DeepSeek

The DeepSeek Financing Story

"The world was always meant to be this way."

ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models

Let intelligence truly understand every unique soul.

"Xinzhou Technology" Closes $50 Million Series A Led by Meituan | Linear Portfolio

An agent's capabilities ultimately come down to the underlying model training.

14 Fragments, 14 Years of Investment Thinking | Linear View

Some things can't be measured by ROI.

After Opus 4.5, AI Is Giving Rise to "Giant-Style Hundred-Person Companies"

Speed of iteration matters above all else.

The Unforgettable Series C Funding of Moonshot AI

A stroke of genius.

Drinking Beer with Lex Fridman in Beijing

He's come to China too.

"Xiaosu Tech" Du Zhiheng: Search Is 10x Cheaper Than Reasoning, But 90% of People Don't Know | Yunqi Portfolio --- This is a headline/article title, so here's the full translation with context: **"Xiaosu Tech" Du Zhiheng: Search Is 10x Cheaper Than Reasoning, But 90% of People Don't Know | Yunqi Portfolio** Or if you need the body text translated as well, please provide it.

How to Spend Your Tokens Without Regret

A Conversation with Chen Yilun of Tashi: In the Trillion-Dollar Embodied Intelligence Arena, Only Those Who Win the War Are Heroes

The first panoramic telling of the Tashi founding story.

After Running America's First Fully Driverless Truck Delivery, He Says He Wants to Claim the Right to Define Autonomous Driving | Linear Voice

The real battleground for L4 is "no excuses."

Billions of years ago, living organisms built the first "world model."

How Far Are We From a World Model, Now That We've "Uploaded" a Fruit Fly Brain?

The "Whole-Team Lobsterization" Playbook at an AI Startup: 30 People × 70x Efficiency Leverage | Gaorong Future

"Tokens as Combat Power"

"Shenpu Intelligence" Closes New Financing Round of Several Hundred Million Yuan, Led by Linear Capital | Linear Portfolio

Using family-like commercial scenarios as an entry point.

OpenClaw, you have a new order!

Your first Agent, on us.

"Undercover" at Moonshot AI: 100 Hours

Taste is all you need

"Manycore Tech" Clears Hong Kong Stock Exchange Listing Hearing, Linear Capital Is Earliest Angel Investor | Linear Portfolio

Will become the earliest listed company among Hangzhou's "Six Little Dragons."

KernelCAT Lin Zhihang: Building AI That Truly Controls Your Computer

Let AI charge ahead without being constrained by human interaction frameworks.

I discovered a new business loop in OpenClaw.

The real winners are the ones who can keep "breathing."

Yunqi Capital Research | Embodied Intelligence in Industrial Scenarios: In-Depth Analysis of Capabilities and Applications

Full Throttle · Yunqi Capital New Year Goods Collection Vol. 1

KernelCAT Released: Agent Automation Enables Domestic Chip Adaptation and Compute Acceleration

From relying on existing ecosystems to building self-evolving computational foundations.

Spring has arrived — can blossoms be far behind? | Linear Quarterly

Rather than waiting for spring, define it.

NVIDIA's $20 Billion Groq Acquisition: Is LPU Architecture the Optimal Solution for AI Inference?

Where Are the Opportunities for China's AI Inference Chips?

Yunqi Capital Portfolio Company MiniMax Founder and CEO Junjie Yan Participates in Premier Li Qiang's Symposium

Growing Steadfast Through the Waves

If mobile internet failed to reshape the education industry, can AI?

In a future where AI "controls" knowledge, how do we protect children's capacity for autonomous learning?

Dancing with Love, Zhang Huaiting: Staying a Calm "Value Builder" Amid the AI Hype

Make decisions toward your goals, not away from your difficulties.

DeepWisdom Raises $220 Million in One Year, Finally Launches First Product

Not just writing code, but launching a company.

Harry Wang: God Only Opened Two Doors to AI's Future — One in America, One in China | Linear View

The adaptable survive; the evolved lead.

Huai Wang: There Are Only Two Doors Leading to the AI Future, One Is in the US and the Other Is in China | End of 2025

Adapt to survive; evolve to lead.

