JD.com

What Will It Take for Robots to Move Beyond Demos? We Talked to AgiBot, AI2Robotics, Luming Robotics, Inverse Matrix, and JD.com

You have to reach for the heights and still make it across the river.

Vol.19 Scaling Isn't Just About Stacking Data: Three Embodied AI Founders on World Models, Talent, and Real-World Deployment

Yunqi Capital and WRC Jointly Release 2026 Embodied Artificial Intelligence Data Industry Chain and New Infrastructure Report

The Data Flywheel: From Handicraft Workshop to Experience Factory

"Zhengqi Future" Closes Hundreds of Millions of RMB in Angel Round Financing, Linear Capital Invests Across Both Rounds | Linear Portfolio

Building the foundational infrastructure for next-generation physical AI.

StepFun plays hardball after soft approach fails

Waiting for Yin to make his move.

Unity Ventures Early Bet Momenta Files for Hong Kong IPO, Over a Dozen Portfolio Companies Announce Funding Rounds | Unity Ventures Summer Review

From Embodied Artificial Intelligence and world models to controlled nuclear fusion and quantum computing, the frontier of exploration knows no bounds.

A Conversation with HiDream.ai's Tao Mei: Big Tech Is a Machine Gun, Startups Only Have One Magazine

Bullets are scarce — every shot has to count.

MaHui Entrepreneurs | Booster Robotics' Cheng Hao: Not Chasing Trends, Just Building an Embodied AI Company That's "Still Here in Ten Years"

Vol.17 48-Hour Xiaohongshu Hackathon Hit: How an AI Native Product Broke the 'Retention Curse'

JD.com 618: Have Digital Humans Evolved Again?

A Gala Without Real People, and a Systemic Upgrade for Digital Human Livestreaming

Spirit AI's Spirit v1.6 Tops Authoritative Benchmarks, Closes 1.5 Billion Yuan Series A+ Round | Oasis Capital Vitality

Dual Breakthroughs in Technology and Capital

Hypershell Tech Closes New Funding Round, Bringing Series B Total to $120 Million | Oasis Capital Vitality

World's largest share of the consumer exoskeleton market in 2025

Vol.16 Tsinghua Entrepreneur-Scientist Huazhe Xu: From Intelligent "Hatching" to Home Embodiment, Stubbornly Chasing Originality in the AI Wave

Vol.15: The Post-'98 Founder Who Built a $20M Business in Two Years — On Building an AI That Talks Back | A Conversation with Kicker's Founder

Investment and funding heat up alongside spring temperatures | Unity Ventures Spring Chronicle

Portfolio companies have raised more than 5 billion yuan in total funding.

Spring Awakens All Things, Growth Is in Full Swing | Vital Monthly

Share some good news from March.

Source Code Snapshot | "Oak Deer Robotics" Closes 300 Million Yuan Funding Round, Source Code Capital Sole Angel Investor

AI Cooking Robots Enter New Phase of Scaled Deployment

AI is quietly rewriting hardware, and this time it's headphones' turn.

What happens to workflows when AI enters headphones?

Spirit AI's Lingyin Zheng: Stay Professionally Alert, Let Everything Happen | Oasis Capital Vitality

Maintaining a delicate balance is, in itself, the greatest value.

Spirit AI Closes Nearly 2 Billion Yuan Funding Round! Valuation Exceeds 10 Billion Yuan | Oasis Capital Vitality

Accelerating Machines' Understanding of the Physical World

Oasis Capital Portfolio Company LimX Dynamics Closes $200 Million Series B | Oasis Vitality

Counselor Vitality

LimX Dynamics: Humanoid Robotics Innovation Leads the World | Vital Views

Achieving side-by-side collaboration with humans within 5 to 10 years

Linear Capital π Recruitment: Come to Digua Craft Brewery and Talk Robot Conviction | Linear Event

February 3 — see you in Suzhou.

Meet the Most Active CVCs of 2025

Now I know who to farm for gold coins 👋😭👋

Here we go: JD.com is rebuilding e-commerce from scratch with AI.

