Qiming Weekly | Qiming Venture Partners Portfolio News and Updates Vol. 44, 2025
Celebrating milestone moments with 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 is worth documenting. Qiming Venture Partners will continue to accelerate and empower entrepreneurs, and we invite you to join us in marking the milestone moments of our portfolio companies.
Funding News
GEO Closes $110 Million Financing Round
Green Energy Origin ("GEO") recently announced the completion of a $110 million Series B financing round, with Qiming Venture Partners participating as a follow-on investor. Driven by growing demand from electric vehicles and energy storage applications, the market for electrolytes and CNT slurries continues to expand. This round of funding will further enhance GEO's R&D and manufacturing capabilities, accelerate its global supply chain layout, and advance the commercialization process in Europe and North America.
GEO's European Gigafactory has officially begun supplying electrolytes and CNT slurries to top-tier global customers. The facility features the industry's most advanced fully automated production lines and has obtained ISO 9001, ISO 14001, and ISO 45001 certifications, passing the VDA 6.3 automotive industry audit.
GEO Founder and CEO Tony Ma stated: "This financing round demonstrates the trust and confidence of world-class investors in GEO, injecting sustained momentum for our development. GEO will further strengthen its leading R&D capabilities, accelerate the construction of an integrated global vertical supply chain, continue to provide customers with the best products and optimal services, and fully commit to making positive contributions to a low-carbon future."
Major Partnerships
01/
WeRide and Uber Launch Public Robotaxi Service in Dubai
WeRide (NASDAQ: WRD, 00800.HK), a Qiming Venture Partners portfolio company and global leading autonomous driving technology company, and Uber (NYSE: UBER), the international mobility service giant, recently announced the official launch of public Robotaxi operations in Dubai through the Uber App, in collaboration with Dubai's Roads and Transport Authority (RTA). Effective immediately, WeRide will provide Robotaxi mobility services to the public via the Uber App, initially covering Umm Suqeim and Jumeirah — areas adjacent to public beaches and among Dubai's most popular tourist destinations. Passengers can select the exclusive "Autonomous" category on the Uber platform to directly hail a Robotaxi. Tawasul will serve as the primary fleet operator for WeRide Robotaxi on the Uber platform, providing fleet management services. Since WeRide and Uber announced their Dubai partnership in April this year, the two parties have jointly conducted pilot programs and road testing to enable a safe and smooth transition to autonomous mobility. Vehicles will be equipped with safety drivers at this stage to ensure travel safety and passenger experience, laying the groundwork for fully unmanned commercial Robotaxi operations by early 2026.
Li Xuan, WeRide CFO and Head of International, said: "Our progress in Dubai benefits from WeRide's fully validated autonomous driving technology on a global scale. We are rapidly expanding our business in the Middle East and worldwide, with a goal of deploying tens of thousands of Robotaxis by 2030. We are honored to collaborate with forward-looking regulators like the RTA, as we both share ambitious goals for advancing autonomous driving; and we are pleased to partner with Uber, whose global platform will accelerate the adoption of driverless vehicles."
Sarfraz Maredia, Uber's Global Head of Autonomous Mobility, said: "As the world's largest network combining human-driven and autonomous mobility, Uber is committed to building the future of transportation. We are excited about the rapid advancement of autonomous driving in the UAE and the Middle East. The launch of public Robotaxi service in Dubai demonstrates our continued commitment to supporting the UAE's vision for future mobility, and will directly contribute to Dubai's goal of achieving 25% autonomous transportation by 2030."
02/
Hesai Technology LiDAR Secures Design Wins for Multiple Geely Galaxy Models
Hesai Technology (NASDAQ: HSAI, 02525.HK), a Qiming Venture Partners portfolio company and global LiDAR leader, recently announced that its long-range LiDAR ATX has been mass-produced and deployed in the Geely Galaxy V900. Meanwhile, Hesai Technology's AT series long-range LiDAR has secured design wins for multiple Geely Galaxy models in 2025 and 2026, with mass production and delivery to follow.
Based on its industry-exclusive "photon isolation" safety technology, Hesai Technology will provide top-tier LiDAR perception capabilities, partnering with Geely Galaxy to deliver safer and more comfortable intelligent mobility experiences with safety and reliability that surpass industry standards.
