ZhenFund
真格基金
ZhenFund is a Chinese early-stage venture capital firm founded in 2011, positioning itself as one of the country's earliest angel investors and a first-stop backer for young entrepreneurs . The firm leads with a people-first, sector-agnostic approach: rather than picking themes in advance, it bets on founders it categorizes as "prodigies," "veterans," "operators," or "technologists," aiming to be the first capital in at the angel round with simple terms and founder-friendly structures .
Its partnership is anchored by Anna Fang as founding partner and CEO , Yusen Dai as managing partner and a former Jumei co-founder who himself was backed by ZhenFund at age 22 , and Yuan Liu as partner since 2017 . The team also includes investment director Jack Zhong and venture partner Koji .
ZhenFund's portfolio skews heavily toward technical founders, with notable concentrations in AI and hard tech. It was the 2023 angel investor in Moonshot AI (Kimi) , and its other AI and frontier-tech bets include Momenta, HeyGen, Orienspace, Saphlux, Xellar Biosystems, and DataGrand . The firm has also cultivated a particularly dense relationship with Tsinghua University alumni, having backed 127 startups founded by Tsinghua graduates as of late 2024, including Moonshot's Yang Zhilin and Orienspace's Yao Song .
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Coverage
Nine Skills: Moonshot AI Launches AI Solution for the Financial Industry
Possess institutional-grade data modeling and report delivery capabilities.
Chip and Semiconductor Startups Are Hiring | Z Jobs
We look forward to having you join us!
So He Turned Toward Embodied AI: A Conversation with Wang Jiawei, the 24-Year-Old Chief Scientist of Embodied Artificial Intelligence
After Designing a Chip with AI in Three Days, a Tsinghua PhD Decides to Go "Open-Book"
Let more people start from a score of 80.
When Embodied Artificial Intelligence Reaches a Crossroads: A Conversation with Sudu Tech, Ant Group's Lingbo, Independent Variable Robotics, and Poke Robotics — Four Frontline Perspectives
Enflame Lists on STAR Market, Backed by ZhenFund in Two Earliest Rounds
Accelerating the large-scale deployment of domestic AI computing power.
A New Autumn Begins | Z News
Join us as we look back on August's highlights.
Former Neuralink President Under Elon Musk: Brain-Computer Interfaces Are Not a "Moonshot"
The smallest combination needed to drive a major transformation in medicine.
Today, We Decided to Release the ZhenFund Portfolio Companies Recruitment Handbook
Perhaps the best way to learn is to start a company or join a startup.
The Full Story of Alibaba's Investment in Moonshot AI
Game Changer.
A 3-Hour Interview with Juanjuan: From Douyin to AI 3D, the Entrepreneurial Roller Coaster, the Ambition to Become a Manufacturing OS, and Why Foundation Models Won't Swallow Everything!
miHoYo Leads Funding Round for Indie Developer’s Third Venture to Make Games for Life
Treat making games as the only way to live.
In the Second Half of AI, It Won't Boil Down to One Supermodel | A Conversation with Pyromind Founder/CEO Kevin Ding
An American Engineer's 11 Days in China
China in 2036 will look very different from 2026.
22-Year-Old Embodied AI CEO, 5 Funding Rounds, Over $100 Million: "Don't Know How High the Sky Is," "Ate Ten Years of Bitterness in One Year" | Interview with RoboParty's Huang Yi
A Hackathon Killed the Whole Internet Café
Fermented mung bean milk tastes great.
Seeking AI Founders Ready to Go Global
Answering the must-solve questions for AI companies going global.
22-Year-Old Embodied AI CEO on Raising $100M in 5 Rounds: 'Ignorance Is the Best Time to Start a Company'
From "Coworker.skill" to "Life System": Two Young Builders' Public Experiment
Come to the Internet Cafe and Put Every LLM to the Real-World Test
Everyone's an AI Model Whisperer Now
ZhenFund led the latest funding round for Qisuan Guangqi, advancing the development of optical computing chips and systems
Funding will be directed toward core technology R&D, product iteration, and talent development.