The Future of AI E-Commerce: Maybe No More "Browsing"?

A New Map of the World Is Unfolding | Unity Ventures New Year Edition

The Old Rules No Longer Apply, a New Continent Emerges

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

Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief With Jing Liu

VC takes a certain amount of instinct.

Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief with Jing Liu New Consensus and Undercurrents Among China's VCs

"White Rhino" Closes New Funding Round, Total Annual Financing Exceeds $100 Million | Linear Portfolio

Business growth exceeded the same period last year by more than 20x.

NuMiao's Li Nan: The World Is Getting More Real, Everyone Wants to See the Real Thing | BuMing Brain Trust

What makes a product stand out?

Congratulations to JD Industrials on Its Successful Hong Kong Stock Exchange Listing | Yunqi Capital

Technology-enabled, with a promising future ahead.

A Conversation with "Father of Supply Chain" Hau Lee: Future Competition Won't Be Between Companies, But Between Ecosystems | Waves World View

The New Questions Supply Chains Must Answer

Yunqi Capital Quarterly | Upward, the Consistent Answer

New Growth, New Gains

Yunqi Capital | Astribot Raises Hundreds of Millions in A++ Round to Accelerate Scale Deployment of Cable-Driven AI Robots

The Pioneer in Mass-Producing Cable-Driven AI Robots Continues to Evolve

Yunqi Capital | Lead Series A investor Neolix raises over $600 million in Series D, with Yunqi Capital continuing to increase its stake

Accompanying the World's Largest L4 RoboVan Supplier in Its Continuous Evolution

Inside JD.com: Accelerating Commerce, Empowering Technology, and Building Industry Partnerships to Speed Robots into Millions of Homes | Ronghui

"Help 100 robotics brands achieve one-billion-yuan sales within three years."

Is AI Healthcare Having Its DeepSeek Moment? | Frees VC Research

AI healthcare is becoming an open secret.

Astribot Lands China's First Thousand-Unit Commercial Order, Accelerating AI Robot Deployment in Industry | Yunqi Capital

Partnering with SEER Robotics to Launch a New Phase of AI Robot "Industrial Intelligent Agent" Applications

Is AI the Decisive Factor for Embodied Intelligence? After Raising 300 Million in Six Months, How Is VBot's First Product Shaping Up? | A Conversation with Vbot Co-founder Zhe Lun Zhao

I want to make a product that I can bring home to my mom.

The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities

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From Mortgaging His House to Building the World's Largest Autonomous Fleet: Yu Enyuan's Seven-Year All-In Bet | Yunqi Capital Doers

"Neolix" and Its "Ant Army"

Spirit AI's Yang Gao: Scientists Aren't the Most "Reliable" Entrepreneurs, But Building a Startup Is Like Playing a Game | Oasis Vitality

Counselor on Vitality

Seeing the Rhythm in Progress | Vital Monthly

Counselor Vitality

Spirit AI Closes Nearly 600 Million RMB Pre-A+ Round | Oasis Vitality

Consultant Vitality

LimX Dynamics Secures Strategic Lead Investment from JD.com to Accelerate Embodied AI Commercialization | Oasis Capital Vitality

Counselor Vitality --- *Note: "参赞生命力" appears to be a fragment without surrounding context. If this is a title or heading, it could also be rendered as "Nourishing Vitality" or "Fostering Life Force" depending on the specific context — "参赞" (cānzàn) carries connotations of participation, assistance, or counsel, often used in classical/philosophical contexts (e.g., the Confucian idea of humans "assisting" the transforming and nourishing process of heaven and earth). Please provide more context for a more precise translation.*

Stablecoin Gold Rush: A Conversation with Asia's Biggest "Pick-and-Shovel" Play | Linear Voice

Use digital wallets as the technical foundation to drive compliant adoption of stablecoins.

