Meituan

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.

Exclusive Interview with LimX Dynamics Founder Wei Zhang: Embodied AI "Isn't Competitive Enough," World Models, and Robot Brains

Demystifying the "World Model"; "You Can't Win If You're Afraid to Lose"

"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.

Qu Tian: From *The Art of War* to the Mindset of Going Global | Late 2025

It was never a sprint.

"Independent Variable Robotics" Raises 1 Billion Yuan in A++ Round | Yunqi Capital

Building Foundation Models for the Physical World

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

Entrepreneurship Is the Most Hardcore Way for Young People to Change the World | Mono X Campus

Be a long-term partner to founders, not a short-term "referee."

Another VC Rebrands with a New Name

The twentieth year of local iteration.

Is Leaving Big Tech to Build Hardware Really Worth That Much?

What exactly are investors buying into?

Embodied Intelligence: The Future Is Here — Three Hours of Industry Resonance and Global Perspective | Yunqi Capital x SEE Fund

Conversations on Innovation, Venture Capital, and Creation

"Tashi Intelligent Navigation" Closes $122 Million Angel+ Round, Linear Capital Continues to Double Down | Linear Portfolio

Actively recruiting top technical talent from around the world.

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.

Wang Hua's Latest Prediction: The Biggest Difference Between the AI Era and the Mobile Internet Era Is Fulfillment, Not Connection

The first year is the golden window to capture the first-mover advantage on model dividends — start building now.

Linear Zheng Can: AI Apps Are in the "Pre-iPhone 6" Era

Where are the gaps?

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.

The Ambitions, Dilemmas, and Endgame of AI Coding | FreeS Research Institute

After OpenAI and Apple Bet on AI Coding, Do Startups Still Have a Shot?

"Variable Robotics" Closes Two Consecutive Rounds Worth Hundreds of Millions of Yuan, Yunqi Capital Participates | Yunqi Capital

End-to-End Embodied Intelligence Accelerates Iteration

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

An adventure that tried to break free from inertia.

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 in Conversation with MiniMax's Junjie Yan: Looking Back at 2024, What Changed and What Stayed the Same in AI Entrepreneurship | Yunqi Doers

On Original Innovation Intent, Technical Roadmap, and Product Portfolio

A Conversation with Wang Lixing: The Biggest and Hardest Hurdle — Huaxing Has Already Cleared It

But my hair has also gone a lot grayer.

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

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

Jensen Huang's Vision of a "Universal Translator" — How Does It Cross the Visual Divide? | Yunqi Tech π

The Visual Puzzle of Large Models

10 Facts About 1,000 Chinese Billionaires

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

4 Stanford PhDs Crash Into a Trillion-Yuan Track | Z Circle

Force control is a critical, necessary step toward humanoid robots.

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

Yunqi Capital | In Conversation with MiniMax's Junjie Yan: AGI Isn't a Weapon — It's a Product Ordinary People Use Every Day

MiniMax is already one of China's most highly valued large language model companies.

Yunqi Capital | Angel Portfolio Company MiniMax Releases Trillion-Parameter MoE Model, Closing In on World's Most Advanced LLMs

Betting on MoE models before the industry consensus caught up.

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.

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Is investor Zhang Yong someone to watch?

The revelry has ended.

Li Guofei's 10,000-Word Interview: Seeking Wisdom Is About Constantly Breaking the Prison of the Mind

Two worlds that seem to have nothing to do with each other may, at their foundations, arrive at the same destination by different paths.

After 200+ Days of AIGC Fervor, Investors Reach Three Broad Consensuses

By Elune, edited by Jiumu, curated by Eason On July 19, Meta, Facebook's parent company, released the Llama 2 large language model, making it freely available for both research and commercial use — widely hailed as the most powerful open-source alternative to GPT-4. This marks a significant shift from the previous landscape, where numerous global large language models were built on Llama but constrained by its inability to be used commercially at no cost.

200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate

Consensus can form quickly — and dissolve just as fast.

Qiming Venture Partners Raises Record 6.5 Billion RMB; Duane Kuang: Scale Was Not the Goal

2020 was a watershed year.