"Model capabilities are already sufficient — if we're going to compete, let's compete on infra" | A conversation with Guanlan Dai: Founder of Runta
From Token Maxxing to Token Minimizing: Enterprise AI Starts Counting Costs
Token maxxing will be over within six months.
Wanwu Capital | Z News
We invite you to revisit the July "highlight reel."
"What Makes You Love an Industry for 15 Years?" | A Conversation with Tianfan Wang: I Want to Invest in True Joy, the Purest Vision, and the Brilliance of Human Nature [Highway Podcast]
ZhenFund Angel Project "Valhalla Technology" Closes Nearly $50 Million Funding Round
Build a Scientific AGI foundational platform for all domains.
Valhalla Tech, a Full-Modality Molecular World Model Company, Raises Nearly $50M in Three Consecutive Months of Funding | 5Y News
World models that create molecules.
11 Years, $11 Billion, and Then What? | A Conversation with Airwallex's Jack Zhang: In the AI Era, the Next Stop Is $100 Billion
ZhenFund angel project "Guibu Microelectronics" closes strategic funding round exceeding RMB 100 million, doubling down on 4D imaging millimeter-wave radar chips
Deepening its focus on the mmWave sensing track.
AI4S Needs Fanatics and Visionaries | A Conversation with Odin from Valhalla: "If God Exists, How Could I Tolerate Not Being God?" [Road Podcast]
We captured 28 moments at WAIC, piecing together a cyber *ukiyo-e*.
Melting from the heat.
Faster! Even faster! Fast enough to generate the world in real time | A chat with Shengshu Technology's Jintao Zhang on Vidu S1, inference acceleration, and real-time interactive video
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
What Did People Create in the 12 Hours After Kimi K3's Launch?
Unlock what comes next for you.
Raft Says AI Applications Aren't Dead!
The big one is here.
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
AI4S Needs Madmen and Visionaries | A Conversation with Odin of Valhalla: "If God Exists, How Can I Tolerate Not Being God?" [Highway Podcast]
ZhenFund and Momenta's Ten-Year Journey, as the "Physical AI" First Stock Goes Public
Volume production deployments have surpassed 1 million units.
When Everyone Has Better Tools, What Do You Actually Want to Create? | Zhen Summer Fellowship
Each team will receive up to RMB 500,000.
I Found the First Companion Robot I Actually Want to Buy! | A Conversation with Shibo: Founder of Yueban Power [Highway Podcast]
The Hardware Resale Conference Is Here
Useless AI hardware can be discarded here.
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.
ZhenFund angel project Lxson completes nearly 500 million RMB Pre-A funding round, launches home embodied intelligence brand "Zeroth"
Outstanding orders have surpassed 30,000 units, securing an early foothold at a critical entry point for home embodied intelligence.
ZhenFund angel project "OMOWAY" closes two consecutive funding rounds, becomes Indonesia's top electric motorcycle brand by orders in its first month on the market
Shared mobility is entering the intelligent 3.0 era.
Day 500 of the Agent Era: What's Disappearing, What's Being Born — Why We Should Stop Investing in GUI-Minded Software
Day 500 of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
A quick announcement: elsewhere now has a website.
Currently in beta — welcome to try it out.
5Y News | Archon Robotics Closes Nine-Figure RMB Seed Round
What Should Robots Learn from Humans?
ZhenFund angel project "YuanCe Future" (源策未来) has raised hundreds of millions of RMB in its Series A funding round, aiming to build the OpenAI of the humanoid robot era.
A University of Hong Kong professor has founded a startup to build a general-purpose, full-body embodied intelligence brain.
"YuanCe Future" Secures Hundreds of Millions in Series A Funding, Targeting Embodied Intelligence to Build the OpenAI of Humanoid Robots
Building a world-leading general-purpose full-body embodied brain.
