They Talk, We Create | Quarterly

We moved through summer, embracing the wind from the future.

These past three months, the creators in the BlueRun Ventures family didn't linger in empty talk — they focused on getting things done. Some shone at WAIC, bringing technology into more everyday lives. Others brought their AI products to Booming Night, letting them grow through the most authentic feedback possible.

The wind is picking up, and the creating never stops — after all, the future is never talked into existence. It's built.

Kuntai Maglev completed an A++ round This round was led by Tianjin Xianzhilian, with BlueRun Ventures continuing to add to its position (BlueRun Ventures led Kuntai Maglev's Series A round). Kuntai Maglev focuses on maglev technology R&D and application, with independent mastery of key technologies including maglev control algorithms, electromagnetic design, mechanical structures, vacuum design, and high-precision manufacturing processes.

Galaxy Universal completed a 1.1 billion yuan financing Galaxy Universal completed a new funding round of 1.1 billion yuan led by CATL and Puquan Capital, bringing its total raised to over 2.4 billion yuan in just two years. This round brought together top-tier investors including CATL's strategic investment arm, Puquan Capital, China Development Bank's Guokai Chuangke, Beijing Robotics Industry Fund, and GGV Capital. Galaxy Universal employs a pioneering technical paradigm, driving rapid global iteration of embodied large-model technology. BlueRun Ventures was the lead investor in Galaxy Universal's first round and has added to its position multiple times since.

Tashi Zhihang completed a $122 million angel+ round This round was led by Meituan's strategic investment arm, with JunShan Capital and others co-investing. Tashi Zhihang is an AI-driven embodied intelligence technology company, centered on an industry-first Human-Centric embodied data engine, dedicated to developing world-leading physical-world AI and general-purpose robotics full-stack technology. BlueRun Ventures was the lead investor in Tashi Zhihang's angel round.

Clobotics

Completed 500 million yuan Series D

This round was invested in by Liangxi Sci-Tech Innovation Fund (managed by Bohua Capital). Clobotics is a low-altitude infrastructure solutions provider centered on "low-altitude + AI," which in 2017 was the first globally to propose and successfully mass-produce the concept of "industrial drones with fully automated airports." BlueRun Ventures invested in Clobotics' Series A and participated in multiple subsequent rounds.

UniUni

Completed over $70 million D1 round

The D1 round was co-led by Bessemer Venture Partners (BVP) and Sinovation Ventures, with MindWorks Capital and other new and existing shareholders participating. UniUni is a North American last-mile logistics service provider using technological innovation to solve final delivery challenges. This funding will accelerate digital infrastructure development, drive AI-logistics integration, and continue strengthening its US-Canada delivery network. BlueRun Ventures led UniUni's Series A and has added to its position in multiple subsequent rounds.

BlueCore Technology

Completed a nine-figure C+ round

This round was led by Kunpeng Fund. BlueCore Technology's products span 3D vision sensors, mobile robots, humanoid robots, core components for mobile robots, and intelligent software systems. BlueRun Ventures led BlueCore Technology's Series A and has added to its position in multiple subsequent rounds. BlueCore Technology has put its IPO on the company agenda, with potential to become China's first listed "3D vision-enabled robotics" company.

Botree Cycling

Added tens of millions of yuan in Series B funding

The new Series B investor is Taiping Sci-Tech Innovation Fund. Botree Cycling had previously completed the closing of its nearly 100 million yuan Series B lead investment, bringing total Series B funding to over 100 million yuan to date. Botree Cycling provides full-spectrum solutions for recycling critical battery materials, covering pretreatment, metal extraction, separation and purification, and material regeneration. BlueRun Ventures was the sole investor in Botree Cycling's Pre-A round.

Ruisi Technology

Completed a tens-of-millions yuan A2 round

This round was exclusively invested in by Jinko JunChuang. Ruisi Technology has developed proprietary AI opto-neuro modulation technology, integrating AI, optical engineering, neuroscience, and clinical optometry to focus on key dimensions including dynamic defocus, photobiology, myopic defocus, and contrast — driving iteration of far-image technology and comprehensive myopia management digital solutions. BlueRun Ventures led Ruisi Technology's Series A.

Machenike

Received continued support from existing shareholders

Existing shareholders Bojiang Capital and Quzhou Zhiyuan made additional investments. Machenike has a diversified business footprint: beyond its focus on autonomous driving technology and solutions, it is actively exploring the R&D and commercialization of hydrogen-powered zero-emission intelligent driving trucks, and has established deep partnerships with multiple well-known domestic and international automakers and industry partners. BlueRun Ventures led Machenike's Pre-A round and participated in its Series A.