Why "Copy to China" Is Hard to Replicate, and Where China's LLM Opportunity Lies

Recently, Bai Zeren, Senior Investment Director at Linear Capital, sat down with *Jazzyear* to share his views on the entrepreneurial opportunities brought by ChatGPT. When it comes to the domestic market for large language model startups, Linear Capital remains optimistic. "While the engineering detours and challenges will take time to work through, the probability of Chinese companies producing something with 80% of ChatGPT's capabilities within two to three years is quite high — even if surpassing what OpenAI has already built will be difficult."

Silicon Valley Bank, a fixture in venture capital for four decades, couldn't survive 40 hours of market panic.

China's venture capital world had a night of shock and panic.

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

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

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

Get moving!

FreeS Fund's 2022 Year in Review: Stay True to Your Convictions, Do What's Right Rather Than What's Easy

Happy New Year!

Qitan Tech Closes RMB 700 Million Series C Round to Advance Commercialization of Domestic Nanopore Sequencing Technology

Breaking Through the "Mass-Production No-Man's-Land" of Domestic Nanopore Sequencing

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.

Where Are the Next-Generation Consumer Opportunities in 2022? | Li Feng Column

What Will the Next Generation of Consumer Innovations Look Like?

Linear Capital Perspectives | AI Enters Industry: Is the Current Moment a Window of Opportunity or a Bubble, and Which Investment Areas Does Linear Capital Favor?

In late June, Harry Wang, founder and CEO of Linear Capital, was invited to speak at the Amazon Web Services (AWS) Innovation Conference, where he joined Dr. Zhang Xia, chief enterprise strategy advisor at AWS, for a conversation on recent AI investment insights. Wang shared Linear Capital's analysis of AI's integration into industries, the firm's investment focus areas, the technical bottlenecks that need to be overcome in the next phase, and related recommendations. Below is a summary of the conversation, with both video and transcript.

Spring Comes Quietly to Guomao

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

Standing Firm in European Venture Capital Amid the Sound of Gunfire

This is more than a gold rush — it's a shift in the underlying logic of the global venture capital story.

2022, the Door Opens to the Future | 5Y News Monthly

The big news from last month.

YunYou Freight Announces Completion of Tens of Millions of Dollars in Series B+ Funding, Led by 5Y Capital | 5Y News

Let every individual operate more efficiently within an ordered, high-performing network.

5Y News | Synthetic Biology Company Bota Bio Raises Over $100 Million to Accelerate Efficient Design and Scaled Production of Bio-based Products

5Y Capital continues to pay close attention to emerging technologies at the intersection of information science and life sciences.

Industrial Internet Investment: What Exactly Is "Platform Thinking"? | 5Y View

How do you make judgments when every industry is so different?

5Y News | "Zansi" Raises Tens of Millions of RMB in Series B Funding, to Launch Vertical Brand "Wei Laodi" Following "Mr. Soup"

A bowl of soup, a cat, a restaurant management group.

5Y View | Xiaoxiao Zhou, 5Y Capital: The Underlying Logic of Business Is Supply and Demand

Companies that can truly close the loop on supply-demand dynamics are the ones that change the world — but they are few and far between.

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.

General-purpose intelligent robotics company Flexiv completes over $100 million Series B funding round

Gaorong Ventures led the investment in Flexiv in early 2019 and continued to increase its stake in subsequent funding rounds.

The Secret Behind Instant Food's Explosive Popularity, Explained in 4 Minutes | FreeS Fund Daily Business Insights

Follow FreeS Fund's video channel for the latest observations from the world of venture capital.

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.

Waterdrop Inc. has completed a $230 million Series D funding round, co-led by Swiss Re Group and Tencent.

Leveraging internet technology to ensure accessible, affordable healthcare for the masses — safeguarding hundreds of millions of families.

