Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Vol.35, 2026.11.11
Celebrating milestone moments with Qiming Venture Partners portfolio companies
Editor's Note: In 2026, the Qiming Weekly gets a fresh upgrade — publishing regularly every week with just ten handpicked highlights from Qiming Venture Partners portfolio companies, covering funding milestones and breakthrough developments. Every step entrepreneurs take in the tide of technology and innovation deserves to be recorded. Qiming Venture Partners will continue accelerating and empowering founders, and we invite you to follow along as we track these milestone moments together.
Funding
Natural Selection Surpasses $100 Million in Total Funding
Recently, Natural Selection, a Qiming Venture Partners portfolio company focused on AI companionship and social applications, announced a new funding round bringing its total raised to over $100 million. Qiming Venture Partners participated in this round. Founded in early 2024 in Shenzhen, the company has built two products around long-term human-AI relationships: EVE, a 3D AI companion that provides realistic companionship through chat, audio and video calls, long-term memory, and proactive actions (including pioneering features like "AI orders bubble tea" and "AI sends flowers"); and Elys, an Agentic Social Network where users naturally accumulate context through usage, then AI avatars leverage that context to deliver valuable information, connections, and experiences across the network.
The Elys beta launched in February this year. Over the past six months, Natural Selection has optimized its memory system around an "All-in-one context" philosophy, enabling multi-user social memory, more robust privacy protections, and more efficient connections, while providing various tools that give agents the ability to actually "do things." The new version of Elys remains in invite-only beta, with the official release expected in November.
Major Partnerships
01/
Minghui Pharmaceutical and ASKA Sign Exclusive Licensing Agreement for MHB018A Rights in Japan
Recently, Minghui Pharmaceutical, a Qiming Venture Partners portfolio company, and ASKA Pharmaceutical Co., Ltd. jointly announced an exclusive licensing agreement for the development and commercialization of MHB018A in Japan. Under the agreement, ASKA will obtain exclusive rights to develop, seek regulatory approval for, and commercialize MHB018A in Japan. Minghui Pharmaceutical will receive $110 million upfront and is eligible for up to an additional $330 million in development, regulatory, and commercialization milestone payments, plus tiered royalties based on net sales in Japan. Minghui Pharmaceutical retains all rights to MHB018A outside Japan and continues to lead global development.
MHB018A is a novel, subcutaneously administered IGF-1R-targeting antibody for the treatment of thyroid eye disease (TED), demonstrating potentially best-in-class efficacy and a favorable safety profile. Phase II data presented as an oral report at ENDO 2026 showed statistically significant improvements across multiple clinically meaningful endpoints in both active and chronic TED patients. Minghui Pharmaceutical is currently advancing four Phase III clinical studies — two in China and two global studies covering the United States, Europe, Japan, and other regions — to support worldwide regulatory submissions. ASKA is a specialty pharmaceutical company focused on women's health, internal medicine (including thyroid and gastrointestinal diseases), and urology, holding a leading position in Japan's thyroid hormone therapy market.
02/
Galbot and Poly Developments and Holdings Enter Strategic Partnership
Recently, Galbot, a Qiming Venture Partners portfolio company, and Poly Developments and Holdings held a strategic partnership signing ceremony in Guangzhou. The two parties will leverage their respective strengths in embodied intelligence technology and urban space operations to drive deep integration of embodied intelligence with residential communities, commercial spaces, and urban services, jointly exploring new pathways for embodied intelligence to empower future city construction and high-quality living. Zhang Yanhua, Deputy General Manager of Poly Developments and Holdings, and Tengzhou Yao, Co-founder of Galbot, signed the strategic cooperation agreement on behalf of their respective organizations.
In specific collaboration, the two sides will explore high-quality embodied intelligence data systems and spatial intelligence operation platforms across diverse spatial scenarios, enabling robots to accumulate data, validate capabilities, and continuously iterate across different environments and service tasks, while building practical experience for future robot-friendly community construction and related technical standards research. Yin Fangming, Chairman of Galbot, noted that urban spatial scenarios offer rich variety and diverse service demands, making them important domains for embodied intelligence technology validation, data accumulation, and product iteration.
