Planting Spring in the Wind | Quarterly

Spring breeze stirs, and all things grow.

Over the past three months, the BlueRun Ventures family has sown seeds in the wind, holding distant horizons close while pressing forward with resolve. Some have shattered the bounds of imagination at the frontier of technology; others have carved new paths on the entrepreneurial journey. Every belief planted will eventually bear fruit in the days to come.

Spring has arrived. A new chapter for creators is unfolding.

BlueRun Ventures Leads Investments

Tashi Zhihang

Closes $120 Million Angel Round

Embodied intelligence startup Tashi Zhihang (TARS) announced the completion of a $120 million angel round, embarking on a new journey in embodied intelligence entrepreneurship. This round was led by BlueRun Ventures, with proceeds directed toward product and technology R&D, model training, and scenario expansion. Tashi Zhihang boasts one of the most comprehensive AI capabilities in the market: the team possesses world-class world-model construction capabilities and proven expertise in engineering large-scale complex systems. The company also maintains deep insight into pain points in target industries, enabling precise identification of high-value application scenarios and delivery of complete solutions. Tashi Zhihang is not merely a "robotics company" — it is an "industry scenario solutions company."

LTZ Therapeutics

Completes $40 Million Series A+ Round

LTZ Therapeutics announced an oversubscribed Series A+ round, successfully raising $40 million. This round was led by new investor Wanwu Capital, with BlueRun Ventures participating as a follow-on investor. Existing shareholders Dragonstone Capital and Hillhouse continued to increase their stakes. Since its founding in 2022, LTZ has raised $90 million in total funding. The new proceeds will primarily support Phase I clinical studies for the company's lead candidate LTZ-301, advance IND-enabling work for the second candidate LTZ-232 targeting pan-solid tumor indications, and bolster early-stage R&D programs and global team expansion.

VITURE

Closes $50 Million Financing Round

VITURE completed a $50 million financing round with investors including Meituan co-founder Huiwen Wang and Singtel. As founder of the AR glasses brand, Gonglue Jiang is highly bullish on AI glasses and has conducted sustained observation and research. In his view, building AI glasses carries high barriers and difficulty, requiring deep deliberation and careful execution. BlueRun Ventures was the sole investor in VITURE's Series A+ round and has continued its support in subsequent rounds.

TCab Tech

Completes Series B+ Strategic Financing

TCab Tech announced the completion of a Series B+ strategic round jointly invested by Shanghai Lingang Dajiangwan Venture Capital and Zifeng Capital. This investment marks the first direct state-owned capital investment in an eVTOL airframe project since Shanghai unveiled its Shanghai Low-Altitude Economy Industry High-Quality Development Action Plan (2024-2027) last year, carrying profound strategic significance and demonstrating full recognition of TCab Tech's technical strength and growth potential. BlueRun Ventures was TCab Tech's seed round investor and has continued to invest in subsequent rounds.

Tian Cheng Technology

Closes Nearly RMB 100 Million Series B Round

Tian Cheng Technology completed a nearly RMB 100 million Series B round led by Xi Chuang Tou, with proceeds focused on embodied intelligence exoskeleton technology iteration, brain-computer interface new product development and registration, production base expansion, and global market expansion — further advancing the application of embodied intelligence exoskeleton wearable robots in rehabilitation, eldercare, and consumer markets while accelerating domestic and international channel network development to build a world-leading exoskeleton technology enterprise. BlueRun Ventures was the sole investor in Tian Cheng Technology's Series A round and participated in its Series A+ round.

Zhitai Biologics

Secures New RMB 100 Million+ Financing

The GLP-1 track continues to surge, with Zhitai Biologics securing another RMB 100 million+ round led by China Reform (Wuxi) Biotech Fund. A full year on, the GLP-1 track maintains its "racing" momentum, with a steady stream of news on exciting clinical trial results for innovative products and blockbuster licensing deals. BlueRun Ventures led Zhitai Biologics' Series B round and has participated in multiple subsequent financing rounds.

Luchen Tech

Completes New Financing Round

Luchen Tech completed its latest financing round with participation from Beijing Economic-Technological Development Area Industrial Upgrade Equity Investment Fund. Following the previous round led by Beijing Artificial Intelligence Industry Investment Fund, this fresh capital endorsement forms powerful synergy to propel Luchen Tech's rapid development. Luchen Tech has achieved major milestones in technology innovation, open-source ecosystem, and commercial growth. BlueRun Ventures was Luchen Tech's angel round investor.