Moonshot AI

Kimi K2 Released and Open-Sourced

**Kimi K2 is an MoE-architecture foundation model with stronger coding capabilities and greater aptitude for general Agent tasks, with 1 trillion total parameters and 32 billion active parameters. On benchmark tests including SWE-Bench Verified, Tau2, and AceBench,Kimi K2 achieved SOTA results among open-source models, demonstrating leading capabilities in coding, Agent tasks, and mathematical reasoning.

Genspark Launched AI Browser The Genspark browser embeds AI directly into every webpage, giving the browser itself the ability to think and act, connecting various commonly used tools and applications to form automated workflows — providing shopping price comparisons, video summaries, Autopilot Mode, and even letting the browser itself browse Weibo, organize information, and create personal podcasts. AgiBot Released Lingxi X2-N Robot And Acquired Swancor to "Leap" onto STAR Market The Lingxi X2-N can switch between wheeled and legged configurations. In legged mode, it can navigate stairs blindly while carrying 6 kg loads. In wheeled mode, it handles single-plank bridges, slopes, and other complex terrain. On the capital markets front, AgiBot established a shareholding platform through joint investment by the company and its core team, obtaining control of Swancor (688585) through agreement-based transfers and tender offers. This transaction stands as a landmark acquisition by a new-quality productive forces enterprise on A-shares since the implementation of the new "Nine Guidelines" and "M&A Six Measures," and will also become the first acquisition by an embodied intelligence company on the STAR Market — helping AgiBot build out a multi-layered capital market presence. Galaxy Universal Released GroceryVLA Large Model and OpenWBT Open-Source System GroceryVLA employs an end-to-end model architecture, breaking through traditional "vision + trajectory planning" approaches to autonomously identify and grasp products in tightly arranged real shelf environments encompassing dozens of SKUs, with real-time closed-loop strategy adjustment capabilities that can rapidly respond to on-site human interference. OpenWBT is the world's first fully open-source, multi-model, cross-reality humanoid robot full-body teleoperation system, innovatively achieving hour-level rapid deployment, with multi-model compatibility and flexible support for virtual-to-real teleoperation allowing users to build and debug the system from scratch using only a VR headset and an ordinary computer. Peking University-Lingchu AI Joint Lab Chief Scientist Yaodong Yang's Team Won ACL 2025 Best Paper ACL is the top international conference in computational linguistics and natural language processing, consistently ranking first in academic influence in the NLP field. The ACL Best Paper Award, as one of the conference's highest honors, is extremely prestigious. Among over 8,000 papers submitted this year, the team from the Peking University-Lingchu AI Joint Lab led by Yaodong Yang and the DeepSeek team (with Wenfeng Liang as a co-author) won two of the four Best Paper awards, becoming China's only two winning teams. TCab Tech E20 eVTOL Secured 350-Unit, $1 Billion Overseas Order UAE-based Autocraft signed a procurement agreement with TCab Tech for $1 billion. Autocraft will purchase 350 E20 eVTOL units, partnering with TCab Tech to advance commercialization of E20 eVTOL in low-altitude tourism, aerial mobility, and other diverse scenarios across the Middle East and North Africa, jointly accelerating scaled deployment and operations of new low-altitude mobility models. Jobright Launched First Agent Jobright Agent is the first AI career agent that finds, customizes, and submits applications on behalf of job seekers. Jobright is trusted by over 520,000 professionals and growing 30% year-over-year. Jobright Agent delivers 2x more interviews for job seekers and reduces job search time by 80%. Zean Biosciences Partners with Eli Lilly to Pioneer New Autoimmune Treatment Direction Based on Globally First-in-Class "Myeloid Cell Engager" Platform Zean Biosciences has reached a major strategic partnership with global pharmaceutical giant Eli Lilly to develop novel "myeloid cell engager drugs" targeting specific targets for autoimmune diseases with significant unmet medical needs. Zean Biosciences has long focused on cancer, autoimmune diseases, and other major diseases, dedicated to developing novel immunotherapies based on its "myeloid cell engager" technology platform. BioMap Released World's First Germline Pathogenic Mutation DNA Large Model The Mingdao germline pathogenic mutation DNA large model, trained on BioMap's self-developed world-leading DNA pan-species large model xTrimoDNA, quantifies mutation pathogenicity as precise pathogenic probability values; designed with an efficient inference architecture supporting batch computation for practical application scenarios, meeting clinical rapid application needs at low cost. LLVision Released