Moonshot AI
月之暗面
Moonshot AI (月之暗面) is a Chinese large-model company founded by Yang Zhilin, spun out of his earlier To-B startup Recurrent AI — a move some of its investors read as "leaving to start a new venture entirely," since Moonshot went To-C with a super-app ambition . Its flagship is the Kimi assistant, launched October 2023 and initially distinguished by a 200,000-character lossless context window . The funding line is heavily documented: ZhenFund put in the 2023 angel round , Capital Today was quietly the first institutional investor , and in February 2024 an Alibaba-led Series B of over $1B at a $1.5B pre-money valuation made it China's most highly valued LLM unicorn at the time — that ~$800M check made Alibaba Kimi's largest shareholder to date , with part of the money earmarked in a joint account for purchasing Alibaba Cloud services . By January 2026 it had closed a $500M Series C, with the stated goal of overtaking Anthropic to become a world-leading AGI company ; BlueRun Ventures says it has backed the company in four consecutive rounds since the A round, valuing it at over ¥100B .
On the model side, the most recent framing in the corpus is an open-source frontier competitor: the 1T-parameter Kimi K2 (July 2025) hit open-source SOTA on SWE-Bench Verified, Tau2 and AceBench , K2 Thinking (November 2025) scored 44.9% on Humanity's Last Exam with up to 300 autonomous tool-call rounds , and the 2.8T-parameter K3 (July 2026) arrived trailing only the newest Anthropic and OpenAI models by weeks — as Monolith, its first-round investor, put it, "the time needed to catch the frontier has shrunk to a matter of weeks" .
AI-generated — may contain errors, please verify.
Coverage
A New Autumn Begins | Z News
Join us as we look back on August's highlights.
To Give Away 100 Pieces of Clothing, We Hand-Built a Website with Moonshot AI
First come, first served
Shenzhen Recruiting: Grab a Seat at the Table and Help Define New AI × Hardware Species | Booming Hub
Gaorong Ventures Report: Physical AI, Domestic Computing Power, Controllable Nuclear Fusion, and Medical Innovation Companies Close Major Funding Rounds
From the continuous leap in model capabilities to hard tech crossing the thresholds of engineering and industrialization, a new wave of technological innovation is accelerating toward the real world.
The Full Story of Alibaba's Investment in Moonshot AI
Game Changer.
Cursor Did Nothing Wrong
Double proof.
Open-source models are the united front
War of Attrition
Moonshot AI's Return to Glory
Good fortune lies ahead.
Come to the Internet Cafe and Put Every LLM to the Real-World Test
Everyone's an AI Model Whisperer Now
Cicadas singing everywhere — answering summer's call together | Quarterly
Embrace the next season of harvest.
When AMD Acquires Taalas, a Chinese Company Decides to Etch AI Models into Silicon
The era of specialized inference compute has arrived.
The Other Half of AGI
"She is everywhere."
Meituan's LLM Is as Free as Its Delivery Service
Bullish on Meituan building world models
Wanwu Capital | Z News
We invite you to revisit the July "highlight reel."
Code Moment | Moonshot AI K3 Officially Open-Sourced: Committed to Building an Open, Evergreen AI Ecosystem
Moonshot AI believes a broad, open ecosystem is the most suitable soil to sustain it.
11 Years, $11 Billion, and Then What? | A Conversation with Airwallex's Jack Zhang: In the AI Era, the Next Stop Is $100 Billion
From AI New Species to AI New Ecosystem | BlueRun Ventures at WAIC 2026
Moving Together Toward New Frontiers of Capability
AI Matchmaker: A Conversation with Zeng Xinxun, Founder of Liangpei, on AI-Powered Dating
Former Moonshot AI Search Tech Lead's Dimensionality-Reduction Overhaul of Dating Matchmaking
WAIC 2026 Highlights | Gaorong Ventures' Hardcore AI Alliance, Charging Toward the Era of Real-World Deployment
Let AI understand the world, and let the world understand AI.
72 Hours After Launch, Moonshot AI K3 Posts Its First Results
Open-Source Players in the First Tier
5Y News | Moonshot AI Officially Releases Kimi K3
More than just big.
What Did People Create in the 12 Hours After Kimi K3's Launch?
Unlock what comes next for you.
Moonshot AI K3 Launch: A Sleepless Night, Watching Long-Termism Pay Off
AI took another step forward.
Moonshot AI K3 Model Released: World's First 3-Trillion-Parameter Open-Source Model, Pushing New Frontiers in Intelligence
2.8 trillion parameters, million-token context window; complex tasks, fully advanced.
Hearty congratulations to Momenta on its successful Hong Kong IPO! Becoming the "First Physical AI Stock" | Gaorong News
Together, toward the future of physical AI.
Rongbao | True Health Medical Lists in Hong Kong, Major Funding Rounds for Embodied AI and Optical Interconnect Companies
From technological innovation to scaled application.
Early Summer Clarity | Z News
We invite you to look back on the "highlight moments" of June with us.
ZhenFund angel project Lxson completes nearly 500 million RMB Pre-A funding round, launches home embodied intelligence brand "Zeroth"
Outstanding orders have surpassed 30,000 units, securing an early foothold at a critical entry point for home embodied intelligence.
