Qiming Weekly | Top 10 Updates from Qiming Venture Partners Portfolio Vol.16, May 12, 2026

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 funding 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 following the milestone moments of our portfolio companies.

Funding News

01/

Infinigence AI Raises Over RMB 700 Million in Additional Funding

As it approaches its third anniversary, Qiming Venture Partners portfolio company Infinigence AI announced it has secured over RMB 700 million in additional funding, maintaining its position as the most funded AI-native infrastructure company in China. As the global industry shifts from the "model competition" phase to the critical inflection point of "AI productivity," Infinigence AI has seen rapid business growth through its distinctive "high-efficiency + large-scale + intelligent" Agentic Infra system, becoming a hub for China's token economy.

This round of funding will focus on three strategic directions: first, solidifying Infinigence AI's leadership in heterogeneous computing technology and expanding the scale of optimally available computing power in the token economy era; second, continuously strengthening its software-hardware synergy advantages to accelerate the leap in production efficiency from "electricity to tokens"; and third, building AI infrastructure with autonomous evolution capabilities, leveraging an enterprise-grade intelligent agent service platform to provide solutions for different industry scenarios, enhancing the value conversion from "tokens to productivity."

Infinigence AI co-founder and CEO Lixue Xia stated: "In the token economy era, AGI infrastructure plays a role analogous to a refinery in the petrochemical industry chain — it transforms energy into digital oil (tokens), outputting foundational resources for various AI terminal applications and services, serving as the critical hub of the token economy. Infinigence AI's proposed AI productivity formula is our systematic answer to the proposition of how to build high-efficiency, large-scale, intelligent Agentic Infra. Securing over RMB 700 million in additional funding will help accelerate our comprehensive breakthroughs across these three dimensions, answering the core proposition of the global token economy with a China solution."

02/

Future Intelligent Completes RMB 100 Million+ Series A+ Round

Recently, Qiming Venture Partners portfolio company and AI hardware firm Future Intelligent completed a Series A+ round of over RMB 100 million. Concurrently, Future Intelligent and Transsion announced a strategic partnership. The two parties will integrate Future Intelligent's core capabilities in AI algorithms, wearable hardware R&D, and scenario-based data accumulation with Transsion's deep advantages in consumer electronics supply chain, global distribution channels, and scaled manufacturing to jointly drive the R&D and commercialization of next-generation AI Agent hardware products with autonomous perception, decision-making, and execution capabilities, bringing innovative experiences to global users.

Following this round, Future Intelligent and Transsion will pursue comprehensive collaboration around next-generation AI Agent hardware, which is also one of the key directions for deploying this funding. Unlike traditional technology licensing or production OEM arrangements, this partnership centers on the core philosophy of "scenarios defining hardware," deeply coupling Future Intelligent's AI Agent capabilities with Transsion's scaled manufacturing and global channels to drive product penetration from office scenarios into broader international markets.

Beyond the joint R&D and global commercialization of next-generation AI Agent hardware with Transsion, Future Intelligent CEO Ma Xiao indicated that this round's funding will also focus on two additional directions: first, increasing talent investment and ecosystem building in the AI Agent domain — "finding the right people, using the right methods, to build truly useful personal AI assistants in this era"; and second, expanding upstream supply chain partnerships, collaborating with core component manufacturers to jointly develop specialized hardware components for "AI hearing" and "AI vision," building the foundational capabilities for next-generation AI hardware.

03/

Vitara Biomedical Announces Completion of Over $50 Million Series A and A+ Rounds

Recently, Qiming Venture Partners portfolio company and innovative biotechnology firm focused on transformative in vivo CAR-T cell therapies Vitara Biomedical announced the consecutive completion of Series A and A+ funding rounds, with total proceeds exceeding $50 million. Qiming Venture Partners participated as a follow-on investor.

This round of funding will primarily support clinical trial advancement and regulatory filing for Vitara Biomedical's core product GT801, as well as team expansion and platform development, accelerating the company's global footprint in in vivo CAR-T therapy. The company's core program GT801 recently presented initial human data in an oral presentation at the American Society of Hematology 2025 Annual Meeting (ASH 2025) in December 2025.

Dr. Yarong Liu, founder and CEO of Vitara Biomedical, stated: "Vitara Biomedical is dedicated to innovative R&D in in vivo CAR-T cell therapies. Our core product GT801 has demonstrated promising safety and efficacy in initial studies with hematological malignancy and autoimmune disease patients, with the potential to bring entirely new treatment options to both patient populations, accelerating our path to market and delivering innovative therapies to more patients."

04/

LTZ Therapeutics Completes $38 Million Financing

Qiming Venture Partners portfolio company and clinical-stage biotechnology firm focused on novel immunotherapies LTZ Therapeutics recently announced the completion of a $38 million financing. Since its founding in 2022, the company has raised approximately $130 million in total.