03/
Insilico Medicine and Taigen Enter Pipeline Licensing Partnership
Insilico Medicine, a Qiming Venture Partners portfolio company and clinical-stage biopharmaceutical company powered by generative artificial intelligence, and Taigen Biopharmaceuticals (4157), a market-oriented new drug R&D company, along with its wholly-owned Beijing subsidiary Taigen Pharmaceutical R&D ("Taigen"), today announced an exclusive pipeline out-licensing partnership.
Under the agreement terms, Taigen will obtain exclusive rights to develop, commercialize, and sublicense the PHD inhibitor ISM4808 in Greater China (including mainland China, Hong Kong, Macau, and Taiwan). Insilico Medicine will be eligible to receive an upfront payment, development and sales-based milestone payments, and tiered royalties based on net sales, with a total transaction value reaching tens of millions of dollars.
Dr. Ren Feng, Co-CEO and Chief Scientific Officer of Insilico Medicine, said: "We are very pleased to partner with Taigen. Previously, empowered by our AI platform, Insilico Medicine efficiently nominated two novel small-molecule inhibitors targeting different indications for the PHD program. Among them, ISM5411, a candidate molecule for inflammatory bowel disease, has completed two Phase I clinical trials under Insilico Medicine's leadership, demonstrating good safety results that further strengthen our confidence in targeting the PHD mechanism. We are very pleased that another candidate drug for this target, ISM4808, will be advanced by Taigen, a partner with extensive R&D experience and strong commercialization capabilities. I believe Taigen's robust drug development capabilities and clinical resources will help accelerate the program, bringing AI-driven therapies to patients with clinical needs at the earliest opportunity."
Huang Guolong, Chairman of Taigen Biopharmaceuticals, noted: "We are delighted to establish this strategic partnership with Insilico Medicine. The innovation brought by Insilico Medicine's generative AI platform is truly impressive. In mainland China alone, there are over one million dialysis patients, and the PHD inhibitor drug market is experiencing explosive growth, with market size expanding from 50 million RMB to 2.45 billion yuan in just five years. Oral medications are gradually replacing traditional injectable drugs to meet clinical needs for convenience and compliance. This licensing agreement perfectly aligns with our mission in innovative medicines, and Taigen is committed to advancing the clinical development of this program."
04/
Shukun Technology Signs Multiple Agreements in Sichuan
The Sichuan Provincial Health Information Technology Exchange Conference was recently held in Chengdu. Managers from the provincial health system, leaders of medical institutions at all levels, frontline informatization heads, and industry experts gathered to discuss how digital intelligence technology can be deeply integrated into health services. As a leading enterprise in medical artificial intelligence, Qiming Venture Partners portfolio company Shukun Technology not only comprehensively elaborated on its "AI-native" core concept and solutions at the conference, but also made a splash with a series of strategic partnerships, ecosystem collaborations, and demonstration cases. At the conference, Shukun Technology officially kicked off its "acceleration phase" in Sichuan with a series of key strategic partnerships.
In smart hospital construction, Shukun Technology signed a cooperation agreement with Chengdu Xinhua Hospital Affiliated to North Sichuan Medical College. The two parties will collaborate around core scenarios including smart imaging, smart clinical practice, and smart management to jointly build a digitally intelligent hospital with regional leadership significance. Shukun Technology will empower the hospital's core business processes with its full-stack AI solutions, helping improve diagnostic efficiency, medical quality, and research innovation capabilities.
In the medical-prevention integration domain, Shukun Technology reached a cooperation agreement with Qingting Technology, an outstanding local smart healthcare solutions provider in Sichuan Province. Leveraging Shukun Technology's large model capabilities and Qingting Technology's advantages in localized medical services, the two parties will launch innovative "medical-prevention integration" solutions tailored for Sichuan, promoting the regional shift from "disease-centered" to "people's health-centered."
At the ecosystem collaboration level, Shukun Technology jointly held the "Shukun Inside" win-win cooperation ribbon-cutting ceremony with the three major telecommunications operators — China Unicom, China Mobile, and China Telecom. This signifies that Shukun Technology's AI-native capabilities will be deeply integrated with the operators' powerful 5G networks, cloud computing infrastructure, and channel service capabilities, accelerating the inclusive deployment of AI across the province.
In digital intelligent medical community construction, Shukun Technology formally signed a strategic cooperation agreement with the Youxian District Health Commission of Mianyang City, Sichuan Province. The two parties will use AI to drive the upgrade of county-level "prevention-screening-diagnosis-treatment-management" full-chain capabilities, creating a new paradigm for smart medical community construction in Sichuan's counties.
