BlueRun Ventures June Report | Hope Is a Sweet Waiting

蓝驰创投·July 4, 2022·0·0

Looking out from a bountiful June

Every month, we'll round up the latest notable developments from BlueRun Ventures and our portfolio companies, sharing our fresh thinking.

New Funding Updates

"Huayu Tongruan" Closes Tens of Millions of RMB in Series A1 Funding

Recently, Huayu Tongruan announced the completion of its Series A1 round of tens of millions of RMB, with an exclusive investment from BlueRun Ventures. This funding will support Huayu's continued investment in R&D and team expansion for intelligent driving technologies, while accelerating the mass production and deployment of its intelligent driving foundational software products, led by its "Swift" communication middleware.

Founded in 2020, Huayu has remained focused on the R&D and innovation of intelligent driving foundational software. In 2021, Huayu released China's first fully self-developed communication middleware based on the DDS standard — the "Swift" communication middleware (Greenstone SWIFT DDS). It enables multi-node communication in intelligent vehicles while ensuring the secure, real-time, and reliable transmission of critical data, facilitating rapid development and efficient deployment of upper-layer applications, and supporting massive multi-source heterogeneous data communication for intelligent driving. OEMs and Tier 1 suppliers can use the "Swift" middleware to build loosely coupled, easily scalable communication system architectures, enabling a faster transition toward centralized electrical/electronic architectures and providing stronger underlying architectural support for the future of "software-defined vehicles."

"Zhongke Ruiyi" Closes Tens of Millions of RMB in Pre-Series A Funding

Recently, "Zhongke Ruiyi" announced the completion of its Pre-Series A round of tens of millions of RMB, led by BlueRun Ventures, with participation from BAAI Ventures, Ningbo Youding, and existing shareholder Changjian Investment. The funding will primarily be used for product R&D, medical device clinical registration, and product marketing.

"Zhongke Ruiyi" is an innovative medical technology growth enterprise created through the commercialization of research achievements from the Chinese Academy of Sciences. Based on cutting-edge neuroscience research that won a National Science and Technology Progress Award, the company brings together industry-academia-research integrated medical-engineering cross-disciplinary R&D capabilities to provide intelligent technology solutions for the full spectrum of neurological disease screening, diagnosis, treatment, and research. Currently, "Zhongke Ruiyi" has developed four core product lines around two major directions — quantitative neurological function assessment and brain function intervention/rehabilitation — covering more than ten specialized pipelines for specific needs and scenarios. These solutions will serve as infrastructure for neurology departments at hospitals at all levels, assisting physicians in more objective evaluation, screening, diagnosis, and treatment of patients with neurological diseases.

"Yunchu New Energy" Closes Over 100 Million RMB in Pre-Series A Funding

Recently, Shandong-based "Yunchu New Energy" completed a Pre-Series A round of over 100 million RMB, led by BlueRun Ventures, with continued follow-on investment from Fosun and K2VC. The proceeds will be used for ongoing production capacity buildout and R&D team expansion.

"Yunchu New Energy" is a company engaged in software-defined digital energy management and control systems. Its core technology is a distributed software-defined digital energy exchange system based on energy informatization technology. Yunchu has a core team blending industry and research expertise, composed of specialists in power electronics, battery management, energy storage, chip design, and software development from China and abroad, with deep collaboration with Tsinghua University's Department of Electrical Engineering.

"Wanxun Technology" Closes Nearly Ten Million USD in PreA+ Series Funding

On June 15, service robotics innovator "Wanxun Technology" announced the completion of its PreA+ series funding, totaling nearly ten million USD, co-led by BlueRun Ventures and Shunwei Capital, with existing shareholder Wanwu Capital following on. This series of funding will further accelerate the development of new service robot products and the buildout of a high-caliber team, strongly supporting multi-scenario commercial deployment while building technical moats and expanding technological leadership in interactive robotics.

Founded in 2019, Wanxun Technology is an innovation-driven high-tech enterprise committed to providing flexible, dexterous, and safe operational interactive service robot solutions for industries and households. The team has built full-stack robotics capabilities through independent innovation, creating an integrated intelligent operational robot solution centered on lightweight compliant robotic arms that meets diverse demands across service scenarios for safe, flexible mobile and interactive operations. Its products are widely used in public services, security and power, energy and chemicals, disinfection and epidemic prevention, smart parks, and other fields.

