BlueRun Ventures May Newsletter | Remember Why You Started
What's New at BlueRun Ventures in May
Every month, we round up the latest developments from BlueRun Ventures and our portfolio companies, along with fresh perspectives from our team.
Major News: BlueRun Ventures Closes New RMB 5.5 Billion Dual-Currency Fund
In May, BlueRun Ventures announced the close of its latest dual-currency fund, with total commitments equivalent to approximately RMB 5.5 billion.
The RMB fund was raised in roughly six months, drawing commitments from national funds including the National SME Development Fund, prominent government guidance funds, mainstream financial institutions, top-tier fund-of-funds, and notable family offices. Based on their confidence in BlueRun, several LPs in this fund are repeat investors.
The USD fund's LP base includes internationally renowned insurance companies and sovereign wealth funds, with an exceptionally high re-up rate from existing investors.
With this close, BlueRun Ventures' total assets under management now exceed RMB 15 billion, making it one of the largest early-stage funds in China.
01
New Funding Rounds
Edge Cloud Provider PPIO Raises RMB 250 Million Series A
PPIO, an edge cloud services provider, recently announced the completion of its Series A round totaling nearly RMB 250 million. The round was led by Panlin Capital, CCV, Shanghai Zhangjiang Science & Technology Venture Capital Co., Ltd, and IMO Ventures, with continued follow-on investment from existing shareholders including BlueRun Ventures.
Previously, BlueRun Ventures was an angel-round investor in PPIO and led its Pre-A round of over RMB 100 million in 2021. To date, PPIO has raised more than RMB 400 million in total funding, placing it among the leading edge cloud providers.
Founded in 2018 by Yao Xin, former founder of PPTV, and his co-founder Wang Wenyu, PPIO provides edge cloud computing services and solutions that meet demands for low latency, high bandwidth, and distributed processing of massive data.
Yimow Intelligent Raises Tens of Millions of RMB in Angel Round
Yimow Intelligent, a developer of giant intelligent mining haul trucks, recently announced an angel round of tens of millions of RMB, led by BlueRun Ventures with participation from Vertex China. The funding will primarily go toward R&D and production of its 200-ton-class mining haul truck, testing in working conditions, and building out its R&D and production teams.
Founded in July 2021, Yimow Intelligent is a technology company integrating R&D, design, production, and sales of new energy construction machinery and mining logistics services. Its founding team hails from Tsinghua University's Department of Automotive Engineering. The company's main products are giant intelligent mining haul trucks and electric construction machinery for specific closed-work environments. Starting from mining scenarios, it plans to expand into ports, steel mills, large-scale water conservancy and hydropower projects, and highway engineering — a trillion-RMB market — with the goal of becoming a world-leading new energy construction machinery manufacturer and operations service provider.
eVTOL Company ZeroG Aircraft Industry Completes Nearly RMB 10 Million Seed Round
ZeroG Aircraft Industry, an eVTOL company, recently announced the completion of a seed round of nearly RMB 10 million, exclusively invested by BlueRun Ventures.
Founded in March 2021, ZeroG focuses on the R&D and manufacturing of eVTOL aircraft. With a vision to build the third transportation ecosystem on Earth, the company is currently the only known Chinese startup simultaneously developing multi-rotor, compound-wing, and tilt-rotor configurations.
ZeroG has unveiled its first-generation tourism-focused eVTOL aircraft, the ZG-ONE, its first high-value, low-cost intelligent electric manned aircraft developed from the ground up. The model is scheduled for small-batch production and delivery in the second half of this year. Beyond low-altitude tourism, it can also be applied to logistics transport, emergency rescue, geological surveying, and other scenarios.
02
New Milestones
Gaussian Robot Launches Commercial Cleaning Robot "Huan Ying S1," Secures Over RMB 100 Million in Orders on Launch Day
On May 10, at the Interclean exhibition in Amsterdam, Gaussian Robot launched its new commercial cleaning robot "Huan Ying S1" (sold overseas as "Phantas"). The product is available simultaneously in China and internationally. Customers and distributors at Interclean expressed strong confidence and enthusiasm for the product, and Gaussian Robot secured orders exceeding RMB 100 million on the day of launch.
