Haivivi Closes 200 Million Yuan Series A Round, Set to Launch Industry's First End-to-End AI Toy | BlueRun Portfolio

On August 25, Haivivi, a leading AI toy company, announced the completion of a 200 million yuan Series A funding round. The round was led by CICC Capital, HSG, Huashan Capital, and Joy Capital, with participation from CMB International and continued support from existing shareholders including Brizan Ventures. The proceeds will be used for R&D of new products, talent development, and market expansion.

BlueRun Ventures was Haivivi's angel round investor.

Haivivi integrates innovative technology with premium IP, aiming to build a Toy Story-like world where toys come alive. In June 2024, it became the first to bring large language models into the toy category, launching BubblePal, the world's first AI toy — effectively defining the AI toy segment. The product supports role-play, multilingual conversations, AI co-created storytelling, long-term memory, and other features. Leveraging cutting-edge AI, it recreates dozens of classic IP characters across dimensions including voice tone, world-building, and personality traits. On the technical front, Haivivi pioneered multi-agent interaction design, giving AI toys long-term memory, adaptive learning capabilities, and emotional recognition and responsiveness. Beyond engaging with children's imaginative questions, it provides attentive emotional companionship.

With sharp user insights and innovative product design, BubblePal gained broad market traction immediately upon launch, selling over 10,000 units in its first month. To date, total sales have surpassed 200,000 units. Recently, Haivivi officially received the market position designation of "China's #1 AI Toy Brand by Online Sales Volume" from authoritative data firm iResearch.

Beyond its market scale advantage, Haivivi's IP ecosystem strategy is already showing results. The company has secured AI toy licenses for numerous well-known IPs including Ultraman, Peppa Pig, and Nailong, and has established strategic partnerships with multiple prominent IP holders both domestically and internationally.

Haivivi founder Yong Li believes that IP, as the soul of toys, plays a critical role in users' purchase decisions: "We will execute Haivivi's IP strategy through a dual model of 'licensing partnerships with top-tier IPs plus artist signings.' On one hand, we'll pursue licensing deals with leading IPs to expand brand recognition and solidify our market-leading position. On the other hand, we'll sign artists and collaborate on original creations to cultivate emerging IPs. Through patient operation and sustained investment, we aim to build the 'Haivivi and Friends' IP ecosystem."

As a pioneer in the AI toy industry, Haivivi has raised several hundred million yuan since its founding. Building on BlueRun Ventures' angel investment, the company has subsequently received multiple rounds of funding from CICC Capital, CMB International, Hong Kong Tech Fund, HSG, Huashan Capital, and Joy Capital, among others. It has also received backing from Professor Bingqiang Gao's fund at The Hong Kong University of Science and Technology.

Haivivi founder Yong Li stated: "We are deeply grateful to complete this funding round. First, we thank our more than 200,000 users for their support, and we sincerely thank all our new and existing shareholders for their precious trust in the current market environment. A company's growth depends on exceptional companions. Our investors are not merely financial supporters — they are indispensable strategic partners in our vision. The AI toy industry has just begun, and we know the road ahead remains full of challenges. But precisely because we have top-tier investor partners who understand both China and the world walking alongside us, we have greater confidence and conviction to stay grounded, deliver on every commitment, grow together with our investors and partners, explore the Toy Story world together, and embrace the magnificent AGI era."

Notably, Haivivi will officially launch its second-generation AI toy product line — the CocoMate series — this week. The new products feature a detachable module design that can be embedded into plush toy bodies, significantly enhancing flexibility. Meanwhile, as the world's first AI toy equipped with an end-to-end voice model, CocoMate offers richer expressive capabilities in interaction, stronger anthropomorphic emotional intelligence, and supports multiple wake modes, themed card games, chat rooms, and other modes — potentially redefining the technical paradigm for AI toys once again. The initial lineup includes the flagship IP Ultraman and Haivivi's first original IP "Paopao," with full sales beginning on August 27.

Industry observers note that with continued AI technology iteration and growing demand for emotional consumption, the AI toy industry is entering a rapid growth phase. From core dimensions including market share, funding scale, and IP ecosystem, Haivivi has already taken the lead. Looking ahead, as market competition intensifies, the AI toy industry may see consolidation driven by a concentration effect among leading players.

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