I Found the First Companion Robot I Actually Want to Buy! | A Conversation with Shibo: Founder of Yueban Dynamics [Highway Podcast]
The Ticket to the Era Is Already in Everyone's Hands | Amazon Web Services Summit AI Open Mic Highlights
Builders are the ones who keep rewriting the rules of the world.
ZhenFund Angel Project "Hyde Hydrogen Energy" Completes Series B+ Round, Fluctuation Hydrogen Production Breaks Through Green Hydrogen Cost Parity Singularity
Long-duration, stable, and continuous low-carbon energy supply.
A Conversation with Kunpeng: After Ten Years, His Dream of Live-Action Interactive Film Games Is Finally Being Seen
The real value of AI is in building dreams for smaller circles.
ZhenFund angel project "Zhizi Xinyuan" closes new round of funding worth tens of millions of RMB, doubling down on AI for Computing
Advancing computing systems from "functional" to "efficient and optimizable" — a new phase.
A Conversation with Kunpeng: Interactive Movie Games With Real Actors Suddenly Took Off — The Dream He'd Chased for Ten Years Finally Got Noticed
A Conversation with MiniMax's Junjie Yan: M3, Project 10X, the 10T Model, and the Endgame of Intelligence
Which Path Leads to the "World Model" Endgame? | A Conversation with Biwei Huang, Founder of Aether AI
How Do Pros Use AI? How Do Regular People Learn AI? How Do Investors Bet on AI? | A Conversation with Ke Dai Biao Li Zheng
A24 Partner, Vercel CEO, a16z All Pre-Ordered This AI Bookmark
Create something truly compelling.
OpenAI and Anthropic Both Bet on FDE: A New Role Emerges in the AI Era, Old Divisions Loosen | A Conversation with Rolling AI
ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models
Let intelligence truly understand every unique soul.
"Xinzhou Technology" Closes $50 Million Series A Led by Meituan | Linear Portfolio
An agent's capabilities ultimately come down to the underlying model training.
Summer Glimpses | Z News
Let's take a look back at the highlights from May, and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
ZhenFund Early-Stage Portfolio Company Moffett AI Closes Nearly One Billion Yuan Series C Round
Become the indispensable green computing foundation within the AI infrastructure layer.
2026 AI Game Industry Panorama: Four-Layer Landscape, Three Major Misconceptions, and One Consensus Gap | A Conversation with Youning Xiao of 405 Games
The Unforgettable Series C Funding of Moonshot AI
A stroke of genius.
May in Shenzhen, Let's Rock and Roll | AI Nao Hunting Night, Night Three
The Hunt, Night Three: Shenzhen
The Best Way for Humans and AI Agents to Work Together Hasn't Been Invented Yet | A Conversation with Paperboy
Exploring Claude Code and Understanding the Agent Harness | A Conversation with Xinlu Lai
Curious, excited, restless, young builders: come hack at a hackathon this weekend!
The AI Era Doesn't Reward Bystanders
When We Talk About Harness, What Are We Really Talking About | Deep Dive: Minimax × Hermes Agent
Why Can't Companies Use AI Well? Three Critical Moves from Anxiety to Action | A Conversation with Baifendian's Shaofeng Zhang
Bringing 7 Hackathon Contestants Into the Podcast | Champions, Oddballs, and 48-Hour Sleepless Dreamers
When We Talk About Harness, What Are We Really Talking About | Deep Dive: MiniMax × Hermes Agent
The Lobster Recedes, the Horse Tamer Takes the Stage
"You wouldn't lend out a shovel that can dig up gold" | A Conversation with Lu Ziheng of Kaiwu Ji: Using AI to Invent New Materials
Inside the Hype Tsunami of Embodied AI, He's Already Put Robots in 300 Homes | A Conversation with Zhang Yi: Founder/CEO of Weilai Buyuan
"AGI Is Here? I Used It for a Week and My Scalp Went Numb" | A Conversation with Haoran Zhang: Cofounder of Moxt
She Wants to Build an AI-Era 'Super Playground' | A Conversation with Roi, Founder and CEO of Mujian
"The 100 Million Token Club" Is Packed — AI Is Running Out of Fuel | A Conversation with Wenyuan Yu: Technical Lead of Alibaba Cloud Bailian
After OpenClaw, Who Will Define the New Battleground for Proactive AI? | A Conversation with AirJelly's Huang Bote
CrossWe's Jia Kui: The Next Decade Is Physical World AGI
Let AI penetrate every corner of the physical world.