"Reloading" Closes 30 Million RMB in Pre-Series A Funding

Emerging footwear and apparel brand "Reloading" recently completed a 30 million RMB Pre-Series A round led by BlueRun Ventures. The funding will be used for supply chain development and content creation for the footwear and apparel brand, as well as attracting top talent. "Reloading" is a footwear and apparel brand invested in by "Make Friends" (Jiao Ge Pengyou).

In August 2021, "Make Friends" internally incubated and invested in the "Reloading" brand. Unlike most top livestreamer brands, "Reloading" chose an independent corporate entity and independent operations team from its inception. Beyond "Reloading," the company also owns multiple brands including "What Horse," "Joshua Tree," "Ozone," and "Different Paths, Same Destination," spanning home goods, watches and accessories, trendy apparel, and original sneakers — all high-growth tracks. Among them, the "Reloading" brand has shown standout growth: in just six months, monthly GMV surpassed 14 million RMB, with month-over-month growth averaging above 40%, and the brand became profitable in May.

"Jishi Design" Closes Tens of Millions of USD in Series B+ Funding

The domestic cloud-based UI design tool "Jishi Design" recently completed a Series B+ round of tens of millions of USD. The round was led by Unicorn Capital Partners, with continued follow-on investment from existing shareholders Coatue Management, SIG Asia Investments, and Source Code Capital.

Previously, BlueRun Ventures was a co-lead investor in Jishi Design's Series A round, and also participated in the company's subsequent Series A+ and Series B rounds.

Having secured this counter-cyclical funding, Jishi Design has been active on multiple fronts, with strong results in product capability, user growth, and industry influence. Beyond completing multiple upgrades to product features, performance, and user experience, the company recently officially opened its plugin API to global users, allowing all developers, design teams, and enterprises to freely customize plugins according to their needs, significantly enhancing practicality and extensibility. Alongside continuous product improvements, Jishi Design also achieved user growth in the millions and jointly launched the "Design Open Source Initiative" with "UI China" to support the development of China's design open source ecosystem and create value for the industry.

New Milestones

Li Auto Unveils L9; Delivered 13,024 Li ONE Vehicles in June

On June 21, 2022, Li Auto officially unveiled the Li L9, a global intelligent flagship SUV built for families. As of June 24, 2022, over 30,000 users had placed a 5,000 RMB deposit for the Li L9. Test drives will begin at retail centers nationwide on July 16, with customer deliveries starting by the end of August.

In June 2022, Li Auto delivered 13,024 Li ONE vehicles, up 68.9% year-over-year from June 2021. Second-quarter cumulative deliveries reached 28,687 vehicles, up 63.2% year-over-year from Q2 2021. Since beginning deliveries, cumulative Li ONE deliveries have reached 184,491 vehicles.

Waterdrop Releases Q1 Financial Results, Achieves Profitability for Two Consecutive Quarters

On June 15, Waterdrop (NYSE: WDH) released its unaudited financial results for the first quarter of fiscal year 2022, ended March 31, 2022. Following a strategic shift toward high-quality development, Waterdrop's cost control measures have proven highly effective, continuing the company's positive momentum with consecutive quarterly profitability.

In Q1 2022, Waterdrop Insurance's first-year premium (FYP) was 1.8661 billion RMB, with net operating revenue of 648.7 million RMB, up 7.4% quarter-over-quarter. Under non-GAAP standards, net profit was 127.3 million RMB; under GAAP standards, net profit was 105 million RMB. Cumulative insurance customers served reached 111 million, with cumulative paying insurance customers reaching 28.8 million.

China Electrical Equipment Industry Association Releases "Technical Specifications for Commercial Environment Floor Cleaning Service Robots," Led by Gaussian Robotics

The standard was proposed by the Standardization Working Committee of the China Electrical Equipment Industry Association, led by Gaussian Robotics, and jointly drafted with the Shanghai Robot Industry Technology Research Institute, Shanghai Electrical Apparatus Research Institute, and other robotics-related enterprises. This marks the first group standard for commercial cleaning robots released by the China Electrical Equipment Industry Association.