FreeS Fund's Li Feng 2025 Year-End Share: The Logic and Outlook of AI Investment

Why Is This AI Boom Unprecedented? What Happens Next for AI Investment?

Huadong Wang: I read 30 books this year. Here is my annual reading list | End of 2025

Diligence, distillation, execution.

A Conversation with ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red Xiao

ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red

A mental landscape few investors would ever admit to out loud.

Yunqi Capital Doers | MiniMax's Junjie Yan and Yonghao Luo's Four-Hour Deep Dive on "Hard but Right"

Before consensus emerges, choose the hardest path.

Liang Jun's First Year at the Helm: Fangqing Tech Raises Over 500 Million RMB in Three Rounds Within Six Months

A star-studded lineup of shareholders quickly assembled.

This Generation of Robots Is Finally Done Being "Parrots" | Yunqi Capital π

Astribot Lumo-1 and the Robot Version of "Master of Reasoning"

The Most Moving AI Investment Story of 2025

A Week with Manus, a Decade with Xiao Hong.

Vol.001 | A Conversation with Yuan Liu: One Week with Manus, Ten Years with Xiao Hong

From "Model Supremacy" to "Experience-Driven": How to Play the Second Half of the AI Game | Linear Voice

The Transformation, Challenges, and Future Vision of AI's Second Half

Zhang Tao Responds to Controversy for the First Time: Why Manus Hasn't Been Replaced | Tsinghua University Campus Tour

The magic only happens when you give intelligence back to the model.

Looking Ahead to 2026: What Innovation Opportunities Await the AI Industry? | Frees Report

From Large Models to World Models: Where Will AI Head in 2026?

Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*

Build a global company from Day 1.

Linear Capital π Review: Agent Companies and Model Companies Are Entering Each Other's Turf — What Are They Thinking? | Linear Event

The logic of competition isn't "devouring," but "running toward each other."

Moonshot AI K2 Thinking: When an "Interleaved Thinking" Model Steps Into the Spotlight, What Actually Changes?

Greater commercial freedom, lower migration costs

Winning by Playing It Steady: Why DeepSeek Can Hold Its Ground in the Stock Market Too | Yunqi Tech π

A Real-World AI Race

Wang Qian, Invariant Robot: How Far Is Embodied Intelligence's Scaling Law? | Yunqi Capital Doers Series

Embodied Intelligence ≠ Stuffing DeepSeek into a Unitree Robot

From Foundation Models to AI Companions: What Cyclical Patterns Lie Behind the Rotation of AI Hype Cycles?

First figure out how to "make something people love," then consider "what role AI plays."

When AI Translation Becomes a Commodity, Where Does Innovation Begin? A Deep Dive with InnAIO's Co-Founder | Yunqi Capital Attent!on Podcast

The Product Logic and Overseas Playbook of "New Translation Species"

Vol.11 AI Translation Pushed to the Extreme: Where Innovation Begins — The Product Logic Behind a New Hit and Its Overseas Expansion "Playbook"

Decoding New Policies and Market Signals: How Tech and Healthcare Innovators Can Tap the Hong Kong Stock Market | Ronghui

Back to fundamentals, building differentiation.

On Y Transformers, We Spent 20 Questions with Crossroads You Care About | Please Answer 1998

Not Just Investing in People, But Recruiting Them Too

From Bare-Bones Beginnings to Top of the Pack: 100,000 Robots and 15 Years of Bare-Knuckle Survival | Yunqi Capital Doers --- The title alone tells the story: "bare-bones" (毛坯房) and "bare-knuckle survival" (极限求生). These aren't buzzwords — they're the lived reality of a company that spent fifteen years clawing its way from nothing to industry leader. ## The 100,000-Robot Milestone In 2024, this robotics firm crossed a threshold few in China's hardware sector ever reach: deploying 100,000 units in the field. Not prototypes. Not showroom pieces. Production robots operating in factories, warehouses, and logistics hubs across the country. The number matters because hardware scales differently than software. Each unit demands supply chain discipline, manufacturing consistency, and after-service infrastructure. Ten thousand proves product-market fit. One hundred thousand proves operational mastery. ## The 15-Year Arc The company was founded in 2009 — ancient history by Chinese tech standards. That year, Alibaba's Taobao was still fighting eBay. WeChat didn't exist. The term "new energy vehicles" barely registered. The early years were spent in literal毛坯房: unfinished concrete spaces in industrial zones, the kind of startup offices where winter means seeing your breath and summer

