FreeS Fund's Seventh Anniversary: Working Together to Go Further

/ 01 /

Fun Stuff Lately

Catching the tail end of summer, we spent mid-August celebrating our 7th anniversary party in the Beijing suburbs.

Our planned Xinjiang team retreat fell through due to COVID, but that didn't dampen our enthusiasm for getting close to nature. Surrounded by mountains and serenaded by insects, we woke with the first rays of dawn and celebrated long after sunset faded.

At our open-air dinner under the sky and on the earth: an MC who never tired of "Truth or Dare" and colleagues desperate to avoid "stepping in it" created a scene that was both "tense" and joyful; during the "Guess Who in One Sentence" segment, the riddles colleagues wrote revealed one unique and colorful inner universe after another; and the teammates who shared birthdays with the company busted out Liu Genghong fitness dance moves, each with their own distinctive flair.

Welcome to click and watch the video — there's a treat at the end. Though it was a laid-back, warm gathering, the team overachievers always find new ways to push boundaries. At 4 a.m. the next morning, some had already arranged to hike up and catch the sunrise. Not long after they finished, others joined the 7 a.m. morning run. When the grape-picking competition rolled around, everyone competed on eye for quality, hand speed, and total weight, heading home with arms full of fresh, tempting clusters.

The company "mascot" Uncle Feng also shared his thoughts during the retreat: "I'm especially grateful for everyone's hard work. I hope we can keep walking together for a very long time." United in purpose, we're set to go much farther. (P.S. There's also a treat at the end of this article — we hope you'll join in~)

/ 02 /

So Much Recognition to Be Grateful For

From 2022 to date, we've collected over 30 honors in total — more than 20 for the firm, and over 10 for FreeS Fund colleagues.

Among the firm's awards: most recognized FreeS Fund's commitment to early-stage investing, with keywords including "best returns," "most LP-recognized," "most founder-friendly," and "most admired." In specific investment sectors, numerous institutions affirmed our practice in consumer and T&T investments; our investments in healthcare, semiconductors and integrated circuits, and carbon neutrality also garnered increasing recognition.

Among awards for FreeS Fund colleagues: Uncle Feng collected multiple honors spanning "best early-stage," "best returns," and "most popular" dimensions; female investor Lei Wang received recognition from Yicai, PEDaily, CHC Healthcare Consulting, CITIC Securities, and other institutions; young investor Rui Ma earned nods from Cyzone and China FOF Research Center; and partner Xiaoqing Xu, who leads fundraising, also received honors from China FOF Research Center.

/ 03 /

Welcome to Join Us

Early-stage investing means exploring the business world with curiosity, getting a "spoiler" on new technologies and products before they hit the market, and mapping out the threads and ecosystems behind every industry. This freedom of exploration comes with responsibility: uncovering valuable companies, accompanying them as they grow, and casting a vote for the future world you want to see.

We've always looked forward to having more companions on this journey. We're currently hiring for industry research specialists, tech investors, and biotech investors — details below:

If you'd like to learn more about what makes FreeS Fund distinctive, our work atmosphere, and the people on our team, welcome to click on "Yes, We're Hiring — Welcome to Join FreeS Fund"

/ 04 /

The FreeS Family Creating Social Value

"Do what is right, not what is easy" is a principle FreeS Fund has consistently upheld. Since our founding, we've invested in a number of ESG-related projects. We're delighted to walk alongside these partners striving to create both commercial and social value, and we continue to witness their new breakthroughs and initiatives in 2022. Below is our partial roundup:

▍E (Environmental)

Bluepha: China's First Synthetic Biology Company to Join the UN Global Compact

In June 2022, Bluepha officially joined the United Nations Global Compact (UNGC), becoming the first Chinese synthetic biology company to do so. Bluepha will work alongside other global leaders to take concrete action in protecting the planet and promoting sustainable social development.

Cider: Smart Production Adjustments, Fashion from Recycled Materials

Cross-border e-commerce company Cider operates on a "smart fashion" model, using direct customer feedback and data to adjust production in real time. This means Cider generates less waste than traditional retail fashion companies while delivering fashion faster, reducing overall waste. Cider's "Recycled Cider Collection ♻️🍏" product line is made from Global Recycled Standard (GRS)-certified recycled materials. Compared to organic cotton, recycled cotton saves 55% of water resources and reduces greenhouse gas emissions by 35%.

