Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 31, 2026.10.13
Celebrating milestone moments with Qiming Venture Partners' portfolio companies
Editor's Note: In 2026, the Qiming Weekly gets a refresh. Updated regularly each week, it now features ten handpicked highlights from Qiming Venture Partners' portfolio companies — covering funding milestones, breakthroughs, and more. Every step entrepreneurs take in the tide of technology and innovation deserves to be recorded. Qiming Venture Partners will continue to accelerate and empower founders, and we invite you to follow along as we track these milestone moments together.
Funding
01
Biotree Closes Nearly RMB 100 Million Series B Round
Recently, Qiming Venture Partners portfolio company Biotree, a domestic leader in metabolomics, announced the completion of a nearly RMB 100 million Series B financing round, with Qiming Venture Partners continuing its investment as an existing shareholder. Proceeds will fund multi-omics + AI for Science R&D, new multi-omics product development, construction of a multi-omics + AI mass spectrometry production center in Zhejiang, and the establishment of an overseas headquarters in Singapore along with laboratories in Europe and the United States.
Founded in 2012, Biotree focuses on innovative mass spectrometry applications in life sciences, biopharma, and medical health. It has built a proprietary library of over 20,000 metabolite standards, served more than 70,000 projects, and worked with over 3,000 institutions, including more than 360 tertiary hospitals. Qiming Venture Partners has supported the company's growth since leading its Series A round exclusively in 2022.
02
Allygen Biologics Raises Over RMB 300 Million in Series A Round
Recently, Qiming Venture Partners portfolio company Allygen Biologics, an innovative biotech firm focused on targeted conjugate drug R&D, announced the completion of a Series A financing round exceeding RMB 300 million, with Qiming Venture Partners participating. The funds will accelerate the advancement of Allygen's lead STAR-BiADC pipeline candidate ALG01 into Phase 1 clinical trials and support the development of additional pipeline products.
Allygen's independently developed Smart Tumor-Activated Release (STAR) technology platform is the world's first next-generation targeted conjugate system to simultaneously cover three molecular modalities: antibody-drug conjugates (ADC), antibody-oligonucleotide conjugates (AOC), and antibody-drug-oligonucleotide conjugates (ADOC). Its lead asset ALG01 is the world's first bispecific ADC to integrate the immune checkpoint PD-L1 and tumor-associated antigen TROP2 into a single molecule with tumor microenvironment-activated release capability. Preclinical studies have demonstrated significant advantages across in vivo efficacy, toxicity, and safety window.
William Hu, Managing Partner at Qiming Venture Partners, said: Since leading Biotree's Series A round exclusively in 2022, Qiming Venture Partners has consistently believed in and supported the company's development. With over a decade of deep expertise in mass spectrometry-based multi-omics, Biotree has built an industry-leading metabolite standard library and high-caliber technology platform, establishing itself as a true benchmark in multi-omics. Today, AI for Science is fundamentally reshaping research paradigms in life sciences and medicine, and multi-omics data forms the core foundation for building virtual cells and life-world models. Biotree has strategically integrated mass spectrometry with AI, pioneering next-generation metabolomics, single-cell metabolomics, spatial multi-omics, and other cutting-edge directions — transforming from a research services company into a builder of AI4S-era infrastructure and a provider of core data. We believe the company will grow into a significant global player in this historic opportunity and will continue to be a long-term partner on its journey.
Major Partnerships
01
Insilico Medicine Enters AI Co-Development Partnership to Build Foundational Biology Models
Recently, Qiming Venture Partners portfolio company Insilico Medicine (03696.HK), a generative AI-driven clinical-stage drug discovery company, announced an AI co-development partnership with a leading foundational model lab with a contract value of up to tens of millions of dollars. Based on the MMAI Gym training framework, the two parties will jointly develop, validate, and commercialize a series of cutting-edge foundational models for biological research, with a focus on generative biology.
Under the collaboration, Insilico Medicine will contribute proprietary datasets covering multiple specialized life science tasks and conduct closed-loop wet-lab validation of training outputs; both parties will share model revenue and advance commercialization globally through their respective biopharma partner networks.
02
UBTECH Partners with Xiamen C&D and FAW-Volkswagen to Scale Humanoid Robot Deployment
Recently, Qiming Venture Partners portfolio company UBTECH (09880.HK), a humanoid robotics company, signed a strategic cooperation agreement with Xiamen C&D Co., Ltd. The two parties will establish a joint venture to build the "UBTECH Eco-Tech Center Fujian Headquarters," integrating operations and maintenance, talent training, scenario-based R&D, and equipment leasing and sales capabilities. They aim to jointly achieve sales of no fewer than 10,000 UBTECH humanoid robots by 2030. The partnership will focus on deploying robots across logistics and warehousing, security patrol, and urban public space services based on Xiamen C&D's supply chain operations and real estate development businesses, while exploring supply chain finance solutions to lower barriers to large-scale adoption.
Concurrently, UBTECH reached a strategic cooperation with FAW-Volkswagen Automotive Co., Ltd. to jointly develop and test embodied intelligent robot applications in logistics scenarios and build demonstration use cases, accelerating the deployment of humanoid robots in intelligent manufacturing. On the production front, UBTECH's 10,000-unit industrial humanoid robot super smart factory commenced operations in September, with one humanoid robot rolling off the line every ten minutes, laying a digital manufacturing foundation for production capacity.
03
Abogen Biosciences Enters License and Option Agreement with Novartis
Recently, Qiming Venture Partners portfolio company Abogen Biosciences, a clinical-stage biotech company focused on frontier RNA innovation, announced a license and option agreement with Novartis to advance RNA therapeutics. The agreement includes granting Novartis a worldwide exclusive license to Abogen's priority pipeline asset ABO2203, as well as exclusive option rights for additional potential programs based on Abogen's proprietary RNA platform. Under the terms, Abogen will receive a $575 million upfront payment; if all options are exercised, Abogen is eligible for potential milestone payments of up to approximately $7.2 billion, plus potential royalties on future product sales. The transaction will become effective upon satisfaction of customary closing conditions, including required regulatory approvals.