Keenon's New Embodied Intelligence Opportunity

The Next Step in Intelligence Enhancement: Is Agent a Patch or the Future? | MonoX

The Value Hierarchy of Large Model Training Is Quietly Being Rewritten

Linear Capital's 11th Anniversary: A Frontier Tech Fund's Retrospective and Future Journey

Our core investment philosophy is to see technical founders as ourselves.

Deep Dive: a16z's Global Top 100 AI Apps — New Patterns and Trends | Yunqi Techπ

It's not just about who's fastest — it's about who can stick around.

The Globalization Path of Embodied Intelligence: A Deep Conversation on Value Creation, Innovation, and Organizational Capability

Hard-hitting, practical insights from the front lines of the industry

A '97-born founder's third pivot: building a Personal Agent that doesn't chase productivity

Like the earliest Apple Mac computers, we hope to realize the transformation of agents from productivity to everyday life.

Ten Thousand-Word Interview with Duolingo Co-Founder: From 12 Years for 100 Courses to 148 Courses in One Year — How AI Drives Super App Growth

When a major technological shift hits, you have to be willing to challenge every company's underlying assumptions.

AI Agents with Three Frontier Researchers: Rules, Environments, and Real Questions Beneath the Hype | 5Y Capital's Tavern Vol. 31

Can Agents Ask Real Questions Now?

Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent

In 2025, the "Sedol moment" for industries far and wide is only just beginning.

Yunqi Capital Leads Tens of Millions of RMB Seed Round in "BenZhi JiHuo" to Accelerate On-Device AI Deployment | Yunqi Capital

AGI continues to grow

5Y View｜Welcome to the Era of Reviews

The Inevitable Path from Foundation Models to AI Agents

Fiverr CEO's Leaked Internal Memo and His 10,000-Word Response: 99% of AI Companies Are Froth

AI won't help ordinary developers go from 1x to 10x. It will only turn 10x developers into super developers.

What's Changed and Where Are the Opportunities in AI Agents in the First Half of 2025? | FreeS Research

Model Wars, App Boom, Commercialization

Interview with Xiaobai Founder Li Yan: AI Is a Brute-Force Aesthetic; Small Can't Be Beautiful

How to engineer and harness emergence is the defining thread of our era.

Manycore Tech CEO Hang Chen: When Chinese AI Meets the Global Market — Manycore Tech's Overseas Expansion | Yunqi Capital Doers Series

At a time when "going global" has become a core growth strategy for tech companies, challenges like **"overseas launch," "localization,"** and **"sustainable growth"** strike directly at the pain points of business expansion.

Yusen Dai of ZhenFund: From "No Need to Pay" to "Can't Live Without It," AI Is on Track to Shatter Humanity's Fastest Growth Records

The development of AI is a bit like boiling water — once it hits the boiling point, the arrival of the steam engine will spark a new industrial revolution.

Ren Xinqi, Yue Dian Technology: The toB Agent Generating Over 100 Million RMB in Revenue Is Reshaping Human-Machine Collaboration | Yunqi Capital Doers

When Agents Actually Become Colleagues

Yunqi Capital's Chen Yu: AI Entrepreneurship Isn't About Speed — Direction and Endurance Matter More | Partner Perspectives

Achieve non-consensus breakthroughs with limited resources

Linear Capital's Can Zheng: The Hype Is Just a Surface — Opportunity Belongs to Teams With Conviction and Execution | Linear View

Focus on the power of obsession and execution.

5Y Capital's Kai Liu: The Hype Is Just Surface Noise — AI Entrepreneurship Is Only Just Beginning | 5Y View

The real paradigm shift and structural opportunities are only just beginning to emerge.

