Haivivi

Haivivi (跃然创新) is a Beijing-based AI toy company best known for BubblePal, a conversational hardware pendant that hangs on plush toys and talks with 3-to-6-year-olds — launched in June 2024 as the first toy to bring LLM capabilities into the category, per BlueRun Ventures . CEO Li Yong is a co-founder of Tmall Genie who led its climb from zero to 30 million units sold and previously ran hardware at iQIYI; 暗涌Waves cites him as a textbook case of the big-tech-product-manager founder investors now favor, noting Haivivi shipped 200,000 units within a year of launch . BlueRun Ventures backed the angel round before its pivot from education hardware to toys, with HKUST's former engineering dean Gao Bingqiang investing personally during the transition; Sequoia China Seed Fund, LYFE Capital, and Huashan Capital followed after BubblePal took off, per a LatePost-sourced piece republished by BlueRun, which reported the 399-yuan device was already generating over 10 million yuan in monthly revenue by early 2025 . In August 2025 the company closed a 200 million yuan Series A led by CICC Capital's fund, Sequoia China, Huashan Capital and LYFE Capital, with CMB International among the participants, ahead of launching what it calls the industry's first end-to-end AI toy .