I'm Not the Pianist on the Ocean, I Choose to Walk onto Land | Terry Zhu in Conversation with OriginFlow's Qin Shentao
Identify the right people, bet on long-term things
ZhenFund angel project "YuanCe Future" (源策未来) has raised hundreds of millions of RMB in its Series A funding round, aiming to build the OpenAI of the humanoid robot era.
A University of Hong Kong professor has founded a startup to build a general-purpose, full-body embodied intelligence brain.
2026 MaHui | Source Code Capital's Zhang Xun: Growth Beyond Exponential — A Game With Fewer and Fewer Winners
The AI era has given us the longest slope and the wettest snow. Only one question remains — do we have the patience to keep rolling the snowball all the way down?
Deep Dive into Open-Source Commercialization: AI Is Rewriting the Value Logic | Yunqi Insights
Co-published the open source report for four consecutive years
Time Rewards Fellow Travelers | BlueRun Ventures and Multiple Family Members Named to 36Kr's 2026 Annual Lists
Let's Define the Future Together
Jui Chan of BlueRun Ventures in Conversation with Wang Zhongyuan of BAAI, Wang He of Galaxy Universal, and Li Dahai of ModelBest: Long-Term Value and the Next Curve in the Large Model Era
From "Moats" to "Scaling's New Curve" in the Age of Foundation Models
I'm off to a portfolio company, bye.
We all have a bright future ahead of us.
Moonshot AI watches the sky and begs for food
The Chosen One of the Patch *(gaming slang: a character, build, or strategy that is disproportionately powerful in a particular game update/version, often used metaphorically to describe someone or something that is perfectly positioned to succeed under current conditions)*
The Vibe Working Era Begins! Moonshot AI Work Beta Launches, Making AI Your True Work Partner | BlueRun Ventures Family Headlines
Start Vibe Working
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.
MiniMax Quietly Launched M3 and MiniMax Code — Here's What We Found After Testing Them
Cutting-edge coding capabilities, a 1M context window, and native multimodality.
Monolith's Xi Cao Named to Forbes 2026 Midas List
Made the list for two consecutive years on the strength of investments in MetaX, Unitree, and other companies.
FDE: Is the Call for Career Transformation in the AI Era Already Sounding?
From Super-Individual to Super-Role.
The Unforgettable Series C Funding of Moonshot AI
A stroke of genius.
ZhenFund Celebrates Another Angel-Stage IPO in Three Weeks as "UISEE" — the First Full-Scenario L4 Autonomous Driving Stock — Lists on Hong Kong Stock Exchange
Accelerate the large-scale adoption and application of AI drivers.
Rong Report | HT Aero, Xiwang, Helixon and Others Close Major Funding Rounds; Moonshot AI and Momenta Release Leading Models
Major Funding + Leading Model + Mass Production
After Breaking Ground, Growth Follows | Quarterly
The stage is set. Your entrance awaits.
Qiming Venture Partners Weekly | Top 10 Portfolio Company Updates Vol.15, April 28, 2026
Staying with you to mark the milestone moments of Qiming Venture Partners' portfolio companies
Code Moment | Biren Technology First to Support Moonshot AI's K2.6 Model, Efficiently Empowering AI Programming
MaHui｜13-Hour Nonstop Coding: Moonshot AI's K2.6 Reconstructs Open-Source Engine with 185% Performance Surge
Moonshot AI K2.6 Released and Open-Sourced: Major Advances in Coding, Long-Horizon Tasks, and Agent Swarms | BlueRun Ventures Portfolio Headlines
Minor Version, Major Upgrade
Testing Real AI with a Fake Product: How Far Can the Kimi Agent Go with K2.6?
How Does Moonshot AI's "Agent" Perform With K2.6?
Moonshot AI's K2.6 Model Is Here: Major Leaps in Long-Range Coding and Agent Swarm Capabilities!
Talk is cheap. Show me the code.
Moonshot AI K2.6: The Leap in Long-Horizon Execution and Agent Swarm Capabilities
Thirteen hours of continuous execution
BlueRun Ventures Closes New Dual-Currency Fund at RMB 3.9 Billion
The louder the noise, the cooler the head.
"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.
"Undercover" at Moonshot AI: 100 Hours
Taste is all you need
Kimi Without Titles, Departments, or OKRs: How 300 People Carry a $120 Billion Valuation | BlueRun Ventures Family Headlines
Humans make the rules, silicon executes them, and organizations become vessels for algorithms.
MaKe | From Spring Festival Gala to NVIDIA GTC: Four MaHui Members Become "Global AI A-Listers"
Moonshot AI, Unitree, Galaxy Universal, Li Auto...
NVIDIA GTC On-the-Ground: 6 BlueRun Ventures Portfolio Founders Take the Stage, Breaking Down 6 Technical Challenges in AI Deployment
Welcome to reality.
What Can You Build with OpenClaw in One Hour? | A BlueRun Ventures "Xia Ke Song" Live Experiment
The 10+N Ways to Hand-Roll Lobster On-Site
Attention Shifts Direction, Transformers Get a Bone-Deep Overhaul
Moonshot AI's New Architecture: AttnRes
At the Eye of the OpenClaw Storm: Agents Are the New Demographic Dividend, Context Is Humanity's Moat | Ronghui
Amazon Web Services, Moonshot AI, Pine AI, SiliconFlow — exclusive firsthand insights!