Be a human, don't be an AI.
Don't Let AI Define You
Your First Agent, On Us
"Token Grant" will provide each project with RMB 50,000 in token fees
20 Questions to Understand OpenClaw: Viral Mechanics, Fundamental Shifts, and Startup Opportunities
Dropped Out of Columbia to Build the First General-Purpose Learning Agent
Cambridge PhD Goes Mining: When AI Meets the "One Drill, Ten Million Dollars" Industry | A Conversation with Ziheng Xiang: Founder/CEO of DeepOptica
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.
The Man Who Sold His Company for $4 Billion, Back at the Crossroads | A Conversation with Justin Yuan: Entrepreneurship, Life, and Those "Useless Things"
Vibe Coding: The Second Half — The Four Kings and Those Who Want to Win | A Conversation with Zhu Guangxiang, Baidu Miaoda Product GM
What Future Does He See That We Don't? | A Conversation with 18-Year-Old Tu Jinhao: Former DeepSeek Intern, Alibaba Math Competition AI Champion
Is the "Cursor Moment" for Video Editing Here? | A Conversation with ChatCut Founder Li Kaiwen: From Golden Horse Director to AI Entrepreneur
It takes a lot of reason, but it also takes a lot of feeling.
Is This Video Editing's "Cursor Moment"? | A Conversation with ChatCut Founder Kevin Li: From Golden Horse-Winning Director to AI Entrepreneur
Paranoia, Ambition, and a Pair of AI Glasses: The Raw Fuel of Elite Product Managers | A Conversation with Li Auto SVP Haoyu Fan
A Conversation with Huaiting Zhang of Yuaiweiwu: The Veteran Founder Who Doesn't Take Detours | BlueRun Ventures Family Spotlight
"Founders never truly fail."
2026: The Year of AI Video Is Coming | A Conversation with OiiOii Founder Nao Nao: After Stints at Tencent and ByteDance, How to Catch the Next Wave?
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief With Jing Liu
VC takes a certain amount of instinct.
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief with Jing Liu New Consensus and Undercurrents Among China's VCs
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*
20 Stories That Capture a Year of Living With AI | 2025 Annual Memory
2025: The Days We Spent With Doubao
Inside a Thousand-Person "AI Manga Drama" Factory: Wild Growth and Creative Ideals | A Conversation with Jiangyou
Challenging WeChat Is a Death Wish? The Ambitions of a 25-Year-Old AI Founder | In Conversation with Chunyu Chen: Founder/CEO of Intent
After dropping out of Tsinghua University, he experienced seven failures.
Investing in 50 AI Companies in One Year; What Was I Thinking When None of Us Knew the Answers? | A Conversation with Jie Yang, Founding Partner of Jinqiu Fund
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.
A Conversation with ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red Xiao
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
Leaving ByteDance to Go All-In on AI: Why Jinqiu Fund Isn't Called "Jie Yang's Jump" | AI Deadlock
Don't overgeneralize.
