Galloping Through August | Living Up to the Summer, Chasing What We Love

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

01

New · Funding Updates

"XinLai Technology" Closes New Round of Hundreds of Millions of RMB

Recently, "XinLai Technology" announced the completion of a new round of financing worth hundreds of millions of RMB. This round was led by Legend Capital, with follow-on investments from Xianghui Capital, Shougang Fund, C&D Emerging Investment, Shanghai Science and Technology Innovation Fund, Jingque Capital, Tiantang Silicon Valley, and Chengye Investment. Existing shareholder BlueRun Ventures, CETC Core Technology Research and Investment Fund, Linxin Investment, Zhongguancun Xinchuang Fund, and Xiaomi Changjiang Industrial Investment Fund all continued to invest. This financing brings XinLai Technology a richer industrial application ecosystem and landing capabilities, and will assist the company in building new innovation and development directions based on RISC-V. Previously, BlueRun Ventures was an investor in XinLai Technology's Pre-A, Series A, and subsequent rounds.

Founded in 2018, XinLai Technology is one of China's first companies to build an application ecosystem based on the RISC-V open instruction set architecture and to achieve industrialization. Starting from scratch, with self-controllable CPU R&D technology based on the RISC-V architecture as its source, the company has already released multiple series of RISC-V CPU IP products and related solutions. While maintaining rapid business and revenue growth, XinLai has formed a virtuous cycle of technology and team evolution, consecutively securing heavyweight industry clients and landmark application cases, with over 100 clients formally licensing XinLai products.

"Shengke Energy" Secures Tens of Millions of RMB in Series A Funding

Recently, "Shengke Energy" announced the completion of a Series A round worth tens of millions of RMB, jointly led by Yarui Zhiyou Scientists Fund, Linge Ventures, and CSCI Capital, with follow-on investment from Jingke Xincai Zhi. Existing shareholder BlueRun Ventures continued to invest. The funds will be mainly used for product iteration, market expansion, and technical team expansion.

"Shengke Energy" is committed to building an intelligent battery infrastructure platform, with an intelligent battery digital network at its core, focusing on two major application scenarios: smart energy new infrastructure and intelligent battery inspection and recycling. In charging, energy storage, and other new infrastructure scenarios, it provides intelligent safety operation and maintenance services and overall solutions; in battery cascade utilization and recycling, it provides intelligent battery inspection, valuation, and trading service solutions.

02

New · Milestones

Li Auto Releases Q2 2022 Financial Results, L9 Begins Customer Deliveries

On August 15, Li Auto released its Q2 2022 financial results. Li Auto achieved revenue of 8.73 billion RMB in Q2, delivering 28,687 Li ONE vehicles. As of the end of Q2, the company's cash reserves reached 53.65 billion RMB. Li Auto continues to increase R&D investment for family users and expand its service network. The company's second model — the family intelligent flagship SUV Li L9 — officially began customer deliveries on August 30.

BlueRun Ventures Portfolio Powers Up: BioMap x Luchen Tech — AI Accelerates Innovative Drug R&D

Recently, BlueRun Ventures portfolio company and biocomputing platform "BioMap" collaborated with "Luchen Tech" and its Colossal-AI team, a large-scale AI model high-performance intelligent scheduling platform, to address the challenges of protein monomer and multimer structure prediction. Together, they jointly developed the industry's most cutting-edge solution — the xTrimo Multimer open-source model.

"BioMap" is dedicated to building world-leading biocomputing large models, driving algorithm development for various biocomputing engine tasks to achieve breakthrough innovations in target discovery and drug design. "Luchen Tech" is committed to unleashing AI productivity, building the general deep learning system Colossal-AI for the large model era, and efficiently promoting the practical application of AI large models. Through this collaboration, the two parties introduced multiple large model acceleration techniques, including data parallelism, model parallelism, pipeline parallelism, and dynamic axis parallelism, significantly reducing the time and economic costs of protein structure prediction model inference, improving the design and deployment efficiency in the protein structure prediction field, and making it possible to train even larger models.

EasyStack Releases Three Digital Native Infrastructure Solutions

On August 16, EasyStack held its "Digital Native, Unleashing Source Power — 2022 Digital Native Full Cloud Capability Platform" launch event, releasing its digital native infrastructure based on the digital native engine, along with three general scenario solutions — cloud infrastructure ECF, cloud native infrastructure ECNF, and digital native full cloud capability platform ECS — as well as a financial industry digital native full cloud capability solution.