It's Spring Right Now | Z News
We're looking back at the "highlight moments" from the past two months, and we invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
Rongbao | Karl Dynamics, Aerofugia, StarsComm, and ImmuPeak Kick Off the Year with Major Funding Rounds
Leading the industry into a new era.
"20 Days Overseas, Earned What We Made All Last Year": How AI Products Go Global | BlueRun Ventures AI Annual Outlook
The Posture of the "Number One" and the "Silent Majority"
OpenClaw in the cloud is even more of a non-starter.
Cloud OpenClaw is the biggest scam of the 21st century
Moonshot AI's Revenue in 20 Days Surpasses All of Last Year! How to Price AI Products for Global Paying Users | Ronghui
Pricing model-driven growth.
BlueRun Ventures' AI Annual Outlook: Survival, Evolution, and Narrative for China's AI Founders | Booming Talk
"Chinese people can now define a narrative of their own in AI too."
"Raising Lobsters" Party: What OpenClaw's Viral Rise Really Means for AI Startups | Unity Ventures OpenClaw Meetup · Beijing
An Offline Gathering for "Shrimp Farmers"
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.
MONOLITH in Everyone's Eyes — Striving to Be a Honey Badger
Transparent, sincere, truth-seeking
New Forces Keep Coming｜5Y News Monthly
The big news from last month.
Code Brain | What Did 140+ AI Practitioners Talk About for 3 Hours?
Source Code Capital has gone deep on AI, building out a full-stack presence across foundation models, AI agents, vertical applications, and the underlying infrastructure that supports them.
Spring has arrived — can blossoms be far behind? | Linear Quarterly
Rather than waiting for spring, define it.
A New Beginning | Z News
We’re looking back on the highlights from the past month of January, and we invite you to join us in witnessing the growth of our portfolio companies and what’s new at ZhenFund.
As investors, we took Moonshot AI's K2.5 for a spin.
More Than "All-Powerful"
BlueRun Ventures' early-stage project Moonshot AI has released and open-sourced its K2.5 model, bringing new capabilities in visual understanding, coding, and agent swarms.
Omnipotent Agent Model
5Y News｜Moonshot AI Releases and Open-Sources K2.5 Model, Bringing New Visual Understanding, Coding, and Agent Clustering Capabilities
The soul never thinks without a mental image.
Moonshot AI Releases and Open-Sources K2.5 Model: Visual Understanding, Coding, Agent Clusters — The Most Intelligent and Capable Model Yet
Delivers all-new visual understanding, coding, and agent-clustering capabilities.
Office Is the Main Battleground for 2026 Agents | Moonshot AI K2.5 Goes Open Source, Agents Score First Victory
3, 2, 1, action!
StepFun Closes New 5 Billion Yuan Funding Round: Racing for Endpoints, Crunching Numbers, and the Ultra-Marathon Ahead
StepFun has raised 5 billion yuan in fresh funding, setting a new single-round record for the sector over the past 12 months, as the battle for end-user devices heats up.
Source Code Rhythm's Yungang Huang: From Gobi Desert Youth to Fund Captain
The rhythm moves because we believe the world has its own laws.
Moonshot AI's Yutong Zhang Shares Her "Chain of Thought" on AI Entrepreneurship for the First Time | Buming Entrepreneurship Camp
Seven Topics AI Entrepreneurs Care About
AI Native Builder: You Can Always Find a Way to Say Hello to the World | Buming Entrepreneurship Camp
Outside, the wind howls with the collapse of the old order; inside, new routes emerge into view.
Dancing with Love, Zhang Huaiting: Staying a Calm "Value Builder" Amid the AI Hype
Make decisions toward your goals, not away from your difficulties.
A Conversation with Huaiting Zhang of Yuaiweiwu: The Veteran Founder Who Doesn't Take Detours | BlueRun Ventures Family Spotlight
"Founders never truly fail."
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
What AI Actually Looked Like in 2025
22 real moments documenting how AI is used, loved, questioned, misunderstood, and depended upon in reality.
January, Emergence, and Prologue | 5Y News Monthly
The big news from last month.
Rongbao | Biren Technology and Seyond list successfully in Hong Kong, Moonshot AI completes major funding round
A new chapter begins.
A New Map of the World Is Unfolding | Unity Ventures New Year Edition
The Old Rules No Longer Apply, a New Continent Emerges
Merge the "Six Little Tigers" to build China AGI.
"Merge the Six Little Tigers"
5Y News｜Moonshot AI Closes $500 Million Series C Round, Aims to Become a World-Leading AGI Company
Moonshot AI will become an LLM that is "distinctive" and "undefinable."
MaHui | MaHui Member Moonshot AI Closes $500 Million Series C, Aims to Become a World-Leading AGI Company
Source Code Capital was an early, long-standing shareholder in Moonshot AI.
Moonshot AI Completes $500 Million New Funding Round, Zhilin Yang: Kimi Will Become a Distinctive LLM
"Become the world's leading AGI company."