R&D Progress
01/
AusperBio Announces Major Breakthrough at HEP-DART 2025
AusperBio, a Qiming Venture Partners portfolio company and biotechnology company dedicated to achieving clinical cure for chronic hepatitis B (CHB) through innovative targeted small nucleic acid technology, recently presented its core product AHB-137's Phase IIa clinical trial (AB-10-8002) End of Follow-up (EOF) data as an oral presentation at the HEP-DART 2025 Frontier Conference.
The data showed that in patients with baseline HBsAg of 100-1,000 IU/mL, 24 weeks of AHB-137 monotherapy achieved a 30% clinical cure rate at Week 72 (EOF). This breakthrough data further demonstrates AHB-137's potential to become a cornerstone drug for hepatitis B cure.
Dr. Cheng Guofeng, Co-founder and CEO of AusperBio, stated: "We are very proud to share this milestone data on the HEP-DART platform, which brings together the world's top liver disease experts. The clinical cure rate at end of follow-up not only validates AHB-137's potent antiviral effect, but also preliminarily confirms the foundational potential of achieving efficient clinical cure through the 'triple mechanism' of ASO-mediated reduction of surface antigen expression from the source, inhibition of viral DNA replication, and immune modulation. We will accelerate the ongoing pivotal clinical trials and sprint with full force toward our goal of 'enabling hepatitis B patients to achieve clinical cure as soon as possible.'"
02/ Zenitar Announces Breakthrough for Flonoltinib Maleate in Myelofibrosis Treatment
Zenitar, a Qiming Venture Partners portfolio company, recently announced positive topline results from its Phase IIb clinical study of flonoltinib maleate (FM), a self-developed JAK2/FLT3/CDK6 triple-target inhibitor with best-in-class potential, in myelofibrosis (MF) at the 2025 American Society of Hematology (ASH) Annual Meeting.
In this Phase IIb study, FM demonstrated superior efficacy compared to ruxolitinib, the standard first-line treatment for intermediate-high risk myelofibrosis. Both FM's low-dose and high-dose groups achieved the primary endpoint: at Week 24, the proportion of patients achieving ≥35% spleen volume reduction (SVR35) showed statistically significant or clinically meaningful improvement. The study also achieved the key secondary endpoint — total symptom score reduction ≥50% (TSS50). Notably, further improving TSS50 beyond existing standard treatment is often challenging, yet in this study FM's high-dose group showed nearly double the symptom improvement compared to the active control ruxolitinib.
Professor Chen Lijuan, Founder, Chairman, CEO, and Chief Scientific Officer of Zenitar, stated in a declaration: "Based on this Phase IIb study data, we believe FM is demonstrating highly differentiated potential in the myelofibrosis field. Our next priority is to further validate these findings through a pivotal Phase III study in China, while simultaneously advancing registration and clinical planning in the United States and Europe, so that patients worldwide will have the opportunity to benefit in the future."
03/ Belief BioMed's Hemophilia B Gene Therapy Drug Xinjiuning® Receives Saudi SFDA Orphan Drug Designation
Belief BioMed, a Qiming Venture Partners portfolio company and innovative enterprise focused on cutting-edge gene therapy, recently announced that the Saudi Food and Drug Authority (SFDA) has granted orphan drug designation (ODD) to its gene therapy drug Xinjiuning® (BBM-H901 injection, generic name: bopipdakogen injection) for the treatment of moderate-to-severe hemophilia B (congenital factor IX deficiency) in patients aged 12 and above.
Xinjiuning® was included in the Center for Drug Evaluation, NMPA's "Breakthrough Therapy" list in 2022, and officially approved for marketing by the National Medical Products Administration (NMPA) on April 8, 2025. Previously, Xinjiuning® also received ODD from the FDA in 2022, FDA Rare Pediatric Disease Designation (RPDD) in 2024, and European Medicines Agency (EMA) Advanced Therapy Medicinal Product (ATMP) classification certification. This SFDA ODD represents another recognition of Xinjiuning®'s clinical value by regulatory authorities.
Orphan drug designation is a special policy established by Saudi Arabia's SFDA to encourage the development of treatments for rare diseases. Designated drugs will enjoy multiple policy supports including accelerated registration review and registration strategy guidance. With ODD, Xinjiuning® can directly submit a new drug marketing application, potentially shortening the application cycle and bringing benefits to patients in the Middle East region at the earliest opportunity.