WhaleOps Releases Commercial Version WhaleScheduler

Recently, cloud-native DataOps service provider WhaleOps released the commercial version of the open-source big data workflow scheduling system Apache DolphinScheduler — WhaleScheduler.

WhaleScheduler is a commercial version built by the core DolphinScheduler developer team. It perfectly inherits all features and powerful usability from DolphinScheduler, including: easy-to-use drag-and-drop workflows, workflow instance and task instance debugging and retry, decentralized design and cloud-native task support, multiple error retry mechanisms, and simple monitoring and troubleshooting mechanisms. Compared with the open-source version, WhaleScheduler adds multiple enterprise-grade features to meet actual industry user needs, such as user permission management, impact analysis, and packaged deployment.

Multiple Tian Cheng Technology Rehabilitation and Robotics Products Receive FDA Certification

Recently, multiple rehabilitation and robotics products from Tian Cheng Technology have completed FDA (Food and Drug Administration) medical device certification, opening up international market expansion. Materials, devices, and technologies recognized by the FDA can be used for commercial clinical applications in the United States and other countries. This FDA certification for Tian Cheng Technology's series of rehabilitation robotics products represents an important milestone in the company's development and marks the entry of China's independent exoskeleton robot brand onto the world stage.

Tian Cheng Technology's FDA-certified products cover 5 categories and 9 intelligent rehabilitation devices and robots, including lower limb walking rehabilitation, lower limb joint rehabilitation, upper limb hand function rehabilitation, rehabilitation assistant robots, and intelligent physiotherapy rehabilitation.

03

New · Industry Recognition

BlueRun Ventures' Jui Chan Named to 2022 "PEDaily TOP100" Investors List

Recently, Zero2IPO's entrepreneurship and investment information platform PEDaily and Zero2IPO Research jointly announced the 2022 "PEDaily TOP100" investors list. BlueRun Ventures Managing Partner Jui Chan has been named to this list for multiple consecutive years.

Jui Chan has 10 years of industry experience and 20 years of early-stage technology investment experience across China and the United States. He joined BlueRun Ventures (Silicon Valley) in 2000 and established the BlueRun Ventures China fund and team in 2005, focusing on early-stage investments in enterprise services and hard tech. BlueRun Ventures adheres to an early-stage technology investment strategy, always believing that "undefined" is the true nature of entrepreneurship and innovation, and that early-stage investing must continuously push limits and dare to be "first to try."

Jui Chan and Terry Zhu Named to ChinaVenture's 2021 "Top 50 Best Early-Stage Investors in China"

From August 10–12, the 16th China Investment Annual Summit was held in Hangzhou. The summit is one of the most authoritative and influential annual gatherings in the private equity industry, drawing attention from VC/PE professionals nationwide each year. At the event, ChinaVenture released its "2021 Annual Investor Rankings." BlueRun Ventures managing partners Jui Chan and Terry Zhu were both named to the 2021 "Top 50 Best Early-Stage Investors in China" list. Jui Chan also ranked in the top 20 for "Best Internet Industry Investor in China."

"2022 Yicai Equity Investment Value Rankings" Series

On August 30, Yicai, in partnership with the China (Shanghai) Pilot Free Trade Zone Lujiazui Administration and the Shanghai Asset Management Association, hosted the 2022 Lujiazui Investment and Financing Summit — themed "Investing in the Future." The "2022 Yicai Equity Investment Value Rankings" were unveiled at the summit.

• BlueRun Ventures ranked in the "Top 50 Best Investment Institutions"

BlueRun Ventures and Portfolio Companies Named to Rongzhong's 2021–2022 "China Industrial Investment" and "China New Economy Enterprise" Rankings

On August 17, the 2022 (8th) China Industrial Investment Summit was held in Beijing. At the summit, Rongzhong Research released its "2021–2022 China Industrial Investment Rankings" and "2021–2022 China New Economy Enterprise Rankings."

BlueRun Ventures received:

• Best Early-Stage Investment Institution in China's Next-Generation Information Technology Sector
• Best Early-Stage Investment Institution in Advanced Manufacturing

BlueRun portfolio companies received:

• Gaussian Robotics and Youibot: Best Investment Case in Advanced Manufacturing
• BioMap: Best Investment Case in China's Healthcare Sector; Top 10 Best New Economy Enterprise in China's Healthcare Sector
• CloudEnergy New Energy: Top 10 Most Promising New Economy Enterprise in China's Green Investment Sector
• Nanyan Group: Top 10 Best New Economy Enterprise in China Enterprise Services

BlueRun Ventures ranked in Qimingpian's "Best Early-Stage Institution" comprehensive list at #3 and active list at #2

On August 15, Qimingpian released its 2022 China Equity Investment Mid-Year Rankings, reflecting transaction activity in China's new economy equity investment market during the first half of the year.