A Year Later, When Kimi and MiniMax Investors Sat Down Together Again

The wildest possibility may be that humans won't be the only intelligent species on this planet.

AI Virtual Cells: Exploring Digital Life | FreeS Fund Report

Why We're Bullish on AI Virtual Cells

Zhang Jinjian in Conversation with Wang Wenbin: In the AI Era, 3D Printing Activates the Vitality of Smart Manufacturing

Ten years to forge a sword, and the vitality to endure.

5Y View | Bill Gurley: How the AI Wave Is Reshaping the Structure of Primary Markets

The AI wave interrupted a market correction that should have happened, and China's cutthroat competitive environment will actually forge stronger companies.

Rokid Partners with Alipay to Launch World's First "Look-to-Pay" Feature for Smart Glasses | Linear Portfolio

Mapping out a new blueprint for future lifestyles.

MiniMax Open-Sources Ultra Cost-Effective Reasoning Model, With Four Days of Back-to-Back Releases Ahead | Yunqi Capital

Innovation never stops.

Z Talk: A 20,000-Word Deep Dive with Cognition CEO Scott Wu — "Our Engineering Team Is 15 People, Each with 5 Devins"

AI will make coding 10x faster, but we'll have more programmers in the future.

72 Hours, Fully Documented: Humanity's First Close Encounter with AI

The stories of seven modern-day Robinson Crusoes.

What Happened During the 72-Hour AI Survival Challenge?

Some people are training AI companions, others are building virtual livestreaming studios, and still others are burning through their budgets constructing systems and debugging plugins...

The Wind Still Howls Where No One Stands | Monolith Monthly

Every step is worth recording.

Exclusive | SiliconFlow, the First to Catch DeepSeek's Traffic Wave, Raises Hundreds of Millions in New Funding Led by Alibaba

A series of choices that were at once accidental and inevitable.

Leaving NVIDIA in 2011: A Straight-Shooting Technologist's 14 Years of Entrepreneurial Reflections | Linear Voice

Innovation is, at times, like a genetic mutation of human intellect.

"The Internet Queen" on the AI Era: Decoding Mary Meeker's *AI Trends Report* | Yunqi Capital Techπ

The AI wave is accelerating, bringing both opportunities and risks.

A Conversation with Hangzhou Capital's Sun Gangfeng: The Key to Patient Capital Is Attitude, Not Time

The Unvarnished Truth from the Hottest State-Backed Fund of the Year

MiniMax Open-Sources Its First Unified Visual RL Framework, Launches Orsta Model Series | Yunqi Capital

Recently, **Yunqi Capital portfolio company MiniMax**, a leading domestic model startup, officially open-sourced its first unified framework for visual-task reinforcement learning (RL) — **V-Triune** — and simultaneously released the new **Orsta model series (7B–32B)** trained on this framework, which demonstrated significant performance gains on the MEGA-Bench Core benchmark.

Conversation with YouWare's Ming Chaoping: They're Skeptical That AI Coding Is a New Form of Creation — and I'm Thrilled | Z Talk

The promising AI product founder chose a path few others dared to take.

JPMorgan Chase Global China Summit: Linear Capital's Voice on AI and AR | Linear Portfolio

The next step for AI is to achieve deep integration with the physical world.

Creating Agents with Agents? A Conversation with Yunqi Capital's Chen Yu and Creao AI's Cheng Kai on the New Agent Tech Ecosystem | Yunqi Attent!on Podcast

Manus and Genspark's rapid rise to prominence have made Agent one of the most anticipated AI application formats for the general public in 2025. Meanwhile, the Agent development ecosystem has entered a stage of stronger compatibility and easier deployment, driven by new frameworks such as MCP and Agent-to-Agent.

Yunqi Capital's Chengyu Mao in Conversation with SenseTime's Xu Li: 2025 — Is AI Entrepreneurship Getting Harder?

Run with a marathoner's mindset — just keep going.

Yunqi Capital Research | AI Applications 2025: New Technologies and Trends Analysis

Looking at Direction from First Principles

Early Spring Warms, All Things Compete to Bloom｜Z News

Spring winds stir fresh green growth; the journey never pauses.