Based on its globally first-in-class proprietary technology platform — U-MCE™ (Universal Myeloid Cell Engager) — LTZ Therapeutics will use the proceeds to accelerate its "myeloid cell engager" (MCE) immunotherapy pipeline, particularly for core candidates targeting oncology and autoimmune diseases. This includes supporting the Phase I clinical study of LTZ-301, which is actively recruiting subjects at multiple renowned U.S. clinical centers, and advancing the investigational new drug (IND) application and Phase I clinical initiation of its second candidate, LTZ-232.

Dr. Jinze Li, founder and CEO of LTZ Therapeutics, stated: "The successful completion of this financing round will empower LTZ Therapeutics' strategic leap from technology platform validation to clinical value realization, helping us translate the scientific breakthroughs of our U-MCE platform into tangible clinical benefits for patients. We look forward to accelerating the clinical translation of novel immunotherapies with the strong support of our investors, fully leveraging the immense potential of myeloid cell biology to effectively address major unmet clinical needs in oncology and autoimmune diseases."

Product Launches

01/

Galaxy Universal Releases LDA: Full-Domain Data, Cross-Embodiment Implicit World-Action Foundation Model

Recently, Qiming Venture Partners portfolio company Galaxy Universal released LDA, a cross-embodiment "implicit world-action foundation model" that addresses how models in embodied AI can effectively leverage internet-scale heterogeneous data. Its core breakthrough marks the world's first achievement at the data level: unified and effective utilization of data that is virtual-real fused, human-machine mixed, varying in quality, and both with and without action labels.

Galaxy Universal has built a complete data infrastructure — AstraData — and achieves unified, comprehensive application of all data types within LDA. Around this system, the company has also constructed a bottom-up data architecture (five-layer pyramid).

At the model level, LDA is not a structural innovation per se, but rather the natural extension of Galaxy Universal's long-term technical roadmap. The framework the company has proposed and implemented unifies World Model and Action Model — the WAM (World-Action Model).

Galaxy Universal has fully open-sourced LDA-1B's core algorithms and code system, hoping to drive the industry from closed optimization toward open collaboration. In its future roadmap, the team has identified several key evolution directions: first, attempting end-to-end joint learning of visual representations and latent-space dynamics, no longer constrained by fixed features; second, introducing richer perceptual modalities and exploring how to automatically optimize the division of labor for different quality data during training.

02/

VideoRebirth Officially Releases Industrial-Grade AI Video Engine BACH

Recently, Qiming Venture Partners portfolio company VideoRebirth officially released BACH, an industrial-grade AI video engine built for professional film and advertising production. Prior to official launch, BACH 1.0 Preview passed the independent blind test of Artificial Analysis Video Arena, the world's largest AI video leaderboard. With users voting completely unaware of which model generated each video, BACH debuted on the list at sixth place globally.

VideoRebirth was founded by former Tencent Distinguished Scientist and IEEE Fellow Dr. Wei Liu, dedicated to establishing industrial-grade standards for AI video generation. The company empowers creators with极致流畅的生成能力, providing coherent, controllable, and commercially ready visual content.

The BACH release can lock character facial identity and features from the ground up, keeping them consistent throughout, and translate professional cinematography instructions into precise visual output. The current industry mainstream approach — generating segment by segment, manually ensuring consistency, stitching together in editing software — still requires creators to intervene throughout. BACH's Montage compresses this entire workflow into a single step. Going forward, the company will continue using physics and engineering to build a video engine that truly understands directorial intent.

03/

Shengshu Technology Releases General World Action Model Motubrain

Recently, Qiming Venture Partners portfolio company Shengshu Technology officially released the general world action model Motubrain. As a major milestone in the company's world model direction, Motubrain is positioned as a general-purpose brain for embodied intelligent robots, with multi-embodiment adaptation, multi-task generalization, and long-horizon task execution capabilities, enabling robots to more stably complete continuous complex tasks in real-world scenarios spanning homes, industry, and commerce.

Motubrain's core breakthrough lies in unifying "the world seen" and "the actions to be executed" within a single model, allowing robots to not only understand their environment but also imagine and predict environmental changes, generating executable action strategies. Toward this goal, Motubrain has developed four key capabilities: one brain, multiple capabilities for diverse tasks; one brain, multiple embodiments for various robot forms; one brain, end-to-end completion of long-horizon tasks; and one brain, foresight for dynamic decision-making.

Currently, Motubrain has achieved first place on two international authoritative leaderboards — WorldArena and RoboTwin 2.0 — validating the feasibility of unified modeling for "world prediction" and "action driving," and marking Shengshu Technology's further push to move general-purpose physical brains from technology exploration toward real-world application. Motubrain is not merely a model product release, but a critical move in Shengshu Technology's general world model strategy into physical space.

For some time, Shengshu Technology has been building around the Foundation World Model, extending upward into a dual-track system bridging digital and physical space, forming core foundational architecture for general intelligence. Through this, Shengshu Technology is gradually constructing a complete closed loop spanning understanding the world, generating the world, and acting in the world, making the general world model a true bridge connecting digital and physical worlds.

