Qiming Weekly | Qiming Venture Partners Portfolio Companies: Funding and Updates Vol. 28, 2025
Staying with you through the milestone moments of Qiming Venture Partners' portfolio companies.
Editor's Note: The "Qiming Weekly" column is published regularly every week, rounding up funding news and development updates from Qiming Venture Partners' portfolio companies.
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.
Corporate ESG
Yuanbao Inc. Donates 300,000 RMB to Support North China Flood Relief
Activates Major Disaster Emergency Response Mechanism
Recently, extreme rainfall has continued to batter Beijing, Hebei, and other regions, triggering severe flooding. Qiming Venture Partners portfolio company Yuanbao Inc. (NASDAQ:YB) has been closely monitoring the disaster and donated 300,000 RMB to the Beijing Red Cross Society for relief efforts.
At the same time, Yuanbao Inc. has activated its major disaster emergency response mechanism, rolling out six emergency claims service measures: a 24-hour reporting hotline, proactive screening of user claims information, policy-free claims processing, simplified claims application procedures, removal of claims restrictions, and dedicated personal service.
Funding News
01/
Yanshengchao Raises Hundreds of Millions of RMB in Pre-A Round
Qiming Venture Partners Co-Leads
Recently, Yanshengchao successfully completed a Pre-A funding round of several hundred million RMB. The round was co-led by Qiming Venture Partners. The proceeds will primarily support clinical development of its core asset YSC001, preclinical development of YSC002, and accelerate the company's international strategic layout and business development partnerships with multinational pharmaceutical companies.
Founded in 2022, Yanshengchao is built on the original research findings of Tsinghua University School of Medicine's team in humoral immunology. The company develops first-in-class (FIC) therapeutics targeting novel mechanisms for inflammatory and autoimmune diseases, addressing core challenges and highly unmet clinical needs in the field.
Kan Chen, Partner at Qiming Venture Partners and Co-Head of Healthcare, said: "We are honored to witness and participate in this important milestone for Yanshengchao. We firmly believe in the team's breakthrough explorations and original innovation capabilities in autoimmune diseases. Yanshengchao's core pipeline targets severe indications that existing therapies struggle to address, where patients urgently need solutions. Its unique mechanism of action has demonstrated tremendous potential in preclinical studies to solve fundamental clinical pain points. Qiming Venture Partners will fully leverage its deep expertise and global network in healthcare to strongly support Yanshengchao in accelerating its world-class innovative pipeline, helping the company bring breakthrough therapies originating from China to global patients as soon as possible, and jointly driving China's innovative drugs from 'running alongside' to 'taking the lead.'"
02/ Zenitar Raises Nearly 400 Million RMB in Series B+
Qiming Venture Partners Leads
Recently, Zenitar announced the completion of a funding round of nearly 400 million RMB. The round was led by Qiming Venture Partners. The proceeds will focus on advancing multiple globally competitive innovative drugs into pivotal Phase 3 clinical trials and supporting continued expansion of new R&D pipelines. At the same time, Zenitar will strengthen its three core technology platforms — the "Structural Biology Platform," "AI-Driven Drug Design Platform," and "Organoid-PDX Dual-Track Validation Platform." Leveraging these platforms, Zenitar is accelerating the development of differentiated molecular scaffolds and novel-target innovative drug pipelines, committed to addressing unmet clinical needs.
Founded in 2019, Zenitar is a structural biology and AI-driven innovative drug R&D company. The company focuses on major unmet clinical needs, concentrating on oncology, autoimmune diseases, inflammation, and neurological disorders, dedicated to discovering, developing, and commercializing first-in-class (FIC) and best-in-class (BIC) innovative drugs. The company has built a comprehensive innovation platform covering the full lifecycle of new drug R&D, with end-to-end capabilities spanning AI molecular design, structural biology, organoid-based high-throughput screening, PDX model construction, CMC research, clinical strategy formulation and execution, and new drug registration and filing — continuously empowering efficient translation from original innovation to clinical value realization.
Dr. Kan Chen, Partner at Qiming Venture Partners and Co-Head of Healthcare, said: "Zenitar has successfully driven efficient clinical translation of multiple new drugs through its full-chain innovative drug platform, demonstrating encouraging clinical efficacy across multiple therapeutic areas. We believe that with the simultaneous launch of overseas clinical trials, Zenitar will make its mark on the global innovative drug stage, demonstrating strong innovative vitality and development potential."
