolutionary path of general-purpose robots.
After years of deep cultivation, LimX Dynamics has completed the leap from single-point technical breakthroughs to platform-level capabilities. With the systematic release of its Oli and TRON product lines, and the debut of COSA — an Agent OS for humanoid robots — LimX Dynamics is providing the industry with a standardized "embodied brain + universal torso" evolutionary path. Combined with its continuously improving learning and development toolchain, the company is dramatically lowering the barrier to embodied intelligence deployment. We look forward to LimX Dynamics continuing to empower downstream industries, transforming complex physical tasks into efficient productivity solutions, and leading robots toward the inflection point of large-scale commercial deployment.
/ Company Details /
LimX Dynamics is an AI-driven humanoid robotics company focused on building full-size general-purpose humanoid robots, with derivative innovations including the multi-form TRON series. The company is committed to disruptive innovation in embodied intelligence, centered on three core embodied intelligence technologies to unleash AGI's generalization capabilities in the physical world: hardware design and manufacturing, brain-cerebellum fusion technology, and embodied Agentic OS systems — developing the embodied intelligence operating system LimX COSA to drive technological innovation, development, and broad application of embodied intelligence in research, manufacturing, commerce, and home environments.
With R&D engineering at its core, LimX Dynamics maintains an R&D staff ratio exceeding 80%. The team continues investing around three core capabilities, focusing on breakthroughs in embodied intelligence brain-cerebellum fusion key technologies, driving original innovation in general-purpose humanoid robots and modular base robots, and accelerating technology deployment and global market expansion through product engineering and supply chain ecosystem development. (For full coverage: Humanoid robot company LimX Dynamics completes $200 million new funding round, with leading overseas fund participation, SAIC and NIO increasing stakes — 硬氪 exclusive)
(Image source: Dongyi Technology)
Dongyi Technology announced the completion of a hundred-million-yuan angel++ round, bringing cumulative angel-round funding to over 200 million yuan. This round continues the capital market's strong recognition of Dongyi Technology's "full-stack self-developed" technical path and "superhuman" dynamic performance achievements. Investors in this round include Haizhu Urban Development, Guangzhou Industrial Investment, Jolmo Investment Management, Xi Chuang Tou, GSR United Capital, Data Capital, Fuzhuo Investment, with existing shareholder Puchao Capital making an oversized follow-on investment.
/ Investor Perspective /
Dongyi Technology is a rare AI Native robotics enterprise. It not only comprehensively applies AI technology across perception, planning, and control algorithms, but also adheres to an AI-oriented design philosophy in robot hardware design and optimization — truly a robotics company built for the future. Drawing on the team's rich industry experience and cutting-edge technical architecture, we believe the company's humanoid high-dynamic robot product series can break through the bottleneck of general-purpose motion, providing a solid and reliable "body" for the silicon-based intelligent world.
/ Company Details /
Founded in September 2024, Dongyi Technology upholds the vision of "Robot for AI," dedicated to building general embodied intelligent agents with natively integrated software and hardware.
Through full-stack self-developed hardware, end-to-end trained motion control systems, and multimodal large model fusion, it provides next-generation AI productivity for manufacturing, special operations, and life services.
Dongyi Technology's core team is one of the few domestically capable of scaling reinforcement learning algorithms for full-size humanoid robot motion control. The R&D team possesses industry-leading AI algorithm capabilities and extensive engineering and mass production experience. (For full coverage: Accelerating "Robot for AI" strategy deployment, Dongyi Technology completes hundred-million-yuan angel++ round, with cumulative angel funding exceeding 200 million yuan)
(Image source: Shunheng Intelligence)
Shunheng Intelligence announced the completion of three consecutive funding rounds — angel, angel+, and angel++. This financing was jointly invested by Inno Angel Fund, Zhongxin Embodied Intelligence, FreeS Fund, and others.
/ Investor Perspective /
Congratulations to Shunheng Intelligence on completing three consecutive funding rounds. Shunheng Intelligence is one of the few companies on the market capable of integrating visual-tactile sensing, dexterous hands, lightweight arms, and embodied manipulation large models — and it has already achieved commercial deployment of ultra-fine operations at leading industrial customers. We are very optimistic that in the second half of embodied intelligence, Shunheng will切入 from scenarios, deliver solutions, and truly realize end-effector intelligence.
/ Company Profile /
Shunheng Intelligence focuses on core robotics technology, building solutions around "brain arrays of varying scales," "end-effector intelligent products," and "robot bodies," committed to achieving deep integration of hardware and software to create true embodied intelligence and capture a strategic position in the end-effector intelligence product track.
The team holds industry-leading positions in key technologies such as dexterous manipulation systems, tactile modules, and dexterous hands, endowing robots with human-like perception and manipulation capabilities so they can truly work灵巧ly "in place of" humans.
