In the AI Era, There Are Only Builders — No Seats on the Sidelines | Quarterly

2025 is drawing to a close, yet finales always hold the power to point toward new beginnings. Over the past three months, BlueRun Ventures has stood alongside all our steadfast partners, searching for answers on a larger map. Together with more than a hundred partners at our 2025 Annual Fund Partners Meeting, we caught the first light of dawn breaking in the east before technology's sunrise; we also opened recruitment for the fifth cohort of "Booming Camp" · AI — Booming Camp is a distributed co-creation community launched by BlueRun Ventures in 2023. We look forward to walking alongside more sharp young minds with global vision, exploring the upper limits of AI and of ourselves.

If you're an AI-native born after 1997, deeply rooted in native AI applications, software-hardware integration, or AI infrastructure, welcome to join this co-creation journey for doers:

In this era, no one can remain merely a spectator. BlueRun Ventures will join hands with friends willing to build tomorrow with their own hands, crossing through the winter together.

BlueRun Ventures Continues to Double Down

Genspark Closes $275M Series B

BlueRun Ventures, as the largest investor in the seed round, continues to double down. Within just five months of product launch, Genspark's annualized revenue surpassed $50 million, making it one of the fastest-growing companies in the AI industry. Genspark's outperformance validates BlueRun's thesis: global work is shifting comprehensively from "task processing" to "automated outcomes." BlueRun remains bullish on Genspark's future in reshaping how the world works.

BlueRun Ventures Continues to Double Down

RockFlow Closes New Tens-of-Millions USD Financing Round

As RockFlow's earliest and largest institutional investor, BlueRun Ventures has supported the company across multiple rounds since the 2021 angel round, and continued to double down in this round. RockFlow's Bobby, the world's first financial trading AI Agent, can deeply understand users' personalized investment intentions through natural language, and autonomously complete the full workflow from data analysis, strategy modeling, backtesting validation, to real-time trading.

BlueRun Ventures Leads Round

Weina Hexin Closes Over 100M RMB Financing

Weina Hexin is a world-leading compute-in-memory AI chip company, incubated at the Zhejiang Provincial Peking University Information Technology Institute. Since the team began researching compute-in-memory (CIM) technology in 2018, they have creatively integrated "3D near-memory computing" and "RISC-V heterogeneous architecture with compute-in-memory" on top of "in-memory computing," and in 2023 pioneered the three-dimensional compute-in-memory (3D-CIM™) architecture, cracking the "impossible triangle" of high performance, low power consumption, and low cost.

BlueRun Ventures Leads Round

Yuanli AI Closes $8M Seed Round

Yuanli AI builds an Enterprise Agent system centered on reinforcement learning training. Through centralized training and distributed deployment, it enables agents to self-optimize within enterprises' unique data environments, thereby overcoming the challenges of AI software migration and limited generalization in enterprise scenarios, and achieving the critical leap from "knowledge reuse" to "capability growth." Yuanli AI was founded by Fan Zhang, former COO of Zhipu AI.

TCab Tech Closes 300M RMB Series B++ Round

BlueRun Ventures was an investor in TCab Tech's seed round, and added to its position in subsequent rounds. This financing marks the first major round in the industry since the "15th Five-Year Plan" explicitly designated the low-altitude economy as a strategic emerging industry, and also represents the company's second financing round completed in 2025. As a leading enterprise in the low-altitude economy, TCab Tech has officially entered an accelerated phase of scaled commercial application, driven by both policy and capital, laying a solid foundation for airworthiness certification and global market delivery.

ZeroG Aircraft Industry Closes Hundreds-of-Millions RMB Series A Financing

BlueRun Ventures was the exclusive seed-round investor in ZeroG, and has continued to add to its position. The company's rapid closing of two Series A++ and A+++ rounds totaling hundreds of millions of RMB will further accelerate ZeroG Aircraft Industry's pace in core product R&D and delivery, airworthiness certification, and application scenario deployment, helping the company achieve critical leaps in capital operations and commercialization, and driving its strategic upgrade from "technology pioneer" to "low-altitude economy integrated service provider."

DeepMaterial Closes Tens-of-Millions RMB Series A Financing

BlueRun Ventures was an investor in DeepMaterial's Pre-A round. DeepMaterial is an AI + advanced metal materials R&D company. This round of funding will be used for iterative new materials R&D, upgrades to its high-throughput automated laboratory, AI model development, and scaled application in vertical industry scenarios.

