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Yunqi Capital

云启资本

Yunqi Capital (云启资本) is a Chinese early-stage VC founded in 2014 by Mao Chengyu and Huang Yubin, who brought 25+ years of industry experience and positioned it as one of China's earliest funds focused on "tech innovation × industrial enablement" . Its signature bets cluster around open-source infrastructure — it led early rounds in PingCAP, Zilliz (2017 angel), Jina AI, RisingWave and TabbyML — and around AI: it backed MiniMax at angel in late 2021 when large models were still a cold field in China, as partner Chen Yu recalled, because the firm had known the founding team early and believed in their AGI ambition . On the robotics and embodied-AI side it was Keenon Robotics' first institutional investor, led Astribot's 2023 angel round, and recently led the angel round of Huazhe Xu's Poke Robotics ; one recent marker of its AI-infrastructure run is LightStandard, a photonic-computing portfolio company it backed at angel, which by September 2026 had raised several billion RMB at a valuation near RMB 20 billion . On the team side, Mao remains founding managing partner, and Chen Yu was among four investors promoted to managing partner in early 2026 .

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Yunqi CapitalFund
云启资本
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