Challenging WeChat Is a Death Wish? The Ambitions of a 25-Year-Old AI Founder | In Conversation with Chunyu Chen: Founder/CEO of Intent
The Sexiest AI Opportunities Are in Markets That Are "Slow, Expensive, and Fragmented" | A Conversation with Mizzen AI's Keqiang Sun & Yihao Li
Tsinghua PhD Crosses the Desert, Searching for the iPhone Moment of Green Hydrogen
Your Next Wearable: A Health Companion Hanging Around Your Neck? | A Conversation with Chris Pan, Founder of AI Necklace Odyss, and Li Yihao, Partner at CreekStone
The 18 AI Voice Agent Startups to Watch in 2025
"People are seriously underestimating the potential of voice as an AI interaction interface."
What Did He See? | A Conversation with Zhang Fan: Former Zhipu AI COO, Founder/CEO of Yuanli Intelligence — Why Is He Convinced AI's Opportunity Lies in ToB?
Duolingo Talks to Early-Stage Founders: How to Build a Fun Product in the AI Era?
Because it's weird, because it's fun, because it's one of a kind.
The First Streamer in China to Beat *Black Myth: Wukong* with Motion Controls, Defeating a Boss with a Wave of a USB Device
Tsinghua '97 Alumnus Qin Yudi: From an Abandoned Garage to AI Energy Management, He's Always Been Flying Close to the Ground
"AI Infra Is Destiny" | A Conversation with Yanpeng Wang: From the Big Data Era to 30,000-GPU Clusters — A Firsthand Account of China's Compute Evolution
Yunqi Capital Leads Investment in Jekka: Pushing the Next Frontier of AI | Yunqi Doers
"White-Box Thinking" Reconstructs the Trust Boundary of Enterprise AI
Wang Qiang's 2025 Future Science Prize Address: Science Should Be Remembered as Poetry
Look to the future, observe the present, reward the past.
A Conversation with Jekka Founder on Human-Level AI Agent Customer Service: AI's Boundaries, Large-Scale Implementation, and the Endgame
ZhenFund Early-Stage Project MetaX Clears STAR Market IPO Review
Proceeds from this fund raise will primarily go toward R&D and commercialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and related projects.
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
What's the Endgame for Embodied AI? Dexterous Hands, Underrated Tactile Sensing, and First Principles
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
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ZhenFund Portfolio Companies 2025 Fall Joint Campus Recruitment Officially Launches
Young talent, take note! ZhenFund's 20+ portfolio companies are bringing 100+ open positions for you.
Conversation with Kaijie Chen: The Gen-Z Founder Who Pivoted Three Times to Build the World's First Personal Agent
A group of Gen Zers used flyers, all-nighters, and scholarship money to get this bird game off the ground at ChinaJoy
Lovart's official version launches today, and we just have one thing to say: this is so next level!
It defines a new interaction paradigm.
Dropping Out of Wharton to Start a Company Back Home: Starting with Mycelium to Get 10% of People Eating the Future
2025 AI Mid-Year Review with Yusen Dai: OpenAI's IMO Gold, Moonshot AI K2's Comeback, Agent Adoption, and the Talent War
Head AI reminds me of Miraculous Department Store.
"Swallows return to familiar haunts" — or more fully, "Swallows return, as if from times gone by." This is a line from the Song dynasty poet Yan Shu's *Washing Creek Sand* (*浣溪沙*), expressing a bittersweet sense of recognition and the cyclical return of things past, tinged with the melancholy that what returns is never quite the same.
A Conversation with He Tao, Former XPeng Co-Founder: On My Second Act, Redefining Smart Electric Motorcycles in Southeast Asia
Half of 2025 is gone — 9 AI Aha Moments
Great products are often born at the "Crossing" of technology and the humanities.
First Investment Deal Agent Bobby Launches; Exclusive Interview with Vakee
Never underestimate anything you see in life.
Starting from Five Investments in Manus's Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How His Read of People Has Evolved
I think the market is at its best right now.
