Z Fund

Z Fund (Z基金, also referred to as 智谱生态基金 / Zhipu Ecosystem Fund) is an investment vehicle that has co-led or participated in early-stage funding for embodied AI companies. Per 峰瑞资本 reports, it led the angel round of humanoid robotics firm Dongyi Technology (动易科技) alongside FreeS Capital in September 2024 , and followed on in an angel-plus round that brought the company's total raised to over RMB 100 million by June 2025 .

elsewhere's corpus does not contain additional details on Z Fund's founding date, AUM, full investment mandate, or organizational structure beyond these disclosed deals. Related coverage: Linear Capital and its partner Harry Wang appear in separate 线性资本 materials , but these concern a different entity, not Z Fund.