QingTao Energy: Solid-State Lithium Batteries

QingTao Energy is a global leader in solid-state lithium battery commercialization, operating China's first solid oxide mass production line and the world's first large-scale solid-state power battery production line. Its solid-state lithium batteries feature high energy density, high temperature resistance, long lifespan, and flexibility — redefining safety and range standards for new energy vehicles. As a domestic solid-state battery leader, QingTao has built an independently controllable intellectual property portfolio with over 400 national patent applications and nearly 300 granted patents, more than half of which are invention patents. The company has also received strategic investments from three major automakers — BAIC Group, SAIC, and GAC — and is valued at over 10 billion RMB.

Saturnbird: "Return Program"

Saturnbird conducts its "Return Program" twice yearly, collecting empty coffee capsules from users who can exchange them for themed merchandise; the collected capsules are then upcycled into lifestyle products. As of May 24, 2022, Saturnbird had successfully recovered 4.92 million empty cans, with over 70,000 people participating in the Return Program.

JUNOCO: Reducing Resource Dependence in Beauty Production

JUNOCO embeds sustainable, eco-friendly principles into packaging material design, avoiding flashy, complex processes and elaborate packaging structures to reduce raw materials needed and lower energy consumption and emissions. JUNOCO's "Clarifying Powder" currently achieves a water-free formula and water-free production, dramatically reducing water resource dependence in the manufacturing process.

Maihai Environmental Protection: Precision Separation Based on Nanomaterials

Maihai's dynamic nanocrystal filtration technology leverages functional nanomaterials, innovative reactor design, and IoT-driven intelligent control to achieve a disruptive membrane-replacement separation technology that effectively alleviates water scarcity and environmental pollution. In 2022, this technology achieved promising separation results in trials for synthetic biology production and new energy material extraction processes, contributing to energy conservation and carbon reduction.

Huayu New Materials: Helping Vehicles Reduce Weight and Energy Consumption

Huayu New Materials is one of the few domestic carbon fiber composite companies to have passed vehicle-grade verification. Huayu's vehicle-grade carbon fiber composite drive shafts, using T700 high-strength carbon fiber, reduce weight by 30-60% compared to steel drive shafts. In real vehicle testing, replacing steel drive shafts with Huayu's carbon fiber versions reduced fuel consumption by approximately 0.5L per 100 kilometers.

BodyPark: Low-Carbon At-Home "AI + Live Trainer" Personal Fitness

BodyPark provides users with at-home "AI + live trainer" online personal training sessions, combining "AI technology + human service + gamification" to reduce unnecessary travel and indirectly lower energy consumption and carbon emissions. Even during the pandemic, users could enjoy personal training services. BodyPark also provides enterprise clients with more low-carbon, efficient corporate wellness programs, offering employees greater health support.

▍S (Social)

SoundAI: Supporting COVID Prevention and Digital Intelligence at the Winter Olympics

SoundAI took on four digital infrastructure projects for the 2022 Beijing Winter Olympics (and Winter Paralympics): the "Winter Olympics Nucleic Acid Testing Decision System," the "SoundAI Gate" (IDA digital checkpoint system) for Winter Olympics nucleic acid testing, the "Winter Olympics Comprehensive Support Command and Dispatch Platform," and the "Winter Olympics Brain — Winter Olympics Personnel Information Analysis System." These four digital infrastructure projects fully leveraged multi-modal physical sensing of sound, light, electricity, heat, force, and magnetism, with the Azero AI framework as the technical core. Centered on two safety requirements — nucleic acid testing health security and full-process safety of food, accommodation, and raw materials — they provided services and support for all athletes and Olympic staff.

Three Squirrels: Public Welfare Agriculture Assistance, Continuously Driving Industry Standardization and Development

Three Squirrels actively fulfills social responsibility. In 2022, it wrote "recognized by the public — making outstanding contributions to national rural revitalization and common prosperity" into its corporate vision. Through the integration of primary, secondary, and tertiary industries, it drives public welfare development through the prosperity of the nut industry.

Financial reports show that since 2019, the company has purchased over 10,000 tons of walnut raw materials annually from Xinjiang through joint procurement, effectively promoting local nut industry development and helping local growers onto the path of shared prosperity.

Over its ten years of existence, Three Squirrels has partnered with over 400 collaborators for mutual growth, helping multiple suppliers grow into industry leaders. It has led or participated in formulating and revising 8 national standards, 10 industry standards, and 8 group standards centered on nuts, continuously driving industry standardization and development.