Genspark

Joins Microsoft Agent 365 Ecosystem

Launches New Genspark AI Workspace Platform

Genspark announced official integration with Microsoft Agent 365. This is not a simple API connection, but a significant signal in AI Agent development history: AI is truly moving from standalone "chat windows" into the core productivity platforms used by hundreds of millions of knowledge workers worldwide. Simultaneously, Genspark launched its new Genspark AI Workspace platform, surpassing the simple AI-assisted mode requiring step-by-step guidance to achieve true end-to-end automation, putting daily work on "autopilot."

Moonshot AI

Kimi K2 Thinking Model Released and Open-Sourced

Goes Live on Perplexity

Moonshot AI released Kimi's most capable open-source thinking model to date — Kimi K2 Thinking. Kimi K2 Thinking is a new-generation Thinking Agent trained by the Kimi team based on the "Model as Agent" philosophy. It natively masters the ability to "think while using tools." On November 18, Perplexity, the world's highest-valued AI search application, launched the Kimi K2 Thinking model, bringing powerful information integration and processing capabilities to global Pro users.

AgiBot

GO-1 General Embodied Foundation Model Fully Open-Sourced

Genie G2 Debuts, Delivering First Batch of 100M+ RMB Orders

AgiBot announced GO-1 (Genie Operator-1) general embodied foundation model is now fully open-source. In October, AgiBot partnered with JSP Intelligent to globally debut the Genie G2 industrial-grade interactive embodied operation robot in Ningbo, and completed first-batch delivery of over 100 million RMB in orders with Joyson Electronics, marking the formal landing of embodied intelligence in automotive parts production scenarios.

Tashi Zhihang

Releases World's First Scalable Real-World Embodied Multimodal Dataset WIYH

Tashi Zhihang重磅发布全球首个大规模真实世界具身VLTA（Vision-Language-Tactile-Action）多模态数据集World In Your Hands（WIYH） 。这项成果标志着它石智航在行业首创的以人为中心的（Human-Centric）具身数据引擎新范式正式确立，也是行业首次将视觉、语言、触觉与动作多模态数据在真实世界大规模跨行业跨任务采集，并为未来实现具身基座模型的规模定律（Scaling Law）奠定了基础。

Tashi Zhihang

Releases World's First Scalable Real-World Embodied Multimodal Dataset WIYH

Tashi Zhihang released the world's first large-scale real-world embodied VLTA (Vision-Language-Tactile-Action) multimodal dataset — World In Your Hands (WIYH). This achievement marks the formal establishment of Tashi Zhihang's industry-first human-centric embodied data engine paradigm, and represents the industry's first large-scale cross-industry, cross-task collection of vision, language, tactile, and action multimodal data in the real world, laying the foundation for achieving the scaling law of embodied foundation models in the future.

Li Auto

Releases AI Glasses Livis

Livis focuses on solving users' core anxieties about smart glasses being "heavy, short-lived, expensive, and slow," pushing weight, battery life, response speed, and basic intelligent experience to the extreme. Beyond photo, video, and voice interaction capabilities, it features the industry's lightest 36g frame and continuous battery life of up to 18.8 hours. As a cross-over product from an automaker, these AI glasses also support in-vehicle connectivity with Li Auto vehicles, enabling car control without being in the car or pulling out a phone.

Galaxy Universal

Releases Panoramic Navigation Foundation Model NavFoM

Following the release of the navigation foundation model TrackVLA in June this year, Galaxy Universal — in collaboration with teams from Peking University, University of Adelaide, and Zhejiang University — launched NavFoM (Navigation Foundation Model), the world's first cross-embodiment, full-domain panoramic navigation foundation model. NavFoM aims to enable robots to autonomously perceive the world and independently decide where to go and how to get there in completely unknown environments. This release also marks Galaxy Universal's leap from single-function innovation in robot navigation to intelligent foundation building.

Haivivi x Volcano Engine

Releases World's First End-to-End Voice Toy

The AI toy CocoMate series, powered by Volcano Engine's Doubao real-time voice model, can recognize tone and understand emotion, support proactive responses and interruptions at any time. Its end-to-end voice architecture completes understanding and generation simultaneously, ultimately achieving natural "voice in, voice out" communication that maximally preserves user emotion and context, giving the model richer expressiveness and expansion potential, delivering near-human-level voice expression.