"Huan Ying S1" represents a major strategic move for Gaussian Robot, expected to help the company expand into multiple core scenarios. Gaussian Robot CEO Haotian Cheng projects that this product will open up a market of approximately $10 billion over the next two years.
Li Auto Reports Q1 Earnings, Revenue Up 167.5% Year Over Year
Li Auto released its Q1 2022 financial results. During the quarter, the company delivered 31,716 Li ONE vehicles, up 152.1% year over year, generating revenue of RMB 9.56 billion, up 167.5%.
Li Auto plans to deliver its second model in Q3 — the Li L9, a smart flagship SUV designed for families. The company will continue to increase R&D investment and expand its sales and service network to serve more family users.
Youibot Robot ARIS-8848 Supports Everest Scientific Expedition Summit
At 12:22 PM on May 4, 2022, the "Peak Mission 2022" Everest scientific expedition team successfully reached the summit. Youibot's plateau research robot ARIS-8848 officially joined the team as its only robotic member. This also marked the first time a mobile robot has appeared on the stage of high-altitude scientific research.
This summit was a critical mission for the Qinghai-Tibet Plateau comprehensive scientific research project, establishing the world's highest-altitude meteorological research station at 8,800 meters to continuously monitor weather changes on the "Roof of the World." Building on Youibot's inspection robot technology framework and extensive commercial deployment experience, ARIS-8848 features a comprehensively upgraded mobile platform tailored to the high altitude, extreme cold, and complex terrain of the Qinghai-Tibet Plateau, integrated with multiple professional sensors to create a highly flexible and reliable intelligent device.
Bluecore Technology "Intelligent Truck Loading System" Goes Live
Bluecore Technology's "Intelligent Truck Loading System" recently went live. The system uses 3D vision sensors, robotic arms, mobile robots, and a master control system as its core components, connecting various operational processes to achieve autonomous unmanned搬运 of loading units, intelligent vehicle identification, automatic storage position calculation and planning, and automatic cargo palletizing.
The loading system validates the hardcore performance of Bluecore Technology's LX-MRDVS in scenario breakthroughs and market potential. It also marks Bluecore Technology's logistics solutions evolving from the "internal logistics" era to the "large logistics" era.
Tian Cheng's URA Bedside Exoskeleton Receives Medical Device Certification, Fully Launching Orthopedic Rehabilitation Market Expansion
Tian Cheng's new exoskeleton product, the URA series bedside rehabilitation exoskeleton, has received NMPA (formerly CFDA) medical device registration certification. The URA series addresses the supply shortage in the orthopedic market by integrating exoskeleton robot technology to enable continuous, high-quality rehabilitation training.
In the next phase, Tian Cheng will fully launch market expansion for the URA series, strengthening orthopedic rehabilitation partnerships with medical institutions. Throughout 2022, Tian Cheng will continue to deepen collaboration with existing healthcare and wellness institutions.
Jishi Design and MuseDAM Launch China's First Cloud-Based Design Asset Manager
MuseDAM, a cloud-based design asset management tool developed by the Muse team, has officially launched and integrated with "Jishi Design." Designers can now not only save and manage design assets online but also edit Sketch, Adobe XD, SVG, and Figma files directly in the browser. This collaboration represents an important exploration in accelerating the cloudification of design assets, with Jishi Design planning further diverse initiatives within China's ecosystem.
TCab Tech Partners with Safran on Electric Motors to Advance E20 eVTOL Development
TCab Tech and Safran Electrical & Power announced a partnership in which Safran will provide ENGINeUSTM intelligent electric motors for TCab Tech's E20 eVTOL aircraft.
TCab Tech's E20 is a five-seat manned eVTOL aircraft featuring a distributed six-rotor layout (with four tilt-rotors), high gull-wing configuration, and conventional tail design. It has a designed range of 200 kilometers and cruise speed of 260 km/h. Safran Electrical & Power will supply all six motors required for the E20 aircraft. The E20 is planned to obtain airworthiness certification from CAAC in 2025.