A Conversation with Li Yafei of ClackyAI: Vibe Coding Is the Starting Point; the Endgame Is a Fully Automated Software Delivery Factory
Three post-90s PhDs from HKU want to give every mobile robot a hippocampus in the future
Starting with Five Investments in Manus Founder Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How Reading People Evolves
A Conversation with Huang Xiang CEO Yi Wang: Five Years, Three National No. 1s, Champion Breakfasts Designed for Kids — How Huang Xiang Is Reshaping Morning Meal Habits
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.
A Conversation with the Founders of YuanGu and TangSuo: The Pursuit of Beauty Is a Lifelong Quest
A Three-Way Dialogue on AIGC Creativity, Product, and Investment: Will the Future Pixar Be Born Inside an AI Company?
CreativeFitting Founder Zhu Jiang: Building a Super Content Platform for the AI Era — Fundraising and Self-Sustaining Revenue Must Go Hand in Hand
Crossing March Offline Salon Recap: What AI Startup Opportunities Exist in the Post-DeepSeek Era?
We recently pulled off "something big."
"If you bloom, butterflies will come" — How Hillhouse and ZhenFund Partners See New AI Startup Opportunities
If you bloom, butterflies will come.
Google's Back! Gemini 2.0 Image Editing Tested: Can Plain English Take Down Meitu?
When the foundation model gets updated, do you feel anxious? Or excited — as an entrepreneur?
Shanghai Offline Salon: The Post-DeepSeek Crossroads — New AI Investment Opportunities in 2025
Join us in Shanghai to discover new opportunities in the post-DeepSeek era!
A Conversation with Zhaogang Group's Wang Dong: An Esports Team, an Email, and Thirteen Years of Entrepreneurship
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
Renjie Guo's AI Hardware Startup Lxson Closes Nearly RMB 200 Million Angel Round | Oasis Capital
Counselor Vitality / Counselor on Vitality (Note: "参赞生命力" appears to be a title or phrase without surrounding context. "参赞" can mean "counselor/advisor" (a diplomatic title) or "to participate in and assist." "生命力" means "vitality" or "life force." If this is a book title or article heading, it could be rendered as *Counseling Vitality* or *On Vitality* depending on the author's intent. Additional context would help determine the best translation.)
Lxson Raises Nearly RMB 200 Million in Angel Round, Co-Invested by Monolith
Embrace the best technology and the best partners
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 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
A Conversation with Google DeepMind and LLM Researchers: Deconstructing OpenAI o1 and the LLM+RL New Paradigm
To AI Founders: In 2025, Go to These VCs for Funding | Debriefing a Year in Primary Markets with Jing Liu of "Waves"
"2024: Who's Still Actively Investing in AI?"
CereMediTech Successfully Completes Series A+ Funding Round | BlueRun Ventures
Building the "New Infrastructure" for Diagnosing and Treating Neurological Disorders
To AI Founders: In 2025, Go to These VCs for Funding | A Year-in-Review of the Primary Market with "An Yong" and Jing Liu
30,000-Word Transcript: A Google DeepMind Researcher on Deconstructing OpenAI o1 and the LLM+RL Paradigm | Z Talk
The most hardcore, no-fluff technical breakdown of o1.
First Snow, Clear Skies After Frost — Good News as Autumn Departs | Z News
The early winter breeze is crisp and clear.
OpenAI's Flagship AI PDF Tool: This Wrapper Product Hit 500K Users in a Year With a Team of 5 | Z Talk
Why Won't Wrapper Products Get Crushed by ChatGPT?
OpenAI and Anthropic CPOs on Conversation: The Core Skill for Product Managers in the AI Era Is Writing Evals | Z Talk
A 60% accuracy rate is the "Mendoza Line" for AI products.
Vozo AI's Changyin Zhou: Early Google X Engineer, Video Product Goes Viral on Product Hunt, 6 Million Global Users | Z Talk
The market for video creation is a $100 billion opportunity that's severely underestimated.
Betting on AI Startups Four Years After a VAM Gamble: The Full Story of a Data Startup's Acquisition
I was going to ring the bell; how could I have sold the company after just four years?