BioMap

Releases BioLab

BioMap, in collaboration with research teams from Princeton University, Stanford University, and Zhejiang University, published a landmark paper on bioRxiv — BioLab: End-to-End Autonomous Life Sciences Research with Multi-Agents System Integrating Biological Foundation Models. The BioLab system proposed therein is a multi-agent AI platform capable of "autonomous scientific research." Starting from a vague research goal, it can independently plan research routes, retrieve literature, call models for molecular prediction, generate experimental protocols, and optimize strategies based on experimental results.

PowerLaw AI

Launches First AI Lawyer Capable of Delivering Real Legal Tasks — Wulü

Wulü is an intelligent Agent positioned around direct task delivery. Through deep thinking and task planning capabilities, and seamless integration with various business systems, it achieves end-to-end closed-loop processing of legal tasks, solving real business pain points. Centered on users' actual legal needs, it focuses on high-frequency legal scenarios including debt collection, labor and employment, contract documentation, legal consultation, and in-depth research, enabling multi-round deep dialogue and providing users with full-process, one-stop legal services, truly making professional legal services accessible.

TCab Tech

E20 eVTOL Completes Founder Co-Flight Test

TCab Tech's self-developed tiltrotor E20 eVTOL successfully completed a multi-passenger flight test in full configuration, with company founder and CEO Yongwei Huang personally participating alongside the chief pilot. This hands-on participation in the flight test not only demonstrates the team's trust and confidence in product safety, but also directly validates the maturity of the E20's entire aircraft configuration including the flight control system and power system, as well as ride comfort.

LTZ Therapeutics

Reaches Strategic Partnership with GSK

This partnership marks continued authoritative endorsement of LTZ's core technology platform by a world-class pharmaceutical company, and will significantly accelerate the global clinical translation of its innovative immunotherapies. Under the agreement terms, LTZ will receive a $50 million upfront payment, and be eligible for potential milestone payments based on R&D progress.

Yuaiweiwu

Achieves Breakthrough in AI Digital Human Technology

Yuaiweiwu independently developed a real-time audio-video synchronized animation generation system, and published related research at the top academic conference IJCAI 2025. According to the paper's lead authors, the SyncAnimation framework achieves end-to-end real-time generation of digital human full-body posture, lip movements, and facial expressions from audio input, breaking through the long-standing alignment challenge between speech and visual expression.

Keyi Tech

Loona Officially Integrates with JD.com JoyInside

Leveraging JD.com JoyInside's integrated software-hardware advantages, Loona's response speed has been significantly optimized, with improved Chinese voice response speed for more natural and fluid interaction, eliminating latency. Loona is now not only a family companion, but also a child's enlightenment mentor, a smart home guardian pet, and a loyal family companion.

VITURE

Luma Series and The Beast Launch in Domestic Market

Three AR glasses models cover the full spectrum from novice users to geek creators, AR developers, and hardcore gamers, completing a key upgrade to the XR glasses product line. All three new products achieve breakthroughs in optical display, immersive experience, and interactive performance, together forming VITURE's new XR product spectrum, redefining personal visual experience with more granular scenario coverage and more direct immersion and freedom.

Luchen Tech

Open-Sora 2.0 Featured in State of AI Report 2025

Luchen Tech's self-developed and open-sourced video generation model Open-Sora 2.0 was featured in the State of AI Report 2025. This report is one of the world's most influential annual AI summaries, focusing on important breakthroughs in research, industry, and society over the past year.

ONERWAY

Reaches Strategic Partnership with Mastercard Gateway

This partnership will build secure, stable, and flexible cross-border payment infrastructure for merchants, helping them smoothly accept credit and debit card payments from consumers worldwide. The powerful combination of ONERWAY and Mastercard Gateway pushes cross-border e-commerce to new heights, opening a new chapter in global payments.

Two BlueRun Family Enterprise Scientists

Named to 2025 World's Top 2% Scientists List

Stanford University and international academic publisher Elsevier jointly released the 2025 World's Top 2% Scientists list. Xiaofei Wang, Chief Scientist at PPIO, Professor and PhD Advisor at Tianjin University, and Yaodong Yang, Chief Scientist at PKU-Lingchu Intelligent Joint Laboratory and Assistant Professor (Boya Scholar) at Peking University Institute for Artificial Intelligence, were both named to the list.