The company's core team combines top-tier academic credentials with leading industry experience: Chief Scientist Professor Bin Fang, a distinguished talent professor at Beijing University of Posts and Telecommunications' School of Artificial Intelligence, formerly taught in Tsinghua University's Department of Computer Science, and is an internationally renowned expert in embodied intelligence, tactile perception, and robotic dexterous manipulation. He authored decision-making consultation reports on humanoid robots and embodied intelligence that were adopted by the General Office of the State Council and received instructions from central leadership. He has published over 100 high-level papers in top-tier journals and conferences such as IJRR and IEEE TRO, led multiple national key research projects, and ranks among the global forefront in technical achievements and academic influence. Core technical team members come from Tsinghua University, Beihang University, Harbin Institute of Technology, Technische Universität München, and leading embodied intelligence companies including Huawei, DJI, and Tencent Robotics X Lab, with an average of over ten years of industry experience, covering the full chain from underlying algorithms, hardware systems, data engineering, to industrial deployment, with complete capabilities from frontier R&D to engineering commercialization. (Full report: Shunheng Intelligence Completes Three Consecutive Funding Rounds, Focusing on Embodied Intelligence Dexterous Manipulation, Jointly Invested by Qingke Holdings and Others)
(Image source: Inspiry Robotics)
Dexterous hand benchmark company Inspiry Robotics announced the completion of two funding rounds — C1 and C2 — totaling several hundred million RMB. The C1 round was jointly led by China Mobile's Supply Chain Leadership Fund and Shenzhen Capital Group, with Boyuan Capital, Fortune Venture Capital, and Primavera Venture Partners participating. The C2 round was led by Beijing Artificial Intelligence Industry Investment Fund, with Qiming Venture Partners, Boyuan Capital, Primavera Venture Partners, Jinshi Data Economy Fund, and TCL Ventures participating.
/ Investor Perspective /
Inspiry focuses on R&D and mass production of micro servo cylinders and dexterous hands, making it an important participant in the robotics industry. We are very fortunate to have witnessed the series of critical development milestones Inspiry Robotics has experienced. From a supply chain perspective, micro servo motors serve as upstream core components in the robotics industry, and their application scenarios are continuously expanding and upgrading.
Initially, these products were mainly used in traditional 3C sectors as well as research and education scenarios. But with technological advances and evolving market demands, micro servo motors have gradually penetrated medical, medical aesthetics, new energy, and semiconductor industries, and are now being applied in humanoid robotics. This reflects the trend of motion control components evolving toward greater miniaturization and higher precision, which has also created substantial new commercial opportunities. In the dexterous hand segment, Inspiry Robotics has grown into one of the industry's leading companies.
As the entire humanoid robotics industry rapidly develops, dexterous hands — as core components enabling complex manipulation and interaction capabilities — will have broad growth potential and application prospects in the future. Of course, none of this would be possible without the Inspiry team's continuous efforts and dedicated commitment. Since its founding, the team has maintained its passion for the robotics industry, adhering to a pragmatic and rigorous work style, constantly pursuing excellence in technology R&D and product refinement. We look forward to Inspiry Robotics playing an even more important role in the robotics supply chain and becoming a significant force driving industry development.
/ Company Profile /
Founded in 2016, Inspiry Robotics is a specialized and innovative enterprise focused on R&D and manufacturing of micro precision motion components and breakthrough innovations in servo control technology. Its typical products include micro servo cylinders and anthropomorphic five-finger dexterous hands, with unique advantages in miniaturization, high precision, and force control technology, widely used in motion execution components of robots and other mechanical equipment. Across dozens of products, Inspiry Robotics has achieved complete independent R&D and manufacturing of all key components, with extremely high application value particularly in the robotics industry, precision manufacturing, biomedical (medical aesthetics) equipment, and education/research sectors. (Full report: Inspiry Robotics Completes Hundreds of Millions RMB in C1 and C2 Funding Rounds)
(Image source: Interstellar Epoch)
Shenzhen Interstellar Epoch Technology Co., Ltd. (hereinafter "Interstellar Epoch") announced the completion of a tens of millions of RMB Pre-A+ funding round. This round was jointly invested by Lihe Venture Capital and Gaomai Family Office, with existing shareholder Saina Capital continuing to invest.
/ Investor Perspective /
Dexterous hands are the critical terminal for embodied intelligence to move from "perception" to "interaction." As the industry enters deeper waters, the generalization capability of end-effectors has become the core bottleneck constraining deployment of high-precision tasks. This tests not only power density and reliability of hardware but also imposes stringent requirements on underlying motion control algorithms. The full-stack协同 R&D capability spanning hardware and software is precisely the core variable enabling Interstellar Epoch's breakthrough in this high-barrier track.