ABO2203 is an innovative mRNA-encoded CD19xCD3 T-cell engager (TCE) designed to guide in vivo endogenous generation of TCEs for B-cell reset, making it the world's first mRNA-encoded TCE candidate for autoimmune diseases to enter clinical evaluation. This approach offers a highly differentiated B-cell depletion mechanism with potential unique advantages over conventional recombinant TCEs.
Product Launches
01
StepFun Releases Next-Generation Flagship Model Step 5 Preview
Recently, Qiming Venture Partners portfolio company StepFun officially released its next-generation flagship foundation model, Step 5 Preview. Designed for real-world agentic tasks, the model employs a sparse MoE architecture with 600 billion total parameters and 27 billion active parameters, supporting a 1 million token context window. It delivers standout performance in AI programming, software engineering, professional knowledge work, and finance scenarios.
On the Artificial Analysis Intelligence Index, Step 5 Preview scored 44 points, ranking among the top three open-source models globally, with a per-task cost of one-eighth that of Claude Opus 5. The model is now fully open, with complete weights to be released on October 15.
02/
Sharpa Debuts Three Fully Self-Developed Products at IROS
Recently, Qiming Venture Partners portfolio company Sharpa unveiled three fully self-developed products at the IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS) in Pittsburgh, Pennsylvania: the first integrated tactile-aware dexterous manipulation robot D01, the next-generation full-tactile ultra-compact lightweight dexterous hand W02, and the high-fidelity exoskeleton haptic data glove AE01. The three products cover action execution, fine manipulation, and manipulation data collection — providing a complete hardware closed loop for complex rich-contact operations in real-world environments.
The D01 achieves maximum end-effector velocity exceeding 10.5 m/s with 0.2 mm repeat positioning accuracy and features whole-body electronic skin; the W02 integrates 21 active degrees of freedom into a more compact structure with approximately 30% reduced hand size compared to its predecessor, enabling full-palm tactile sensing; the AE01 captures the operator's natural hand movements through 22 encoders for high-fidelity teleoperation and data collection.
Technology & Research
01/
Galbot Joint Research Wins IROS 2026 Best Paper Award
Recently, a joint research effort by Qiming Venture Partners portfolio company Galbot and its partners, titled Learning Athletic Humanoid Tennis Skills from Imperfect Human Motion Data, received the IROS Best Entertainment and Amusement Paper Award at the IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS 2026) in Pittsburgh, Pennsylvania. IROS and ICRA are recognized as the two most influential top-tier conferences in robotics globally, with over 1,900 papers accepted this year.
The research enables robots to learn motor priors from limited and imperfect human motion samples, then train and optimize based on their own body structures to ultimately execute continuous tennis rallies in real-world environments. Galbot was previously named the "Official Humanoid Robot of the 2026 China Open."
02/
WeRide Named to Fortune 2026 Change the World List
Recently, Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD, 00800.HK), a global leader in autonomous driving technology, was named to Fortune magazine's 2026 Change the World list, alongside globally recognized companies including Anthropic, Alphabet, and BYD. WeRide is the only autonomous driving technology company on this year's list and marks its third appearance following 2023 and 2025. Now in its 12th year, the list highlights companies that embed social problem-solving into their core business. WeRide was selected from approximately 200 candidate companies this year.
WeRide operates in 13 countries and over 60 cities, with a total autonomous driving fleet of approximately 3,400 vehicles, including more than 1,800 Robotaxis. In 2026, the company partnered with Uber to secure Spain's first national L4 autonomous passenger vehicle operating license, obtained Europe's first driverless Robotaxi operating license in Switzerland, and achieved commercial driverless Robotaxi operations in Abu Dhabi and Dubai. Its self-developed one-stage end-to-end assisted driving solution WRD 3.0 delivered approximately 30,000 units in Q2 and has secured mass production designations for over 30 vehicle models.
R&D Progress
Alamar NULISA Platform Powers The Lancet Neurology Alzheimer's Research
Recently, the NULISA ultrasensitive biomarker analysis solution from Qiming Venture Partners portfolio company Alamar Biosciences (NASDAQ: ALMR), a femtogram-level fully automated proteomics platform company, supported a real-world longitudinal cohort study published in The Lancet Neurology by a joint team led by Professor Carlos Cruchaga and Professor Suzanne E. Schindler at the University of Washington. The study systematically analyzed dynamic changes in over 130 plasma proteins during lecanemab treatment in Alzheimer's disease patients, offering new insights for efficacy monitoring, prognosis prediction, and novel biomarker development.
The study enrolled 197 lecanemab-treated patients, 1,312 cognitively impaired untreated controls, and 458 cognitively unimpaired controls, with follow-up up to two years. Detection of over 130 proteins required only 10 microliters of plasma. The research found that inflammatory markers mediating amyloid plaque clearance and synaptic/neurodegenerative markers determining cognitive prognosis belong to two independent systems, explaining why some patients show "amyloid clearance without clinical benefit."
Past Issues
Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 30, 2026.9.16
Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 28, 2026.9.2
Qiming Venture Partners was founded in 2006. The firm currently 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.
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 in their industries.
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, 00800.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), APT Medical (688617.SH), Sanyou Medical (688085.SH), AmoyDx (300685.SZ), Sinocelltech (688520.SH), Insilico Medicine (03696.HK), AusperBio, Yuanxin Technology, MediLink Therapeutics, Leads Biolabs, StepFun, and others.