03/
Tashi Zhihang Deepens Strategic Partnership with Aptiv
During the ninth China International Import Expo, Tashi Zhihang (TARSBOT), a Qiming Venture Partners portfolio company in embodied intelligence, and global industrial technology company Aptiv held a cooperation signing ceremony to further deepen their strategic partnership in embodied intelligence. Under the agreement, Aptiv will complete the deployment of hundreds of Tashi Zhihang A-series industrial embodied intelligence robots by year-end, covering 8 production processes and 33 application scenarios including flexible assembly, inspection coordination, and production management. The first batch of industrial embodied robots has already been put into use on real production lines at Aptiv's smart factory.
Additionally, Aptiv's high-performance computing platform and other products will be first applied in Tashi Zhihang's embodied robots as the computational foundation for industrial embodied intelligence, with mass production planned within the year. Leveraging Tashi Zhihang's self-developed general embodied foundation model AWE (AI World Engine), both parties will continue accumulating data and conducting application validation around real industrial scenarios, driving model iteration and improvement under actual working conditions. At the CIIE venue, the AWE-powered Tashi Zhihang A3 robot demonstrated autonomous connector assembly at Aptiv's booth, completing the full operational cycle of material retrieval, precise assembly, and feeding entirely autonomously.
Product Launches
Yuanli Lingji Unveils Major Upgrade to Dexmal MaaS Platform
Recently, Yuanli Lingji (Dexmal), a Qiming Venture Partners portfolio company in embodied intelligence, announced a comprehensive upgrade to its one-stop embodied intelligence model-as-a-service platform, Dexmal MaaS, further streamlining the complete pipeline from data collection and policy training to cloud inference and real-robot deployment. Built on Yuanli Lingji's self-developed DM0.5 embodied foundation model, the platform supports developers in uploading their own robot manipulation data to train specialized models adapted to specific robot bodies and tasks, with direct deployment. The platform also offers three model optimization pipelines: SFT for foundational capability building, DAgger for real-world environment adaptation, and RECAP for failure case optimization.
For access, Dexmal MaaS provides multiple options including DexOS Lite and MaaS API, supporting both rapid integration with Yuanli Lingji-adapted robots and custom robot access through standard interfaces. In application scenarios, desktop robots using MaaS services in logistics parcel-handling scenarios achieve comprehensive operation cycles exceeding 1,200 items per hour with overall success rates above 99%; in mobile phone production lines, mobile robots already participate in scrap material recycling operations; and in precision operations such as connector insertion and removal, desktop robots achieve sub-millimeter manipulation accuracy.
Technology & Capabilities
01/
WeRide Founder and CEO Tony Han Speaks at 2026 Hong Kong FinTech Week
Recently, Tony Han, Founder and CEO of WeRide (NASDAQ: WRD, 00800.HK), a global leading autonomous driving technology company and Qiming Venture Partners portfolio company, was invited to speak at the AI and Frontier Technology Forum during 2026 Hong Kong FinTech Week, discussing autonomous driving technology trends and commercialization prospects with industry guests. During the forum, Han gave an exclusive interview to CNBC, focusing on the opportunities and challenges of Robotaxi fleet scaling. Currently, WeRide's operations cover over 60 cities across 13 countries.
Han stated that WeRide is fundamentally prepared to expand its Robotaxi fleet scale across industrial ecosystem, hardware, software, and technology dimensions, and that the next critical step lies in close communication with regulators in various jurisdictions to jointly drive scaled deployment. He also shared his vision for cross-city travel in the Guangdong-Hong Kong-Macao Greater Bay Area: "In four to five years, I hope to one day take a Robotaxi from Guangzhou, sleep or get some work done in the car, and wake up having arrived in Hong Kong."
02/
Pulnovo Medical Completes First Two Commercial PADN Procedures in South America in Peru
Recently, Pulnovo Medical, a Qiming Venture Partners portfolio company and global pioneer in breakthrough therapies for pulmonary hypertension and heart failure, announced that its self-developed Pulmonary Artery Denervation (PADN) system successfully completed the first two commercial procedures in South America in Peru. This marks the first commercial clinical application of a China-origin pulmonary hypertension interventional therapy in South America. Immediate postoperative observation showed clinical symptom relief and hemodynamic improvement in both patients. Professor Chen Xiang of Xiamen University Affiliated Cardiovascular Hospital served as the proctoring expert, providing guidance to the local team.