R&D Progress

01/ Globetron Therapeutics' Oral Novel Molecular Glue Degrader GLB-002 Combined with Rituximab Receives Phase II Clinical Trial Approval

Recently, Qiming Venture Partners portfolio company and clinical-stage biotechnology firm focused on innovative molecular glue degraders Globetron Therapeutics announced that **its next-generation IKZF1/IKZF3 selective molecular glue degrader GLB-002, in combination with rituximab, has received Phase II clinical trial approval from China's National Medical Products Administration for the treatment of relapsed/refractory follicular lymphoma (R/R FL) patients. This marks another important milestone following GLB-002's initial clinical approval in September 2023, signaling the product's formal entry into Phase II clinical studies.

Follicular lymphoma (FL) is the most common subtype of indolent non-Hodgkin lymphoma in clinical practice. Although immunochemotherapy regimens based on anti-CD20 monoclonal antibodies have delivered clinical benefits to FL patients, some still face disease progression and drug resistance issues. R/R FL patients have limited treatment options, and the recent withdrawal of several other targeted small molecule drugs approved for R/R FL due to safety concerns has further highlighted the substantial unmet clinical need in this area.

At the 2025 American Society of Hematology (ASH) Annual Meeting, Globetron Therapeutics' first disclosure of GLB-002 Phase I clinical data showed: in relapsed/refractory non-Hodgkin lymphoma (R/R NHL) patients, GLB-002 demonstrated high response rates and durable responses, particularly in follicular lymphoma and marginal zone lymphoma patients, while exhibiting a favorable safety profile. Based on these positive data, GLB-002 is accelerating its comprehensive布局 and clinical development in the NHL field, committed to establishing leadership in this area and striving to bring better treatment options to the broad NHL patient population including R/R FL as soon as possible.

02/

Oncternal MicroSurgery Pursues China's First, World's Second General-Purpose Microsurgical Robot Registration Certificate

Recently, Qiming Venture Partners portfolio company Oncternal MicroSurgery's self-developed microsurgical operation control system Kai officially passed the National Medical Products Administration's Innovative Medical Device Special Review, entering the "green channel" to become the first domestic general-purpose microsurgical robot to enter this fast-track pathway. Kai is positioned as a cross-site, cross-department general microsurgery platform. Its compact, small form factor enables rapid, flexible deployment in operating rooms, covering the full surgical area from deep head and neck regions to distal extremities.

**Meanwhile, Kai also successfully completed all registration clinical trials in April 2026, conducted across multiple centers including Shanghai Ninth People's Hospital affiliated with Shanghai Jiao Tong University School of Medicine, Ningbo No. 6 Hospital, and Beijing Shougang Hospital, becoming the first domestic general-purpose microsurgical robot to complete registration clinical trials.

**The dual milestones of entering the green channel and completing clinical trials not only represent national-level recognition of Kai's innovativeness, with subsequent registration review benefiting from accelerated communication and priority review; more critically, its core clinical trials are now fully completed with complete collection of key registration data. This means Oncternal MicroSurgery is positioned to pursue China's first general-purpose microsurgical robot registration certificate, and become the second company globally to obtain certification in this field.

03/

Insilico Medicine's Rentosertib Inhalation Formulation Receives Clinical Trial Approval

Qiming Venture Partners portfolio company and generative AI-driven biopharmaceutical technology firm Insilico Medicine (03696.HK) recently announced that its self-developed Rentosertib (ISM001-055), the world's first AI-discovered target and AI-designed molecule innovative drug, has received IND approval from the Center for Drug Evaluation, NMPA (CDE) for its nebulized inhalation formulation, with clinical-stage studies set to commence. Notably, this also marks the 13th project in an AI-driven R&D pipeline to receive IND approval, further demonstrating the scalability of the Pharma.AI platform in driving innovative molecules from preclinical discovery through clinical validation.

Dr. Alex Zhavoronkov, founder and CEO of Insilico Medicine, stated: "The CDE clinical approval for Rentosertib's nebulized inhalation formulation once again validates Insilico Medicine's sustainable, scalable, and reproducible drug R&D innovation driven by our proprietary AI technology — not only efficiently covering the full process from target discovery to clinical development, but also transcending formulation forms and geographic boundaries. To date, we have successfully nominated 30 preclinical candidate compounds (PCCs), with the most recent one originating from the UAE, where no innovative drug R&D had previously occurred. Meanwhile, Insilico Medicine has initiated three Phase II clinical trials, with 13 projects receiving IND approvals spanning fibrosis, oncology, immunology, and central nervous system indications."

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P A S T I S S U E S

Qiming Headlines | Qiming Venture Partners Healthcare Innovation Investment Team 2026 PhD Summer Intern Program Launched | Bilingual Qiming Weekly | Ten Major Developments from Qiming Venture Partners Portfolio Companies Vol.15, 2026.4.28 Qiming Headlines | Qiming Venture Partners and Portfolio Companies Win Multiple Awards Including ChinaVenture 2025 Top 4 Best VC Firm

Qiming Venture Partners was founded in 2006. Currently, the firm manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since inception, Qiming Venture Partners 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 listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, 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), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu AI (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), Hope Medicine, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, among others.