BlueRun Ventures received:

• 2022 China Best Early-Stage Investment Institution Comprehensive Top 50 — ranked #3
• 2022 China Best Early-Stage Investment Institution Active Top 50 — ranked #2
• Best Investment Institution — Enterprise Services Top 20
• Best Investment Institution — Advanced Manufacturing Top 20

EasyStack Named National-Level "Little Giant" Specialized and Innovative Enterprise

Recently, the Ministry of Industry and Information Technology and the Beijing Municipal Bureau of Economy and Information Technology announced the fourth batch of "Little Giant" specialized and innovative enterprises. Beijing-based EasyStack was named a national-level "Little Giant" enterprise for its innovations in open-source cloud computing.

QingCloud Technology Selected as Inaugural Member of CAICT's "Trusted Edge Computing Advancement Initiative," Named to China Cloud Ecosystem Top 100 and China Cloud Computing Ecosystem Blue Book

At the "2022 Digital Transformation Development Summit" hosted by CAICT and the China Communications Standards Association, the "Trusted Edge Computing Advancement Initiative" was officially launched. Leveraging its technological and product innovations in cloud-native, container-based hybrid cloud, and edge computing — advancing practical breakthroughs in edge containers, edge applications, and edge networking — QingCloud Technology was selected as an inaugural member. It will work with other members to build an edge computing industry ecosystem, accelerate the development of "trusted edge computing" standards, and facilitate technical exchanges, thematic seminars, and testing and validation.

Recently, the 2022 Global Digital Economy Conference concluded successfully in Beijing. At the "Cloud Integration Technology Innovation Leadership Forum" hosted by the Zhongguancun Cloud Computing Industry Alliance, the "2022 China Cloud Ecosystem Top 100 Enterprises" list and the 2022 China Cloud Computing Ecosystem Blue Book were officially released. QingCloud Technology was named to both the "China Cloud Ecosystem Top 100" and as a representative enterprise in the Blue Book.

Ascend Energy Named One of World Robot Conference's Top Ten "Investment and Innovation Stars"; Ascend Battery Sensing Technology Named "Global New Energy Vehicle Frontier Technology"

On August 21, the 2022 World Robot Conference concluded in Beijing. As a key component of the conference's competition track, the "Investment and Innovation Stars" roadshow and review event for cutting-edge technology projects was held at the Beijing Etrong International Exhibition & Convention Center. Ascend Energy was selected for the "Investment and Innovation Stars" list of outstanding projects based on its project strengths.

From August 26–28, during the 4th World New Energy Vehicle Congress (WNEVC 2022), the results of the 2022 Global New Energy Vehicle Frontier and Innovative Technology Awards were announced. Ascend Energy's "multi-dimensional internal sensing signal intelligent battery technology" stood out among numerous frontier technologies and was named a "Global New Energy Vehicle Frontier Technology."

HuiyiHuiying Wins MICCAI 2022 MELA International Challenge

Recently, according to public leaderboard data from the MICCAI 2022 MELA International Challenge, HuiyiHuiying's algorithm team ranked first in the MELA mediastinal lesion detection international challenge, outperforming competing teams worldwide.

MICCAI is organized by the Medical Image Computing and Computer Assisted Intervention Society and spans both Medical Image Computing (MIC) and Computer Assisted Intervention (CAI). It is widely recognized as the premier international conference in medical imaging computing, medical robotics, artificial intelligence, assisted intervention, and computational biomedicine. The various challenges held annually attract active participation from professionals, top universities, and leading medical technology institutions both domestically and internationally.

Energy Singularity Wins First Prize at HICOOL 2022 Global Entrepreneurship Competition Finals

On August 23, the HICOOL 2022 Global Entrepreneurship Competition finals concluded successfully in Beijing. Energy Singularity stood out from over 5,000 global applicants, ranking first in the New Energy/New Materials/Energy Conservation and Environmental Protection track and securing first prize in the HICOOL 2022 Global Entrepreneurship Competition finals.