Since PADN received European CE-MDR certification in 2025, Pulnovo Medical has continued advancing the technology's global market access and clinical adoption, first launching international commercialization in the UAE, completing the first European commercial procedure at Padua Hospital in Italy, and now completing the first South American commercial procedure in Peru. To date, PADN has received regulatory approval in 12 countries/regions, with the company focusing on Pulmonary Hypertension due to Left Heart Disease (PH-LHD), the second most common category of pulmonary hypertension, through trials including PULSE-LHD and PADN-HF-PH.
03/
Daxiao Robotics' Dual-Brain Coordination Architecture Debuts in Hotel Laundry Scenario
Recently, Daxiao Robotics (ACE Robotics), a Qiming Venture Partners portfolio company, announced the deployment of its dual-brain coordination architecture in hotel laundry scenarios, presenting for the first time the coordinated application of world models, general models, and embodied intelligence RSI (Recursive Self-Improvement) strategies in real-world settings. The Enlightenment World Model helps robots understand environments and action consequences; the general model Astra handles task comprehension and skill generation, consolidating validated approaches into efficient on-robot skills that reduce execution time from over 30 minutes during initial exploration to approximately 18.6 seconds — a roughly 97x speedup.
Building on this, Daxiao Robotics organizes 53 atomic actions trained in laundry scenarios into 14 high-level semantic steps, combinable into over 200 scenario actions to complete the full service flow from room pickup to guest room delivery. Through RSI strategy, robots continuously improve skills based on observations, actions, and physical feedback during real-robot execution: the dryer retrieval skill, for example, iterated through approximately 80 versions over roughly 57 hours and 165 rounds of real-robot experiments, with applicable scenarios gradually expanding to jeans, laundry bags, and mixed clothing items.
R&D Progress
01/
Zenitar Initiates International Phase II Study of Funotinitib
Recently, Zenitar, a Qiming Venture Partners portfolio company developing innovative drugs driven by structural biology and artificial intelligence, announced the initiation of the Phase II randomized study FM-MF-02 of funotinitib maleate (FM) in the United States, Canada, and Brazil. The study aims to determine the dose for subsequent Phase III studies in treatment-naive myelofibrosis (MF) patients and refractory MF patients. FM is a first-in-class oral JAK2/FLT3/CDK6 inhibitor for the treatment of myeloproliferative neoplasms, including myelofibrosis and polycythemia vera (PV).
Previously, the randomized study FMF-02 met its Week 24 endpoint, with FM 50mg and 100mg dose groups demonstrating superior spleen volume reduction of at least 35% (SVR35) and total symptom score reduction of at least 50% (TSS50) compared to ruxolitinib. Related data were presented as oral reports at the 2024 and 2025 American Society of Hematology (ASH) Annual Meetings. At this year's ASH Annual Meeting, Zenitar will present long-term follow-up results from the FMF-02 study as an oral report and Phase II data in refractory PV as a poster presentation, marking its third consecutive year of oral presentations at ASH.
02/
Brise Pharma Holds National Investigator Meeting for BR005-301 & 302 Studies
Recently, Brise Pharma, a Qiming Venture Partners portfolio company in clinical-stage biopharmaceuticals, held a national investigator meeting in Beijing for two pivotal clinical studies, BR005-301 and BR005-302. BR005-301 is a multicenter, randomized, double-blind, placebo-controlled Phase II/III study evaluating the efficacy and safety of BR005-036C tablets in the acute treatment of migraine in adults; BR005-302 is a multicenter, open-label Phase III long-term safety study for the same indication. Over 230 investigators, experts, and project team members from 80 clinical research centers nationwide attended.
BR005 is an oral CGRP receptor antagonist that relieves acute migraine symptoms through highly selective binding to CGRP receptors, inhibiting the CGRP pathway in the trigeminovascular system. It is the first domestically developed oral CGRP receptor antagonist to enter registrational clinical trials in China. The meeting marks the entry of the BR005-301 & 302 studies into a more systematic and collaborative phase of advancement.
Previous Issues
Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 34, 2026.11.3
Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total committed capital reaching $9.5 billion. Since its 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.
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 (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.