AgiBot "Leaps Onto" STAR Market, World's First Livestream of General-Purpose Embodied Robot Performing Routine Industrial Operations Coming Soon | BlueRun Ventures Family Headlines

Staying the course on independent innovation and building ecosystems together.

Walking Through the Heat, Gathering Along the Way | Yunqi Capital Quarterly

Yunqi Capital Q2 Good News

From "Search for Me" to "Just Gaoding It for Me" | Deep-Dive Review of the Nami AI Super Search Agent

The end goal of search isn't more information — it's better answers.

Yunqi Capital Named to ChinaVenture's "Top 10 Best Early-Stage VC Firms in China" for Fifth Consecutive Year, Portfolio Companies Win Eight Honors | Yunqi Capital News

Moving forward together — thanks for the recognition.

MaHui | Focus Media (002027) Plans to Acquire MaHui Member Xinchao Media — 36Kr

Following the deal, the out-of-home advertising industry will see further consolidation.

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

A Closer Look at Yunqi Capital's Recent Moves

When JD.com, Xiaohongshu, Kuaishou, and Pinduoduo All Stand at the "Crossing" of the AI Era

"Either play or get left behind!"

ZhenFund's Yusen Dai: A Guide to Entrepreneurship, Investing, and AI for Young People

Abundant energy, an intense desire for success, and a fearless spirit of innovation.

Yunqi Capital Portfolio Company Zhaogang Group Successfully Lists on Hong Kong Stock Exchange | Yunqi Capital

On March 10, **Zhaogang Group**, a Yunqi Capital portfolio company and operator of China's largest steel e-commerce platform, officially began trading on the Main Board of the Hong Kong Stock Exchange under **ticker symbol 06676**, marking Hong Kong's second-ever De-SPAC transaction.

Yunqi Capital | Neolix Completes $1 Billion C+ Round, Advancing RoboVan Scale-Up

will be the first to deploy a fleet of ten thousand driverless vehicles

Why I've Always Been Bullish on the AI Application Layer | Unity Ventures' Xiao Wang in Conversation with NetEase Tech

The generative AI wave is not merely an evolution in technology, but a profound reshaping of business models.

Mooe Robot Completes Series B3 Funding Round | BlueRun Ventures Portfolio

Advancing the intelligent transformation of the global logistics industry

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

Insurance capital is turning its attention to real estate investments.

After Raising Hundreds of Millions in Funding, Mei Tao on How This Generation of AI Entrepreneurs Should Build

When the wave comes, jump with it.

Interview: Tsinghua's Zhao Mingguo on Two Decades of Humanoid Robot Research, From Lone Pioneer to a Crowded Field

A scholar's near-obsessive dedication to their research career

Yunqi Capital Bulletin | Founding Partner Chengyu Mao Repeats on "China's Top 30 Angel Investors" List

Deepen the present, capture the future.

AI in China ④: "My Interviewer Isn't Human? Isn't Human!" | A Conversation with Lianggongjun: Founder of Hina AI

"Entrepreneurs shouldn't be afraid of being disliked. Wanting to be liked by everyone is a fatal weakness."

10 Facts About 1,000 Chinese Billionaires

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

Haiper's Yishu Miao: Video Generation Is Still at the "GPT-2" Stage | 5Y View

Before becoming the TikTok of the GenAI era, Haiper is trying to become Xiaohongshu first.

MaHui | MaHui Member Oak Deer Tech Secures Another 100-Million-Yuan Investment from JD.com

Working Together to Promote High-Quality Development of the "Robotics+" Industry

Jensen Huang: I Really Can't Do Without China

NVIDIA's projected total sales in China this year: $12 billion

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

Change Begins with What You See | 5Y News Monthly

The big news from last month.

MaKe | MaHui Member Xianglu Technology Receives Investment from JD.com

Empowering High-Quality Development in the Catering Industry

BlueRun Ventures | With continued backing from BlueRun Ventures, UniUni closes $20 million Series B2 round

North America's Next-Generation Last-Mile Delivery Leader

Ten Notable AI + Tech Industry Developments to Watch | "Cloud Brief · Business Bulletin Board, Nov–Dec 2023"

Tracking the latest AI developments, with a focus on key information at the intersection of technology and industrial innovation

Founding Partner Chenyu Mao Ranks No. 4 on "China's Top Angel Investors" List | Yunqi Capital Update

Focus on the long term, keep digging deep.

