Hillhouse

Liblib, what's your dream?

Here's to hoping we can keep winning.

The Unforgettable Series C Funding of Moonshot AI

A stroke of genius.

5Y News | Oula Wanxiang Raises Hundreds of Millions of RMB to Build "Raise-Your-Own" Home Embodied Intelligence Robots

Closed several rounds of financing within two months.

"Boundless Dynamics" Closes New Funding Round, Signs Over 500 Million Global Order with Envision Group | Linear Portfolio

The first nine-figure RMB overseas order for embodied manipulation intelligence.

"Tashi Intelligent Navigation" Raises $455 Million in Pre-A Round, Linear Capital Continues to Back Through Three Consecutive Rounds Since Seed Stage | Linear Portfolio

China's embodied intelligence sector has set two all-time fundraising records simultaneously.

Yunqi Capital Backs CREAO AI's Pre-A Round with Tens of Millions of Dollars to Rebuild the Work Entry Point with Agent OS | Yunqi Portfolio

Betting on a Better Cycle

Yunqi Capital angel-round project "Nova Fusion" has raised a total of 1.2 billion yuan, setting a record for early-stage funding in private-sector fusion energy

Targeting the Global First Tier for Commercialized Fusion Energy

"Octopus Power" Secures Hundreds of Millions in Funding Led by Top Singapore VC K3, with Linear Capital Continuing to Invest | Linear Portfolio

Lay a more solid foundation for the go-global strategy.

Nova Fusion Closes Massive 700 Million Yuan Angel+ Round, Aiming for the Global First Tier of Commercial Fusion

Fusion for AI & Beyond

5Y News | D-Robotics Closes $150 Million Series B2 Round

The company's total Series B funding has reached $270 million.

"D-Robotics" Raises Another $150 Million, Linear Capital Continues Backing Every Round | Linear Portfolio

Annual shipments surged 180% year over year.

AI Unicorn Factory

Script, catfish, loop, rainmaker, role model, results.

5Y News | Syneron Bio Closes $150 Million Series B Round

Syneron Bio today announced the completion of its Series B funding round.

China's "Native" NEO Lab Takes On World Models, Backed by Hillhouse Capital and Peking University-Affiliated Funds in Multi-Million-Dollar Round

The "Final Stop" for AGI.

5Y News | Helixon Therapeutics Closes $787 Million Financing Round, Setting New 2026 Biotech Fundraising Record

DeepSeek, regarded as a biotech company.

Space Startup "Astrostone" Closes Pre-A+ Round as Its "Space Android" Takes Shape | Yunqi Capital

Yunqi Capital continues to increase its stake

Helixon Raises $787 Million, Setting a New Global Record for Biotech Fundraising This Year

Accelerating the transformation of AI innovations into potentially transformative medicines.

"Octopus Power" Closes Nearly $50 Million Series A, Co-Led by Linear Capital and Others | Linear Portfolio

Building a sustainable, self-evolving embodied-intelligent productive force.

Wobrain Medical Completes Strategic Funding Round to Accelerate Global Expansion in Neurovascular Medical Technology

Completed a strategic merger to accelerate global expansion.

5Y News｜D-Robotics Closes $120 Million Series B1 Funding Round

D-Robotics announced it recently completed a $120 million Series B1 funding round.

"D-Robotics Closes $120 Million Series B1 Round, Linear Capital Continues to Add to Its Stake | Linear Portfolio"

Accelerating the development of an embodied-AI-native technology foundation.

Xpeng AeroHT Raises Nearly $200 Million, Advances Flying Car Toward Commercial Mass Production

A global leader in low-altitude product innovation.

Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital

A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital

Happy New Year!

Three "Tech Guys" Valentine's Day Gift: Early-Stage Portfolio Company Manycore Tech Completes Filing for Hong Kong IPO | Yunqi Capital

Race to become the "first global spatial intelligence stock"

"Boundless Dynamics" Raises Hundreds of Millions of RMB in Angel+ Round, with Linear Capital, HSG, Hillhouse and Others Continuing to Back | Linear Portfolio

Our first-generation self-developed robotics platform has already been deployed in real-world customer scenarios.