Additionally, Three Squirrels leverages its platform advantages to establish more long-term, effective assistance measures for more farmers and regions. In November 2020, Three Squirrels established the public welfare agriculture assistance brand "Help a Hand," reshaping public welfare agriculture assistance with branding thinking to open sales channels for unsold agricultural products in various regions. Over the past year-plus, over 100 tons of Xinjiang red dates and paper-shell walnuts, as well as Lüliang red dates and Anqing rice and other quality agricultural products, have reached customers nationwide through Three Squirrels.

Tongxue Technology: Donating Eye Care Products to Frontline Medical Workers

Tongxue Technology's brand Kailala uses environmentally friendly recycled paper as logistics box material, practicing the brand's environmental responsibility through concrete action. Additionally, since the COVID-19 outbreak, Tongxue Technology has continued to support pandemic response. In January 2020, Tongxue Technology donated 100,000 RMB to purchase protective goggles for frontline medical workers. In March 2022, amid the Shenzhen outbreak, Tongxue Technology donated 80,000 steam eye masks, hoping to give frontline workers' eyes better rest. That same year, Tongxue Technology supported Yiwu's pandemic response with donated materials worth 50,000 RMB.

Saturnbird: Supporting Pandemic Response with Donated Materials

During the Shanghai outbreak, Saturnbird donated approximately 1.5 million RMB worth of coffee, beverages, and pandemic prevention materials to frontline medical workers, police officers, sanitation workers, street and community workers, volunteers, and students and teachers at schools.

Onion Academy: Supporting Quality and Balanced Development of Rural Education

Since its founding in 2013, Onion Academy established the "Onion Teaching Assistant Initiative" full-time public welfare team, providing long-term free educational support to remote rural schools to support quality and balanced development of rural education. To date, it has cumulatively supported 53,765 rural teachers, covering 32,910 rural schools. At the end of 2020, Onion Academy was recognized by the State Council Leading Group Office of Poverty Alleviation and Development and People's Daily as a national "Outstanding Case of Ambition and Intelligence Support." Additionally, Onion Academy actively organizes employee activities with students from rural schools, book and material donations, and more. During this period, teachers and students from Chuxiong Shiyang Town Complete Primary School in Yunnan, Beijing Dandelion School, and others have visited Onion Academy's offices multiple times, with company employees communicating face-to-face with rural children, introducing them to the work content of different positions, and helping children build career planning awareness.

Milan Diary: Providing Work Opportunities for More Low-Income Women

Milan Diary's founder hails from the mountainous areas of Meizhou, Guangdong, China, where Milan Diary has provided work opportunities for approximately 300 homemakers from families with monthly incomes below $200. Beyond basic labor compensation, Milan Diary provides better housing and medical security than comparable rural positions, and allows colleagues more time to spend with their children. Milan Diary hopes this will be a sustainable program, planning to add 500 similar positions over the next two years.

DuMuLiangJin: Improving Craftsmen's Working Environment, Attracting Young People to Join the Artisan Ranks

Original boutique brand DuMuLiangJin blends traditional and modern techniques, building on five craft arts — wood processing, fine wood inlay, leather art, hand lacquering, and metalwork — to break through craft barriers and open up more possibilities for curved designs. At the same time, DuMuLiangJin focuses on improving craftsmen's working environments, raising artisan salaries, and perfecting training systems to attract more young people to join the artisan ranks.

Yiniaoju: Letting Craftsmen Experience More Professional Respect and Achievement

Yiniaoju upholds a "people-first" service philosophy, serving not only clients but also workers and craftsmen. In the past, "old master craftsmen" mostly worked alone with unstable work and lives, sometimes not even getting paid after completing jobs. Yiniaoju recruits a cohort of young craftsmen, mostly aged 25-35, with good service awareness. Through engineering technology innovation and systematic, professional training, Yiniaoju lowers the barrier to entry for craftsmen, helping them professionalize — some have even settled in major cities. For them, home renovation is no longer just a trade to make ends meet, but a stable career with room for advancement, allowing them to experience more professional respect and achievement.

XtalPi: Supporting Pfizer's Development of COVID Treatment Drug

XtalPi is a quantum physics and AI-enabled drug discovery company. Through AI prediction algorithms combined with experimental validation, XtalPi assisted Pfizer in confirming the advantageous crystal form of Paxlovid in just six weeks, accelerating the development process for this COVID treatment drug.