Interstellar Epoch has already built a highly competitive "dual-wheel" product matrix of hardware and software in this赛道. Over the past year, the company successfully launched its flagship "arm-hand integrated" dexterous hand Pantheon 22, breaking through performance ceilings of high-end dexterous hands; simultaneously, through its open-source Gaia series and core micro joint modules, it has powerfully promoted普惠 and standardization of the industry ecosystem. What excites us even more is that Interstellar Epoch is deeply cultivating the "cerebellar model" and operating system for dexterous manipulation, achieving deep closed-loop integration from perception-execution to intelligent decision-making. With its profound understanding of the "last centimeter" interaction challenge, Interstellar Epoch will continue to empower diverse scenarios including research, manufacturing, and commercial services, defining the touch standard for the embodied intelligence era and giving general-purpose robots the "hands" to truly change the physical world.
/ Company Profile /
Founded in August 2024, Interstellar Epoch takes "leading industrial transformation through embodied intelligence general manipulation" as its mission, focusing on the embodied intelligence general manipulation domain and committed to building an industrial-grade general end-effector platform centered on dexterous hands. Centered on product goals of "modularity, scalability, and replicability," the company independently develops core joint modules and high-degree-of-freedom dexterous hand systems, pushing dexterous hands from laboratory prototypes toward engineering and industrial applications.
Interstellar Epoch was selected for Hong Kong's DeepTech100 Program, receiving HKD 100,000 from the Hong Kong government; selected for Google Cloud Start-up Program, receiving USD 250,000 in cloud resources; and awarded HKD 500,000 under Hong Kong government's Innovation and Technology Commission TSSSU program. (Full report: Interstellar Epoch Completes Tens of Millions RMB Pre-A+ Funding Round, Accelerating Engineering and Scalable Deployment of Industrial-Grade Dexterous Hands)
**/ 02 / **
Chips
(Image source: Calterah)
Calterah (加特兰微电子科技（上海）股份有限公司) has raised over RMB 1 billion in its Series E funding round. The round drew investments from multiple prominent institutions, including national-level industrial funds, local government funds, and corporate strategic investors. China Renaissance Securities, part of China Renaissance, served as the exclusive financial advisor.
/ What the Investors Said /
Calterah was the first company to mass-produce automotive-grade CMOS 77GHz/79GHz millimeter-wave radar RF front-end chips and the first to mass-produce CMOS 77GHz/79GHz and 60GHz mmWave radar AiP SoC chips globally. It is one of the very few domestic suppliers to achieve large-scale front-loading mass production in China, successfully breaking the monopoly of international incumbents and helping the country's automotive supply chain achieve full autonomous localization. We believe Calterah's leading automotive-grade mmWave and UWB chips hold enormous market potential and will unlock an ever-growing range of innovative application scenarios.
/ Company Profile /
Founded in 2014, Calterah is a leading domestic supplier of automotive-grade mmWave radar chips, focused on providing CMOS mmWave radar chips for core functional safety applications in automotive electronics, as well as industrial mmWave radar chips.
A pioneer in CMOS mmWave radar chip development and design, Calterah boasts the industry's most comprehensive mmWave radar chip portfolio. Its products include 77/79 GHz and 60 GHz RF front-ends, SoCs, and SoC AiP chips, deployed in corner radar, front radar, imaging radar, in-cabin radar, and door radar for ADAS and autonomous driving, as well as in smart home, elder care monitoring, security surveillance, intelligent transportation, and security imaging for industrial and consumer applications.
An innovator in "integrated sensing and communication" ultra-wideband chips: Calterah has launched the world's first UWB SoC family compliant with the IEEE 802.15.4ab standard, opening a new chapter in "integrated sensing and communication" with centimeter-accurate ranging and positioning combined with radar perception. Calterah's UWB chips serve automotive and consumer electronics applications, enabling digital car keys, child presence detection (CPD), kick-to-open, air mouse, smart item finding, and seamless interaction — all driving upgraded intelligent experiences with lower power consumption. (Full report: Calterah Raises Over RMB 1 Billion in Series E, China Renaissance Serves as Exclusive Financial Advisor)
(Image source: Zhiwei Intelligent Technology)
Hangzhou Yuanchuan Micro Technology Co., Ltd. ("Yuanchuan Micro") has completed an angel funding round led by FreeS Fund and Yaoteng Investment, among others.
What the Investors Said
Congratulations to Yuanchuan Micro on completing this new funding round. Our sincere thanks go to the new investors and to all those who have long supported Yuanchuan Micro's development.
Forward-looking market analysis, deep technical expertise, and strategic alignment with global giants: Even before Yuanchuan Micro's official founding, the FreeS team engaged in multiple in-depth discussions with founder Yang Bin, centered on AI compute market trends and emerging demand, the differences in technical architectures among existing global AI accelerator chips — their strengths and weaknesses — with particular focus on the novel requirements and technical pain points for inference-side chips amid rapid AI application iteration. Key issues included the core demands of inference applications for real-time performance, computational efficiency, and power consumption.