The Stars Are Still Young | Z News
ZhenFund wishes you a Happy New Year.
At CES After Dark: Where AI Hardware Is Headed
Let's talk deep and broaden our horizons.
ONE2X Closes Series A, Officially Launches Conversation-Centric Video Creation Tool Medeo | Unity Ventures Portfolio
At Medeo, Talking Your Way to a Great Video
2026 AI Year-Opener: The Year of R | A Conversation with Yusen Dai of ZhenFund
History rewards those who take the first small step into the fog.
In the AI Era, There Are Only Builders — No Seats on the Sidelines | Quarterly
Let's go.
Dancing with Love: Zhang Huaiting on Serial Entrepreneurship — Why Education Deserves Another AI Makeover | Tsinghua Campus Tour
At a technological inflection point, you have to throw yourself in to seize the era's opportunities.
Zhang Tao Responds to Controversy for the First Time: Why Manus Hasn't Been Replaced | Tsinghua University Campus Tour
The magic only happens when you give intelligence back to the model.
Moonshot AI's Yutong Zhang: The "1%" Exception Under the Capital-and-Compute Determinism | Tsinghua University Campus Talk
Seeking the optimal solution for converting energy into intelligence.
Innovation Often Happens Where No One Has Gone Before | 5Y News Monthly
The big news from last month.
[Recommended] Winning the World's Admiration Bare-Handed in the AI Era | Buming Startup Camp Now Recruiting
"Winning the world's admiration with nothing but bare hands is usually a young person's privilege."
Winning the World's Admiration Bare-Handed in the AI Era | Buming Startup Camp Now Recruiting
Let's Get Ready to Rumble.
Inspirational Writing
Catching Fleeting Inspirations
Source Code Capital closes new dual-currency growth fund at $600 million
Long-term support and companionship for the great enterprises of this era as they grow.
Linear Capital π Review: Agent Companies and Model Companies Are Entering Each Other's Turf — What Are They Thinking? | Linear Event
The logic of competition isn't "devouring," but "running toward each other."
MONOLITH Turns Four: Dual-Currency Fund Oversubscribed, Continued Focus on Early-Stage Startups
Finding the Best Companies in the Biggest Shifts
MaKe | MaHui Member Moonshot AI Releases Kimi K2 Thinking Model as Open Source, Boosting Agent and Reasoning Capabilities
Natively masters the ability to "think while using tools."
Moonshot AI K2 Thinking: When an "Interleaved Thinking" Model Steps Into the Spotlight, What Actually Changes?
Greater commercial freedom, lower migration costs
Moonshot AI Releases and Open-Sources Kimi K2 Thinking Model, Boosting Agent and Reasoning Capabilities | Z News
Moonshot AI's most capable open-source reasoning model to date.
Seeing Further Possibilities | 5Y News Monthly
The big news from last month.
Moonshot AI Releases Kimi K2 Thinking, Its Strongest Open-Source Reasoning Model to Date
Models are thinking agents.
Moonshot AI K2 Thinking Model Released and Open-Sourced, with Major Upgrades to Agent and Reasoning Capabilities | BlueRun Ventures Family Headlines
API is now live.
BlueRun Ventures in Conversation with Moonshot AI, Qianshou Technology, Yuanli Intelligence, and Daqian Technology — AI Pragmatists: The China Path from Technology to Value
From Technology to Value: The Chinese Path
2025 AI Scene: What We Witnessed and Imagined This Year
There is no turning back — the only way forward is through.
Dawn Breaks, Toward the Light | BlueRun Ventures 2025 Annual Fund Partners Meeting
Welcoming the Dawn of Technology
Changing Every Today for Tomorrow | 5Y News Monthly
The big news from last month.
Beyond the Set Trajectory | Z News
We look back at the "highlight moments" of the past month and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
Is Moonshot AI's "OK" Actually OK? | Moonshot AI's Agent "OK Computer" Launches Today
"OK Computer," powered on!
MaHui | Multiple MaHui Member Companies Named to MIT Technology Review's Annual "50 Smartest Companies"
Unitree, Moonshot AI, WITMEM, Keenon Robotics, METiS Pharmaceuticals, and DeepWise made the list.
BlueRun Ventures Wins Multiple Industry Investment Firm and Investor Awards from 36Kr, Including China AI and Embodied Intelligence
Growing With Future Industries
Deep Dive: a16z's Global Top 100 AI Apps — New Patterns and Trends | Yunqi Techπ
It's not just about who's fastest — it's about who can stick around.
They Talk, We Create | Quarterly
The evening breeze of a summer night is the sound of the future rushing in.
The Future Unfolds in Every Generation | 5Y News Monthly
The big news from last month.
Venture Where No One Has Gone Before | Z News
July is drawing to a close, and we invite you to join us in witnessing the growth of our portfolio companies and what's new at ZhenFund.
MaHui Spotlight | Over a Dozen MaHui Members Showcase AI Hardware Strength at WAIC
Unitree, Li Auto, Moonshot AI, Galaxy Universal, Mech-Mind, Keenon Robotics, Lynksoul, Biren Technology, and more than ten other MaHui member companies appeared at WAIC
A BlueRun Ventures portfolio company delivered a striking glimpse of AI's next evolutionary leap at WAIC.