Tian Cheng's First Pediatric Lower Limb Training System Using Exoskeleton Technology Receives Market Approval

Recently, Tian Cheng's exoskeleton series Tongxing KidGo Pediatric Lower Limb Training System received medical device market approval, supporting rehabilitation for children with special needs. The Tongxing KidGo system is specifically designed for children with lower limb motor dysfunction, taking into full account children's growth and development patterns and medical compliance characteristics. It enhances children's engagement and motivation during training, guiding them through active rehabilitation exercises.

Meanwhile, the exoskeleton-based Tongxing KidGo Pediatric Lower Limb Training System can be paired with a treadmill for in-place walking training, making it usable even in limited spaces. The device's backend enables real-time monitoring and collection of children's gait parameters during training, providing therapists and rehabilitation physicians with precise data to formulate and adjust rehabilitation plans. The Tongxing KidGo system is fully adaptable to home rehabilitation scenarios.

Liangliang Vision Enables Overseas Expansion as Malaysia's Largest 5G Alliance Is Established

In June, Maxis officially established Malaysia's largest 5G ecosystem alliance together with Liangliang Vision and 14 other companies, aiming to accelerate technological breakthroughs and IoT enterprise solutions. The primary goal is to provide a platform for Malaysia's leading industry players and enterprises to work as a community, accelerating the application of 5G technology across industries and building Malaysia's 5G ecosystem.

As a key strategic member and startup partner of the Maxis 5G Alliance, Liangliang Vision will work alongside partners to jointly build the 5G ecosystem, taking the lead in exploring innovative AR industry applications and expanding the boundaries of human cognition through mixed reality technology. The company also hopes to bring unique perspectives and new possibilities to the alliance's open collaboration model and potential areas of cooperation.

QingCloud Technology's KubeSphere Reaches New Milestone — 10,000 Stars

QingCloud Technology's open-source project KubeSphere recently reached a new milestone in its journey toward becoming a "cloud-native distributed operating system" — surpassing 10,000 GitHub Stars. From initially being known only in small circles, with users unsure how to leverage KubeSphere to lower the barrier to using Kubernetes, it has now grown to serve users across more than 100 countries and regions worldwide, with nearly one million downloads, close to 300 contributors, and over 1,500 forks of its main repository on GitHub. KubeSphere now ranks second globally in popularity within the open-source container space.

Luchen Tech Invited to Join NVIDIA Inception Program

In June 2022, Luchen Tech was invited to join NVIDIA Inception, an initiative launched by NVIDIA — the global GPU (graphics processing unit) giant and industry leader in AI computing.

NVIDIA Inception is a global ecosystem program that accelerates the development of startup companies, cultivating cutting-edge startups to bring revolutionary changes across industries. Since its launch in 2016, more than 10,000 startups worldwide have joined the program, with over 1,000 member companies in China alone. The program brings together renowned domestic and international venture capital firms, startup incubators, accelerators, industry partners, and tech startup media to build a startup acceleration ecosystem. It provides a range of services including product discounts, marketing support, technical assistance, financing platforms, and customer referrals to accelerate startup growth.

Shengke Energy Achieves Milestone in Battery "Brain-Computer Interface" R&D

Recently, the Sensor Lab for Advanced Battery (SLAB), jointly established by Shengke Energy and Tsinghua University's School of Vehicle and Mobility Battery Safety Laboratory, achieved a milestone in its research on battery "brain-computer interfaces." The team successfully implemented synchronous sensing of internal potential, internal temperature, and internal pressure within a commercial 10Ah pouch cell.

Xingshulin Partners with Ipsen to Create Innovative Cancer Patient Management Model

Xingshulin Information Technology Co., Ltd. and Ipsen Group, a global biopharmaceutical company in specialty care, announced a partnership to jointly develop an innovative cancer patient management model in China. The project provides physicians with a digital, convenient, and efficient patient management platform, helping them precisely reach and effectively manage cancer patients. The digital platform establishes a closed-loop, secure, two-way communication channel between doctors and patients, delivering professional disease education between follow-up visits and enabling close monitoring of patient conditions.

