Qiming Venture Partners Weekly: Top 10 Portfolio Company Updates, Vol. 04, Feb. 3, 2026
Celebrating milestone moments with you at Qiming Venture Partners' portfolio companies
Editor's Note: In 2026, the Qiming Weekly has been upgraded and refreshed, with regular weekly updates featuring only ten major developments from Qiming Venture Partners' portfolio companies, covering financing progress and breakthroughs.
In the wave of technology and innovation, every step entrepreneurs take deserves to be recorded. Qiming Venture Partners will continue to accelerate and empower entrepreneurs, and join you in marking the milestone moments of our portfolio companies.
Financing News
DeepWay Raises 1.177 Billion Yuan in Pre-IPO Round
Recently, Qiming Venture Partners portfolio company DeepWay completed its Pre-IPO financing round, raising a total of 1.177 billion yuan. The proceeds will primarily fund the company's core business operations and development, further solidifying its leading position in the intelligent new-energy heavy truck sector.
DeepWay is the world's first company to develop intelligent new-energy heavy truck solutions through forward-design definition and achieve mass delivery. The company adheres to a forward-design philosophy, adopting a dual-wheel-drive strategy of "proprietary vehicles + self-developed autonomous driving technology." It redefines product and R&D architecture outside the traditional internal combustion engine technology system, enabling deep integration of vehicle hardware and intelligent driving software at the foundational level, with fully unmanned operation in freight transport as the ultimate goal. As of June 2025, the company has cumulatively delivered approximately 6,400 new-energy heavy trucks, ranking first globally in the forward-design new-energy heavy truck market.
Centered on the long-term goal of unmanned driving, DeepWay has chosen a pragmatic, incremental development path, prioritizing limited resources toward directions with the earliest commercialization potential. In its early stages, the company first developed vehicles through forward-design definition, achieving in-house R&D of core electric powertrain components and completing the electrification transformation of heavy trucks. On this foundation, it promoted the large-scale application of combined assisted driving systems, then deployed human-machine cooperative platooning modes, establishing a positive commercial cycle of "laying eggs along the way" that ultimately paves the way for large-scale single-vehicle unmanned operation. This incremental approach balances technical feasibility with commercial sustainability, carving out a differentiated development path in the commercial vehicle autonomous driving sector.
Major Partnerships
01/ Biren Technology Achieves Day-0 Adaptation for Step 3.5 Flash
Recently, Qiming Venture Partners portfolio company StepFun released and open-sourced its latest flagship foundation model, Step 3.5 Flash. Qiming Venture Partners portfolio company Biren Technology (06082.HK), a technology leader in the domestic GPGPU space, rapidly completed adaptation of its Bili™ 166 series products on the day of the model's release, becoming one of the first domestic GPU manufacturers to adapt Step 3.5 Flash. Developers will soon be able to experience Step 3.5 Flash's powerful performance through the developer cloud, as well as how it reshapes Agent workflows with high stability.
The Step 3.5 Flash model is built for Agent workflow scenarios, balancing inference speed, intelligence level, and cost. It provides developers with a "faster, stronger, more stable" underlying model option for Agents that can truly integrate into daily development, becoming a reliable, efficient, and user-friendly "Agent companion."
Currently, Biren Technology has formed a strategic partnership with StepFun and Shanghai Yidian Intelligent Computing Services, creating a collaboration spanning "chip R&D — large model innovation — computing services." Day-0 adaptation is a critical link in打通 the full chain of "chip — model — platform — application," laying a solid foundation for building domestic computing scheduling platforms and industry solutions.
02/ Unisound Helps Jinan Metro Build China's First Remote Centralized Intelligent Customer Service
Recently, the "Cloud Customer Service" system (remote customer service terminal system) for Jinan Metro, in which Qiming Venture Partners portfolio company Unisound (09678.HK) participated, officially commenced operation, marking the successful launch of China's first remote centralized intelligent customer service service model in the rail transit sector and setting a new benchmark for smart upgrades in urban public transportation. As a core technology partner, Unisound provided a full-stack AGI technology solution from hardware terminals to software platforms, enabling Jinan Metro to restructure functionality and leapfrog service experience at relatively low cost based on existing manual customer service centers (BOM ticket booths). According to statistics, since the "Cloud Customer Service" system went live, it has operated stably with significant results, currently covering all 11 stations on Line 1 of Jinan Metro. Remote human agents have cumulatively handled over 10,000 passenger requests, maintaining a 100% service connection rate, with average passenger waiting response time of approximately 9 seconds and average transaction processing time kept within 57 seconds — significantly outperforming traditional decentralized rail transit customer service and substantially exceeding industry averages. The innovative "intelligence-first, human-assisted" model has not only notably improved Jinan Metro's operational management efficiency but also won high recognition and praise from passengers through reliable, immediate service assurance, providing a replicable and scalable practical model for smart customer service construction across China's rail transit industry.