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Li Auto

Open-Sources Self-Developed Vehicle Operating System "Li Auto Ring OS"

On March 27, 2025, Li Auto Chairman and CEO Xiang Li unveiled and released the open-source achievements of "Li Auto Ring OS" at the 2025 Zhongguancun Forum Annual Meeting. Compared to closed-source operating systems, Li Auto Ring OS reduces chip adaptation cycles to within four weeks and fully supports all automotive chip architectures on the market, truly achieving freedom of chip choice. As an automotive operating system for the AGI era, Li Auto Ring OS integrates millisecond-level real-time control, high-compute autonomous driving, and intelligent interaction among diverse functions, achieving deep cross-domain hardware-software synergy and dual-layer security assurance.

Moonshot AI

Open-Sources Kimi-VL

Kimi-VL is a vision-language model (VLM) designed with a balanced strategy that addresses both multimodal and pure-text pre-training and post-training, adopting a MoE (Mixture-of-Experts) architecture for scalable efficiency. Its 128K extended context window enables precise information retrieval across long texts and long videos. Meanwhile, its native-resolution encoder MoonViT helps maintain high accuracy in ultra-high-resolution vision tasks with lower computational overhead. Additionally, Kimi-VL-Thinking supports effective long-chain reasoning in complex image and video inference. Overall, Kimi-VL demonstrates strong adaptability and efficiency in multimodal, long-context, and high-resolution tasks, showing tremendous potential for future research and industrial applications.

Genspark

Releases Super Agent

Genspark launched its 52nd-iteration super app, integrating AI search, ultra-fast browser, and AI agent matrix to explore the next-generation search engine form. The recently launched AI PPT feature, built on Claude and Agent, supports multi-page generation, interactive components, precise editing, PPTX export, and integration with Figma/Canva — combining high-degree-of-freedom design styles to demonstrate AI's powerful potential in content expression and creative tools.

AgiBot

Releases Embodied Intelligence One-Stop Development Platform Genie Studio

Genie Studio is AgiBot's one-stop development platform purpose-built for embodied intelligence scenarios, featuring full-chain product capabilities spanning data collection, model training, simulation evaluation, and model inference — enabling standardized solutions for every step of "collect," "train," "test," and "deploy." Genie Studio completely打通s the full chain from data to deployment in embodied intelligence, providing developers with end-to-end solutions that make "training robot brains" unprecedentedly simple and efficient.

Psi R1

Releases End-to-End VLA Model Psi R1

Psi R1 represents a major technical breakthrough in embodied intelligence, being the first to crack the challenge of long-horizon complex tasks in open environments. Through a hierarchical end-to-end VLA architecture and reinforcement learning algorithms, Psi R1 possesses autonomous reasoning and high-precision dexterous manipulation capabilities based on the CoAT framework, demonstrating exceptional performance in human-robot, robot-robot, and robot-environment triple composite interactions. The model achieves sustained task execution exceeding 30 minutes, pushing embodied intelligence from single-action control toward a "perception-reasoning-execution" closed loop, providing a solid technical paradigm for real-world application deployment.

QingCloud Technology

Launches QwQ-32B Inference Model

The QwQ-32B inference model is now officially live on CoresHub, the AI compute cloud service under QingCloud Technology. QwQ-32B delivers outstanding performance on the AIME mathematics reasoning benchmark and LiveCodeBench coding capability assessment, with scores on LiveBench, IFEval, and BFCL tests even surpassing DeepSeek-R1. It also integrates agent-related capabilities, enabling critical thinking when using tools and adjusting reasoning processes based on environmental feedback.

RockFlow

Releases Financial AI Agent "Bobby"

RockFlow released the world's first financial AI Agent with emotional perception capabilities. This agent breaks through traditional trading robot models, building a three-dimensional capability system encompassing market sentiment monitoring, personalized strategy generation, and dynamic risk management — deeply integrating natural language interaction into the full investment decision workflow. When AI breaks through cold data processing paradigms and truly understands investment as "participating in the evolution of the world," human-machine collaboration will unleash unprecedented wealth creation potential.

PowerLaw AI

Co-Develops Indigenous Innovation All-in-One Machine

At the end of 2024, PowerLaw AI and Zhipu AI jointly released the PowerLawGLM all-in-one machine, achieving seamless integration from application to model to hardware. With the emergence of DeepSeek, PowerLaw AI simultaneously launched an indigenous innovation all-in-one machine solution compatible with the open-source DeepSeek large model, providing enterprises with a simple, efficient, and secure AI deployment method. On the indigenous innovation front, PowerLaw AI has completed comprehensive domestic adaptation from the application layer to the model layer, including support for Huawei, TaiChu, and Tianshu platforms. For intelligent applications, the all-in-one machine provides rich AI capabilities such as legal Q&A, intelligent contract extraction, and intelligent contract review — helping enterprises improve work efficiency and reduce operational risk.