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

Rather than waiting for spring, define it.

Using AI for In-Depth User Interviews, Backed by Lanchi Ventures, Hillhouse Capital, and Wang Huiwen

AI may not be great at companionship for a lifetime, but it can nail a one-hour interview.

In Sync with OpenAI, "Deep Principle" Leads 24 Top Global Institutions in Releasing LLMs for Science Benchmark | Linear Portfolio

Can high scores on test banks actually power scientific discovery?

The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives

If Kimi ever goes public, will the bell-ringing photo look very different?

PhotonPay Secures Tens of Millions of Dollars in Series B Funding Led by IDG Capital

What Will the Next-Generation Value Network Look Like?

Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)

Allen Zhu invested in a Vibe Workflow company

"Coze for Dummies"

Exclusive | Airwallex Raises Another $330 Million, Hits $8 Billion Valuation Today

The Saved and the Saved.

I think the sun will shine bright tomorrow morning | Opening Remarks

Maybe wrong, always fun.

"Dealism" Closes Angel Round of Over 100 Million Yuan Led by Hillhouse, with HSG and Linear Capital Participating | Linear Portfolio

The world's first Vibe Selling AI Agent company.

Hillhouse Capital and Hongshan Co-Invest in a Sales Agent Startup Going Global

Former Youzan COO Launches New Venture

"Boundless Dynamics" Closes 300 Million Yuan Series A, Co-Led by HSG and Linear Capital | Linear Portfolio

Focus on the R&D and iteration of foundation models driven by high-value scenarios.

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

"ShiningSoul" has raised several hundred million RMB in its Series A funding round, with Gaorong Ventures participating in the investment.

Define the next-generation TCG ecosystem.

"Grainite" Closes Series B3 Round to Accelerate AI-Native 3D Graphics Engine R&D | Linear Portfolio

Advancing the AI transformation of 3D engines and their deployment in automotive and industry-specific scenarios.

Ten Years of Entrepreneurship: The Stories of People Coming and Going in Kai Yu's Eyes at Horizon Robotics | Linear Voice

The only way to change the script is to change yourself.

The Only AI4S Company Invited Worldwide, "Deep Principle" Attends Davos Summer Forum Panel Discussion | Linear Portfolio

and was selected as a Technology Pioneer by the World Economic Forum at Davos in 2025.

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.

The Answer Isn't on the Old Map | 5Y News Monthly

The big news from last month.

5Y News | D-Robotics Closes $100 Million Series A to Accelerate Embodied AI Ecosystem Buildout

Accelerating the intelligent evolution of robots.

Deebot Robotics Closes $100 Million Series A, Monolith Co-Leads

The "Common Choice" of Robot Developers Worldwide

"D-Robotics Closes $100 Million Series A to Accelerate Embodied Intelligence Ecosystem Build-Out | Linear Portfolio"

From Horizon Robotics' earliest backer to Digua's earliest backer.

Embodied intelligence startup Tashi Intelligent Navigation announced a $120 million angel funding round, continuing to push the boundaries of physical-world intelligence.

Exploring the unlimited potential of embodied intelligence.

Linear Capital's seed-round lead portfolio company Deep Principle has closed a nine-figure RMB Pre-A strategic financing round, with existing investor Linear Capital increasing its stake.

Leading the AI4S Track, Igniting an Intelligent Revolution in the Microscopic World

The Only Funding Round Mixue Bingcheng Ever Took: The Fortune of Being Chosen

"Different Money"

Hongshan Enters the Fray: Is the Global M&A Wave Really Here?

Hongshan, beyond China.

Year-end good news: CDH Investments has raised 5 billion yuan for logistics investments.

Insurance capital is turning its attention to real estate investments.

Countless Lies About M&A in China, and One Truth

All we hear are footsteps on the stairs, but no one ever comes down.

China's USD Funds Won't Disappear

Live long enough to long China.

Hillhouse Capital Raises 3 Billion Yuan "Anti-Risk" Fund, a New Way to Win Back LPs

Seeking outsized yet steady returns.