After rounds of rigorous market analysis, technical incubation, and repeated validation, the Yuanchuan Micro team went through countless brainstorming sessions, forward technical analyses, and simulations to develop a technical architecture highly optimized for AI inference scenarios. When founder Yang Bin presented this core technical achievement to the FreeS team in full, even our investment team with its deep technical and industry background gave high recognition to its core advantages — the architecture demonstrates significant competitiveness across compute performance, cost control, and power optimization.
Yuanchuan Micro was formally founded and secured substantial angel investment. Around the same time, NVIDIA announced its $20 billion acquisition of Groq, an inference-focused AI LPU processor startup — a move that also fueled the technology boom and investment momentum in AI inference processors. From an investment perspective, as large AI models iterate with quality improvements and application scenarios achieve full-scale deployment, AI processors purpose-built for inference have entered a period of rapid growth. Market demand spans cloud data centers, edge, and endpoint devices, with total addressable market potentially exceeding that of GPUs. In terms of market foresight and technical positioning for AI inference, Yuanchuan Micro and global giants like NVIDIA have arrived at similar destinations through different paths, demonstrating the team's precise grasp of industry trends and forward-looking technical roadmap.
The right team, at the right time, on the right path: Yuanchuan Micro's core team has deep roots in the chip industry, with substantial technical accumulation and rich industry experience. At this critical inflection point where AI inference applications are poised for explosive growth, the team's precise entry into the high-efficiency, high-real-time, high-cost-performance AI inference chip track is truly "the right people, at the right time, choosing the right direction."
We wish Yang Bin and the Yuanchuan Micro team continued technical depth and bold progress, with sustained breakthroughs in AI inference chips, outstanding achievements, and a new chapter in industry development.
Company Profile
Established in September 2025, Yuanchuan Micro was from day one a pioneer in China in promoting LPU-architecture AI real-time inference chips, and the first domestic startup focused exclusively on AI real-time inference compute chips. Its technical approach returns to first principles of AI inference, with two planned chip product families precisely addressing industry demands for deterministic ultra-low latency, high-throughput compute, extreme energy efficiency, and cost-effectiveness — providing efficient, deployable AI compute infrastructure for edge intelligence.
Leveraging its self-developed hard dataflow architecture and full-resource compiler core technology, Yuanchuan Micro has launched its "Mountain" (compute) and "River" (Agent) LPU+ product families targeting large models, multimodal applications, and edge scenarios. Its technical logic goes straight to the core pain points of inference applications: determinism, ultra-low latency, high energy efficiency, and low cost. (Full report: Betting on the "New Engine" of the Inference Era, Zhiwei Intelligent Increases Investment in LPU Industrialization)
(Image source: LuminWave)
Hangzhou LuminWave Technology Co., Ltd. (LuminWave) announced an investment from Shaanxi Photonics Industry Chain Fund.
What the Investors Said
Congratulations to LuminWave, a silicon photonics LiDAR chip and solutions company, on completing this new funding round. Special thanks to the investors for their support and trust.
LuminWave: positioned in silicon photonics, a long and rewarding track. Silicon photonics technology uses silicon material to realize laser communication chip and module functions. Unlike traditional III-V material optical chip technology, silicon photonics shares significant similarities with mainstream CMOS chip materials and processes in the semiconductor industry. This means silicon photonic chips can leverage most of the material systems, design methods, and production processes already established in the electrical chip industry. In short, silicon photonics dramatically improves chip design and production efficiency while lowering costs. Moreover, new chip packaging processes have made optoelectronic co-packaging possible. LuminWave's two founders are graduates of Peking University and MIT, veterans of the silicon photonics industry, and exemplify the serial entrepreneur archetype. We hope they can achieve even greater success on their familiar silicon photonics technical path, in LiDAR, this emerging application domain.
LiDAR is on the eve of an explosion. LiDAR represents the latest category of sensors that fuses radar and laser technology. Thanks to the short wavelength of laser light, LiDAR achieves far higher resolution and measurement precision than microwave or millimeter-wave radar. The rapid advancement of autonomous driving has both spurred innovation and commercialization of related technologies and driven down component and system costs, providing a robust industrial chain foundation for automotive LiDAR adoption. Within the LiDAR field, FMCW (Frequency Modulated Continuous Wave) technology stands out as a particularly important emerging branch. FMCW employs coherent communication techniques to improve system signal-to-noise ratio, dramatically reduce interference between LiDAR units, and enhance overall LiDAR effectiveness. Beyond delivering the 3D point clouds that other LiDAR systems provide, FMCW can directly measure real-time target velocity, giving autonomous driving software systems an additional dimension of information and ultimately improving safety. After years of dedicated effort, the LuminWave team has accumulated substantial core technology and market resources. We look forward to seeing LuminWave achieve further development and success.
Company Details
LuminWave is dedicated to applying advanced silicon photonics technology to LiDAR and 3D sensing, enabling upgrades across autonomous driving, industrial automation, and embodied intelligent robotics. The company has assembled an R&D team from MIT and other top global institutions, using silicon photonics chip integration and FMCW ranging technology to revolutionize LiDAR's technical path. Building on traditional LiDAR's 3D perception capabilities, LuminWave further achieves 4D transient velocity field perception, giving it significant competitive advantages in reliability, integration, cost control, and robustness for intelligent perception systems.
