Yusen Dai
戴雨森
Yusen Dai (戴雨森) is a managing partner at ZhenFund, where he joined in 2017 to focus on early-stage investing — in recent years primarily AI, with bets including Moonshot AI . Before turning investor, he was a founder: in 2009 he dropped out of Stanford and co-founded Jumei with Chen Ou; the company listed five years later, when he was 27 . That path from mobile-internet entrepreneur to frontline AI investor is how ZhenFund itself frames him , and his own stated approach is heavily "investing in people" — resilience in founders, in his telling, matters more than ever in an AI era where models keep washing away applications .
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Coverage
A New Autumn Begins | Z News
Join us as we look back on August's highlights.
From Token Maxxing to Token Minimizing: Enterprise AI Starts Counting Costs
Token maxxing will be over within six months.
The 500th Day of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
On January 1, 2025, we released a kickoff podcast episode. ZhenFund managing partner Yusen Dai and Koji proposed in their conversation: 2025
The 500 Days of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
6 Keywords to Debrief the Agent Moment
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."
Early Summer Clarity | Z News
We invite you to look back on the "highlight moments" of June with us.
Day 500 of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
Spring's End Not Yet Come | Z News
We're looking back at the "highlight reel" from this past April, and we invite you to join us in witnessing the growth of our portfolio companies and what's new at ZhenFund.
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.
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.
OpenClaw Confession: Nine Stories, the Growth of a Digital Life
This is my first growth diary — stay tuned for more!
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.
vLLM Team Launches Inferact and Closes $150 Million Seed Round, with ZhenFund Leading First Round
Building a world-class AI inference engine to accelerate the progress of the AI industry.
ZhenFund's Yusen Dai's Lunar New Year Reading List: You Have to Keep Running Just to Stay in Place
Accompanied by words, seeing a wider world.
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."
Gen Z Is Building the World
There's always someone young.
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?
More and More People Are Starting to "Think Like Developers" | Baidu Miaoda Hands-On Review
In the *2026 AI Kickoff Conversation: The Year of R | A Conversation with Yusen Dai of ZhenFund*
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.
ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red
A mental landscape few investors would ever admit to out loud.
New Year 2026 Conversation with Koji: The Year of R
2026 AI Kickoff Conversation: The Year of R | A Conversation with Yusen Dai of ZhenFund
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.
The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
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.
I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
ZhenFund angel project Genspark announces $275 million Series B to build next-generation AI agent platform | Z News
Genspark is building a new generation of AI productivity tools for users worldwide.
Not Chasing Trends, But Backing the People Who Create Them: From Jumei to ZhenFund, Yusen Dai Has Navigated Cycles and Stepped Into the AI Era
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.
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
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Yuwuwei CEO Huaiting Zhang: Using Generative AI to Achieve "Teaching Students in Accordance with Their Aptitude, and Education Without Discrimination"
When building AI applications, we follow a 16-character principle: business-led, intelligence-driven, human-machine collaboration, pragmatic innovation.
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.
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
Yusen Dai of ZhenFund: From "No Need to Pay" to "Can't Live Without It," AI Is on Track to Shatter Humanity's Fastest Growth Records
The development of AI is a bit like boiling water — once it hits the boiling point, the arrival of the steam engine will spark a new industrial revolution.
First Investment Deal Agent Bobby Launches; Exclusive Interview with Vakee
Never underestimate anything you see in life.
Beyond the Cliff, Grass Yet Untrodden | Z News
We stand ready to receive, in the depths of our being, those miracles that arrive unforeseen.
A Year Later, When Kimi and MiniMax Investors Sat Down Together Again
The wildest possibility may be that humans won't be the only intelligent species on this planet.
Greener Pastures, First Flickers of Ambition | Z News
The light and shadow grow richer; a story is brewing.
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.
Crossing Podcast hit 40,000 users! The one thing I think we did right, and a whole bunch of feelings
Not a crossroads of confusion or bewilderment, but a crossroads brimming with possibility.
First Look: Lovart, the World's First Design Agent, Is Here!
We are witnessing history.
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.
ZhenFund's Yusen Dai: A Long Conversation on AI Agents — Every Industry Will Face Its "Sedol Moment" (Part 1)
In the Agent era, "attention is not all you need."
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.
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
A New Year Dawns, Auspicious Energy Fills the Door｜Z News
Welcoming the Year of the Snake, embarking on a new journey.
ZhenFund's Lunar New Year Reading List: A Good Story
Walking alongside words, seeing a wider world.
2025 Kickoff Conversation: The Critical Year for AI, The Dawn of the Agent Era | A Conversation with ZhenFund's Yusen Dai
"You couldn't have built Douyin in the BlackBerry era."
A New Year Conversation with Koji: 2025 — The Critical Year for AI, the Dawn of the Agent Era
2025 Kickoff Conversation: AI's Pivotal Year, the Dawn of the Agent Era | A Conversation with Yusen Dai of ZhenFund
The Evolution of Coding Agents: A Three-Hour Deep Dive with Chinese and American Agent Founders, Alibaba Researchers, and Investors | Seriously Speaking EP34
The future is arriving faster than ever.
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
The year draws to a close; a new chapter begins | Z News
A warm winter for good things.
The Evolution of Coding Agents: In-Depth Conversations with Chinese and American Agent Founders, Alibaba Researchers, and Investors
First Snow, Clear Skies After Frost — Good News as Autumn Departs | Z News
The early winter breeze is crisp and clear.
127 startups founded by Tsinghua alumni, all backed by this one fund
On average, one out of every six companies ZhenFund has invested in comes from Tsinghua University.
Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
We invested in large language models, AI applications, and embodied intelligence, but BlueRun Ventures still feels it hasn't FOMO'd hard enough.
The more optimistic doers.
"Press Releases Are Dead, Long-Form Podcasts Rule" | Lei Jun and Elon Musk's Shared Choice
Podcasts: The New Favorite of Tech Bigwigs.
Summer rains bring gentle relief, good things flourish like green grass | Z News
Long, languid July.
In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch
Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
Yusen Dai: Embrace the Era, Optimism, and the Power of Young People | Crossover with AI Tech Review Talk
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].
A Good AI Should Be Like Doraemon | Koji x Yusen
Let AI Help You Create Wonders — Linear Capital and Newshixiang Launch the First AI Art Festival
Last week, The Fair, in partnership with Linear Capital, launched [the first AI Art Festival (AIAF)](https://mp.weixin.qq.com/s?__biz=MzI2OTA3MTA5Mg==&mid=2652141099&idx=1&sn=f4b4090179c28b7679f56f322239f732&scene=21#we
How Many Miracles Can Ordinary People Create Once They Have AI: The "Love, Hate, Passion, and Vengeance" AI Video Creation Project
Come become the new legend
OpenAI Sora Launch: The Business Insights and Tech Innovation Behind It
200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
Large Models Are Just the Beginning: Toward a Future of Multi-Agent Systems and Close Human Collaboration
When ZhenFund's youngest partner faced life's greatest joy and sharpest pain all at once
"Life is a wilderness."
Exclusive | Source Code Capital, ZhenFund Confirmed to Join In — Wang Huiwen's "Chinese OpenAI" Is Being Scrambled For
China's investment world seems to have gone back to 2016 overnight.