Evolution, Toward the Future
Expo Hopping and Gossip: Fresh Dispatches on Linear Capital From Inside and Outside WAIC | Linear News
At the singularity of thought, the future is compiling itself.
Are Model and 'Shell' Values Both Underestimated? ZhenFund's Yusen Dai's Mid-2025 AI Review
In 2025, the "Sedol moment" for industries far and wide is only just beginning.
2025 AI Mid-Year Review with Yusen Dai: OpenAI's IMO Gold, Moonshot AI K2's Comeback, Agent Adoption, and the Talent War
The Future Never Favors the Spectator | Monolith Monthly
Document every step forward.
Moonshot AI K2's Writing Ability Nears Qwen 3
Moonshot AI still has dreams (not a paid post 😭)
Moonshot AI K2 Released, Setting a New Open-Source SOTA! Perplexity Opens Post-Training, Tops Hugging Face Trending | Gaorong Future
Open Source. Model as Agent.
Moonshot AI's Kimi K2 Released and Open-Sourced, Perplexity CEO: "Stunning! Post-Training About to Begin" | BlueRun Ventures Family Headlines
We hope to further accelerate the overall progress of AGI research and real-world application.
Moonshot AI K2 Released, Aiming for New Open-Source Model SOTA
The world's first open-source, commercially-usable trillion-parameter model
What's Changed and Where Are the Opportunities in AI Agents in the First Half of 2025? | FreeS Research
Model Wars, App Boom, Commercialization
YouWare Explains Why AI Founders Need Divinity
Believe in the power of belief.
Trailblazers Carry Their Own Wind | 5Y News Monthly
The big news from last month.
Kimi Researcher Team on Itself: Agents Aren't Frankenstein's Monsters, They're the Model Itself | BlueRun Ventures Family Headlines
When Agents Become Everyday Foundation Models
Moonshot AI Has No Dreams
Marching toward the endless, unknown frontier of ice cream 🍦
BlueRun Ventures Wins 36Kr China Early-Stage Investment Top 3 and Most Influential Firm Awards
Standing by founders from zero to one
The Wind Still Howls Where No One Stands | Monolith Monthly
Every step is worth recording.
Charging Into the "AI Startup Battleground": What's on Medeo's Mind? | Chatting with Chenran on AI Video Products and Opportunities for Young People
Find your own "aha moment."
Conversation with YouWare's Ming Chaoping: They're Skeptical That AI Coding Is a New Form of Creation — and I'm Thrilled | Z Talk
The promising AI product founder chose a path few others dared to take.
A Multimodal Symphony: How Can Technology and Products Advance Together? | BlueRun Ventures x Volcano Engine Event Recap
The Future Evolution of Multimodality
ZhenFund angel project "Lexiang Technology" announces completion of angel+ round, bringing total angel-round financing to nearly RMB 300 million | Z News
The proceeds from this round will go primarily toward team building and the mass production and development of the product platform.
Storming the "AI Startup Battle Zone": What's Medeo Thinking? | A Chat with Chenran on AI Video Products and Opportunities for Young People
ZhenFund angel project "Weiming Shiguang" announces completion of strategic funding round of nearly 100 million RMB | Z News
The proceeds from this round will be used to accelerate the advancement of its diversification and globalization strategy.
Planting Spring in the Wind | Quarterly
On the Move
ZhenFund Tops the "2024 Best Early-Stage VC Firms in China" List | Z News
ZhenFund and its portfolio companies received a total of 10 recognitions.
ZhenFund angel project "Yaosu Technology" announces completion of new tens of millions of yuan funding round | Z News
The proceeds from this round will be used to accelerate the construction of its organ chip, wet lab, and AI algorithm "3D-Wet-AI" closed-loop system, and to further expand international partnerships and multi-scenario commercial deployment.
AI Is Calling — Pick Up | BlueRun Ventures Is Hiring
Be the change you want to see.
Monolith ranked among the top 30 best foreign VC firms on the ChinaVenture list in Q1, among 27 total honors.
Every achievement owes itself to the founders' foresight and hands-on execution.
BlueRun Ventures ranked No. 2 on ChinaVenture's 2024 list of Best Early-Stage Investment Firms, and also won awards including Best AI Sector Investor.
Let's Define the Future Together
When JD.com, Xiaohongshu, Kuaishou, and Pinduoduo All Stand at the "Crossing" of the AI Era
"Either play or get left behind!"
April: Curiosity and New Paths | 5Y News Monthly
The big news from last month.
Intelligence Surge: BlueRun Ventures' AI Portfolio Companies Launch Yet Another Wave of New Products | BlueRun Family Headlines
A day in AI, a year in the world.
"If you bloom, butterflies will come" — How Hillhouse and ZhenFund Partners See New AI Startup Opportunities
If you bloom, butterflies will come.
ZhenFund's Yusen Dai: A Deep Dive on AI Agents — Every Industry Will Face Its "Lee Sedol Moment" (Part 2)
We're still on day one of the AI intelligence revolution.
Wanwu Capital Looks Ahead, Keeps Moving | Z News
Spring brings new beginnings; the future holds infinite promise.
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.