LuminWave's self-developed LiDAR products have already been successfully deployed in domestic leading commercial heavy-truck L2+ mass-production pre-installed projects, with mass delivery achieved at hundreds of automation and intelligent robotics companies. With this financing round, LuminWave will continue to seize dual opportunities in technology and market iteration, accelerating LiDAR product sales and market expansion in autonomous driving, lawn-mowing robots, and embodied intelligent robotics. (Full report: LuminWave Secures Investment from Shaanxi Photonics Industry Strengthening Fund, Embarking on a New Development Journey)
(Image source: Chuguang 3D)
Precision instrument company Chuguang 3D has completed its pre-A+ funding round.
Investor Commentary
As advanced manufacturing capabilities and their applications drive rapid development across related industries, demand for high-precision imaging — particularly micro- and nano-scale 3D imaging — will grow quickly.
Drawing on years of industry experience and research accumulation, and building on technical foundations in spectral confocal and coded imaging technologies, the Chuguang team can rapidly deliver solutions for high-speed, high-precision measurement of micro- and nano-scale 3D structures. We look forward to seeing Chuguang become a leading precision measurement platform enterprise amid the wave of industrial upgrading and advanced manufacturing.
Company Profile
Hubei Chuguang 3D Sensing Technology Co., Ltd., founded in November 2022, is dedicated to researching new optical 3D sensing and measurement technologies at micro- and nano-scale precision. Through self-developed optical and intelligent computing technologies, the company achieves autonomous, controllable, industry-leading mass-production-grade high-precision optical 3D measurement instruments and solutions. The company has accumulated over 30 national invention patents and received honors including provincial high-tech enterprise and innovative enterprise designations.
Core products include area confocal 3D microscopy sensors and area confocal 3D microscopes/profilometers, covering multiple precision ranges (Z-axis precision from 1 nm to 1 μm) for micro-surface 3D topography analysis. Product technical characteristics include cross-scale compatibility (micron to nano-scale precision), cross-material adaptability (metal/non-metal, transparent/semi-transparent, highly reflective materials), and cross-structure capability (smooth/rough surfaces, deep holes, grooves, and other complex structures), breaking through limitations of traditional inspection technologies.
With "innovation-driven, technology-leading" as its core philosophy, the company is committed to providing high-precision 3D sensing solutions for industrial inspection, intelligent security, medical imaging, and virtual reality. Products can be used for inspection and measurement in ultra-precision manufacturing fields including semiconductors, advanced packaging, AI computing hardware, high-end 3C electronics, and new energy. The company aims to become a global leader in micro- and nano-scale optical 3D sensing and measurement instruments and solutions. (Full report: Jiupai Capital Completes Pre-A+ Round Investment in Precision Instrument Enterprise Chuguang 3D)
**/ 03 / **
Biotech and Healthcare
(Image source: Neurodome)
Xi'an Neurodome Medical Technology Co., Ltd. ("Neurodome") has successfully completed a nearly 100 million yuan Series A+ funding round. This round was led by Mingxi Capital, with follow-on investment from Optics Valley Industrial Investment, and continued investment from existing shareholders Shunwei Capital, Huafang Capital, iFlytek Ventures, and Oriza Seed Fund.
/ Investor Commentary /
In the field of brain science, research into the working mechanisms of the human brain and the development of neuromodulation technology have made it possible to regulate brain activity and intervene in brain diseases through physical fields. Neuromodulation technology has now been developing for nearly 60 years, yet technologies that simultaneously satisfy non-invasive, deep-brain, and precise neuromodulation remain scarce.
Neurodome, built on Temporal Interference (TI) technology, has developed a series of neuromodulation products including electrical stimulation, ultrasound stimulation, and magnetic stimulation, providing new tools for clinical research and treatment of brain diseases, and has achieved industry-leading clinical progress across multiple indications. FreeS Fund is optimistic about Neurodome's efficient, solid completion of clinical validation for TI technology, providing innovative treatment solutions for brain diseases originating from China.
/ Company Details /
Xi'an Neurodome Medical Technology Co., Ltd. (Neurodome, Inc.), founded in 2019 by a brain science team from Xi'an Jiaotong University, is dedicated to providing lifelong treatment solutions for patients with central and peripheral nervous system diseases and chronic mental disorders. It is an emerging hard-tech enterprise in non-invasive deep-brain neuromodulation with core technology barriers in Temporal Interference (TI) stimulation, with related products capable of simultaneously achieving non-invasive, deep-brain, high-precision, and multi-target neuromodulation goals. (Full report: Official Announcement | Nearly 100 Million Yuan Series A+ Funding Secured, Neurodome Reshapes Therapeutic Brain-Computer Interface Industry with TI Technology)
(Image source: Shize Biotechnology)
Shize Biotechnology announced the completion of consecutive Series B/B+ and Series C1 market-oriented funding rounds totaling 400 million yuan, marking five consecutive years of market-oriented financing: The completed Series B/B+ round was led by 3SBio, with co-lead investment from Tai Long/Tai Kun Capital and Asymchem Laboratories, and joint investment from C&D Emerging Investment, Suzhou Angel Fund, Qisheng Capital, Sincere Capital, Tianhui Capital, and others, with existing shareholders FreeS Fund, Qiming Venture Partners, Lilly Asia Ventures, and HSG making continued additional investments; the completed Series C1 round was led by China Reform Fund, with follow-on investment from Yuyao Industrial Investment.
