miHoYo
米哈游
miHoYo (米哈游) is a Chinese game company whose founders have long framed it not as a game company but an "ACG company" — animation, comics, games — a line they delivered to new hire "Esuo," the former Genshin Impact lead developer, on his first day, and whose weight he says he spent a decade unpacking . Its ambitions have reached well past games into AI: it set up an internal AI division called "Inverse Entropy" as early as 2018, working on voice synthesis, motion capture and art generation, producing the virtual idol "Luming" (1.7M+ Bilibili followers) and a self-built large model named "Glossa" for dialogue, quest text and NPC interaction . It has also been an outside investor in AI, including in the AI company MiniMax . In 2022, founder Cai Haoyu himself stepped out to start Anuttacon, building the fully AI-designed game *Whispers from the Star*, where players talk protagonist Stella through survival on an alien planet — "dialogue is destiny," as 十字路口Crossing described the mechanic . As AI-gaming reporting goes, elsewhere's corpus treats miHoYo mostly as a recurring backdrop — the reference point everyone from ex-lead developers to new AI-game startups measures themselves against.
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Coverage
miHoYo Leads Funding Round for Indie Developer’s Third Venture to Make Games for Life
Treat making games as the only way to live.
Standing at the Crossing, roads stretch out in every direction — all roads lead to Rome | Chatting with *Beyond Cycles* about my Crossing
Pessimists are often right, but only optimists succeed. The pessimist's angle is: "Oh god, what am I going to do?" The optimist's angle is: "Wow, all roads lead to Rome."
Go invest in games, like you've never been hurt before.
Playing the game of life.
2026 AI Gaming Panorama: Four Layers, Three Myths, One Consensus Gap | A Talk with 405 Games' Xiaoning
Lots of fragments, no smash hit yet.
The Depth of Human Loneliness Is Beyond Imagination — Talking About AI Digital Life "Lei" with Lu Hongyi
Use AI to create an existence, not a companion tool.
2026 AI Game Industry Panorama: Four-Layer Landscape, Three Major Misconceptions, and One Consensus Gap | A Conversation with Youning Xiao of 405 Games
Interactive blind-box pop-ups sold 120,000+ units, AI activation rate hit 40% — he's defining a new IP category for the AI era | A conversation with Shuyang of WakuArt
Please, Pop Mart, Just Make Interactive Blind Boxes Already
Former LiblibAI Co-founder Raises Tens of Millions in USD for New Startup, Using "World Simulator" to Break Into AI Entertainment
Find a "milk-tea kind" of happiness in a self-created virtual world.
Jinjian Zhang: The Process of Living Out Your Vision Is Participating in the Vitality of Life
Alive, Denoised, Focused
Hello, the Great Age of AI Entrepreneurship — Pony Ma, Yiming Zhang, and the Day 0 Moment of 21 People
The era rewards those who bravely take half a step forward through the fog of Day 0.
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?
MiniMax Goes Public: The $1.5 Billion Fundraising Blitz, 15 Reasons Investors Bet on It, and How Long Each One Lasts
One Year in AI, Five Years on Earth
Talking AI Game Startups with the Former *Genshin Impact* Lead Developer "Esuo": "This Time, I'm Going to Be the 'Playboy' of the Gaming World"
Contribute to the creation of thousands of outstanding games.
Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*
Build a global company from Day 1.
Heart Capital: After Generating 500 Videos with Sora, Here's What We See | Voice VOICE
AI video generation has reached a new technological inflection point.
MiAO Secures Over 100 Million Yuan Investment from X.D. Network
Core focus: high-DAU evergreen games
A Century of IP Industry Evolution in the US and Japan: What It Means for China's IP Economy | FreeS Fund Report | FreeS Fund Report
How Can China's IP Industry Break the "Critically Acclaimed but Commercially Unsuccessful" Curse?
2025: The Year AI Gaming Goes Mainstream? | A 4,500-Word Efficient Roundup of Major Players' Latest Moves: Tencent, NetEase, miHoYo…
One of the shortest paths to AI commercialization: gaming.
Crossing March Offline Salon Recap: What AI Startup Opportunities Exist in the Post-DeepSeek Era?