AI-Powered, Accelerating Evolution! Five BlueRun Ventures Portfolio Companies Named to ChinaVenture's "Sharp 100" List
Show sharp edge, charge ahead all the way — or more naturally: **Sharp and unstoppable, full speed ahead.**
ZhenFund Angel Project "Zhaogang Group" Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
Warm congratulations to Zhaogang Group!
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
Post-95s Founders Lead the GenAI Application Revolution: A Look at 2024's New American Unicorns
In the US, more than half of the new AI unicorns are application companies.
A Deep Dive into 7 Core Questions About DeepSeek | FreeS Fund Report
In an era of rapid AI advancement, the DeepSeek story is only just beginning.
A Deep Dive into the Beauty of DeepSeek's Creation: How Was DeepSeek R1 Forged?
AI penetration today is only 5%. For the remaining 95%, what will their first AI application be?
ZhenFund Early-Stage Portfolio Company LinkZill Closes Tens of Millions of RMB in Series A Funding | Z News
The proceeds from this round will be used to accelerate product delivery and expand into global markets.
ZhenFund angel project "Colossal-AI" (Luchao Technology) closes new funding round | Z News
Focused on world-class large video-generation models.
Birds Fly Over the Harsh Winter | Monthly
Spring mountains within sight, the future there to climb.
Miracles Come from Perseverance | 5Y News Monthly
The big news from last month.
ZhenFund angel project "Lexiang Technology" announces completion of nearly RMB 200 million angel round | Z News
Valued at roughly 600 million RMB, the company is making a push into the consumer hardware arena.
When Post-'90s Founders Cluster Into the Unicorn Club: A Look at China's New Unicorns in 2024
Forty-four companies made the list, with hard tech taking center stage.
MaHui Members Make Zero2IPO's 2024 VENTURE50 List
Gaorong Report · 2025 | Innovative Drugs, Agri-Tech, AI Content Platforms Close Funding Rounds; Gaorong Earns Multiple Accolades
Innovation as the sail, hard work as the oar.
A New Year Conversation with Koji: 2025 — The Critical Year for AI, the Dawn of the Agent Era
The year draws to a close; a new chapter begins | Z News
A warm winter for good things.
ZhenFund early-stage project "SatSense" (*Xingce Weilai*) announces completion of tens of millions of RMB in Pre-A++ round | Z News
Contributing to space-based computing infrastructure and supporting China's strength in aerospace.
ZhenFund Angel Project "Hyde Hydrogen Energy" Announces New Strategic Investment from Aramco Ventures | Z News
Amaravati Ventures' first investment in the Asia-Pacific hydrogen energy sector.
To AI Founders: In 2025, Go to These VCs for Funding | Debriefing a Year in Primary Markets with Jing Liu of "Waves"
"2024: Who's Still Actively Investing in AI?"
BlueRun Ventures and Portfolio Companies Win Multiple Awards Including "Most Influential Investment Institution of the Year"
Pursuing the Ultimate in Innovation and the Possibilities of Tomorrow
ZhenFund angel project **Zhongke Ruiyi** announces completion of tens of millions of RMB in Series A+ funding | Z News
The proceeds from this round will be used primarily for product R&D, clinical trials, product registration, and market expansion.
Moonshot AI Releases Visual Reasoning Model k1, Outperforming OpenAI o1 in STEM Benchmarks | Z News
Every pixel deserves deep thought.
ByteDance Is Dancing, Alibaba Is Restless, the AI Six Little Dragons Are Shaken — A Year-in-Review of the Foundation Model Wars with *LatePost*
Elephants can dance, and ByteDance keeps on dancing.
BlueRun Ventures Wins Zero2IPO 2024 China Top 4 Early-Stage Investment Firm and Other Major Awards
Co-creating a New Chapter of the Era with Entrepreneurs
Flexiv's strategic incubatee Noematrix Intelligence announces completion of hundreds of millions of RMB in Pre-A+ funding | Z News
Noetic Space Intelligence secured three rounds of funding within a year.
The Power of Waiting to Grow in the Snow | BlueRun Ventures Bi-Monthly Report
"Clear skies after a flurry of snow"
BlueRun Ventures in Conversation with Galaxy Universal, AgiBot, and Lingchu Intelligence: When Embodied Intelligence Enters Reality | The Road to AGI
Between Science and Reality
December: No End to Progress | 5Y News Monthly
The big news from last month.
A Conversation with Li Xiang: Throwing Questions at Someone Who's Always Asking
Reflections of a Lifelong Business Journalist
First Snow, Clear Skies After Frost — Good News as Autumn Departs | Z News
The early winter breeze is crisp and clear.
Ten BlueRun Ventures portfolio companies were named to 36Kr's "WISE2024 Business King of the Year" list.
the Hard But Right Way
BlueRun Ventures Headlines | Moonshot AI Partners with Tsinghua University and Other Institutions to Open-Source Mooncake, a Large Model Inference Architecture
The Mooncake technical framework has been officially released as open source.
BlueRun Ventures Leads AllinkBio's $42 Million Series A Round | BlueRun Ventures
Accelerating Global Development of Bispecific Antibodies and ADC Products
ZhenFund early-stage portfolio company "Qbit" announces completion of $10 million B1 round | Z News
Use financial innovation to drive global growth for companies expanding overseas.