/ Investor Commentary /
In 2025, both China and the U.S. approved their first MSC stem cell drugs for market, and this year Japan approved the world's first iPSC therapeutic product — marking the moment stem cell commercialization has officially entered the fast lane. Shize Biotech is a standout in this field, with multiple pipeline programs already in clinical stages in both China and the U.S., all targeting serious diseases with significant unmet clinical needs. We hope that with the support of new investors and capital, Shize can accelerate its pipeline into the clinic and bring benefits to patients as soon as possible.
/ Company Profile /
Founded in 2021 by Dr. Xiang Li upon his full-time return to China, Shize Biotech focuses on developing clinical-grade, allogeneic, "off-the-shelf" iPSC-derived cell therapies for central nervous system (CNS) diseases.
Shize Biotech has obtained seven formal IND approvals from both China's NMPA and the U.S. FDA, with multiple universal iPSC-derived neural cell therapies already in registrational clinical trials in China and the U.S. The company has won the top prize in the National Disruptive Technology Innovation Competition organized by China's Ministry of Science and Technology for two consecutive years, and has been featured in Xinhua Daily, Science and Technology Daily, China Star Market, Yicai, China Newsweek, and other outlets. (See: Leading Universal Cell Therapy Company for Parkinson's Disease, Shize Biotech Completes RMB 400 Million Financing, Marking Fifth Consecutive Year of Market-Based Funding)
(Image source: Ningkang Ruizhu)
Ningkang Ruizhu Biopharmaceuticals (Zhuhai) Co., Ltd. ("Ningkang Ruizhu") has completed a Series A financing of over RMB 100 million. The round was led by Dragonstone Capital, with FreeS Fund and Sunshine Life Capital participating.
/ Investor Commentary /
We are pleased to participate in this round. Dr. Xiong and Dr. Guan have deep expertise in medicinal chemistry and biology, with strong passion for developing innovative drugs. Since 2019, they have been heads-down and achieved milestone results — which impressed us. By using elegant molecular design rather than formulation to achieve enrichment at membrane targets, Ningkang Ruizhu can precisely modulate drug pharmacokinetics without affecting pharmacodynamics. We believe the company's membrane-anchored platform will become as important as oral cyclic peptides, and we look forward to the clinical results of its oral metabolic small molecules.
/ Company Profile /
Ningkang Ruizhu Biopharmaceuticals (Zhuhai) Co., Ltd. is a clinical-stage innovative biotech company founded in 2019. Team members come from frontline R&D and operations at Merck, Novartis, Roche, BMS, and other global pharma giants. The company is dedicated to developing global first-in-class (FIC) or best-in-class (BIC) innovative drugs through its proprietary, globally original "Membrane-Anchored Drug Design" (MADD) platform, with a focus on metabolic and immunological diseases. With its original platform as core competitive advantage and unmet clinical needs as its guiding principle, the company is building a differentiated pipeline and efficiently advancing clinical studies. The MADD platform has already achieved proof-of-concept in humans, and the company continues to expand its pipeline based on this innovative molecular paradigm and dosing approach for various indications. (See: Ningkang Ruizhu Completes Series A of Over RMB 100 Million, Leveraging Globally First-in-Class "Membrane-Anchored Drug Design Platform" to Address Multiple Chronic Diseases with Unmet Clinical Needs)
(Image source: Anyeep Suzhou) Anyeep (Suzhou) Medical Technology Co., Ltd. ("Anyeep") announced the completion of a Series B financing of nearly RMB 100 million. The round was led by BGI-Songhe Capital and BioTrack Capital, with existing shareholder YuanSheng Ventures making continued additional investment, and Hanon Technology's investment being finalized.
/ Investor Commentary /
Anyeep is a leading domestic instrumentation company that FreeS Fund led at the angel round and has supported through multiple rounds. The company has strong product capabilities and innovation, with GC-MS, LC-MS, and ultra-high-resolution mass spectrometers for multiple application scenarios that match international advanced standards in performance and reliability. We are very optimistic about the company's potential for import substitution in the semiconductor and biomedical sectors, and congratulate Anyeep on completing this financing round.