This time it's GGV. Who's next?

"This is in the best interest of investors, employees, and founders."

After a long absence, Sister Xu returns with 26 maxims

"You don't need a high IQ to succeed."

AGI in Practice: Summer Results, Diverse Ecosystems, and Frontier Insights | Yunqi Capital Quarterly · Summer

Large language models have been integrated across thousands of industries, and a new ecosystem is flourishing.

Oasis Capital was invited to participate in Yicai's "AI Night Talk"

Counselor Vitality

"Cloud News · Business Chalkboard" — First Issue Now Live! Ten Tech Industry Developments Worth Watching

Ignite curiosity and seek answers this summer.

Yunqi Capital Invited to Become a Founding Council Member of the Global Tech Industry Alliance | Yunqi News

Helping Unite Global Tech Forces

AGI in Practice, Innovation Breakthroughs, and Frontier Insights This Spring | Yunqi Capital Quarterly · Spring Issue

New thinking and new practice in AI from Yunqi Capital and its portfolio companies.

JD.com Industrial Completes $300 Million Series B to Drive Intelligent Transformation of Industrial Supply Chain | Yunqi Capital

Using Digital Intelligence to Drive Supply-Side Smart Supply Chain and Manufacturing Upgrades

AIGC "Peak Series" | Dr. Long Bo: Technical Outlook, Application Prospects, and Entrepreneurial Pitfalls of Large Language Models

A Human-Centered Perspective on the Opportunities and Challenges of ChatGPT

AIGC "Peak Series" | Dr. Li Wei: The ChatGPT Tsunami — Who Gets Washed Away? Who Rides the Wave?

Insights into the AI Ecosystem and LLM Large Language Models from ChatGPT

Code View | Gong Li of Source Code Capital: Doing Due Diligence at Dawn, I Saw the "Ordinary People" Who Live in the Depth of Night

Investors must experience the full spectrum of reality, exploring the ordinary yet profound sources of value.

5Y News | 5Y Capital Portfolio Company "Nowcoder" Closes $50 Million Series B Funding

Powering the full lifecycle of campus recruiting — from sourcing to onboarding.

Source Code Capital | Bill Xiong of Earth-2: Entrepreneurs Must Have Light

Holding yourself to a higher standard in business really isn't a bad thing.

Future Tech Entrepreneurship Vision | 5Y 3Sigma Roundtable Annual Review

Scan the QR code at the end of the article to fill out the form, and join fellow founders in exploring what's ahead!

How Far Are General-Purpose Robots From Human Society? | 5Y 3Sigma Roundtable

A new 5Y 3Sigma roundtable is now open for registration — sign up if you're interested.

Linear News | Zero-Trust Access Management Cloud Platform "Feiyue Cloud" Closes Seed Round in the Millions of RMB, Led by Linear Capital

36Kr has learned that Shanghai Feiyue Cloud Technology Co., Ltd. (hereinafter referred to as "Feiyue Cloud") announced today that it has completed a seed funding round. According to the company, this round raised tens of millions of RMB, led by Linear Capital, with AngelPlus following on.

Linear Capital Leads Angel Round in Metaverse Infrastructure Startup Qiyihuo Technology Elsewhere.News | Qiyihuo Technology, a metaverse infrastructure provider, has announced a multimillion-yuan angel funding round led by Linear Capital.

36Kr has learned that Qiyihuo Technology announced it has raised tens of millions of yuan in an angel round led by Linear Capital, with listed company L&A Design participating as a co-investor. Following this round, the company will focus on developing its underlying technology, expanding market operations, and building out its ecosystem — marking its second successful fundraising after an earlier seed round of several million yuan.