Major Partnerships
01/
Hesai Technology's ATL All-Weather LiDAR Powers
Li Auto's First Pure Electric SUV, the Li i8
Recently, Li Auto officially released its first pure electric SUV, the Li i8. Positioned as a six-seat mid-large pure electric SUV, the Li i8 comes standard with ATL all-weather LiDAR from Qiming Venture Partners portfolio company Hesai Technology (NASDAQ:HSAI).
The Hesai Technology ATL LiDAR is 60% smaller in volume and 55% lower in power consumption compared to the previous-generation AT128. Its best angular resolution reaches 0.08°×0.1°, a 2.5x improvement over the previous generation, with enhanced small-object detection capability and 99.9% rain and fog noise filtering — giving Li Auto's assisted driving more powerful 3D perception.
02/
Shengshu Technology and Beijing City University Partner to Create China's First Fully AI-Generated Cultural Tourism Promotional Series
On the first anniversary of Beijing's Central Axis successfully gaining UNESCO World Heritage status, the generative AI promotional series Beijing Culture Along the Central Axis was officially released. The series was co-produced by Qiming Venture Partners portfolio company Shengshu Technology and Beijing City University — China's first fully AI-generated cultural tourism promotional series.
The generative AI four-part series Beijing Culture Along the Central Axis takes the capital's "four categories of culture" as its core content, leading viewers through a multi-dimensional exploration of the Central Axis's profound heritage and vibrant vitality. Through Vidu, the AI video foundation model from Shengshu Technology, the series showcases a diverse range of visual styles. To achieve seamless scene transitions in Beijing Culture Along the Central Axis: Innovation Culture while maintaining consistency for the protagonist "Lord Rabbit" (Tu Ye), the production team used Vidu's reference generation feature to ensure narrative continuity. Simply swapping out reference scene images enabled effortless transitions while preserving unified stylistic details.
03/
Ze'an Biopharmaceutical Partners with Eli Lilly and Company on Major Strategic Collaboration
Qiming Venture Partners portfolio company Ze'an Biopharmaceutical recently announced a major strategic partnership with global pharmaceutical giant Eli Lilly and Company to develop novel Myeloid Engager Therapeutics targeting specific targets for the treatment of autoimmune diseases with significant unmet medical needs.
Ze'an Biopharmaceutical has long focused on cancer, autoimmune diseases, and other major disease areas, dedicated to developing novel immunotherapies based on its Myeloid Engager technology platform. Under the agreement terms, Ze'an Biopharmaceutical will receive tens of millions of dollars in upfront payments. Additionally, the company is eligible to receive potential milestone payments across preclinical, clinical, regulatory approval, and commercialization stages. Upon commercialization of relevant products, Ze'an Biopharmaceutical will further receive tiered royalties based on net sales.
04/
M20 Genomics and Biotree Biotech Form Strategic Partnership to Advance Single-Cell and Spatial Multi-Omics Innovation
Qiming Venture Partners portfolio companies M20 Genomics and Biotree Biotech have formally signed a strategic cooperation agreement to deepen collaboration in single-cell and spatial multi-omics technology R&D and clinical applications.
This partnership aims to integrate both parties' core technological strengths to jointly develop high-throughput single-cell and spatial multi-omics technologies and product systems, providing more efficient research solutions for scientific institutions, medical organizations, and pharmaceutical companies. By combining technology platforms and industrial resources, the two sides will accelerate breakthroughs in precision medicine and life science research.
05/
DeepWise and Bioduro-Sundia Form Strategic Partnership
Qiming Venture Partners portfolio company DeepWise and Bioduro-Sundia have formally announced a strategic partnership to jointly build an integrated AI for Science (AI4S)-based platform for peptide drug discovery, optimization, and evaluation. The two sides will deeply integrate AI algorithms with chemical synthesis technology to accelerate the R&D of novel cyclic peptides and other peptide therapeutics, driving an end-to-end closed loop from drug design to delivery with greater efficiency, cost-effectiveness, and service quality for global peptide drug development projects.