03/ Insilico Medicine Enters HK$931 Million Drug Discovery Partnership with Qilu Pharmaceutical
Recently, Qiming Venture Partners portfolio company Insilico Medicine (03696.HK), a generative AI-driven clinical-stage biotech company, announced a strategic drug discovery partnership with Qilu Pharmaceutical Group and its subsidiary Shanghai Qilu Pharmaceutical Research Center. The collaboration will leverage Insilico Medicine's proprietary Pharma.AI solution to jointly develop small-molecule inhibitors targeting specific targets, with a focus on cardiovascular and metabolic disease management.
Per the agreement, Insilico Medicine will utilize its self-built Pharma.AI platform to focus on the design and optimization of novel small-molecule drugs for metabolic diseases, while Qilu Pharmaceutical Group will handle subsequent development and commercialization. The total contract value exceeds HK$931 million, including development and sales milestone payments, plus single-digit royalties on subsequent net sales.
Dr. Alex Zhavoronkov, Founder and CEO, and Chief Business Officer of Insilico Medicine, said: "I am pleased to see Insilico Medicine and Qilu Pharmaceutical further deepen our generative AI-driven strategic partnership. Recently, Insilico Medicine unveiled its proprietary cardiovascular and metabolic disease pipeline portfolio at the BIO-Europe conference, encompassing eight candidate drugs from hit compounds to IND-enabling stages, all with R&D processes driven by Pharma.AI. I believe that strategies targeting cardiovascular and metabolic diseases hold promise for producing the first drugs to achieve large-scale healthspan extension, and I look forward to AI technology accelerating innovation in this field and maximizing its potential."
04/ Zhongshan New Materials Partners with Shangyue Technology
Recently, Qiming Venture Partners portfolio company Shangyue Technology partnered with Zhongshan New Materials. The two parties will collaborate to build a supplier relationship management platform covering all categories and the full chain, injecting new momentum into the digital and intelligent upgrade of the new materials industry.
As its business scale expands and industrial chain layout matures, Zhongshan New Materials has established a group procurement management center to achieve centralized control of all group procurement operations. The company urgently needs to break through bottlenecks of traditional procurement models through a professional SRM platform and build a standardized, digital, and intelligent procurement control system. Based on Zhongshan New Materials' strategic planning and business needs, Shangyue Technology leverages its AI procurement platform to customize an integrated SRM system that fuses AI technology with procurement scenarios across the full business spectrum, covering production procurement, non-production procurement, and engineering services and equipment procurement, fully adapting to the procurement business needs of Zhongshan New Materials and its branches and subsidiaries. Through this partnership, Shangyue Technology will fully leverage its technological and service advantages in procurement digitalization to facilitate the deployment of Zhongshan New Materials' SRM system, achieving unified procurement processes, resource integration, cost control, and risk strengthening, and driving a comprehensive upgrade of procurement management toward intelligence.
R&D Progress
Insilico Medicine Nominates ISM0676 as Preclinical Candidate
Recently, Qiming Venture Partners portfolio company Insilico Medicine (03696.HK), a generative AI-driven clinical-stage drug discovery and development company, announced the nomination of ISM0676 as a preclinical candidate (PCC) targeting the glucose-dependent insulinotropic polypeptide receptor (GIPR). ISM0676 is an orally available small-molecule antagonist designed to intervene in obesity, type 2 diabetes, and related diseases, with potential for expansion into cardiovascular diseases including obesity-related heart failure.
Dr. Ren Feng, Co-CEO and Chief Scientific Officer of Insilico Medicine, said, "Currently, the cardiovascular and metabolic drug strategy driven by cutting-edge generative AI exploration is one of Insilico Medicine's core priorities, and the successful nomination of ISM0676 further expands the company's relevant pipeline. From highly novel mechanisms to well-validated targets, from fibrosis and cancer to cardiovascular and metabolic diseases, Insilico Medicine is progressively validating AI's accelerating role across diverse fields. We look forward to advancing ISM0676 to subsequent development stages, bringing breakthroughs to chronic disease management through the power of AI."
ISM0676's R&D process was empowered by Insilico Medicine's proprietary generative AI engine Chemistry42 and subsidiary applications including Alchemistry, taking only 14 months from project initiation to PCC nomination, with fewer than 200 molecules synthesized and tested. Compared to leading available therapies or pipeline candidates, ISM0676 demonstrates excellent in vivo metabolic stability, superior in vivo efficacy at low doses, low drug-drug interaction (DDI) risk, favorable safety profile, and low clinically predicted dosing.