What Happens When AI Meets Gaming and Creation? | 5Y Capital Tavern Vol. 29

Some moments of inspiration.

CDM Leader "CloudXinda" Closes Tens of Millions in Funding, Unlocking the Backup Data Gold Mine in the AI Era | Gaorong Future

The Data Foundation for the AI Era

A Conversation with the Founders of Yuangu & Tangsuo: The Pursuit of Beauty Is a Lifelong Pursuit

The narrative of a Chinese aesthetic brand.

A Conversation with Cao Yue of Sand.ai: Farther from Sora, Closer to the Endgame

An adventure that tried to break free from inertia.

A Conversation with the Founders of YuanGu and TangSuo: The Pursuit of Beauty Is a Lifelong Quest

"Zhì Píngfāng" Robot Launches New Model — What Can It Do With Its New "Brain"? | Yunqi Capital

Equipped with a full-body, full-domain VLA large model, exploring new possibilities for intelligence.

Yunqi Capital Quarterly | Spring Winds Ask Nothing of the Traveler; We Chart Our Own Course

A Closer Look at Yunqi Capital's Recent Moves

Linear Capital Portfolio Company Rokid Founder Misa Zhu Interview: The AI Glasses Battleground Is Only in China

The Springtime of an 11-Year-Old Company

A Conversation with Rokid's Misa Zhu: The AI Glasses Battleground Is China Alone

The Spring of an 11-Year-Old Company

April: Curiosity and New Paths | 5Y News Monthly

The big news from last month.

A Conversation with Zhiyuan's Chief Scientist: Calling Embodied Intelligence "the Next LLM" Is Its Biggest Misunderstanding

Necessary froth.

A Conversation with Aozhe, the Leading Low-Code Platform, on the Two-Way Street Between Low-Code and AI | Gaorong Future

All-in-one low-code platforms are fully integrating AI capabilities.

ZhenFund's Yusen Dai: A Deep Dive on AI Agents — Every Industry Will Face Its "Lee Sedol Moment" (Part 2)

We're still on day one of the AI intelligence revolution.

ZhenFund's Yusen Dai: A Long Conversation on AI Agents — Every Industry Will Face Its "Sedol Moment" (Part 1)

In the Agent era, "attention is not all you need."

Venture Capital Lens on the Two Sessions: Six Core Topics and Policy Roundup | FreeS Research --- Every March, China's "Two Sessions" — the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) — draw widespread attention. For investors and entrepreneurs, the government work report and policy signals released during this period serve as a critical compass for the year ahead. In this article, the FreeS Research team examines the 2024 Two Sessions through a venture capital lens, identifying six core topics most relevant to the tech and startup ecosystem: **AI and digital economy, hard tech and advanced manufacturing, new energy and carbon neutrality, biotech and healthcare, consumption and domestic circulation,** and **capital markets and fundraising environment.** We also map out the specific policy measures and investment implications for each. --- ## 1. AI and the Digital Economy: From "Development" to "Application" AI was elevated to a new level of urgency at this year's Two Sessions. The government work report explicitly called for **"deepening R&D and application of AI"** and **"launching the 'AI+' initiative"** — a notable shift from previous years' emphasis on "development" and

Hoping this can offer a fresh perspective and some food for thought.

An Exhibition Revisiting 30 Years of Chinese Venture Capital | WAVE's Third Anniversary

The great schools of fish have returned.

The Clear Path, Hidden Path, and Rocky Path of AI Fundraising

Where does the money come from?