This collaboration combines DeepWise's expertise in AI and physics-driven molecular design with Bioduro-Sundia's deep experience in chemical synthesis, cell biology, and DMPK research to build an end-to-end workflow from molecular design to preclinical candidate compounds. The platform targets multiple therapeutic areas, delivering high-quality cyclic peptide molecules with faster development cycles and superior cost efficiency.
R&D Progress
01/
Asieris Pharma's APL-1401 Shows Positive Preliminary Results in Phase 1b Trial for Moderate-to-Severe Active Ulcerative Colitis
Qiming Venture Partners portfolio company Asieris Pharma (688176.SH) announced positive preliminary results from its Phase 1b clinical trial of oral drug APL-1401 for the treatment of moderate-to-severe active ulcerative colitis.
APL-1401 is a potent, selective dopamine beta-hydroxylase (DBH) inhibitor discovered through the company's independent research as an oral innovative drug with a novel mechanism of action for treating ulcerative colitis (UC). Currently, there is no cure for UC, and APL-1401's development may provide patients with a new treatment option. No competing products targeting the same mechanism exist globally, giving it First-in-Class (FIC) potential.
02/
Shize Biotech Completes First Patient Dosing in Global Off-the-Shelf iPSC Regenerative Neural Cell Therapy for Spinal Cord Injury
A milestone has been reached in the world's first clinical trial registered with both Chinese and U.S. regulatory authorities — the "Clinical-Grade iPSC-Derived Subtype Spinal Neural Progenitor Cell Therapy for Spinal Cord Injury" project. Qiming Venture Partners portfolio company Shize Biotech has developed the world's first allogeneic, off-the-shelf iPSC regenerative spinal neural cell therapy (XS228 cell injection) for major neurological disease spinal cord injury. The registrational Phase 1 clinical study held its initiation meeting at the Third Affiliated Hospital of Sun Yat-sen University and successfully completed first patient dosing globally.
Following transplantation with clinical-grade iPSC regenerative spinal neural cells, the first patient experienced no surgical or perioperative complications or other adverse safety events. All monitored indicators remained normal, and the patient passed through the observation period smoothly to enter the formal follow-up phase.
03/
Antengene's XPOVIO® Approved for New Indication in China
Qiming Venture Partners portfolio company Antengene (06996.HK) announced that XPOVIO® (selinexor tablets) has received approval from the National Medical Products Administration (NMPA) for a new indication, for use in combination with bortezomib and dexamethasone (XVd regimen) in adult patients with multiple myeloma (MM) who have received at least one prior line of therapy.
This approval is based on data from the BENCH study, a Phase 3 randomized, controlled, open-label, multicenter bridging study. The study compared the efficacy and safety of the XVd regimen versus the Vd regimen in 154 Chinese patients with relapsed/refractory multiple myeloma (R/R MM) who had received 1-3 prior lines of therapy. The efficacy and safety data from the BENCH study were generally consistent with the international multicenter Phase 3 BOSTON study, achieving the bridging study objectives.
04/
Yibai Health Supports Completion of Phase 1 Clinical Trial for Anti-Viper Venom Serum
Recently, the Phase 1 clinical trial for "Anti-Viper Venom Serum," sponsored by Jiangxi Institute of Biological Products Co., Ltd. and conducted in collaboration with Qiming Venture Partners portfolio company Yibai Health, with Zhejiang Xiaoshan Hospital Phase 1 Clinical Research Center serving as the lead site, was successfully completed. The two-month study finished dosing and follow-up for all healthy subjects, preliminarily verifying the drug's safety and tolerability and laying a solid foundation for the subsequent Phase 3 clinical trial.
This milestone marks a critical step forward for China in snakebite emergency drug R&D and fully demonstrates the execution efficiency and professional capabilities that Yibai Health's collaborative model brings to clinical research institutions.
Technology & Innovation
01/
WeRide, Chery Automobile, and Jinjiang Taxi Approved for L4 Intelligent Connected Vehicle Driverless Public Road Demonstration
During the 2025 World Artificial Intelligence Conference (WAIC), Shanghai officially launched a new batch of intelligent connected vehicle demonstration operations. Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD), in partnership with Chery Automobile and Jinjiang Taxi, received approval to conduct regulation-compliant, driverless public road autonomous ride-hailing demonstration services in Shanghai's Pudong New Area. This also marks the entry of Chery Robotaxi — powered by WeRide — into Shanghai, making it WeRide's tenth global city deployment and showcasing the company's robust autonomous driving technology and efficient global rollout capabilities.