New Industry Recognition

BlueRun Ventures Wins 36Kr Awards for Most Influential, Most Founder-Friendly Early-Stage Firm and Investor

On June 22, 2022, 36Kr released its 2022 rankings of Most Founder-Friendly Investment Institutions/Investors and Most Influential/Growth Potential Investment Institutions. This year's selection combined two research efforts: a survey of "ideal investor" preferences conducted among S-level young entrepreneurs featured in 36Kr's "X·36Under36" initiative launched in early June; and the "Investment Institution Research" initiated in March this year, which evaluated institutional investors' performance across fundraising, investment, portfolio management, and exits from 2018 to 2021 (a 3+1 year period).

Based on these dimensions, BlueRun Ventures swept the 2022 awards: Most Influential Early-Stage Investment Institution CHINA 10, Most Founder-Friendly Early-Stage Investment Institution CHINA 50, and Most Founder-Friendly Investor CHINA 100: Jui Chan.

BlueRun Ventures Wins Securities Times 2022 China Venture Capital Golden Eagle Award — VC Firm of the Year

On June 30, Securities Times unveiled the 2022 China Venture Capital Golden Eagle Awards. BlueRun Ventures was named VC Firm of the Year.

As an authoritative mainstream media outlet in the capital markets, Securities Times has long tracked the development and evolution of China's venture capital market. This year's selection identified the best investors, VC firms, PE firms, and exit performers of the year, as well as top investment institutions in trending sectors, from nearly 300 applicant institutions and companies.

TMTpost H1 2022 Investment Institutions

This ranking was based on core data submitted by investment institutions from January 1, 2022 to May 31, 2022, with cross-verification against publicly available data. Adhering to data as the primary selection criterion and maintaining principles of transparency, fairness, and impartiality, the ranking comprehensively scored institutions across the four dimensions of "fundraising, investment, portfolio management, and exits" to produce the H1 2022 Investment Institution Pioneer List.

Based on these criteria, BlueRun Ventures won Investment Pioneer TOP 10 and Fundraising Pioneer TOP 10. BlueRun Ventures Partner Wei Cao was named to the Young Partners TOP 10.

Mooe Robot and Youibot Selected as "Little Giant" Enterprises

Mooe Robot was listed among 2021 Shanghai "Little Giant" enterprises. Since its founding, Mooe Robot has remained focused on the design, R&D, and application of autonomous mobile robots and solutions. Since 2019, the company has steadily deepened its presence in logistics, launching industry hit products including the indoor/outdoor autonomous forklifts "Mooe F1-Pro" and "Mooe F2-X," evolving from low-speed single-unit intelligence to high-speed swarm intelligence, and introducing flexible logistics solutions for express freight featuring human-machine collaboration and end-to-end unmanned operations.

Youibot was selected as a 2021 Shenzhen "Little Giant" enterprise. This selection serves as important validation of Youibot's technological innovation capabilities, representing high recognition from society, industry partners, and all stakeholders of the company's capabilities in intelligent construction across semiconductor, 3C, and lithium battery sectors.

36Kr X·36Under36 S-Level Young Entrepreneurs List

11 BlueRun Ventures portfolio companies were selected for the upgraded X·36Under36 S-Level Young Entrepreneurs List.

Green Tech, New Energy, and Future Agriculture

Dianti Energy CEO Ting Qian

AI and Robotics

Mooe Robotics Founder and CEO Motian Qian
Cloud Saint Intelligent CEO Fangping Chen

AIoT and Super Hardware

Youibot Founder and CEO Chaohui Zhang
Youibot Industrial Logistics Division General Manager Jin Xu
Hyperview Software Co-founder and CEO Shaochen Zhong
NOLO VR Founder and CEO Daoning Zhang
NOLO VR CTO Jianing Zhang

Healthcare

ReviR Therapeutics Co-founder and Executive Chairman Yang Li

New Consumer Tech and Fintech

RockFlow CEO Yunqi Lai

Education, Media, Gaming, and Social

Hongsong Founder and CEO Qiao Li

PPIO Edge Cloud Selected for CAICT's "2022 Edge Computing Industry Panorama"

PPIO Edge Cloud was successfully selected for the "2022 Edge Computing Industry Panorama" based on its technological innovation and professional service capabilities in edge computing.