BlueRun Ventures in Conversation with Moonshot AI and Muyan Zhiyu: At the Crossing of the AI Industry | The Road to AGI
China's AI Can Be Different
BlueRun Ventures Headlines | Math Benchmarks Against the o1 Series, Search Evolves Again — Kimi's New Reasoning Model Expands the Boundaries of Intelligence With You
The boundaries of intelligence are constantly expanding.
A VC Leads the Way Out of the Quadrant | BlueRun Ventures Perspective
Catching the Next Big Thing in Tech's Sea Change
Beyond the Quadrant: Forging an Undefined Path | BlueRun Ventures 2024 Annual Fund Partners Meeting
Breaking Through a Mental Block
Rongbao | Power Semiconductor, Robotics Firms "Steer" Tech Upgrades, AI Applications Make Major Debuts
The Meaning of "Exploration"
ZhenFund Angel Project Horizon Robotics Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
This marks ZhenFund's sixth IPO this year. Congratulations to Horizon Robotics!
Colossal-AI's You Yang: What Choices Am I Making on Top of a 30 Billion Valuation Ambition?
Reasoning Becomes the Next "Battleground," AI Infra Startups "Prospect" for Video Foundation Models.
Moonshot AI's Explorer Edition Is Here: The Best Search Is the One You Don't Have to Do | BlueRun Ventures Headlines
Let's explore a bigger world together.
Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
ZhenFund angel project "Luchuang Technology" announces completion of hundreds of millions of RMB in Series A++ funding | Z News
Dedicated to building world-class large-scale video generation models.
Heard That AI Founders Who Come to Boming Camp All End Up Booming | Registration Countdown
Last Chance to Register for the AI-Themed Session
ZhenFund angel project "MenuSifu" announces $40 million Series B funding round | Z News
MenuSifu helps Chinese restaurant brands go global.
The Alibaba investment executive who bet big on Kimi has left, and she sent off her departure with a rock song
"To be part of the wave can't stop."
Moonshot AI Founder Zhilin Yang's Latest Take: Deep Reflections on OpenAI's o1 Paradigm Shift | Z Talk
The Next Phase of Foundation Models: A New Paradigm?
ZhenFund Early-Stage Project "XCharge" Successfully Lists on Nasdaq | Z News
Warm congratulations to XCharge! A new journey begins — the future is bright!
Rongbao | Embodied intelligence, chips accelerate commercial rollout and R&D; AI transforms creative industries, finance, and more
Several companies made it onto the annual lists by *China Entrepreneur* and *Fortune*.
Flexiv's strategic incubatee **Qiongche Intelligence** announces completion of hundreds of millions of RMB in Pre-A funding round | Z News
Proceeds from this round will go toward product R&D, commercial expansion, and talent recruitment.
ZhenFund's early-stage portfolio company Infinigence AI announced the completion of a nearly 500 million yuan Series A financing round | Z News
It has raised nearly RMB 1 billion in total funding.
Infinigence AI Raises Nearly RMB 1 Billion in Total Funding, Aiming to Become the Go-To "Compute Operator" in the LLM Era | Oasis Vitality
Advisor on Vitality
Late Summer Sun, Breezes Bringing Autumn | Z News
A gentle breeze blows warm and pleasant.
MaHui Spotlight | Multiple MaHui Members Named to Wealth's 40 Under 40 China Business Elite and Other Lists
Young leaders are driving a revolutionary transformation of productivity.
Zhilin Yang: The Man Who Got Alibaba and Tencent to Team Up
Call me by your name.
Breaking Through Your Mental Block in an Olympic Year | BlueRun Ventures Bi-Monthly Report
OUVRONS GRAND LES JEUX This text is already in French, not Chinese. It translates to English as: **LET THE GAMES BEGIN** Or more literally: "Let's open the games wide" / "Let the games open grandly" (This is the official slogan/tagline for the Paris 2024 Olympic and Paralympic Games.)
Summer rains bring gentle relief, good things flourish like green grass | Z News
Long, languid July.
A Conversation with Zhilin Yang: Focus on Productivity, Build the One Product That Is Kimi | Z Talk
Resist organizational inertia.
William Li: "Wake Up! NIO Will Never Build a Robotaxi in Its Lifetime"
Friendly reminder: life is long.
Chuan Wang: With 5 Billion Yuan Raised, I'm in the Top Three
The straight-A student's life has been one long winning streak.
"Who's even using OpenAI anymore? Everyone's on Claude Sonnet now!"
What goes around comes around.
The times have changed: VCs used to fight over talent, now VCs fight over…?
The World Hasn't Changed: In the End, It's Still a Scramble
I'm Zhilin Yang of Moonshot AI, and I'm here for Alibaba Cloud.
This endorsement is a little too salty.
Another batch of AI robots is about to clock in at the factory...
Working for BMW.
In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch
ChatGPT Mac App Arrives | DingTalk to Open Up to All AI Large Model Vendors | Groq Valued at $2.5 Billion in New Funding Round
The power of intelligence comes from human complexity, not from a single, perfect principle.
Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
Yusen Dai: Embrace the Era, Optimism, and the Power of Young People | Crossover with AI Tech Review Talk
BlueRun Ventures and Its Portfolio Companies Win 36Kr's TOP 3 Early-Stage Investment Firm in China and Other Awards
Walking alongside founders from zero to one to redefine the future.
A Conversation with Liming Gao: The Zheng Huangs and Yiming Zhangs of the AI Era Are Already Starting Up
It takes ten years to figure it out, and one minute to pull the trigger.
The Road to AGI | BlueRun Ventures' AGI Investment Thesis Updated to Version 2.0
Six takes, posted here for the record. Subject to revision.
Yunqi Capital's Chen Yu: How He Became the Earliest Investor in MiniMax | "Attent!on" Crossover with "Jun Zhang's Business Talks"
Let's Talk About the Present and Future of LLM Venture Capital
Large Language Models Are Still in Elementary School — Don't Rush Them Into the Workforce | A Conversation with ZhenFund's Yusen Dai: What Stage Is AI At Right Now?
This is a crossover episode between the ZhenFund podcast *"Seriously Speaking"[1]* and the Crossing podcast[2].
Early Summer, Time to Surf to Your Heart's Content! | BlueRun Ventures Bi-Monthly Report
The thrill of surfing freely under a blazing sun.
A Good AI Should Be Like Doraemon | Koji x Yusen
Zhilin Yang: Internet R&D Is "Planting Trees," Large Model R&D Is "Contracting a Forest" | BlueRun Ventures Headline
Climbing the stairs, not just looking at the view.
Code Brain | Building the Simplest Agent Application on Dify with ByteDance's Doubao Model: AI Information Retrieval
Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba
A full list of Moonshot AI's investors to date.
What Is Love? I Asked My Daughter, My Mother, My Grandmother, and AI
On the morning of May 20, I received a bouquet of flowers from Moonshot AI. The card read: "I'm Kimi. Nice to meet you." I posted about it on Moments, and
A Conversation with Liu Zhiyu: Artificial Intelligence Can Attain Enlightenment Too
The rarest thing in this world is authenticity.
BlueRun Ventures Wins Multiple Awards Including Top 3 Best Early-Stage Investment Firm at ChinaVenture Awards
Accompanying founders from zero to one to redefine the future.
Zhilin Yang: Innovation, Long-Term Thinking, First Principles
I'll see you on the other side of the moon.
Allen Zhu went left, Zhang Yutong went right
When Allen Zhu chose to stay put and ride out the storm, Zhang Yutong decided to find a new table.
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.
How Far Are We from LLMs Creating New Commercial Growth and Super Apps? | Ronghui · Inside Volcano Engine
Large language models are driving new business growth and novel forms of interaction.
Standing at the AI Crossing, the Future Comes Roaring In | 16 Observations and Reflections from My Q1
The green mountains endure, the clear waters flow on — change never misses its cue.
Replicating Sora? Long-context or RAG? Are Agents a fake demand? | Yunqi Capital's Ten Questions X Attent!on
Just enjoy the "petrichor" of AGI.
BlueRun Ventures Headlines | Moonshot AI's Intelligent Assistant Launches Beta for 2 Million Character Lossless Context Window
From 200,000 to 2 Million Words: Moonshot AI Opens Beta Test
In less than six months, Moonshot AI's smart assistant has increased its capacity tenfold, now supporting 2 million characters of lossless context.
The Power of Focus
China's LLM Funding War: The Quick Death of Romance
Do the investors regret it?
Qidi Weekly | The AI Face-Off Between Zhilin Yang and Allen Zhu
"Inspiration Weekly" is a column I'll update every week. Here, I'll record five people or things that inspired me during the week — to help me reflect, grow, expand my intellectual boundaries, and become freer and happier.
BlueRun Ventures Headlines | Zhilin Yang: Advancing Toward the Uncharted Snow-Capped Mountains
"If your ideal is something everyone can think of, it adds nothing to the total stock of human ideals."
BlueRun Ventures and Portfolio Companies Win Multiple Awards from Jintou Awards, PEDaily, Rongzhong, and Investment Network
Accompanying founders from 0 to 1 to redefine the future
Looking Back at 2023: The World Has Really Changed
These people and events reshaped 2023 — and will shape the years ahead.
BlueRun Ventures and Its Portfolio Companies Win Multiple Awards from Forbes China, TMTpost, Jiemian News, and Cyzone
Standing alongside founders from zero to one to redefine the future.
Moonshot AI Kicks Off the "Long-Context Era" for 100-Billion-Parameter Models
A 100-billion-parameter LLM product that supports 200,000-word context windows
Destruction Precedes Creation: Rebooting the Era of General Artificial Intelligence
On August 22, Chinese tech think tank *Jazzyear* hosted the "2023 Jazzyear Gravitational Force X Tech Industry Investment Conference" in Beijing. Dozens of industry leaders gathered to discuss cutting-edge topics, using AI and other hard-tech investments as a starting point to analyze emerging trends in the tech industry and explore new directions, opportunities, and futures for the sector. In 2023, generative AI led by ChatGPT has swept across the globe, ushering in a second wave of artificial intelligence.
MONOLITH砺思资本｜Riding with Great Tech Companies
Think to know, and temper through action.
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