/ Company Profile /
Anyeep, founded by Dr. Xiaohua Zhang — a recipient of China's State Science and Technology Progress Award (Second Class) — is a leading Chinese high-tech enterprise engaged in the R&D, production, sales, and service of chemical analysis and medical testing instruments. The company focuses on providing users with mass spectrometers for various applications, laboratory mass spectrometers, and portable mass spectrometers, possessing internationally advanced technology and multiple core patents. Guided by the mission of "diligent craftsmanship, making China's finest mass spectrometers," Anyeep insists on independent innovation and import substitution, committed to revitalizing China's analytical instrument industry and building Anyeep into a renowned international instrument brand, fundamentally changing the global analytical instrument market landscape.
Anyeep specializes in the R&D and manufacturing of high-end mass spectrometry analytical instruments, with laboratory benchtop, vehicle-mounted, portable, and online mass spectrometry products including GC-MS, LC-MS, and ultra-high-resolution mass spectrometers for diverse application scenarios. With performance matching international advanced standards and stable, reliable quality, the company provides rich solutions for traditional and strategic emerging industries in analytical testing applications, with a development plan aligned with China's national strategies for quality powerhouse and scientific instrument self-sufficiency. (See: Exclusive: BGI-Songhe Capital, BioTrack Capital, and Hanon Technology Jointly Invest, Anyeep Completes Series B of Nearly RMB 100 Million)
**/ 04 / **
Consumer + Hardware
(Image source: AeroBand)
AeroBand, the brand of Shenzhen Dairui Technology Co., Ltd., announced the completion of a Series A financing of nearly RMB 100 million. The round was led by Matrix Partners China, with Oasis Capital, Guotai Haitong, and others participating, and existing shareholder FreeS Fund making continued additional investment.
/ Investor Commentary /
There are billions of music lovers worldwide, but the steep learning curve of traditional instruments stops most people at the "want to learn" stage. AeroBand uses technology to precisely deconstruct the core pain points of traditional instruments in beginner onboarding, practice, and feedback — enabling users with zero foundation to gain authentic, immediate, and positive musical experiences in a short time. This "low barrier, high immersion" innovation path not only transforms instruments from a skill for the few into a lifestyle for the many, but also opens massive imaginative space for the instrument category to leap toward mass consumer goods. We look forward to AeroBand driving smart instruments toward a more popular and more globalized future.
/ Investor Commentary /
Dairui Technology focuses on digital intelligent hardware in the motion-sensing space. Its mission is to make music accessible to beginners through technology, and to better integrate motion-sensing technology into people's daily lives. The company holds numerous technical patents in the smart music hardware domain, deeply combining music and entertainment to expand application scenarios for music products. Its fans span nearly 100 countries worldwide, and it has built a product matrix covering multiple categories including guitar and drums, alongside a "content + marketing + channels" integrated global brand operation system.
AeroBand has independently developed a full-stack hardware-software system integrating sensor technology, acoustics, and audio synthesis, successfully digitizing traditional instruments such as guitar and drums. It has achieved multiple industry firsts: the world's first fully digitalized smart guitar, and the first smart motion-sensing drum kit. Its core products feature breakthrough advantages including extremely low learning barriers, high portability, immersive interactive experiences, and professional-grade instrument performance — systematically solving long-standing core pain points that have troubled traditional instrument users. This allows zero-foundation users to quickly gain the joy of music, while continuously advancing to achieve the playing experience and sense of accomplishment of real instruments.
(Image source: Company)
Hangzhou Zhumac Innovation Technology Co., Ltd. ("Zhumac Innovation") recently completed an angel round of financing worth tens of millions of RMB. The round was led by FreeS Fund, with Hongtai APlus participating.
/ Investor Commentary /
We believe the next step for AI is world models and physical AI, with one key focus being 3D data acquisition, 3D reconstruction and real-time rendering, and the resulting understanding of 3D space. We are very bullish on the Zhumac team's launch of a consumer-grade 3DGS camera. First, the team has an exceptionally strong hardware-software integrated technology stack, with deep technical accumulation in multi-sensor fusion, 3DGS algorithms, and cloud optimization. Second, the team has over 20 years of experience in commercial space, 3D rendering, and overseas markets, with profound understanding of spatial design scenarios. We greatly look forward to Zhumac's spatial intelligence camera becoming a hit product in fields including spatial design, gaming, AR/VR, 3D content generation, embodied intelligence simulation, spatial intelligence, and world models.
/ Company Details /
Zhumac Innovation was founded in November 2025, focusing on consumer-grade 3D reconstruction and spatial intelligence products. The company's founder and CEO is Ji Zhang, who graduated from the Computer Science Department of Xi'an Jiaotong University and has over 20 years of experience in the 3D graphics industry. He previously served as Vice President at Manycore Tech, where he was responsible for driving the company's strategic transformation from home furnishings to full-space solutions. He was the first executive at Manycore Tech to simultaneously oversee both product and business, during which period he established strategic partnerships with brands in new industries including Mixue Ice Cream & Tea, ChaYanYueSe, and Sheng Ao. Earlier in his career, he rose from programmer to General Manager of the International Division at Glodon, where he was responsible for international products and markets, witnessing the company's journey from zero to IPO. He led and incubated multiple core best-selling products, and was the technical lead for Glodon's first graphics platform engine and the strategic upgrade from 2D to 3D.