Leion Hey2 Consumer AR Glasses LLVision's consumer AR glasses Leion Hey2 break through the industry "impossible triangle" of lightweight design, performance, and battery life — weighing just 49 grams, supporting real-time translation for over 100 languages with under 500ms latency, with 8 hours of standalone battery life and 96 hours with the portable charging case. Tingli Xiong T8 New Product Launch The Tingli Xiong T8 integrates a listening device and AI portable learning machine in one, with an age-differentiated dual system providing AI enlightenment companion characters and all-day audio immersion for ages 1-6, and 24/7 AI tutor teams, AI time-travel exploration and other features for ages 6-16, with the built-in Teeni Cloud Bear AI companion capable of photo-based object recognition. Weiling Medical Released World's First Medical-Grade Implantable Brain-Computer Interface System Customization Platform Specifically designed for clinical research, the platform features standardized design processes, modular core components, and flexible customization capabilities, providing collaborative programs with national research institutions and clinical hospitals to accelerate clinical translation and widespread adoption of implantable brain-computer interface technology for neurological disease research and treatment. Tian Cheng's Company Suxing GoGo Assistive Exoskeleton Officially Launched The Suxing GoGo assistive exoskeleton is suitable for young and middle-aged adults and older adults with good balance, using electric assistance with maximum 3 kg assist force, 2 kg weight, and over 2 hours battery life, applicable to mountain climbing, outdoor hiking, walking, stairs, running, cycling and other scenarios, with strong leg-lift assistance, downhill deceleration, mountain climbing and stair climbing support. Jaren Semiconductor Successfully Produced VB Method 100mm (010) Plane Gallium Oxide Single-Crystal Substrate Jaren Semiconductor achieved breakthrough progress in gallium oxide large-size crystal growth and substrate processing technology, successfully growing 100mm gallium oxide single crystals using the vertical Bridgman (VB) method, and through iterative process optimization, successfully achieved preparation of 100mm (010) plane gallium oxide single-crystal substrates, with characterization testing showing quality reaching internationally advanced levels — a result reported internationally for the first time. BlueCore Robotics System Released Lithium Battery "Post-Process" Intelligent Logistics Baseline Solution v1.0 Covering production stages including cell outbound, module raw material delivery, PACK raw material delivery, assembly line intelligent flow, and finished product offline warehousing. The solution's supporting hardware includes VMR mobile robots and other equipment, integrating multiple devices to build full-stack intelligent logistics for lithium battery enterprises. Wanxun Technology Released High-Altitude Cleaning Solution Based on AP3-P3 and DJI M400 Extending platform compatibility from the previous M300/M350 to the M400, continuing to lead drone high-altitude cleaning innovation and upgrade, and further enriching high-altitude cleaning application scenarios, jointly building safe, precise, powerful, and versatile drone aerial precision operation capabilities. Nuclei System Technology Released New Generation High-Performance Processor IP UX1030H Strictly following the RVA23 Profile specification, fully supporting virtualization and vector computation extensions, and further providing IOMMU and AIA support, targeting new-generation high-security, high-scalability application scenarios, marking a key step for domestic RISC-V high-performance processor IP in ecosystem integration and system adaptation capabilities. Multiple BlueRun Ventures Family Companies Participated in 2025 World Artificial Intelligence Conference (WAIC) From July 26-28, the annual World Artificial Intelligence Conference (WAIC) was held in Shanghai. A group of AI-focused BlueRun Ventures family companies shone at 2025 WAIC, bringing cutting-edge exploration and future-oriented thinking to attendees and live audiences — Moonshot AI, AgiBot, Galaxy Universal, Lingchu AI, PPIO, TCab Tech, Youibot, Tingli Xiong and other companies participated in the conference, showcasing their latest product matrices and commercialization achievements. Three BlueRun Ventures Family Companies Selected for "2025 Forbes China AI Technology Enterprises TOP 50" AgiBot | 2025 Forbes China AI Technology Enterprises TOP 50 Galaxy Universal | 2025 Forbes China AI Innovative Technology Enterprises Selection Muxi Robotics | 2025 Forbes China AI Emerging Enterprises Selection ** ** Two BlueRun Ventures Family Companies Selected for Founder Park "2025 China's Most Valuable AGI Innovation Institutions TOP 50" Moonshot AI, Energy Singularity **

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A Founders-Only Magical Night: Nearly 200 AI Founders Co-Created BlueRun Booming Night