Technology Strength
01/ WeRide Releases General Simulation Model WeRide GENESIS
Recently, Qiming Venture Partners portfolio company and global leading autonomous driving technology company WeRide (NASDAQ: WRD, 00800.HK) officially released its self-developed general simulation model — WeRide GENESIS, building a fusion bridge between Physical AI and Generative AI, connecting the "real physical world" with the "virtual simulation world" to accelerate the large-scale R&D, training, and commercial deployment of autonomous vehicles. (Note: GENESIS stands for "Generative Engineered Neural Environment for Simulated Intelligence in Self-driving.")
Leveraging generative AI technology, WeRide GENESIS can rapidly "generate worlds" in virtual environments — constructing highly realistic simulated city environments in just minutes, and precisely replicating extreme long-tail scenarios that are difficult to capture frequently on real roads, enabling autonomous driving systems to complete intensive training and validation in virtual environments. Meanwhile, by continuously feeding simulation-generated experience back into real-world operations, WeRide GENESIS significantly enhances autonomous driving algorithms' capability and iteration efficiency in handling complex real-world physical scenarios, while substantially reducing the time and cost required for traditional road testing.
As one of the industry's most advanced autonomous driving simulation platforms, WeRide GENESIS achieves outstanding universal capability across all scenarios, minute-level response capability, and centimeter-level fidelity through four built-in AI modules — AI Scenarios, AI Agents, AI Metrics, and AI Diagnosis — providing powerful support for autonomous driving algorithm training, validation, and iteration.
02/ Shengshu Technology's Yes, Vidu Global Ecosystem Program Officially Launches
Recently, Qiming Venture Partners portfolio company Shengshu Technology's Yes, Vidu ecosystem program launched globally, using "100 million points" and "tens of millions in bonuses" to comprehensively empower creators and partners.
For creators, the company introduced a global creator incentive program aimed at breaking creative boundaries and enabling every spark of inspiration to translate into tangible commercial value. For partners, it launched a global ecosystem partner program, collaborating with three types of partners to build the most industry-savvy ecosystem, establishing a highly coordinated, revenue-sharing global cooperation ecosystem that unlocks greater value from creation and drives long-term mutual success.
03/ StepFun Step 3.5 Flash Goes Live
Recently, Qiming Venture Partners portfolio company StepFun officially launched its latest and most powerful open-source foundation model — Step 3.5 Flash. The model is purpose-built for Agent scenarios, combining exceptional reasoning capability with intelligent collaborative performance.
Step 3.5 Flash's core advantages manifest in three dimensions: Faster: In single-request coding tasks, inference speed reaches up to 350 TPS; Stronger: Matches closed-source models on Agent scenarios and mathematical tasks; More Stable: Reliably handles complex, multi-step long-chain tasks.
At the technical level, Step 3.5 Flash employs multiple innovative designs: Sparse MoE architecture: Total model parameters reach 196 billion, but only approximately 11 billion parameters are activated per token, balancing performance and efficiency; MTP-3 (Multi-Token Prediction) technology: Predicts 3 tokens in a single inference pass, significantly boosting generation speed; 3:1 sliding window + global attention hybrid architecture (SWA + Full Attention): When processing long contexts up to 256K, focuses on key information while substantially reducing computational costs.
04/ Galaxy Universal Named Official Embodied Large Model Robot for CCTV 2026 Spring Festival Gala
Recently, China Media Group (CCTV) officially announced that Qiming Venture Partners portfolio company Galaxy Universal has been named the official embodied large model robot for the 2026 CCTV Spring Festival Gala.
When the Chinese cultural tradition of New Year's Eve reunions meets a global technology leader in embodied intelligence, this cross-sector collaboration represents not only Galaxy Universal's stunning debut on the world's largest stage for Chinese audiences, but also signals a shift in the Gala's technology narrative — from pure visual spectacle toward deeper expressions of national technological strength and industrial future.
As a global leader in embodied intelligent robotics, Galaxy Universal remains committed to integrating cutting-edge embodied large models and robotics technology into physical scenarios, providing viable technical pathways and product support for the future of human-robot collaboration. With its self-developed world-leading embodied large model system and highly reliable humanoid robot platform, the company has built a "robot service ecosystem" spanning retail, industrial, medical, and cultural tourism sectors, making it one of the most capable companies in embodied intelligence commercialization.
Previous Issues
Qiming Weekly · Top 10 Portfolio Company Updates, Vol. 03, 2026.1.27
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in early and growth-stage outstanding companies in Technology and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. More than 80 portfolio companies have become recognized unicorns or super-unicorns in their respective industries.
Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ: HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ: WRD, 00800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Apeiron Therapeutics, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.