Yusen Dai
戴雨森
Yusen Dai is a managing partner at ZhenFund, where he has focused on early-stage investment since joining in 2017 . He came to investing after co-founding Jumei International, the e-commerce group he started with Chen Ou in 2009 after leaving Stanford; the company listed on the NYSE in 2014 when Dai was 27, reportedly making him the youngest co-founder of a NYSE-listed Chinese company at the time . At ZhenFund he has become one of the firm's most visible AI investors, backing Moonshot AI (Kimi) as its first angel investor and later leading or co-leading first-round investments in Manus, Genspark, and other AI startups . He is also a Tsinghua graduate (Industrial Engineering, 2008) and has been cited in ZhenFund materials as an advocate of the firm's "bet on people" philosophy, particularly young founders .
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Coverage
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.
真格基金·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.
真格基金·OpenClaw Confession: Nine Stories, the Growth of a Digital Life
This is my first growth diary — stay tuned for more!
真格基金·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.
真格基金·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.
真格基金·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.
真格基金·Dancing with Love, Zhang Huaiting: Staying a Calm "Value Builder" Amid the AI Hype
Make decisions toward your goals, not away from your difficulties.
真格基金·Gen Z Is Building the World
There's always someone young.
真格基金·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?
elsewhere别处发生·ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red
A mental landscape few investors would ever admit to out loud.
真格基金·New Year 2026 Conversation with Koji: The Year of R
真格基金·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.
真格基金·The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
elsewhere别处发生·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.
真格基金·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.
真格基金·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·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.
真格基金·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
真格基金·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.
真格基金·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.
真格基金·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.
真格基金·Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent
In 2025, the "Sedol moment" for industries far and wide is only just beginning.
真格基金·2025 AI Mid-Year Review with Yusen Dai: OpenAI's IMO Gold, Moonshot AI K2's Comeback, Agent Adoption, and the Talent War
真格基金·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.
真格基金·Beyond the Cliff, Grass Yet Untrodden | Z News
We stand ready to receive, in the depths of our being, those miracles that arrive unforeseen.
真格基金·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.
暗涌Waves·Greener Pastures, First Flickers of Ambition | Z News
The light and shadow grow richer; a story is brewing.
真格基金·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.
真格基金·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.
真格基金·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."
真格基金·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.
真格基金·A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
真格基金·A New Year Dawns, Auspicious Energy Fills the Door｜Z News
Welcoming the Year of the Snake, embarking on a new journey.
真格基金·ZhenFund's Lunar New Year Reading List: A Good Story
Walking alongside words, seeing a wider world.
真格基金·A New Year Conversation with Koji: 2025 — The Critical Year for AI, the Dawn of the Agent Era
真格基金·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.
真格基金·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·The year draws to a close; a new chapter begins | Z News
A warm winter for good things.
真格基金·The Evolution of Coding Agents: In-Depth Conversations with Chinese and American Agent Founders, Alibaba Researchers, and Investors
真格基金·First Snow, Clear Skies After Frost — Good News as Autumn Departs | Z News
The early winter breeze is crisp and clear.
真格基金·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.
真格基金·Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
真格基金·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.
暗涌Waves·Summer rains bring gentle relief, good things flourish like green grass | Z News
Long, languid July.
真格基金·In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch
真格基金·Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
云启资本·When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
暗涌Waves·Yusen Dai: Embrace the Era, Optimism, and the Power of Young People | Crossover with AI Tech Review Talk
真格基金·A Good AI Should Be Like Doraemon | Koji x Yusen
真格基金·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
线性资本·OpenAI Sora Launch: The Business Insights and Tech Innovation Behind It
真格基金·200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
暗涌Waves·Large Models Are Just the Beginning: Toward a Future of Multi-Agent Systems and Close Human Collaboration
真格基金·When ZhenFund's youngest partner faced life's greatest joy and sharpest pain all at once
"Life is a wilderness."
暗涌Waves·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.
暗涌Waves·