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.
Golden Skies, Orange Leaves, Good News with Autumn | Z News
The autumn air is crisp and clear.
A Flying Action Camera That Raised Over $4.4 Million on Overseas Crowdfunding | Z Talk
Within two hours of going live, the crowdfunding campaign hit one million dollars.
Yichao Ji, Peak: A Small Step Toward Replicating OpenAI o1 — Steiner Open-Source Model Progress Report | Z Talk
Since OpenAI released o1, I've been working on reproducing it as a side project in my spare time.
Returning to Dollar-Denominated VC: Is It Like Joining the Nationalist Army in 1949? | A Conversation with Xing Meng, 5Y Capital's New Partner
Are those who go against the current naive, or brave?
Horizon Robotics Goes Public: We Can Finally Talk About Kai Yu's Story | Z Talk
How can a risk-averse entrepreneur pull off something incredibly risky?
ZhenFund Angel Project Horizon Robotics Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
This marks ZhenFund's sixth IPO this year. Congratulations to Horizon Robotics!
Elon Musk's Third In-Depth Interview with Lex Fridman: "Chopsticks Catching Rockets" Is the Key Technology for Building a Martian Civilization
Building a fully reusable rocket is the "holy grail" of orbital spaceflight.
First startup acquired by a multinational after just 5 years? Recurve founder Tony Dongni Ren reveals the game of entrepreneurship and exit
Nobel Laureate Geoffrey Hinton: My Fifty-Year Deep Learning Career and Research Philosophy
Almost all progress in the field of neural networks stems from intuition that strikes in a flash.
Angry Miao Li Nan: The Battle for "Made in China" Mindshare in Global Markets Is the Blue Ocean Opportunity of a Lifetime for Gen Z | Z Talk
Chinese brands can win the battle for mindshare on the global luxury battlefield.
Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
ZhenFund angel project "Luchuang Technology" announces completion of hundreds of millions of RMB in Series A++ funding | Z News
Dedicated to building world-class large-scale video generation models.
Yuan Liu of ZhenFund: What Kind of Entrepreneur Stands Out in This Era? | Z Talk
Great investors recognize patterns; great founders break them.
ZhenFund angel project "MenuSifu" announces $40 million Series B funding round | Z News
MenuSifu helps Chinese restaurant brands go global.
20,000-Word Deep Dive on Product Sales: Clari CRO Reveals the Exclusive Rules Driving Growth Behind $4 Trillion in Revenue Management | Z Talk
As a salesperson, my job is to understand all the internal constraints within the client's organization.
Moonshot AI Founder Zhilin Yang's Latest Take: Deep Reflections on OpenAI's o1 Paradigm Shift | Z Talk
The Next Phase of Foundation Models: A New Paradigm?
Seeing Silicon Valley in Shanghai | This Saturday's ToC AI App Meetup — Coming?
Saturday Jam @Shanghai (9/21)
Castbox's Wang Xiaoyu: 50+ Products, 50M+ MAU, How a Podcast App Went Global and Became an AI-Powered Product Factory
Stay at the table and wait for a better opportunity.
Talking AI Tech Applications, Founder Mindset, and the Scale of Entrepreneurship | A Conversation with Xiaoyu Wang of Castbox
ZhenFund Early-Stage Project "XCharge" Successfully Lists on Nasdaq | Z News
Warm congratulations to XCharge! A new journey begins — the future is bright!
YC Founder's Latest Viral Silicon Valley Essay: Founder Mode May Be the Better Operating Model for Startups | Z Talk
In reality, there are two fundamentally different ways to run a company: founder mode versus manager mode.
ZhenFund Wins "Most Active Early-Stage Investment Firm" and Multiple Other Awards from First Voice | Z News
**China's Most Active Investors in Q2 2024**
China Resources Beer CEO Hou Xiaohai in Conversation with Orienspace's Yao Song: Building Rockets and Brewing Beer Both Require Innovation | Z Talk
Yao Song's WeChat Moments signature: "Today is the youngest day of your life."