At the conference's "Intelligent Mobility Without Boundaries · AI Drives the Future" L4 intelligent connected vehicle experience event, the three parties provided the only pre-installed, mass-production L4 autonomous vehicle shuttle service on site. The service covered major transportation hubs and cultural landmarks including Shanghai World Expo Center, Jinqiao, Huamu, Shanghai Pudong International Airport, and Shanghai Disney Resort. Shanghai residents, tourists, and conference attendees could book rides at any time through the "Jinjiang Zhixing" WeChat mini program.
02/
Infinigence AI Receives Postdoctoral Innovation Practice Base Designation from Shanghai's Xuhui District
At the finals of the 5th Shanghai Postdoctoral Innovation and Entrepreneurship Competition, Qiming Venture Partners portfolio company Infinigence AI received certification as a "Xuhui District Postdoctoral Innovation Practice Base."
This successful designation represents not only high recognition of Infinigence AI's research capabilities, but also a solid step forward for the company in cultivating young scientific talent, deepening industry-academia collaboration, and exploring innovation mechanisms. Going forward, Infinigence AI will use this base as a new starting point to fully leverage its advantages in technology R&D and platform development, further deepening multi-dimensional cooperation with universities and research institutes, and injecting strong momentum into the high-quality development of the AI industry.
03/ Unisound's Liang Jiaen Speaks at AI Ecosystem Forum
and Delivers Keynote Speech
Recently, Liang Jiaen, co-founder, chairman, and chief technology officer of Qiming Venture Partners portfolio company Unisound (09678.HK), was invited to speak at the "Smart Connectivity China-ASEAN · AI Wins the Future Together" ecosystem forum. He delivered a speech titled Unisound Empowering AGI Ecosystem Building, sharing the company's technological breakthroughs and industry practices in artificial general intelligence (AGI).
Liang provided an in-depth analysis of large language model evolution. He noted that large models have progressed from L1 general-purpose large language models to L2 "slow thinking," and now to L3 agents. Generative pre-trained large models are continuously evolving toward multimodal, strongly reasoning agents. Liang emphasized that AGI is driving the fourth industrial revolution, bringing both tremendous opportunities and significant challenges. "In the AI 2.0 era, large models are like a power plant — big data is the fuel, computing power is the boiler, and algorithms are the generator." Liang used this vivid analogy to illustrate the tight interconnection between large models, big data, computing power, and algorithms. He pointed out that large models and agents can standardize data resources, just as generators standardize energy, injecting new momentum into industrial development.
04/ DeepWay Intelligent Electric Heavy-Duty Truck
Debuts at New Zealand's Premier Auto Show
Recently, Qiming Venture Partners portfolio company DeepWay showcased its core product "DeepWay Xingchen" at the 2025 Hamilton EROAD Fleet Manager's Day in New Zealand, completing its overseas international auto show debut.
The model also successfully passed New Zealand's full compliance certification process and is set to begin local market operations and sales. This marks another important milestone in DeepWay's global expansion of intelligent electric heavy-duty trucks.
The DeepWay intelligent new-energy heavy-duty truck on display was custom-built for the New Zealand market as a right-hand-drive vehicle. It features not only the "Tianji · Suixing" assisted driving system, but also the optional "Tianji · Yanxing" intelligent platooning system, enabling efficient multi-vehicle coordinated operation in bulk transport scenarios. The vehicle is also equipped with a 600kWh ultra-large capacity battery, fully meeting the operational needs of New Zealand's metropolitan areas and short-distance intercity freight.
05/ 52TOYS Appears at San Diego Comic-Con in the United States
At San Diego Comic-Con in the United States, Qiming Venture Partners portfolio company 52TOYS appeared with products including NOOK, Pouka Pouka, CiCiLu, and NINNIC.