3 Billion New Fund First Close: Arthur Yeung on Kairous Capital's Two Major Organizational Restructurings

A New Solution to the Organizational Challenge of Funds.

Code Brain | Navigating Supply Chains Amid "Volatility"

"Together for a Shared Future"

Source Code Capital portfolio company Whale announced the completion of a $50 million Series B funding round. Source Code Capital led the company's Series A round.

Accelerating the digital transformation of future-facing consumer brands across omnichannel marketing.

How to Understand the Divergence Between Chinese and American Development Models, and Find China-Based Startup Opportunities? | Li Feng Column

Why "Spring" Remains Elusive for SaaS, and the Root of US-China Startup Differences

Guoxin Technology Secures New Round of Strategic Investment to Lead Innovation in IoT AI Chips

Covering the full-scenario application of "human-vehicle-home," shaping a better life with "chips."

5Y News | Buddy Leads the No-Code Digital Transformation Market with $17 Million Series B Round

A no-code app builder and data collaboration platform.

5Y News | Warehouse Robotics Firm Hai Robotics Closes 100-Million-Yuan Series B+ Round Led by 5Y Capital

Pioneer in tote-based warehouse robotics systems.

Is the Internet Destined to Have a Next New Platform? | FreeS Research

Will the new decade that began in 2021 be a better one for entrepreneurship?

5Y News | Men's Grooming Brand "理然" Closes Nearly RMB 150 Million Series B Round

The next generation of male consumers is continuously evolving in their grooming and personal-image needs.

Chen Yaochang: World Factory + Social Media + Talent — More and More Global Brands Will Emerge from China | Ronghui

Over the next five years, we're bound to see more and more international consumer brands emerging from China.

New Economy Listings Account for Nearly 60% of Hong Kong's IPO Market — Why Has Hong Kong Become Fertile Ground for New Economy Companies?

How can you gain a comprehensive understanding of Hong Kong's capital markets, and what are the requirements for a Hong Kong IPO?

Hangzhou Nationalchip Technology Completes Hundreds of Millions of Yuan in Series C Funding

Focused on chip design and system solutions for digital television and AIoT (AI + IoT).

After 618: What's Next for Consumer Brands | FreeS Fund Business School

After 967.4 billion in cumulative GMV, who is swimming against the current?

Guofeng Content E-Commerce Platform *Wanwudezhi* Closes Tens of Millions of Dollars in Series B Funding, Led by Source Code Capital

It hit 2 billion yuan in revenue within a year of launch.

Can the Logistics Industry Produce an Uber or DiDi? | Frees Fund — Learning to Invest Through Investing

Following heavy trucks on their nocturnal runs for four years, this company has figured out what smart logistics actually looks like.

The New Landscape for Fresh Produce, Catering, and Food After the Pandemic | Frees Fund

Will the restaurant industry ever produce a "Xiaomi"?

Great Crises Breed Great Opportunities? Lessons from SARS and the Financial Crisis | Gaorong Ventures Share

Spring always comes, and the view next spring will surely be different from years past.

Li Feng Column 14: Why Should We Thank Chinese Manufacturing?

Does Xiaomi or Three Squirrels Need to Build Their Own Factories?

Source Code Capital portfolio company YQN Logistics announced the completion of a $70 million Series C funding round, with existing shareholder Source Code Capital continuing to increase its stake.

It has served more than 10,000 enterprises to date, with over 150,000 freight rates across all shipping routes on the platform. The platform's 2019 cargo volume is projected to reach 300,000 TEU.

Source Code Capital portfolio company "Fulin Technology" announces completion of tens of millions of RMB in Series A funding; existing shareholder Source Code Capital continues to increase its stake

AI-Driven Financial Inclusion: J&T Global Express Achieved Tens of Millions in Revenue in Its First Year

Gaorong Ventures received honors including 36Kr's "Top 10 Most LP-Friendly VC Firms in China" and ChinaVenture's "Top 10 Best VC Firms in China 2018."