We recently pulled off "something big."
Smart Glasses Take Off: How Leiyu Pushes Full-Color Micro-LED Micro-Displays to the Limit to Light Up AR's Infinite Possibilities | Gaorong Future
The world's smallest full-color Micro-LED optical engine lights the spark for a "visual revolution" in smart glasses.
AI + Gaming: Unlimited Potential, But Where's the Innovation Entry Point? | 5Y Capital Tavern Vol. 28
A Conversation with Veteran Gamers and Game Developers
10 Facts About 1,000 Chinese Billionaires
The currents of the era, all contained within the sequence.
The Hype Around *Black Myth: Wukong*, and the Barren Landscape of Game Investment
The world needs *Black Myth*.
BosonAI's Mu Li: If There's Something You're Meant to Try in Life, Start as Early as Possible | Oasis Vitality
Counselor Vitality
Li Mu: "Starting a company is about defying fate — what exit strategy are you even thinking about?"
One year in AI is three years on Earth.
First Step of a Massive Undertaking: miHoYo-Backed Fusion Company Ignites Plasma | BlueRun Ventures Headlines
It's the first step, and a significant one at that.
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
A Conversation with Junjie Yan of MiniMax: AGI Isn't a Doomsday Weapon, It's a Product Ordinary People Use Every Day | Oasis Vitality
Counselor Vitality
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.
A Globalization Guide for Chinese Founders: Slicing the World Horizontally
The word "globalization" — so brief, yet it encompasses so many narratives.
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.
Li Xiang × Li Feng: In Waves of Technological Change, Why Is Gaming Usually the First to Make Money? | Li Feng Column
From a Brief History of Gaming to New Online Game Regulations: Finding Innovation Opportunities in the Industry
Accelerated R&D and Commercialization of Frontier Products: Medical Devices, Digital Services, and New Brands Go Global | Rongbao
As the year draws to a close and a new one begins, the pace never lets up.
MaHui Member Raysolve Completes Pre-A3 Strategic Funding Round
Accelerating the Commercialization of Full-Color Monolithic Chips
Raytron Completes Pre-A3 Strategic Funding Round to Accelerate Commercialization of Monolithic Full-Color Micro-LED Technology
Building more competitive solutions for consumer-grade AR glasses.
November: Stay Curious and Imaginative | 5Y News Monthly
The big news from last month.
5Y News | GravityXR Closes Hundreds of Millions of RMB in Series A Funding to Advance Dedicated Chip for "XR Spatial Computing"
Create a brand-new world that blends the virtual and the real.
GravityXR has completed a Series A financing round of several hundred million RMB, led by Lisi Capital.
A Complete Transformation of Future Human-Computer Interaction
GravityXR Closes Hundreds of Millions of RMB in Series A Funding to Advance Dedicated Chip for "XR Spatial Computing"
Using chips as the platform to lead the way in delivering ultimate XR experiences.
A Complete Map of China's Industrial Investment: When the Gears of Fate Begin to Turn
Seven sectors, 200 investments, 500 funds — all in nine charts.
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.
Rhythm and Structure in Investing
"For the Way, reduce daily; discard the false, keep the true."
BlueRun Ventures AGI Salon Series Now Open for Registration | Exploring AI+Game, Discovering a New Continent in Gaming
Saturday, June 3, 10:00 AM – 12:00 PM
Chip/Consumer Electronics/Gene Editing Firms Raise New Funding; Quantum Computers, Micro-Display Chips Achieve Global Leadership | Rongbao · April
Targeting international advanced standards.
Energy Singularity Completes Nearly RMB 400 Million Pre-A Round | BlueRun Ventures
Focusing on the high-temperature superconducting tokamak technical route
"GravityXR" Closes Hundreds of Millions of RMB in Pre-A+ Round to Accelerate Development of High-Performance XR Chips
Designing core chips from the user experience backward.
Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
Source Code Capital portfolio company "Suplay" announced the completion of two funding rounds totaling over $10 million, with Source Code Capital as the sole investor in the Pre-A round
A designer-toy consumer platform spanning the full IP and distribution chain.