The "2022 Edge Computing Industry Panorama" was compiled by CAICT over three months of research. It employed an open application process and was curated through expert review, field research, and testing evaluation. The panorama covers edge hardware, IoT edge computing, edge cloud, edge software/tools/services, edge applications/solutions, and edge security, with the goal of promoting integrated industrial and ecosystem innovation.

BlueRun Technology Receives National Intellectual Property Management System Certification

BlueRun Technology recently received its National Intellectual Property Management System (IPMS) certification. IPMS is a system-level certification based on the national standard Enterprise Intellectual Property Management Specification. This national standard was jointly drafted by the State Intellectual Property Office and the China National Institute of Standardization, and was jointly approved and promulgated by the General Administration of Quality Supervision, Inspection and Quarantine and the Standardization Administration of China — making it the first national standard for enterprise intellectual property management in the country.

Liangliang Vision Selected as China Future Unicorn and Hurun China Metaverse "Future Star Enterprise"

On June 28, 2022, the 6th All Things Grow Conference · China Future Unicorn Conference, guided by the China Association for Science and Technology and hosted by the Hangzhou Municipal Government, Zhejiang Provincial Committee of the China Democratic National Construction Association, and China Investment Development Promotion Association, concluded in Hangzhou. The "2022 China Future Unicorn Enterprises List" was released at the conference, with Liangliang Vision listed as an outstanding representative in the metaverse sector.

On June 15, the Hurun Research Institute released the 2022 Hurun China Metaverse Potential Enterprises List, ranking the 200 Chinese companies with the most development potential in the metaverse. Liangliang Vision was selected as a metaverse "Future Star Enterprise" based on its long-term commitment and investment in the space.

"Database Product Influence Index" Revealed, Boray Data Ranks in TOP 10

The professional research and consulting arm of the Ministry of Industry and Information Technology's National Industrial Information Security Development Research Center, CCW Research, released the "Database Product Influence Index." The index comprehensively evaluated domestic database products based on technical capabilities, industry applications, product popularity, satisfaction, and public influence. Boray Data's distributed in-memory database RapidsDB made the list, ranking in the TOP 10.

Gaussian's Huanying S1 Wins Two International Industrial Design Awards: German Red Dot Award and Italian A' Design Award

The Huanying S1 won both the German Red Dot Award and the Italian A' Design Award.

The German Red Dot Award, known as the "Oscar of design," is one of the internationally recognized global industrial design awards, representing the highest honor in industrial design. It is divided into three categories: Product Design, Design Concept, and Brands & Communication Design.

The Italian A' Design Award is a world-leading international professional design competition that is practical, forward-looking, and experimental. It is recognized as a major international design competition by both ICOGRADA (International Council of Graphic Design Associations) and BEDA (Bureau of European Design Associations).

Yun Logistics Founder and CEO Jilong Zhou Named to Wealth China's 40 Under 40 Business Elite

On June 22, Wealth released its 2022 "China's 40 Business Elites Under 40" list, with Yun Logistics Founder and CEO Jilong Zhou among the honorees. Wealth China noted: Yun Logistics uses algorithms to optimize time, space, and workflow for maximum efficiency. Starting with its self-operated dedicated fleet, Yun Logistics has achieved 60% to 70% improvements in average vehicle utilization and net income through cost reduction and efficiency gains.

The Wealth China 40 Under 40 list has been called a "cradle of business superstars." These business elites are rule-breakers, value creators, and innovation catalysts who represent the future of Chinese business and possess the potential to change the world.

Tian Cheng Technology Selected as Innovative Enterprise of the Year; Founder Dr. Wang Tian Named to Weilan Award · 30 Young Scientists

Recently, Tian Cheng Technology was selected as Innovative Enterprise of the Year, and Founder and CEO Dr. Wang Tian was named to the 2022 Future Healthcare 100 Weilan Award · 30 Young Scientists. The 2022 Future Healthcare 100 Conference, hosted by Arterial Network, introduced the "Weilan Award · 30 Young Scientists" for the first time, aiming to identify young scientists working quietly in healthcare innovation and to accelerate the industrialization and capitalization of their innovations.