A Scientist's Attempt to Become a Better CEO | WAVES

Starting another company.

10 Facts About 1,000 Chinese Billionaires

The currents of the era, all contained within the sequence.

Who Is Horizon Robotics' Most Important Investor?

Got it?

Linear Capital seed-stage portfolio company Deep Principle, an AI-driven chemistry and materials science enterprise, has completed a seed+ round with an exclusive investment from Hillhouse.

AI Reshapes the R&D Process for Novel Chemical Materials

We invested in large language models, AI applications, and embodied intelligence, but BlueRun Ventures still feels it hasn't FOMO'd hard enough.

The more optimistic doers.

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One

A Conversation on Non-Consensus and Long-Term Optimal Solutions

China's LLM Funding War: The Quick Death of Romance

Do the investors regret it?

Goodbye to a Decade of Venture Capital | Waves' Second Anniversary

Keep moving forward. Don't look back.

Investors Trapped in Repurchase Agreements

A dead-end loop.

Two Masterstrokes in NIO's Fundraising History

There is no successful fundraising, only fundraising of the times.

Money, Contradictions, and ESG

*Who Cares Wins*

DPI > 1 — it's a magic spell.

Before taking responsibility for a new world, GPs must first answer to their LPs.

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Is investor Zhang Yong someone to watch?

The revelry has ended.

Linear Capital early-stage portfolio company **Gritworld** announced the completion of its Series B2 funding round, led by **BYD**.

Exploring how 3D graphics engine technology is pushing the new frontiers of consumer-end graphics.

Linear Capital Portfolio Company DigiSight Ophthalmic Surgery Robot Completes Asia's First Clinical Application of Ophthalmic Robotics

Recently, portfolio company of Linear Capital **Hangzhou Disight Medical Biotechnology Co., Ltd.** successfully completed its first retinal sub-thrombolysis surgery for treating macular hemorrhage using its **"Disight MicroEdge"** ophthalmic surgical robot at Zhejiang Provincial People's Hospital. The procedure was safe and smooth, the patient recovered well, and has since been discharged in stable condition. This marks the first clinical application of an ophthalmic robot in Asia, representing a major technological advance for the entire field of ophthalmic microsurgery.

Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End

Contestants, take your positions.

Hongshan Seed Deploys Another $480 Million, Early-Stage Investing Is About to Get Even More Crowded

What Should Seed Investing Look Like in a New Cycle?

Microsurgical robotics platform "Digisight Medical" raises tens of millions of RMB in Pre-A funding led by Linear Capital | Linear News

Dongli Network has learned that **Dishi Medical recently completed a Pre-A round of financing worth tens of millions of RMB, led by Linear Capital with Hillhouse as a co-investor.** The funds from this round will be used primarily to accelerate NMPA Class III medical device registration for its ophthalmic surgical robot, advance R&D on product lines including microsurgical robots, and expand the team.

Hesai Group surged 10% in its IPO — a promising start to 2023

Get moving!

Three Barometers for the Primary Market, for Your Reference

The bilateral order of the primary market is being restructured on both sides.

We Analyzed 1,000 LP Commitments and Found 30 Hidden Top Family Offices

They are also a microcosm of China's commercial evolution.

The Hidden Depths of the Primary Market

If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.

The unthinkable is precisely what can be thought. | 5Y News Monthly

The big news from last month.

5Y News | 5Y Capital Portfolio Company Zilliz Closes $60 Million Series B+ Round

Further empowering enterprise AI applications.

Harry Wang on Linear Capital: Lessons from Transitioning from Tech to Investing

A while back, Harry Wang, founder and CEO of Linear Capital, was invited to an online sharing event co-hosted by the Harvard Venture Capital Club and MIT Chinese Entrepreneurs Organization (MIT CEO). At the event, Harry shared his journey from engineer to investor,

On the first day of August, we spoke with 23 investors about "confidence."

And, what are the things that are hard but right, and what are the things that are hard but wrong.

