Xingyun Integrated Circuit
行云集成电路
Xingyun Integrated Circuit (行云集成电路) is a Chinese AI chip startup founded and led by CEO Ji Yu (季宇), a Tsinghua PhD in computer architecture who previously joined Huawei's "Genius Youth" program. The company focuses on challenging NVIDIA's dominance in AI chips, with Ji Yu arguing that software ecosystem strength—not just single-chip or interconnect capability—determines long-term success in the space. As of early 2025, Xingyun had raised successive angel and angel+ rounds totaling several hundred million RMB, with FreeS Fund (峰瑞资本) among its earliest backers. Ji Yu has been vocal about DeepSeek's impact on the industry, telling FreeS that while DeepSeek "fired the first shot," the deeper opportunity lies in AI democratization.
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Coverage
Venture Capital Lens on the Two Sessions: Six Core Topics and Policy Roundup | FreeS Research --- Every March, China's "Two Sessions" — the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) — draw widespread attention. For investors and entrepreneurs, the government work report and policy signals released during this period serve as a critical compass for the year ahead. In this article, the FreeS Research team examines the 2024 Two Sessions through a venture capital lens, identifying six core topics most relevant to the tech and startup ecosystem: **AI and digital economy, hard tech and advanced manufacturing, new energy and carbon neutrality, biotech and healthcare, consumption and domestic circulation,** and **capital markets and fundraising environment.** We also map out the specific policy measures and investment implications for each. --- ## 1. AI and the Digital Economy: From "Development" to "Application" AI was elevated to a new level of urgency at this year's Two Sessions. The government work report explicitly called for **"deepening R&D and application of AI"** and **"launching the 'AI+' initiative"** — a notable shift from previous years' emphasis on "development" and
Hoping this can offer a fresh perspective and some food for thought.
DeepSeek Fired the First Shot, but AI Democratization Is What Really Matters | A Conversation with Yu Ji of Xingyun Integrated Circuit
Where is the moat for large language model 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.
Li Feng in Conversation with Ji Yu: Understanding NVIDIA, Deconstructing NVIDIA, Challenging NVIDIA
"Monopolize or Die" — Will NVIDIA's Dominance Be Eroded?