Youibot Takes Home Two Awards at the 8th Capek Awards

Recently, the 2022 12th China International Robot Summit Forum and 8th Capek Awards ceremony opened with great fanfare in Wuhu. Drawing on its deep technical expertise and extensive scenario experience in mobile robotics, Youibot received the "8th Annual Excellence in Brand Award." Additionally, Youibot founder and CEO Chaohui Zhang was named "Capek Emerging Entrepreneur of the Year."

PPIO Edge Cloud's Xin Yao and ReboTech Founder and CEO Tian Wang Named to 2022 Science and Technology Innovation Elite List

Recently, the "2022 Pioneer Science and Technology Innovators" list, jointly launched by China Star Market and the Shanghai Institute of Scientific and Technical Information (ISTIS), was officially released. ReboTech founder and CEO Tian Wang and PPIO Edge Cloud founder Xin Yao, both from the BlueRun Ventures portfolio, were named to the 2022 Science and Technology Innovation Elite List.

Liangliang Vision Earns Dual Industry Recognition

Recently, leveraging its AR+AI full-stack solutions to empower multiple industries and lead the development of the industrial metaverse through best practices, Liangliang Vision received further industry recognition with third prize at HICOOL 2022 Global Entrepreneurs and the Excellence Award at the 2022 China Metaverse Innovative Application Competition.

RapidsData Selected as Lead Unit of Beijing Digital Economy Standardization Technical Committee's First Data Resource Library Working Group, Named to "Beijing National AI Innovation Application Pilot Zone Demonstration Cases"

Recently, the "2022 Global Digital Economy Conference Digital Economy Standardization Sub-Forum" was held. At the forum, the first batch of working groups under the Beijing Digital Economy Standardization Technical Committee was officially established, with RapidsData becoming the lead unit of the first Data Resource Library Working Group.

From July 28-30, the 2022 Global Digital Economy Conference AI-Driven Future Industries Forum was held at the National Convention Center. RapidsData's "Intelligent Customs Supervision Platform" application case was named a "Beijing National AI Innovation Application Pilot Zone Demonstration Case."

04

The BlueRun Ecosystem

Four Tracks, 70+ Companies: BlueRun Ventures' First Demo Day "Frontier of Wanwu" Wraps Up Successfully

To help more companies connect with top-tier investment institutions and accelerate the growth of high-quality projects, BlueRun Ventures' first Demo Day, "Frontier of Wanwu," officially launched on August 26. Over 2,500 people participated in the roadshow via livestream, facilitating more than 4,000 online connections for investment and financing project resources. The event concluded successfully, with engagement exceeding expectations.

This event centered on BlueRun's key focus areas, concentrating on hard tech, enterprise services, healthcare, and consumer technology — four tracks running in parallel across two simultaneous sessions. During the eight-plus hours of roadshow activities, 74 BlueRun portfolio projects presented in rotation online. Investors gained a quick 10-minute overview of each company's fundamentals, core advantages, and financing needs, with direct online access to relevant company leads for follow-up conversations.

BlueRun Family "Organizational Capability" Post-Investment Event

How should founders actively confront organizational challenges and make sound decisions amid rapidly shifting market conditions, building organizations with greater "muscle"? Recently, the second installment of BlueRun Ventures' post-investment event series was held online, focusing on "organizational capability," with over 200 "BlueRun family members" in attendance.

Four seasoned BlueRun family members — Waterdrop founder Peng Shen, Shanzhen founder Hongxing Wu, Xiaobang Guihua founder Bin Xu, Songguo Chuxing founder Guanglong Zhai, along with independent HR strategy and operations consultant Ning Chen — joined as speakers to exchange views on team building and organizational transformation.

Further Reading

BlueRun July Report | The Beginning of Lucky Charms

BlueRun June Report | Hope Is a Sweet Waiting

BlueRun May Report | 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.

Today, BlueRun Ventures China manages multiple USD and RMB dual-currency funds with over RMB 15 billion in assets under management, making it one of the largest early-stage funds in the country. The firm focuses on Pre-A and Series A rounds, investing across hard tech and innovative interaction, enterprise technology, new consumer brands, and healthcare. It has backed more than 150 startups, including Li Auto, Waterdrop, QingCloud, Guazi.com, Qudian, Songguo Chuxing, Ganji.com, Energy Monster, YTMicro, Machenike, CloudSail, Anxin Netshield, and BioMap.

BlueRun Ventures has been ranked first on Zero2IPO's "Top 30 Early-Stage Investment Institutions in China" and ChinaVenture's "Top 30 Best Early-Stage VC Firms in China," and named among Preqin's top 10 venture capital managers globally for consistent high returns.

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