Thank you to all parties across the industry for your continued trust and support.

MemVerge Closes $24.5 Million Series A, Unveils World's First Memory-Converged System

A new data infrastructure that eliminates the boundary between memory and storage.

Gaorong Ventures' Xiang Gao: Finding Irreversible Trends to Withstand Market Volatility

The Logic Behind the "Irreversible" Trend

Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity

Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.

A Conversation with the "Three Musketeers" of Gaorong Ventures: Embracing Technology to Create a Better Life

From 0 to 1, and on to 1 to 10

Yue Bin, founding partner of Gaorong Ventures, won the "Top 10 Most Influential VC Investors of 2018" award.

Gaorong Ventures was named to the "2018 Top 10 Most Influential VC Firms." At the same time, Rui Han, Aisi Zuo, and Wang Xin, vice presidents at Gaorong Ventures, were jointly selected as "Most Popular Elite Investors of the Year."

The Gaorong Ventures Way: Know What to Do, Know What Not to Do

A matter of resolve.

Gaorong Ventures was named among the top three best venture capital funds at the 2018 Golden Bridge Awards and ranked in the top ten Chinese VC firms in Zero2IPO's 2018 rankings.

Create long-term value for society

Aqara Completes B+ Strategic Funding Round, Making Smart Home Technology a Mass-Market Consumer Product

A more complete smart home experience.

Gaorong Ventures Closes $500 Million New Fund, Positioning Itself as a Long-Term Partner in Building Startup Value

Institutional LPs provide the capital foundation; entrepreneur LPs drive ecosystem value-add.

Chang Chen of Gaorong Ventures Honored as "Cyzone 2018 China Investor of the Year"

Be a value co-builder for startups.

Gaorong Ventures was named among the "Top 10 VC Firms of 2018 (Growth Stage)" by the China Venture Capital and Private Equity Association, among other honors.

Measuring the Value of Watchfulness by the Yardstick of Time

Testin Cloud Testing: A Typical Industrial Internet Startup Case Study | Gaorong Ventures Sharing

Make Apps More Valuable

The Great To B Adventure

The true B2B adventurers have mostly become big winners.

Where Is the Tech Dividend for New Retail in the OMO Era? | Source Code Capital Insights

A typical model for applying technology dividends to new retail.

Decoding New Retail: Online-Offline Integration Opens Up New Possibilities | Source Code Capital 2018

New Trend: OMO

Club Factory Raises $100 Million in Series C, FreeS Fund Continues to Follow On | Funding News

Cross-border e-commerce — a market that rivals daigou in scale.

6 Companies Close Funding Rounds, 2 Make Latest Global Unicorn List | Source Code Capital Monthly · January

【Ma Hui Journal】A place to record the small steps forward, share the joy of growth, and look toward an even brighter future.

Zhidong Zhang: How Tencent Grew Into a Major Company From 1998 to 2017 | FreeS Fund Business School

Two hopes in the early days of starting up: don't let the company die, and don't let users get disconnected.

Source Code Capital Named to China's Top 50 Venture Capital Firms

Jiemian and Toutiao jointly released the "China Top Venture Capital Firms" ranking for the first time.

Li Feng x Lixing Wang: After 900 Million Consumers Became "Shopaholics," How Can Chinese Brands Conquer the Global Market? | FreeS Talk

A motivational pep talk for consumer upgrade entrepreneurs — good for the next 20 years, guaranteed.

Yi Cao: The More Cross-Disciplinary a Startup, the Higher Its Odds of Success

Just as gathering all seven Dragon Balls can summon Shenron, the more boundaries a startup crosses, the higher its odds of success.

[Wuzhen] Source Code Capital's World Internet Conference Trip

The Second World Internet Conference opened on December 16 in Wuzhen, a waterside town in Jiangnan. Yi Cao, founding partner of Source Code Capital, was invited by the organizers to attend the event. Meanwhile, *Beijing News*, the conference's sole officially designated publication, named Source Code Capital the "Best Emerging Investment Firm of 2015."