Buyouts in China: A "Boy Who Cried Wolf" Fable

After so many cycles of euphoria and heartbreak, will Chinese buyouts finally deliver a different ending this time?

Wire | ExoMotus Unveils World's First Muscle Exosuit: Lightweight, Smart-Customized, and Clinically Validated for Precision Assistance

"Today, Fourier Intelligence is redefining the wearable rehabilitation robot."

Robots, AI, and Simulation Technologies Accelerate Industrial Adoption | Rongbao · June

Technology drives industrial transformation.

July: Seeking Vast Possibilities | 5Y News Monthly

The big news from last month.

5Y News | Helixon Pharma Closes Nearly 500 Million Yuan Series A to Deepen AI-Powered Drug Discovery

Building a life-science platform powered by artificial intelligence.

Linear Capital News | Linear Capital-led Pre-A round portfolio company "Akenong" announces over 100 million RMB funding round, with Linear Capital continuing to increase its support

On June 23, 2022, Aicron, China's first smart crop cultivation decision-making service provider, announced the completion of two consecutive funding rounds — a Series A and a Series A+ — totaling over RMB 100 million. The Series A was led by Source Code Capital, while the Series A+ was jointly led by IDG Capital and Hillhouse. Linear Capital and Bits x Bites participated in both rounds as co-investors.

Helixon Closes Nearly RMB 500 Million Series A Round, AI-Powered Large-Molecule Drug Discovery

We've developed a suite of groundbreaking algorithms for protein drug design and modeling.

A Conversation with Moody Ciran: Turning Some People's Obsession Into More People's Affection

The Contemporary Entrepreneur in the Cracks.

Style3D Completes Nearly $100 Million Pre-B+ Round to Build Digital Fashion Infrastructure

Building out new digital infrastructure and accelerating overseas expansion.

Three Funding Rounds in One Year: This "Crossover" Graphics Engine Is Hot in VC Circles

For Particle World, Wu Xiaomao has an ambition: to become a world-class company. By AI Planet (ID: ai_xingqiu) Author: Sun Yuan

The New Era of Going Global: Chinese Founders Conquering the World

Today, virtually no Chinese company doesn't aspire to go global — or, put another way, to become a truly global company.

Spring Comes Quietly to Guomao

For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.

Multiple cutting-edge technologies lead globally — 3D interaction, LiDAR, chips, and medical innovation continue apace | Rongbao · March

Keep learning and evolving through the long cycle of sustained innovation.

April: Imagination Is the Courage with Which We Face the World | 5Y News Monthly

The big news from last month.

5Y News | XVERSE Completes $120 Million Funding Round

Define your world.

XVERSE Raises $120 Million to Build Next-Generation One-Stop Platform for 3D Content Production and Consumption

Everyone is free to "define your world."

Securing Hundreds of Millions of Yuan in Pre-A Funding, How Westlake Omics Builds the AlphaFold of Proteomics | Gaorong "Future"

Deciphering the mathematical laws of the microscopic protein world to enable proteomics-based precision medicine.

December, Everything Within Reach | 5Y News Monthly

The big news from last month.

November: Foresight and Boundless Imagination | 5Y News Monthly

The big news from last month.

5Y News | Corporate Interactive Learning Platform UMU Closes Series C3 Funding Round of Several Hundred Million RMB

Redefining SaaS for the Internet Era.

5Y News | Xpeng Motors announces completion of over $500 million Series A funding round

This marks the largest single funding round to date in Asia's low-altitude manned aircraft sector.

As Fierce as August | 5Y News Monthly

The big news from last month.

Xiaoice Closes Series A Funding Round, Li Di: AI Beings Will Be Everywhere in the Future | 5Y News

Unveiled super-natural speech synthesis technology — AI now comes infinitely closer to the sound of a real human voice.

5Y News | After Raising Hundreds of Millions in Three Consecutive Rounds, "Yahaha" to Build Real-Time Digital Entertainment UGC Platform

A no-code, multiplayer interactive entertainment creation platform for global users.

Qitan Tech Raises Over 400 Million Yuan in Series B, Leading the Nanopore Gene Sequencer Race

China's first fully self-developed nanopore gene sequencer is slated for mass production later this year.