Multiple BlueRun Family Members

Named to 36Kr WISE2025 Business King

Annual Enterprise and Individual Lists

Annual AI Application Scenario Breakthrough Enterprise | AgiBot

Annual Low-Altitude Economy Innovation Enterprise | ZeroG Aircraft Industry

Annual Low-Altitude Economy Innovation Enterprise | Cloud Saint Intelligence

Annual Most Commercially Potential Enterprise | Luchen Tech

Annual Most Commercially Potential Enterprise | PPIO

Annual Tech Industry Leader | Galaxy Universal, He Wang

Booming Camp Fifth Cohort · AI Opens Recruitment

Booming Camp is a distributed co-creation community launched by BlueRun Ventures in 2023. The fifth cohort of Booming Camp is currently recruiting. We look forward to walking alongside more sharp young minds with global vision, exploring the upper limits of AI and of ourselves. If you're an AI-native born after 1997, deeply rooted in native AI applications, software-hardware integration, or AI infrastructure, welcome to join. Click to apply

BlueRun Ventures

Hosts 2025 Annual RMB & USD Fund Partners Meeting

On October 28, BlueRun Ventures hosted its 2025 Annual Fund Partners Meeting in Shanghai. With the theme "Dawn Breaking in the East," the meeting brought together over a hundred LPs, BlueRun family members, and partners for in-depth exchanges on frontier topics including AI applications, embodied intelligence, advanced computing, and biotechnology, jointly exploring opportunities and paths at the dawn of a new cycle. In September, BlueRun Ventures held its USD annual fund partners meeting in Hong Kong, joining international institutional investors to discuss the strategic opportunities of Chinese innovation going global.

BlueRun Ventures

Hosts Booming Hub@Japan in Tokyo

On November 7, BlueRun Ventures successfully hosted Booming Hub Explorer Day in Tokyo. The event gathered core forces from technology, industry, and capital, focusing on artificial intelligence, robotics, and future industrial applications, jointly exploring growth momentum within the globalization wave.

GEW x Zero2IPO

Jui Chan | 2025 "Top 30 Angel Investors"

Jiemian News

Jui Chan | 2025 China's Top Venture Capitalists

36Kr

China's Top 10 Future Industry Investment Institutions

China's Top 10 Future Industry Investors

BlueRun Ventures | China AI Industry Investment Institution

BlueRun Ventures | China Embodied Intelligence Industry Investment Institution

BlueRun Ventures | China New Quality Productive Forces Industry Investment Institution

BlueRun Ventures | China New Energy Industry Investment Institution

Terry Zhu | China AI Industry Investor

Terry Zhu | China New Quality Productive Forces Industry Investor

Terry Zhu | China New Energy Industry Investor

Wei Cao | China Embodied Intelligence Industry Investor

China Venture Capital Research Institute

2025 China Venture Capital Industry Annual Ranking · Golden Investment Awards · Mid-Year List

BlueRun Ventures | 2025 Top 100 Most Influential Investment Institutions in China

BlueRun Ventures | 2025 Top 25 Best AI & Big Data Investment Institutions in China

BlueRun Ventures | 2025 Top 20 Best Digital Economy Investment Institutions in China

Jazzyear Gravity

2025 China Tech Industry Investment Ranking

BlueRun Ventures | Hard Tech Investment Institutions Overall Ranking TOP1

Jui Chan | 2025 Best Early-Stage Tech Hunter TOP30

Global PE Forum Organizing Committee, Caixin Data

2024-2025 China PE/VC Industry Awards

BlueRun Ventures | 2024-2025 Top 10 Early-Stage Investment Institutions in China

BlueRun Ventures | 2024-2025 Best Fundraising Early-Stage Investment Institution in China

BlueRun Ventures | 2024-2025 Top 20 Most Active AI Investment Institutions in China

BlueRun Ventures | 2024-2025 Top 20 Most Active Robotics Investment Institutions in China

Cyzone

2025 Most Admired Venture Capital Institutions

BlueRun Ventures | 2025 Top 50 Most Admired Early-Stage Investment Institutions

BlueRun Ventures | 2025 Top 50 Most Admired Early-Stage Investment Institutions — AI Sector

China Fund News

Second China Private Equity & Venture Capital Yinghua Model Cases

BlueRun Ventures | Outstanding Venture Investment Model Institution

BlueRun Ventures | AI Industry Investment Model Institution

BlueRun Ventures | Semiconductor Industry Investment Model Institution

21st Century Venture Capital Research Institute

2024-2025 21st Century Equity Investment Competitiveness Case Studies

BlueRun Ventures | 2024-2025 Competitive Early-Stage Investment Institution

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