How DeepSeek Is Transforming AI Application Development: 34 Insights from 7 Practitioners | Ronghui --- The past two months have been a "DeepSeek moment" for China's AI industry. From the open-source release of DeepSeek-R1 to the subsequent frenzy of adoption across the ecosystem, the model has become a focal point of discussion among developers, product managers, and investors alike. But beyond the hype, how is DeepSeek actually changing the way AI applications are built? What new possibilities does it unlock, and what limitations remain? We spoke with seven practitioners who have been working hands-on with DeepSeek across different domains — from consumer apps and enterprise software to creative tools and infrastructure. Below are 34 of their most salient observations, organized by theme. --- ## On Model Capabilities and Trade-offs 1. **"DeepSeek-R1's reasoning ability is genuinely step-function better on certain tasks."** One founder building legal AI noted that R1 outperformed GPT-4o on complex contract analysis where multi-step logical deduction was required, with error rates dropping roughly 30%. 2. **But that reasoning comes with latency costs.** Several developers emphasized that R1's chain-of-thought output makes it unsuitable for real-time applications. "You can't use it

From consumer-facing apps to vertical domains like travel, finance, and healthcare, and on to AI agents.

Decoding the Global Top 100 AI Apps Ranking: AI Video Heats Up, Vertical Apps Monetize | Yunqi Capital Tech π

DeepSeek made AI an overnight national conversation, but which AI applications have truly gained widespread adoption? And which products have already achieved the "double win" of traffic and revenue?

A Conversation with Zhaogang Group's Wang Dong: One Team, One Email, Thirteen Years of Building Zhaogang --- When Wang Dong, founder of Zhaogang Group, sent that email thirteen years ago, he didn't know he was assembling what would become one of China's most resilient B2B platform teams. The email went out to a small group of former colleagues and industry contacts. The subject line was simple, almost too simple for what it would set in motion. They were going to digitize steel trading — an industry notorious for opacity, fragmentation, and old-school relationship-based dealmaking. "We were basically a group of people who understood steel but didn't understand the internet," Wang Dong recalls. "And somehow that turned out to be an advantage." The early years were brutal. Steel is a commodity business with thin margins and entrenched middlemen. The platform model required convincing buyers and sellers — many of whom had operated through personal networks for decades — to transact online. Trust had to be built transaction by transaction. What separated Zhaogang from the wave of B2B platforms that emerged in the mid-2010s was operational discipline. While competitors burned capital on rapid geographic expansion, Wang Dong's

A Team, an Email, and Thirteen Years of Zhaogang's Startup Journey

Crank the sensitivity up. For entrepreneurship, crank it even higher.

A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?

Rongbao | Generative AI and medical device companies close new funding rounds, setting domestic records in their respective sectors

The Power of Aspiration.

Alphaist: A Dollar-Denominated Fund Born in 2025, and Its Ten-Year Bet

Find the founders who create something out of nothing, who insist on pushing through when the odds are against them.

DeepSeek Fired the First Shot, but AI Democratization Is What Really Matters | A Conversation with Yu Ji of Xingyun Integrated Circuit

Where is the moat for large language model companies?

Pulnovo Medical closes nearly $100 million Series C, setting a new Asia-Pacific record for medical device financing

A pioneer in China's original medical device innovation.

Elsewhere is looking for operations interns.

We're hiring.

Mao Chengyu, Yunqi Capital: DeepSeek Accelerates AI Application Adoption — Where to Invest in AI in 2025? | Partners' Perspectives

More Challenges, More Possibilities

Shanghai's First Industrial Vertical Large Model — LingShu "Baigong" Passes Cyberspace Administration Filing | Linear Capital Portfolio Company

On February 22, the Shanghai Cyberspace Administration released its latest batch of registered generative AI services. **BaiGong Large Model**, developed by Shanghai Lingyi Artificial Intelligence Technology (a subsidiary of LingShu Intelligence), successfully obtained registration (Registration No.: Shanghai-BaiGong-202502050034), **becoming the first industrial vertical large model to pass registration in Shanghai.**

The Perfect Storm Behind *Nezha 2*'s Blockbuster Success | FreeS Research FreeS Fund

*Nezha 2*: What Its Blockbuster Success Reveals About Culture, Technology, and Investment

Exclusive | Kimi Arbitration Settlement Fails, Zhang Yutong May Face Separate Lawsuit

The AI landscape has already shifted.

