Xingyun

Xingyun (行云) is a GPU chip startup founded in 2023 by Ji Yu (季宇), then 30 years old . The company develops next-generation high-efficiency GPUs targeting large language model inference scenarios, pursuing what FreeS Capital described as a "heterogeneous + white-box" technical approach that balances system performance, software compatibility and forward-looking architecture . This positions it to address computing cost and supply bottlenecks in the AI industry.

The company should not be confused with the earlier Xingyun Group (行云集团), a consumer goods digital supply-chain platform that raised a roughly $600 million Series C2 round in 2021 led by Yunfeng Capital with participation from 5Y Capital, Matrix Partners China and others . That older entity was framed by 5Y Capital as a "digital e-commerce supply-chain middle platform" serving as a central nervous system for fragmented brands and traffic sources .

The chip startup Xingyun raised angel and angel+ rounds totaling several hundred million yuan in late 2024 or early 2025, with FreeS Capital continuing to back it after its initial angel investment .