In July 2024, 52TOYS opened its first brand store in Atlanta, Georgia, marking a new milestone in the company's expansion into the North American market. Going forward, 52TOYS will further expand its North American presence, bringing its diverse and fun products to more people through varied scenes and formats across different regions, letting more people experience the joy of toys together.
06/ Pulnovo Medical Represents Chinese Original Tech Enterprises on Southeast Asia Visit
Recently, Cynthia Chen, chairman of Qiming Venture Partners portfolio company Pulnovo Medical, was invited to participate in the "Southeast Asia Ecosystem Visit" — the first such program hosted by Hong Kong Investment Management Corporation Limited (HKIC). She joined a delegation of over ten high-growth enterprise representatives from Hong Kong to visit Malaysia and Brunei for in-depth exchanges. As a Chinese innovative medical enterprise, Pulnovo Medical's participation in this delegation marks an important step in the company's international ecosystem building and represents deep recognition of its long-standing commitment to "value-oriented innovation."
In multiple exchanges with local financial and technology innovation institutions, Pulnovo Medical shared topics including its PADN technology-centered innovative technology system, disease solutions at the mechanistic level, structural efficacy orientation, and multi-center real-world data.
07/ Shukun Technology's Cerebral Ischemia CT Perfusion Image
Auxiliary Assessment Software Receives Class III Medical Device Registration Certificate
Recently, the National Medical Products Administration (NMPA) website showed that Shukun Technology, a Qiming Venture Partners portfolio company, has officially received NMPA Class III medical device registration approval for its cerebral ischemia CT perfusion image auxiliary assessment software (CTPDoc). Shukun Technology's "Digital Brain" product family has now obtained 6 Class III certificates, covering the full stroke diagnosis and treatment workflow. The company has accumulated 18 Class III certificates in total, firmly maintaining its industry-leading position.
Shukun Technology's CTPDoc product can fully automatically provide intelligent assessment of cerebral tissue hemodynamic perfusion, automatically locate and quantify the infarct core and hypoperfusion regions, and intelligently select the optimal phase for CTA image reconstruction, completing intelligent image assessment within 3 minutes. The entire process requires no additional operation from radiologists, and offers high timeliness, reproducibility, and robustness in processing perfusion data. It fully meets the needs for efficient, precisely localized quantitative assessment of perfusion imaging in stroke patient diagnosis and treatment scenarios, and can significantly improve treatment success rates and patient prognosis.
Corporate Honors
01/
3 Qiming Venture Partners Portfolio Company CEOs Named 2025 AI Figures of the Year
During the 2025 World Artificial Intelligence Conference (WAIC), CCTV's major AI industry development program "2025 China · AI Gala" launched in Shanghai. The 2025 AI Figures of the Year award was unveiled at the gala, showcasing the latest practices, fruitful achievements, and broad prospects of China's artificial intelligence field.
Zhipu AI CEO Zhang Peng, StepFun founder and CEO Daxin Jiang, and Infinigence AI co-founder and CEO Lixue Xia — all from Qiming Venture Partners portfolio companies — were honored as 2025 AI Figures of the Year.
02/
Hesai Technology's Maxwell R&D and Manufacturing Center Exhibition Hall Wins SIDA International Design Award "Best Exhibition Design Silver Award"
Recently, Hesai Technology (NASDAQ: HSAI), a Qiming Venture Partners portfolio company, was awarded the "Best Exhibition Design Silver Award" at the 2024 SIDA International Design Awards for its Maxwell R&D and Manufacturing Center exhibition hall. This prestigious award not only recognizes Hesai Technology's international brand building efforts, but also fully affirms its deep integration capabilities in "technology + experience."
As a top-tier competition hosted by the Singapore Interior Design Association (SIDS) with dual accreditation from the International Federation of Interior Architects/Designers (IFI) and the DesignSingapore Council (DSG), SIDA is renowned for its "rigorous standards of innovation, spatial efficiency, and humanistic value," with award prestige comparable to the "Oscars" of Asia-Pacific interior design.
Past Reviews
Qiming Stars | 3 Qiming Venture Partners Portfolio Company CEOs Named 2025 AI Figures of the Year
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total committed capital reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage 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 Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ: WRD), Insta360 (688775.SH), 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), Berry Genomics (000710.SZ), SinoCellTech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.