ZhenFund
真格基金
ZhenFund is a venture capital firm that invested in Horizon Robotics, with Liu Yuan serving as partner . The fund was co-founded by Xu Xiaoping, whose approach of "investing in people" distinguished it in the market . Yin Le, who joined in 2014 as one of the firm's earliest employees, described it at the time as a team of just over ten people; she built its "Zhen Post Station" mini-entrepreneurship school program from the fourth through thirteenth editions over seven years . The firm's investment philosophy centers on backing founders early, with Yin noting that its mandate was to find "the most excellent founders" at inflection points in technology or business .
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Coverage
Possibly the World's Smallest VC
Small in stature, big in dreams.
elsewhere别处发生·2026 VC Promotion Roundup
Universal celebration.
elsewhere别处发生·Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital
elsewhere别处发生·A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital
Happy New Year!
elsewhere别处发生·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·Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)
elsewhere别处发生·Li Kaiwen, Being a Normal Person in a World Full of Oddballs | elselier
He wants to build a fully conversational video editing tool.
elsewhere别处发生·Valued at $70 Million: ZhenFund and IDG Bet on Another Path for AI Companionship
Not just AI boyfriends.
暗涌Waves·The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
elsewhere别处发生·Vol.001 | A Conversation with Yuan Liu: One Week with Manus, Ten Years with Xiao Hong
elsewhere别处发生·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·Here are 14 startups that haven't been covered yet.
Always celebrate the risk-takers.
暗涌Waves·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·Where Are the Bold State Investors?
Breaking Down the Most Active Local State-Owned Capital.
暗涌Waves·The Clear Path, Hidden Path, and Rocky Path of AI Fundraising
Where does the money come from?
暗涌Waves·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·China's USD Funds Won't Disappear
Live long enough to long China.
暗涌Waves·Exclusive | The Full Untold Story Beneath the Surface of "Kimi Yang Zhilin Arbitration Case"
Who saw the sixpence, and who saw the moon.
暗涌Waves·Exclusive | Kimi Founder Yang Zhilin Faces Arbitration Filed by Former Investors
Another scandal at a high-profile AI company.
暗涌Waves·Who Is Horizon Robotics' Most Important Investor?
Got it?
暗涌Waves·Inspired by "The Greatest Show on Earth," a 17-year-old high schooler put on a hackathon | WAVES
The trumpet of the golden age.
暗涌Waves·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·The Hype Around *Black Myth: Wukong*, and the Barren Landscape of Game Investment
The world needs *Black Myth*.
暗涌Waves·When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
暗涌Waves·Guan Shanxing: I'll Tell Everyone When the Problem Arrives | WAVES
"Learn to become a (young) entrepreneur."
暗涌Waves·Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba
A full list of Moonshot AI's investors to date.
暗涌Waves·ZhenFund's Tianyi Qin: Globalization Will Unfold Cautiously in a New Form
Investing overseas, but not talking about the destination.
暗涌Waves·A New Decade for Venture Capital: Hongshan's First Answer
What's the solution for early-stage investing?
暗涌Waves·Looking Back at 2023: The World Has Really Changed
These people and events reshaped 2023 — and will shape the years ahead.
暗涌Waves·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·Can You Still Remember the Last Time a Purchase Actually Satisfied You? | WAVES RADIO
Fengqiao Capital's Chang Xin in conversation with Luxe.Co's Yu Yan.
暗涌Waves·200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
暗涌Waves·How 28 Young People Spent 33 Hours on an Island
A celebration means something when it's shared.
暗涌Waves·"You're only 36. You can be anyone you want to be."
Never stop moving forward.
暗涌Waves·Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
暗涌Waves·When ZhenFund's youngest partner faced life's greatest joy and sharpest pain all at once
"Life is a wilderness."
暗涌Waves·Hongshan Seed Deploys Another $480 Million, Early-Stage Investing Is About to Get Even More Crowded
What Should Seed Investing Look Like in a New Cycle?
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·ChatGPT is the talk of Silicon Valley, but the buzz is theirs.
"Some people laughed. Some people cried. The vast majority fell silent."
暗涌Waves·Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
暗涌Waves·On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
暗涌Waves·Spring Comes Quietly to Guomao
For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.
暗涌Waves·