Technology Strength
01/ Yunji Technology Invited to Embodied AI Ecological Development Conference
The Suzhou High-tech Zone Embodied AI Ecological Development Conference, themed "High-tech Unlimited, Embodied Intelligence Future," was recently held successfully. The conference gathered industry elites, academic experts, and investment institutions to jointly map out the new blueprint for embodied AI industry development. Zhi Tao, Founder, Chairman, and President of Yunji Technology (02670.HK), a Qiming Venture Partners portfolio company, was invited to attend and delivered a keynote speech titled "From Robots to Intelligent Agents — Scenarios Rule." She pointed out that when a flexible body and intelligent brain truly merge in a robot, a new species transcending tool attributes — the intelligent agent — is born. It no longer passively waits for commands, but can proactively provide services through intent understanding such as "I'm thirsty" or "I'm tired."
This leap from "executing commands" to "understanding intent" will push service robots into a new stage of scenario-driven, proactive perception, and also endows enterprises with a deeper industrial mission — not just technology leaders, but builders of the intelligent agent ecosystem. At this conference, Suzhou High-tech Zone officially released its first batch of embodied AI "Ten Lions" enterprise list, with Qiming Venture Partners portfolio companies Yunji Technology and Galaxy Universal among the outstanding enterprises selected.
02/ UBTECH Secures Over 50 Million Yuan Humanoid Robot Order from AI Large Model Company
UBTECH (09880.HK), a Qiming Venture Partners portfolio company, recently signed a humanoid robot sales contract with a leading domestic AI large model company, with a total value exceeding 50 million RMB. The products are primarily the world's first autonomous battery-swapping industrial humanoid robot Walker S2, to be delivered within this year.
According to the agreement, in addition to providing advanced robot hardware, UBTECH will also open necessary robot data interfaces and technical capabilities to fully support the partner in integrating and secondary-developing its proprietary AI large model with the robot body, and will implement phased technical delivery and support plans covering collaborative development from basic control, multi-modal perception to advanced task planning at multiple levels. The aim is to jointly tackle practical challenges in embodied intelligence and complex model integration, jointly explore the application potential of humanoid robots in complex scenarios, and empower industry intelligent upgrading.
Corporate Honors
01/ HyperStrong Reappears on S&P Global Energy Storage Rankings
S&P Global Energy recently released its latest 2025 Electrochemical Energy Storage System Integrator Report. According to the report data, Qiming Venture Partners portfolio company HyperStrong (688411.SH) once again ranked among the top three global energy storage system integrators, maintaining its position as third globally in 2024 new installed capacity, demonstrating its comprehensive strength and project delivery capabilities in the global energy storage market.
In the China market, HyperStrong continues to maintain its leading advantage. The report shows that HyperStrong ranks first in mainland China's cumulative energy storage installed capacity and contracted project scale, firmly holding the top position among Chinese energy storage system integrators.
As global energy storage market demand continues to grow, HyperStrong is accelerating its international expansion, with overseas business scale and delivery capabilities comprehensively improving. Currently, HyperStrong's business footprint covers over 20 countries across five continents, and has established localized delivery and service systems tailored to different market needs.
02/ Shengshu Technology's Vidu Q2 Multimodal Large Model Rated First-Ever Highest Level 4+ in Multimodal Generation by CAICT
Recently, Qiming Venture Partners portfolio company Shengshu Technology participated in CAICT's "Trusted AI Multimodal Large Model" special assessment, with its Vidu Q2 multimodal large model receiving the highest rating of 4+, also the first-ever 4+ in the multimodal generation field.**
This assessment was conducted according to the "Multimodal Large Model Technical Requirements and Assessment Methods" standard, covering 2 capability domains and 12 capability items. In terms of model capabilities, the assessed Vidu Q2 multimodal large model demonstrated excellent performance in multimodal fusion, multimodal transformation, multimodal alignment, modality richness, task diversity, and cross-modal generation capability items, possessing solid technical capabilities. In terms of model application, the assessed product showed outstanding performance in industry coverage, scenario support, application form diversity, safety, and stability capability items, possessing robust application capabilities.
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Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages 11 USD funds and 7 RMB funds, with total committed capital reaching $9.5 billion. Since its inception, it has focused on investing in outstanding early and growth-stage companies in Technology and Healthcare innovation.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. Over 80 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), 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), AusperBio, Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.