METiS Pharmaceuticals: Focused on Solving Drug Delivery Challenges

METiS Pharmaceuticals is committed to achieving two things for patients: first, for drugs that are difficult to deliver into the human body, designing "shells" to protect and encapsulate drugs for precise delivery to target sites; second, unlike traditional drug development, pursuing intelligent, programmable drug development to address unmet clinical needs at low cost, high efficiency, and scale.

Singleron: High-Throughput Single-Cell Sequencing Technology

Singleron's high-throughput single-cell sequencing technology has played significant roles both in drug development and in research directions such as COVID-19 disease mechanisms. Singleron's product development goal is to enable more people to enjoy the benefits of technology, reducing product costs through industrialization to benefit more people.

Longwood Valley: Precision Medicine Reaching Downward

Longwood Valley uses artificial intelligence and surgical robot technology to develop the AIJOINT system, providing orthopedic joint surgeons with a complete intelligent joint replacement solution covering preoperative diagnosis, surgical planning, intraoperative navigation and positioning, surgical robots, and postoperative follow-up. Longwood Valley has also launched an AI joint replacement surgical robot, improving surgical precision, reducing postoperative complications, achieving technological advancement in the joint field, and addressing pain points for multiple parties in traditional healthcare systems. These technologies and systems can also address hot issues such as low medical technology levels in remote areas and high learning costs for doctors, achieving downward reach of precision medicine.

NeuBays: Launching Autism Brain Science Exploration Project

Brain technology company NeuBays, in partnership with the Beijing Disabled Persons' Welfare Foundation, launched an autism brain science exploration project, jointly initiating the "pBFS-guided Autism Strengths Therapy Modulation" public welfare plan. Based on its "personalized Brain Function Segmentation" technology (pBBS), NeuBays developed "POINT Therapy" (Personalized Optimization of Individual Neural Targets), forming highly personalized treatment plans through personalized partitioning of over 200 brain functions for each autistic child and precise modulation intervention targeting specific brain functions. At the same time, on the basis of modulating neural network excitability, NeuBays combines other rehabilitation treatment methods to improve patient function, with the aim of alleviating core autism symptoms. This project will help autistic children find new treatment hopes, achieve independent living, and integrate into society as soon as possible.

Jinqi Technology: Lowering the Barrier to Psychological Counseling, Focusing on Human Mental Health

Jinqi Technology is committed to developing service-oriented products for public mental health, Glowe, using scientifically evidence-based psychological counseling methods to provide comprehensive treatment for depression and anxiety issues among modern urban young people. Jinqi Technology hopes to leverage technology to lower the barrier to psychological counseling, innovate China's internet psychological counseling system, build the next-generation psychological counseling service platform, and help more people access their inner strength and embrace a better life.

Xinyong Technology: Enabling Convenient Access to Medically Reliable Blood Pressure Information

Dedicated to the holy grail problem of medical measurement — portable, imperceptible continuous blood pressure monitoring — Xinyong Technology develops imperceptible, real-time, accurate, and portable wearable blood pressure monitoring products from the levels of underlying sensors, system integration, algorithms, and finished products. The company hopes to use smart technology to enable everyone to conveniently access medically reliable blood pressure information anytime, anywhere, thereby avoiding or reducing the dangers of cardiovascular and cerebrovascular diseases.

Mitocure: Focusing on Health Issues in Aging Animals

Mitocure primarily develops geriatric disease treatment drugs for pet cats and dogs, including mesenchymal stem cell drugs (MSC) for indications such as muscle atrophy, inflammatory bowel disease, and osteoarthritis. In the development process of pet mesenchymal stem cell drugs, Mitocure adopts high standards close to those for human stem cell drugs, conducting strict efficacy testing and optimization improvements for cell drugs.

G (Governance)

2:10 Animation: Innovating the Animation Industry, Solving Creators' Worries

Content output requires constantly summarizing patterns and iterating with innovation. In this process, strong corporate culture must be established, and organizational operations management must continuously upgrade. 2:10 Animation transforms the animation manufacturing industry in a more industrialized, market-oriented way, enabling creators to produce better work. Internally at 2:10, departments have transactional, market-oriented relationships with each other, increasing the initiative and efficiency of content creation. 2:10's vision is for people in their seventies and eighties to drive sports cars to draw, solving all creators' worries and making creation itself freer and purer.

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Interactive Treat

Thank you to every friend who has accompanied FreeS Fund. We welcome you to leave a comment at the end with anything you'd like to tell us. The 7 users with the most heartfelt comments will receive FreeS Fund's custom anniversary T-shirts.

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