Zhumac Innovation uses 3D Gaussian Splatting (3DGS) technology as its core to build next-generation spatial imaging terminals. 3D Gaussian Splatting represents a major breakthrough in the graphics field in recent years. 3DGS fits scenes through tens of thousands of 3D Gaussian functions, enabling high-fidelity reconstruction and real-time rendering while balancing precision and speed. It also supports lightweight storage and cloud computing, significantly lowering hardware barriers. (Full report: Hard Kr Exclusive | FreeS Fund Backs Smart Hardware Company in Spatial 3D Reconstruction, Founder is Former Manycore Tech VP)
**/ 05 / **
Commercial Aerospace
(Image source: Jiuzhou Yunjian)
Jiuzhou Yunjian (Beijing) Space Technology Co., Ltd., a leading domestic reusable rocket propulsion service provider, has completed its Series B2 financing. The round was jointly participated in by Chengdu Jiaozi Fund, together with existing shareholders Guotai Junan Securities, Cornerstone Capital, and other institutions.
/ Investor Commentary /
Congratulations to Jiuzhou Yunjian on completing this new round of financing. We also thank new investors and all investors who have supported Jiuzhou Yunjian for their trust and continued support.
Ten years of honing one sword, validating Jiuzhou Yunjian's original aspiration to serve China's aerospace industry: As investors, we know that high valuations and large funding rounds don't prove everything. But they at least demonstrate that after ten years of effort, through countless practical tests and commercial launch missions, Jiuzhou Yunjian has become a mature professional rocket engine company. Particularly in the field of reusable liquid oxygen-methane engines, it has accumulated substantial product experience, and its technological and market leadership has gained preliminary recognition from the market and investment community.
Of course, we also know that today's progress and market recognition are, compared to Jiuzhou Yunjian's dreams for rocket engines, merely a relatively exciting small step. To provide more, better, and more economical engines for China's aerospace industry, the Jiuzhou Yunjian team must continue to strive and improve. I remember when we first met founder Fenglai Ji — Director Ji simply introduced himself and his team, then spent a great deal of time explaining the global classification and landscape of rocket and engine technology, particularly the highest international standards and our gaps, as well as Jiuzhou Yunjian's technical path and determination to catch up to the highest international levels. Looking back, the Jiuzhou Yunjian team, aiming at the world's highest technical standards, continuously striving and attempting — their firm original aspiration and extraordinary resilience still command our admiration and confidence as investors, and have inspired us investor-shareholders to walk alongside the entrepreneurial team through this tumultuous nearly decade, encouraging each other and steadfastly accompanying one another. We are proud of founder Director Ji and the team.
Openness and service, grounded in the grand goals of China's aerospace industry: Although a private rocket engine company, Jiuzhou Yunjian has from the very beginning regarded itself as part of China's aerospace family. Though its surface identity has become that of a private startup, in its bones, the founder and team have always remembered they are veterans of the national aerospace system — their work uniforms always bear the bright national flag. Its supply chain is rooted in the industrial soil of China's aerospace industry, and the engines it designs and produces wholly serve China's rockets and aerospace endeavors. Jiuzhou Yunjian's rocket engines serve not only private rockets but also major national model rocket projects — this is the unique dual pride belonging to the people of Jiuzhou Yunjian.
As investors, we greatly admire and are gratified by Jiuzhou Yunjian's development, and are full of anticipation for its future. Jiuzhou's goal is higher technical platforms, more and better and more economical engines. Jiuzhou Yunjian's goal is the vast ocean of stars for China's aerospace industry. We wish Jiuzhou Yunjian increasingly great achievements in the time to come, making ever greater contributions to the magnificent enterprise of China's satellites and rockets.
/ Company Details /
Jiuzhou Yunjian (Beijing) Space Technology Co., Ltd. is a national high-tech enterprise integrating the full-cycle services of liquid propulsion system design and R&D, assembly and testing, and flight support. In the field of liquid rocket engines, the company has assembled a complete, first-rate talent pool that is experienced, creative, and fully staffed, providing customers with safe, reliable, and low-cost liquid rocket engine products, integrated rocket propulsion system solutions, and ultra-low-temperature, high-pressure pump and valve products derived from cryogenic liquid rocket engine technology. Upholding a corporate spirit of passion, innovation, professionalism, and efficiency, Jiuzhou Yunjian is committed to becoming a world-class provider of launch vehicle propulsion systems. (For more details, see: "Jiaozi Capital" Fund Makes Strategic Investment in Jiuzhou Yunjian: Betting on the Rocket "Heart," Positioning Across the Full Commercial Aerospace Industry Chain)
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