Hyperview Software Co-founder Shaochen Zhong Selected for Forbes Asia 30 Under 30 for Second Consecutive Year

The 2022 Forbes Asia 30 Under 30 list was officially announced, with Hyperview Software Co-founder Shaochen Zhong among the honorees. This year saw over 4,000 applicants, with 300 candidates from 22 countries and regions ultimately making the list.

The BlueRun Ecosystem

Beyond "Simple Models": A New Transformation in Drug Discovery | BlueRun BioTech Salon · Bio2X

On June 25, BlueRun Ventures hosted an online bio-themed salon titled "Beyond 'Simple Models': A New Transformation in Drug Discovery." DeepWise, XinYue Biotech, K2 Oncology, and LeadXpro discussed drug R&D model innovation around AI for Science, live-cell drug screening, phenotypic screening, and chemoproteomics.

Traditional drug development inevitably faces challenges including long cycles, high costs, low success rates, and the difficulty of drugging most targets. How to apply cutting-edge technologies such as AI, automation, and live-cell screening to drug discovery has long been an area of exploration for the pharmaceutical industry.

What We Discussed with Silicon Valley Founders: BlueRun Hosts "Web3 & SaaS Explorer Day"

On June 26, BlueRun Ventures hosted "Web3 & SaaS Explorer Day" in Silicon Valley, drawing over 100 Bay Area founders, entrepreneurs, and industry professionals, as well as university scholars and students interested in tech entrepreneurship.

At the event, BlueRun Ventures shared its perspectives on current market conditions and investment thesis. Founders and executives from PingCAP, WhaleOps, Luchen Tech, BarkCloud, Anchain.ai, and MetaForce, Inc. discussed trends and innovation opportunities in Web3, enterprise services, open source, and cloud computing.

Luck Favors the Prepared Founder | BlueRun Ventures Portfolio "Financial Management" Event

As macro conditions shift, we need to prepare earlier for uncertainty. For startups, sound financial management is an essential capability for navigating cycles. Recently, over 150 "BlueRun portfolio company members" joined an online post-investment event themed "How Financial Management Drives Sustainable, Effective Growth."

The event featured founders and executives from diverse backgrounds: Xin Yao, co-founder of PPIO and founder of PPTV, who started out as a student entrepreneur and lived through the 2008 financial crisis; Zhaofeng Zhang, former finance director at Midea Group who helped steer Midea to its public listing, and CFO of Little Swan; Yu Chao Zhou, CFO of Gaussian Robotics in intelligent manufacturing; and Meichen Deng, CFO of Art宝 in the internet sector.

Further Reading

BlueRun Ventures Quarterly Investment Roundup | Q1 2022

BlueRun May Newsletter | Remember Why You Started

BlueRun Ventures was founded in 1998 in Silicon Valley. BlueRun Ventures China was established in 2005 as a venture capital firm focused on early-stage startups.

BlueRun Ventures currently manages multiple USD and RMB dual-currency funds in China, with assets under management exceeding RMB 15 billion, making it one of the largest early-stage funds domestically. It invests primarily at Pre-A and Series A stages, with coverage across hard tech and innovative interaction, enterprise technology, new consumer, and healthcare. The firm has invested in over 150 startups, including Li Auto, Waterdrop, QingCloud, Guazi Used Car, Qudian, Songguo Mobility, Ganji.com, Energy Monster, Yuntion Semiconductor, Machenike, CloudSaints Intelligence, Anxin Shield, BioMap, and others.

BlueRun Ventures has been ranked #1 on Zero2IPO's "China Top 30 Early-Stage Investment Institutions" and ChinaVenture's "China Best Early-Stage Venture Capital Firms TOP30," and was named among Preqin's Top 10 VC fund managers globally for sustained high returns.

The firm has also received consecutive honors from Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, Jiemian, and other media organizations, including "China's Best Early-Stage Firm of the Year," "China's Top Venture Capital Firm," "Most Founder-Friendly Early-Stage Firm of the Year," and "Most Influential Early-Stage Firm of the Year."