The past has become the future, the future has become the past, and both have become the present | 5Y News Monthly

What major events happened last month?

XinYaohui, a leading chip IP company, has raised over 500 million yuan in its Series A round, led by Gaorong Ventures.

Empowering China's integrated circuit industry upgrade through innovative IP technologies.

Xinhuazhang announced the completion of a Pre-B funding round exceeding 400 million yuan, and will soon release the first-phase research results of EDA 2.0

Boost the overall efficiency of the integrated circuit industry chain to fully underpin future digital development.

Enterprise interactive learning platform UMU announced the completion of a Series C2 financing round worth over 100 million yuan, with 5Y Capital as the investor | 5Y News

Help companies transform performance and productivity through learning.

To Better Kick Off March | 5Y News Monthly

The major events of February.

Chip IP Company XinYaohui Closes Angel and Pre-A Rounds Totaling Over 400 Million Yuan | 5Y News

Accelerate chip innovation.

XinYaohui Closes Two Rounds Raising Over 400 Million Yuan to Develop Advanced-Process Chip IP and Accelerate Chip Innovation

Developing advanced-process chip IP products and solutions through independent R&D, bringing new luster to China's semiconductor industry.

"Vika.cn Vika" Closes Two Rounds Totaling Over $10 Million in Funding, Chen Peilin: Giving 1 Billion People IT Capabilities | 5Y News

"High-code" new-generation digital business systems — giving IT capabilities to a billion people.

Xinhuazhang, an EDA company, announced the completion of its Series A+ funding round to accelerate R&D progress on EDA 2.0.

Building EDA 2.0 technology for a digital society, defining an intelligent future from the chip up.

5Y News｜Keep Closes $360 Million Series F Round, 5Y Capital Continues Backing

Exercise is just a Keep moment.

Gaorong Bulletin · December | Multiple Gaorong Ventures Portfolio Companies Secure New Funding in Chips, Robotics, AI Drug Discovery, New Brands, and Other Sectors

Stepping into 2021.

5Y News｜Horizon Robotics Plans to Raise Over $700 Million in Series C, Completes C1 Tranche

Horizon Robotics announced the completion of its Series C1 funding round, with continued backing from 5Y Capital.

5Y News｜Deepexi Completes $40 Million Series A4 Round

Deepexi raised $40 million in its Series A4 round. We talked about why organizational building matters.

5Y News | EDA Technology Breakthrough Xinhuazhang Announces Completion of Series A Funding, Fully Deploying R&D for EDA 2.0

We believe the window of opportunity for new startups has arrived in the EDA space, one of the core platforms in the semiconductor industry.

5Y News｜Zilliz Raises $43 Million, Setting New Global Record for Series B in Open-Source Infrastructure Software

Zilliz announced the completion of a $43 million Series B funding round, with continued support from 5Y Capital.

Morningside-backed LifeTech Scientific raises over RMB 1.2 billion in new funding round | Light Moments

China's new drug R&D is undergoing a "Cambrian explosion." The industry's underlying infrastructure for pharmaceutical innovation is one of the core sectors we're tracking in healthcare.

Kaikela Secures $550 Million Independent Financing, Leading the New Vocational Education Track --- Kaikela has raised 550 million yuan in independent financing, positioning itself at the forefront of the new vocational education sector.

Dedicated to cultivating digital talent for the new infrastructure era, leading the charge in modern vocational education.

General-Purpose Intelligent Chip Designer Biren Technology Completes Major Pre-B Round Financing

Dedicated to achieving breakthroughs in domestically produced high-end general-purpose AI computing chips.

From Enterprise Services to Industrial Upgrading: One of the Most Important Directions for the Next Five Years | Ronghui

Using enterprise services as a foundation to identify breakthroughs in industrial upgrading will give rise to a large number of outstanding companies.

Gan Jiawei: To B Sales Must Return to Fundamentals, Stop the "Mystery Power Dependency" | Ronghui

"A lot of methods aren't things others don't know — it's just that you're more persistent and more deliberate than they are."