BioMap

Open-Sources World's First 100-Billion-Parameter Protein Model xTrimoPGLM

On March 19, BioMap announced the open-sourcing of xTrimoPGLM, the protein language model from its leading xTrimo V2 suite. Seven models of different parameter sizes have been released on Hugging Face and GitHub for global users to freely access and use. xTrimoPGLM is the world's first 100-billion-parameter protein language model, with performance surpassing previously industry-leading protein models such as ESM-2 and ProGen2, and demonstrating broad application prospects in drug molecule design and optimization, antibody engineering and vaccine development, enzyme engineering and biocatalyst design, and other fields.

Youibot

Releases Humanoid Robot Xunxiao

On March 31, the Embodied Intelligence Robotics Research Institute jointly founded by Youibot and Xi'an Jiaotong University publicly unveiled its humanoid robot matrix for the first time, debuting one wheeled humanoid robot — Xunxiao. The "Tianyan" series comprises seven products, with differentiated robot positioning based on application scenarios, covering bipedal, wheeled, quadruped, and tracked forms. Among them, Xunxiao targets large-area complex indoor environments, featuring long endurance and high flexibility, and has been deployed in semiconductor manufacturing Sub-FAB operations and energy industry power distribution room operations.

Jaren Semiconductor

Releases World's First 4th-Generation Semiconductor Gallium Oxide 8-Inch Single Crystal

On March 5, Jaren Semiconductor released the world's first 4th-generation semiconductor gallium oxide 8-inch single crystal. Jaren Semiconductor successfully achieved 8-inch gallium oxide single crystal growth using fully self-developed casting method, with corresponding wafer substrate processing capability. This achievement marks Jaren Semiconductor as the first company internationally to master 8-inch gallium oxide single crystal growth technology, setting a new global record for gallium oxide single crystal size and also establishing an industry record of upgrading one size per year from 2-inch to 8-inch.

BlueCore Technology

Releases Lurking Forklift Robot FR31201P

The FR31201P lurking forklift robot combines the advantages of lurking robots and unmanned forklifts, suitable for high-density narrow-aisle warehouse pallet handling across multiple industries. It adopts a hidden fork design to save aisle space, equipped with 3D vision, laser SLAM, and other technologies, with precise docking and efficient navigation and obstacle avoidance capabilities. Self-developed main controller and dispatch system ensure stable and efficient operation.

BlueRun Hosts

DeepSeek "Open-Source Model" Practical Case Exchange

On February 15, as DeepSeek fever swept the nation, BlueRun Ventures initiated a seminar inviting ten entrepreneurs from the BlueRun family — some who had integrated their products with open-source models like DeepSeek R1, some who had helped clients use them, and some with deeper technical research. In this discussion spanning applications to technology, we clarified what changes open-source models have brought, how to leverage them to empower businesses with higher intelligence levels, and thus provide more practical help to entrepreneurs.

BlueRun Co-Hosts

Roundtable on "How Sci-Tech Enterprises Can Seize Hong Kong Policy Opportunities"

To help portfolio companies fully utilize Hong Kong's supportive policies, sci-tech industries, and ecosystem advantages, on April 9, the BlueRun family post-investment series entered the Hong Kong Economic and Trade Office in Beijing, co-hosting with InvestHK the roundtable "How Sci-Tech Enterprises Can Seize Hong Kong Policy Opportunities," with over ten "BlueRun family members" invited to participate. BlueRun believes that true ecosystem building cannot succeed without guidance and support from government and related bodies, as well as deep synergy among capital, technology, talent, and markets. We look forward to this event as a new starting point to further help portfolio companies seize Hong Kong opportunities and gain first-mover advantage in global markets.

ChinaVenture Rankings

2024 Annual Early-Stage Venture Investment Institution Rankings

BlueRun Ventures | Top 2 Best Early-Stage Venture Investment Institution in China

BlueRun Ventures | Top 10 Best Returns Early-Stage Venture Investment Institution in China

2024 Annual Industrial Investment Institution Rankings

BlueRun Ventures | Top 30 Best Investment Institution in China AI and Big Data Industry

BlueRun Ventures | Top 30 Best Investment Institution in China Digitalization and Informatization Industry

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