Dawn Breaks, Toward the Light | BlueRun Ventures 2025 Annual Fund Partners Meeting

Today (October 28), BlueRun Ventures' 2025 Annual Fund LP Meeting was held in Shanghai. Themed "Dawn Breaking in the East," the event brought together over 100 LPs, BlueRun portfolio companies, and partners for in-depth discussions on frontier topics including AI applications, embodied intelligence, advanced computing, and biotechnology — exploring opportunities and pathways at the starting point of a new cycle. The vigorous growth of technology and innovation depends on the mutual enablement of policy and industry. Zhai Lei, Deputy Secretary of the Jing'an District Party Committee and District Mayor, delivered the opening address, sharing his vision for the future innovation ecosystem and expressing recognition of BlueRun Ventures' continued breakthroughs.

How should we view the current cycle and the opportunities of "Dawn Breaking in the East"? In his opening speech, Jui Chan, Managing Partner of BlueRun Ventures, noted that the next 5 to 10 years will mark a significant recovery cycle for China's economy after restructuring, with its underlying growth logic being rebuilt. Today, great-power competition has become a new driving force, manifesting as "three-dimensional rivalry" centered on technology. This shift is accelerating industrial restructuring, reviving early-stage tech investment vitality, and clarifying exit pathways for companies. Against this backdrop, China is not only a critical engine of global growth but also plays a central role in innovation and industrial upgrading.

Chan emphasized that facing the irreversible trend of AI, the key lies in fully leveraging China's new comparative advantages in engineering execution and supply chain. Currently, China's AI industry has demonstrated systematic competitiveness: open-source and low-cost models are accelerating technology democratization, mature engineering capabilities and complete supply chains are building industrial moats for embodied intelligence, and top talent is increasingly returning. BlueRun Ventures believes that China's AI ecosystem can not only drive domestic industrial upgrading but also has the potential to become a significant force in global innovation.

Against the backdrop of resonating macro recovery and technology cycles, AI is becoming the key engine driving a new wave of growth. On how to capture the next wave of AI opportunities, Terry Zhu, Managing Partner of BlueRun Ventures, shared five evolutionary trends he has observed: open-source models creating flywheel effects, reinforcement learning moving toward mainstream applications, agents gaining autonomy and unlocking foundation model potential, AI programming fundamentally boosting innovation efficiency, and multimodality pushing application boundaries. Together, these trends trace a clear trajectory of AI technology moving from breakthrough to widespread adoption.

He noted that along this trajectory, BlueRun Ventures has established an investment matrix covering embodied intelligence, AI large models, advanced computing, and application layers, with "capturing entrepreneurs who combine youthful sharpness with global vision" as its core strategy — translating frontier insights into concrete investment action to achieve the critical closed loop from knowledge to execution.

Following the thread of the two managing partners' thinking, BlueRun Ventures Partner Cao Wei, Managing Director Rong Jing, and Investment Director Tao Yeliao respectively shared investment strategies and practical results from three tracks — embodied intelligence, biotechnology, and advanced computing — painting a panoramic view of BlueRun's technological innovation and industrial layout.

With embodied intelligence continuing to heat up, where will the next breakthroughs emerge? BlueRun Ventures judges that Chinese humanoid robots possess long-term competitive advantages. Over the past year, the field has moved from proof-of-concept to commercial deployment in specific scenarios, with innovations in human-robot interaction reshaping the boundaries of work, life, and learning. BlueRun's investment focus is on startups that combine foundation model capabilities with rapid paths to commercialization.

As computing power becomes a scarce resource, can China continue to lead in the new round of technological revolution? BlueRun Ventures believes that with the global computing gap widening and Moore's Law slowing, innovation in computing architecture has become imperative, opening a "golden window" for next-generation advanced computing technologies. BlueRun chooses to reconstruct computing paradigms from the ground up, comprehensively laying out innovations at the physical layer, architecture, and software stack, while seizing the strategic opportunity of on-device AI explosion in 2025, aiming to put China at the forefront of the next wave of information technology.

With global biotechnology competition intensifying, how can China leverage its advantages? BlueRun Ventures points out that Chinese companies' core competitiveness lies in efficient R&D systems, significant cost advantages, and rising international licensing deals. Based on insights into the global competitive and cooperative landscape, BlueRun's future investments will focus on three directions: driving differentiated innovation starting from validated models; supporting entrepreneurs with complete industrial chain experience and extreme execution capability; and capturing teams that combine innovative technology platforms with strong international BD capabilities — participating in global competition at China speed.

Swipe to view more The conference was designed to create a dialogue space that transcends the conventional. In roundtable forums, BlueRun Ventures joined portfolio companies and ecosystem partners to exchange insights and discuss trends around key industries and frontier topics, exploring the next chapter of technology and industry through intellectual exchange.

This year, the event paid special attention to the next generation of AI entrepreneurs. Terry Zhu held a conversation with Zhang Peng of GeekPark, Koji of Crossing, and Xiqi AJ of WaytoAGI, discussing the "new species" and "new ecosystems" emerging from the AI wave from multiple perspectives. Zhang Xiaoheng joined AgiBot, Galaxy Universal, Tashi Zhihang, Lingchu AI, and Hillbot to explore the mission boundaries and technical pathways of embodied intelligence companies. In the "AI Practitioners" roundtable, Fu Qiang discussed with Moonshot AI, Qianshou Technology, Yuanli AI, and Daqian Technology how to translate cutting-edge AI technology into sustainable commercial value. And in the new cycle of biotechnology, Shen Yuan joined Zhizhi Bio, AllinkBio, and Zenitar to analyze the comparative advantages and development pathways of Chinese innovative drugs.

In the exhibition area, BlueRun portfolio companies made a concentrated appearance, with displays covering humanoid robots, AI interactive toys, sports robots, exoskeleton devices, XR equipment, AR glasses, and 3D-native generative models, presenting attendees with a future-facing technology experience.

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A new cycle has already begun, with opportunities and challenges ever present. BlueRun Ventures stands ready to work alongside entrepreneurs, industry partners, and all fellow travelers in the ecosystem, heading together toward the next frontier of technology and innovation in the breaking dawn light of "Dawn Breaking in the East."

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