New Industry Recognition
BlueRun Ventures Wins Multiple Awards Including ChinaVenture Best Early-Stage VC TOP3 and Best Returns TOP10
On May 30, 2022, ChinaVenture's 2021 annual rankings were officially announced. BlueRun Ventures, recognized for its hardcore investment experience in early-stage technology, won "China's Best Early-Stage Venture Capital Firm TOP3," "China's Best Returns Early-Stage Venture Capital Firm TOP10," and "China's Best Enterprise Service Industry Investment Firm TOP20."
BlueRun portfolio companies Youibot received "Best Investment Case in Advanced Manufacturing" in the advanced manufacturing and high-tech category, and Xiaobang Planning received "Best Investment Case" in the technology finance category.
BlueRun Ventures Named Among Rongzi China's TOP10 Most LP-Recognized Early-Stage Investment Firms of 2021
On May 12, 2022, Rongzi China released its 2021 limited partner rankings. With years of deep engagement in China's new economy and innovation investment ecosystem, Rongzi China evaluated firms across comprehensive strength, investment capability, fund scale, and investment returns. BlueRun Ventures was named among the TOP10 most LP-recognized early-stage investment firms of the year.
Gaussian Robot Wins Interclean Amsterdam Innovation Award — First and Only Chinese Company to Date
On May 10, at Interclean Amsterdam held at the RAI Convention Center, Gaussian Robot won the 2022 Interclean Amsterdam Innovation Award for its autonomous cleaning robot Scrubber 50 Pro — the first and only Chinese company to receive this honor to date.
The Interclean Amsterdam Innovation Award covers four categories: sustainability and environment, smart technology and digitalization, workforce and ergonomics, and hygiene and health. Gaussian was the sole winner in the smart technology and digitalization category. Nominated in March, Gaussian emerged victorious after two months of competition among 12 nominees.
Anxin Shield Selected as Inaugural Member of CAICT's "Cybersecurity Capability Evaluation Working Group"
On May 6, CAICT's Security Research Institute announced the first batch of members for its "Cybersecurity Capability Evaluation Working Group." Anxin Shield, recognized for its leading technology and excellent product capabilities in memory security, was selected as an inaugural member.
Anxin Shield was admitted to three sub-working groups: system research, standard development, and demonstration promotion. As a domestic leader in memory security, the company has accumulated deep technical expertise and rich practical experience in this domain.
EasyStack Ranks in TOP20 of "2021 Top 100 Cloud Computing Enterprises"
The Internet Weekly of the Chinese Academy of Sciences, in collaboration of D&B Consulting and eNet Research Institute, jointly released the "2021 Top 100 Cloud Computing Enterprises" list, with EasyStack recognized for its successful practice in open-source ecosystem productization.
The "2021 Top 100 Cloud Computing Enterprises" list was compiled based on iPower, iFuture, and iBrand criteria, evaluating companies across scale, products, influence, and future growth potential, ultimately selecting the top 100 from 250,000 cloud computing-related enterprises nationwide.
Tian Cheng Technology Wins Two OFweek 2022 China Robotics Industry Awards
On May 17, the OFweek 2022 (11th) China Robotics Industry Conference and Vico Cup Robotics Industry Awards ceremony was held in Shenzhen. Tian Cheng Technology received the "Annual Outstanding Technology Innovation Enterprise Award" in the Vico Cup · OFweek 2021 China Robotics Industry awards. Dr. Wang Tian, founder and CEO of Tian Cheng Technology, was honored with the "Annual Emerging Figure Award."
PPIO Edge Cloud Named Among "2022 China Edge Computing Top 20"
On May 6, the Edge Computing Community officially announced its "2022 China Edge Computing Top 20" ranking, with PPIO selected from over 500 edge computing enterprises across the upstream, midstream, and downstream of the industry.