Deep Dive: The DeepSeek Boom — Who Hit the Jackpot? Who Took the Hit? | Yunqi Capital Attent!on Podcast

DeepSeek's open-source push keeps accelerating, and the chain reactions it set off continue to ripple through the industry. As a major focus of tech entrepreneurship and venture investment in recent years, how will AI's venture narrative shift? What changes are entrepreneurs and investors on the ground actually sensing?

Vol.06 2025 AI VC Roundtable: DeepSeek Goes Viral — Who Hit the Jackpot? Who Took the Hit?

Dialogue with Entropy Simplification Technology: Standing on DeepSeek's Shoulders, Pushing Open the Door to a New World of AI Investment Research | Gaorong Future

From AI-assisted investment research to AI-assisted investment decision-making.

A Deep Dive into 7 Core Questions About DeepSeek | FreeS Fund Report

In an era of rapid AI advancement, the DeepSeek story is only just beginning.

Elon Musk Unveils Grok 3, But Does It Live Up to the "Strongest Model on Earth" Hype? | Yunqi Tech π

The AI Race Heats Up

How Is AI Reshaping Games and Creation? We Talked to More Than a Dozen Industry Founders | 5Y Capital Tavern Vol. 26

How AI Is Reshaping Content, Gaming, and Entertainment

Guandata ChatBI Completes DeepSeek-R1 Large Model Integration and Upgrade, Embarking on a Leap in Frontier Exploration | Linear Capital Portfolio Company

A Leap in Complex Reasoning, Reshaping Analytical Depth

The DeepSeek Butterfly Effect: How It's Reshaping the AI Ecosystem | Yunqi Capital Tech Notes

What has DeepSeek — the "Pinduoduo of AI" known for high performance and low cost — brought to the AI ecosystem?

A Deep Dive into the Beauty of DeepSeek's Creation: How Was DeepSeek R1 Forged?

AI penetration today is only 5%. For the remaining 95%, what will their first AI application be?

Yunqi Capital's Back-to-Work Special: 2025 — Talking Confidence with Tech Founders and Partners

The Lunar New Year holiday just past was anything but quiet in the global tech world. DeepSeek — that "mysterious force from the East" — shattered the assumption that top-tier AI performance requires top-tier computing power, reshaping the global AI landscape through a series of technical innovations and planting a seed of confidence for the year of innovation ahead.

LuCheng x Huawei Ascend Partner to Launch DeepSeek R1 Series Inference API and Cloud Image Service Based on Domestic Compute | Z News

Unlimited access, free for a limited time!

Here are 13 industry research reports and a podcast episode to get you off to a strong start.

Let's explore the cutting edge and discover new knowledge.

Exclusive | $200M+ Valuation in Three Months! Gen Z-Founded LLM Startup Raises Another Tens of Millions in USD Funding

"Waves" has learned that Sapient Intelligence has raised another tens of millions of dollars in a Seed+ round, less than three months after its previous eight-figure dollar funding. This round's investors include JAFCO, Japan's largest private equity investment group, along with other well-known international investment institutions. Minerva Capital continues to serve as the long-term exclusive financial advisor.

Baichuan's First AI Application Investment: Building an Investment-Focused Xiaohongshu for Gen Z

When you can have an AI Warren Buffett watching the market for you.

Colossal-AI's You Yang: What Choices Am I Making on Top of a 30 Billion Valuation Ambition?

Reasoning Becomes the Next "Battleground," AI Infra Startups "Prospect" for Video Foundation Models.

Silicon Intelligence Goes Left, Colossal-AI Goes Right | Z Talk

Colossal-AI's approach to training large models is already making money.

AI Product Growth: Before Talking PMF, First Achieve AI Market Fit | Ronghui Practical Insights

The defining feature of future AI-native products will be that the product adapts to the person, not the other way around.

Yunqi Research Select | Mid-Year AI Industry Review: Ten Hopes and Heartbreaks in the Year of Implementation

How Does the Balance Between Cost and Effectiveness Tip?

In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch

Looking Back at AI's "May": The Five Most Important Little Things | Attent!on Tech Notes

The future is already here — it's just not evenly distributed.

The Wild Side of High-Flyer: An Invisible AI Giant's Path to Large Language Models

Be wildly ambitious, and be wildly sincere.