On July 25, the eve of the 2025 World Artificial Intelligence Conference (WAIC), BlueRun hosted a party for the next generation of AI entrepreneurs — Booming Night. Inspired by the MET Gala at New York's Metropolitan Museum, guests donned masks and tech-inspired accessories to cosplay sci-fi characters, play with AI products, drink AGI craft beer, and pose with silicon-based "deities." We believe that playing together is how you tell the real truth. Originally planned for 100 attendees at most, the event ballooned to 197 due to a flood of registrations and constant ticket requests — and that was after rejecting 435 applicants. Unlike any summit or event, Booming Night had no "speakers" and no "audience" — only creators, all equal, immersed in a magical night together.

Supporting Young People's 10,000 Hours of Passion

BlueRun's Deep Partnership with AdventureX 2025

From July 23-27, BlueRun Ventures, as one of AdventureX 2025's most important supporters, co-created with nearly 2,000 young people across three touchpoints: 1. Hosting an open-mic workshop where the microphone was handed to young people; 2. At the opening ceremony speech, BlueRun Ventures Managing Partner Terry Zhu delivered a talk titled "Find Your 10,000 Hours of Passion," hoping to inspire more young people to find their calling; 3. Exhibiting at booth #16, with investors on-site chatting freely with young people.

BlueRun Co-Hosted with ByteDance Volcano Engine

"AI Frontier, ATRenew — Agents and Multimodal Industry Forum" Event

On May 15, the event focused on the technological evolution and entrepreneurial practice of agents and multimodal AI. Frontline colleagues from multiple ByteDance businesses, several AI-focused BlueRun Ventures family members, and guests from AI star companies participated. Most attendees were startup founders and ByteDance algorithm and product experts, engaging in deep discussions during the free talk sessions.

BlueRun Partners with HKIC

Established "Co-Investment Partner Program"

On May 22, at the first "International Patient Capital Forum" hosted by Hong Kong Investment Corporation (HKIC), HKIC announced its partnership with BlueRun Ventures to establish a "Co-Investment Partner Program," advancing a basket of co-investment projects focused on supporting Chinese tech entrepreneurs with global vision and world-leading technological innovation. During the forum, BlueRun Ventures moderated a discussion session titled "Connecting the World — Uncovering Innovation Opportunities," exploring in depth China's key role in the global technological innovation landscape, and how patient capital can drive Chinese tech enterprises to go global.

BlueRun Co-Organized

"Frontier Industry Portfolio Companies Visit Shenzhen Stock Exchange" Event

Continuing to build and drive the flywheel effect of frontier technology-capital-industry, providing critical support and empowerment for portfolio companies' growth, on July 16, BlueRun Ventures brought multiple frontier industry portfolio companies for in-depth exchange with the Shenzhen Stock Exchange. **SZSE experts conducted specialized training for participating company representatives, providing practical guidance.

36Kr China Equity Investment Annual Rankings BlueRun Ventures | Top 3 Early-Stage Investment Institutions in China's Equity Investment Industry BlueRun Ventures | Top 10 Most Influential Early-Stage Investment Institutions in China BlueRun Ventures Jui Chan | Top 100 Most Entrepreneur-Welcome Investors in China BlueRun Ventures Terry Zhu | Top 100 Most Entrepreneur-Welcome Investors in China

PEDaily 2025 "Investment TOP100" BlueRun Ventures Jui Chan | 2025 "Investment TOP100" Investor

Securities Times 2025 Venture Capital Golden Eagle Awards BlueRun Ventures Terry Zhu | Investor of the Year

Rongzhong Caijing 2024-2025 China Industrial Investment Rankings BlueRun Ventures | 2024-2025 Best Early-Stage Investment Institution in China's AI Sector

TMTpost 2025H1 Pioneer Rankings BlueRun Ventures | Top 10 Investment Pioneers

Diyixinsheng BlueRun Ventures | 2025 Q1 China's Most Active Institutions Series Rankings Top 30 Most Active Early-Stage Investment Institutions in China

Yiou 2025 Low-Altitude Economy Financial Services Forum BlueRun Ventures | Top 10 Excellent Investment Institutions in Low-Altitude Economy

Artery Network 2025 Future Healthcare 100 Rankings BlueRun Ventures | Annual Healthcare Excellence Investment Institution

Healthier Capital 2025 9th Healthcare Investment Excellence Rankings BlueRun Ventures | Best Investment Institution in Health Services and Smart Healthcare

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