A Visual Guide to How New Platforms Are Born | Li Feng Column

The Importance of Datafication to Platform Ascendance

HiCTO Founder, Former Dianping CTO Shihai Gong: How to Build a High-Performance Engineering Team

A Practical Handbook for Building High-Performance Engineering Teams at Startups

Gaotu Techedu Co-founder Lü Weisheng: When Hiring, "Drive" Comes First; Winning Battles Is the Best Team Building | Rong Talk --- Lü Weisheng, co-founder of Gaotu Techedu, shares his management philosophy on talent selection and team building. His core belief: the single most important trait in a candidate is "要性" (drive/ambition) — an intense hunger to achieve and grow. Technical skills can be taught, but raw motivation is what separates those who merely execute from those who transform organizations. On team culture, Lü argues that nothing builds cohesion faster than shared victory. "打胜仗是最好的团建" — winning together creates trust, alignment, and momentum that no offsite retreat or trust fall can replicate. Teams forged in challenging, high-stakes environments develop the resilience and mutual reliance that sustain them through future crises. The conversation, hosted by Rong Talk (榕汇), delves into how this philosophy shaped Gaotu Techedu's evolution through China's fiercely competitive online education landscape — from its early days as a startup to navigating regulatory upheaval and reinvention.

How do you identify the right people when building a startup? How do you lead a team to win?

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.

Gaorong Monthly · November | Gaorong Ventures Wins "2019 China VC Firm of the Year" and Other Awards, 24 Portfolio Companies Named to 36Kr's "King of New Economy" List

Embrace the power of technology and innovation to create a better life together.

African Mobile Payments and Mobility Service Provider OPay Closes $120 Million Series B Round | Gaorong Ventures News

OPay is one of Africa's fastest-scaling companies, having grown into Nigeria's leading mobile payments and ride-hailing service provider.

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."

A Conversation with Tigerobo's Chen Ye: Escaping the Information Flood, Building the Gateway for the AI Era

The entry point for the PC era was search; for the mobile internet era, it was apps. Where will the information entry point be for the next era?

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.

Yiu-Cheung Chan: The Future of Retail

Do traditional retailers need digital transformation? How are technology drivers reshaping the retail industry? And how can companies win in the fiercely competitive fresh grocery and online fresh produce markets?

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

Strategic Alliance! YY Completes Acquisition of Bigo | Gaorong Ventures News

Building a world-leading video-based social media platform company

A Visual Breakdown of Gaorong Ventures' Retail Investment Model: Why It Keeps Doubling Down on the Fresh Grocery Sector

What kind of business model can better carry consumers' channel trust? And push closer to the endgame of retail?

Food delivery-focused new retail brand "Zuo Da Shi" has raised tens of millions of RMB in an angel round led by Gaorong Ventures.

The world's top food connoisseurs scour the globe for the finest condiments to make takeout taste better.

How Can AI Empower Healthcare? "Smart Healthcare Symposium" Hosted by Tsinghua University's Department of Electronic Engineering, Co-organized by Gaorong Ventures, Explores the Question in Depth

Give the product a clinician's diagnostic mindset.

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."

Nuro Partners with Kroger to Launch World's First Driverless Delivery Service for the General Public | Gaorong Ventures News

After extensive testing, Nuro's autonomous delivery vehicles will begin serving residents in Scottsdale, Arizona.

Gaorong Ventures was named to Forbes China's "2018 Best Venture Capital Firms TOP 10."

Chang Chen, Gao Xiang, and Yue Bin were named to Forbes China's "2018 Best Venture Capitalists" list.

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

A matter of resolve.

Video Technology Company YouHua Tech Raises Tens of Millions of USD in Series B Funding | Gaorong Ventures News

We will continue to increase R&D investment. Strong technical and product capabilities are the foremost conditions for winning in the video space.

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

Congratulations to MOGU on its successful NYSE listing.

Make fashion within reach.

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

Gaorong Ventures' Xiang Gao in Conversation with HUYA Inc.'s Rongjie Dong: Live Streaming Still Has Plenty of Room to Grow

A Candid Conversation on Darkest Hours, IPO Traps, and the Future of Livestreaming

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

Make Apps More Valuable

Building a Solid Financial Foundation, I Took the Price War to My Rivals' Home Turf | FreeS Talk

The CEO fights on the front lines; the CFO guards the bottom line.

The Great Leap Forward of Vending Machines: Real Demand or Just for Show? | Frees Fund

Mini KTV booths, photo printers, and shared power banks are popping up everywhere — but can they actually turn a profit?