In this year's selection, after two months of nomination collection, online voting, expert voting, and interviews, the organizers ultimately identified 20 companies most representative of advanced capabilities in China's edge computing sector. PPIO entered the top 20 with an edge computing index score of 80, ranking in the top four in the "edge cloud" category.
Huayu Tongruan Named to GG-Auto Intelligence's "2022 Top 10 Most Competitive Domestic Basic Software Suppliers"
Huayu Tongruan was named to the "2022 Top 10 Most Competitive Domestic Basic Software Suppliers" list for its "Swift" communication middleware, the first fully independently developed DDS-standard product in China, and ranked first in growth potential. The list evaluates companies based on hardware-software synergy capability, software module coverage completeness, productization progress of software platforms, toolchain maturity, and mass production capability.
Youibot Wins Two A' Design Awards
The 2021-2022 Italian A' Design Award results were recently announced. Recognized for outstanding product design and innovation capabilities, Youibot's ARIS-IDC and ARIS-IMR each won awards.
Founded in 2010, the A' Design Award & Competition is currently the world's largest and most comprehensive design competition. It aims to discover and recognize the most outstanding design, technology, and creativity globally, providing winners with an international showcase platform to inspire designers, institutions, and brands to create more excellent products, projects, and services, driving social development and industry prosperity.
New BlueRun Ecosystem
Innovation and Future of Battery Operations | BlueRun New Energy Series Salon
On May 29, BlueRun Ventures hosted its first energy salon, focusing on "Energy Storage and Batteries." Energy industry experts, cutting-edge startups, and investors from the China Energy Storage Alliance, China Nonferrous Metals Industry Association, Beijing Taikang Investment, Bricycle, YunChu New Energy, Yimow Intelligent, Blue Carp Energy, and Yigen Technology gathered online to discuss technological progress, applications, and investment opportunities in battery operations. Nearly 1,400 entrepreneurs, industry professionals, academic experts, and investors participated.
BlueRun Biotech Salon Highlights | New Paradigm in AI Drug Discovery: From Quantitative Change to Qualitative Change
BlueRun Ventures hosted an online Bio2X biotech salon on the "Paradigm Revolution of AI in Pharmaceutical Development," where Dr. Bixi, Vice President at BlueRun Ventures, spoke with Dr. Yue Song, Chief AI Scientist at BioMap, and Dr. Yue Peng, Co-founder and CEO of ReviR Therapeutics, about the challenges and opportunities in AI drug discovery.
The discussion delved into old and new paradigms in AI drug discovery, what AI companies and pharmaceutical firms can achieve through collaboration, and the role of active learning algorithms in AI drug discovery.
Further Reading
BlueRun Ventures Completes New RMB 5.5 Billion Dual-Currency Fund
BlueRun April Report | Growing and Resilient Amid Uncertainty
BlueRun Ventures was founded in Silicon Valley in 1998. BlueRun Ventures China was established in 2005 and is a venture capital firm focused on early-stage startups.
Currently, BlueRun Ventures manages multiple USD and RMB dual-currency funds in China, with assets under management exceeding RMB 15 billion. The firm invests primarily at Pre-A and Series A stages, covering hard tech and innovative interaction, enterprise technology, new consumer, and healthcare. It has invested in over 150 startups, including Li Auto, Waterdrop, QingCloud, Guazi.com, Qudian, Songguo Mobility, Ganji.com, Energy Monster, Yuntu Semiconductor, Machenike, CloudSaint Intelligence, Anxin Shield, and BioMap.
BlueRun Ventures has been ranked #1 in Zero2IPO's "China's Top 30 Early-Stage Investment Firms" and ChinaVenture's "China's Best Early-Stage Venture Capital Firms TOP30," and was named among Preqin's Top 10 consistently high-performing VC fund managers globally.
Additionally, BlueRun Ventures has received consecutive recognition from Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, Jiemian, and other media organizations as "China's Best Early-Stage Firm of the Year," "China's Top Venture Capital Firm," "Most Entrepreneur-Friendly Early-Stage Firm of the Year," and "Most Influential Early-Stage Firm of the Year."