Iterating the Last 1%: A Founder's Guide to Organizational Growth | Z Talk
Closed-Door Talent Salon Recap: How to Control Organizational Growth?
ZhenFund's early-stage portfolio company Infinigence AI announced the completion of a nearly 500 million yuan Series A financing round | Z News
It has raised nearly RMB 1 billion in total funding.
Black Myth's First Investor Daniel: After Investing 60 Million for 20%, He Doubled Down With Another 100 Million
ZhenFund's investment philosophy and the Black Myth story.
Late Summer Sun, Breezes Bringing Autumn | Z News
A gentle breeze blows warm and pleasant.
ZhenFund Angel Project "Hyde Hydrogen Energy" Announces Completion of New Funding Round | Z News
China's most innovative green hydrogen technology company.
Silicon Intelligence Goes Left, Colossal-AI Goes Right | Z Talk
Colossal-AI's approach to training large models is already making money.
Limitless Founder: The Full 30,000-Character Interview — A 7-Minute Pitch, Thousands of Investor Inquiries, and the Fundraising Secrets of a Startup | Z Talk
Only three or four things truly determine whether a company succeeds or fails.
In My Prime: How Game Science Made *Black Myth: Wukong* | Z Talk
When you decide to do what you truly love, good things follow.
2024 Future Science Prize Winners Announced | Z News
Celebrating scientists and honoring the spirit of scientific inquiry.
Entrepreneurs Aspiring to Create 20% of China's Future GDP Are at ZhenPlanet | Z Events
We talked about everything related to AI entrepreneurship.
A Conversation with Ye Bin of Xiaoyezi: Is a Stringless Guitar a "Stupidity Tax"? Hear What a Ten-Year Industry Veteran Has to Say | *The Real Deal* EP30
Find your ONE.
A Chat with Xiaoyezi Founder Ye Bin: How to Learn an Instrument Painlessly? Try Going Smart!
"Press Releases Are Dead, Long-Form Podcasts Rule" | Lei Jun and Elon Musk's Shared Choice
Podcasts: The New Favorite of Tech Bigwigs.
Zhilin Yang: The Man Who Got Alibaba and Tencent to Team Up
Call me by your name.
4 Stanford PhDs Crash Into a Trillion-Yuan Track | Z Circle
Force control is a critical, necessary step toward humanoid robots.
Ten Thousand-Word Conversation with Scale AI Founder Alex Wang: Why Data, Not Compute, Is the Biggest Bottleneck for Large Models｜Z Talk
We've exhausted all the easily accessible data.
ZhenFund-Backed LuminWave Raises Tens of Millions of Yuan in C2 Round | Z News
The proceeds from this round will go toward rapid R&D iteration and mass production of high-end 3D camera chips.
Summer rains bring gentle relief, good things flourish like green grass | Z News
Long, languid July.
A Conversation with Zhilin Yang: Focus on Productivity, Build the One Product That Is Kimi | Z Talk
Resist organizational inertia.
ZhenFund Early-Stage Project "NIP Group" Officially Lists on Nasdaq: China's First Esports Stock Is Born | Z News
Warm congratulations to NIP Group, the "first esports stock of China"!
Z Talk: A Conversation with Uzis Founder Sen Wang — Dropping Out, Returning to China at 22, and 10x'ing GMV in Three Years Selling Basketball Socks
We don't do anything outside of basketball, and it's impossible to understand that many people.
Ahead of the Olympics, a Conversation with UZIS Founder on China's Sports Consumer Market
The Only Thing That Matters for Startups Is PMF | Z Talk
The number one killer of startups is lack of market.
When I Was One Step Away from the Founder | Z Talk
Ostrich Club Members' Entrepreneurial Stories, Revealed for the First Time Ever.
HeyGen Founder Interview: How an AI Video Startup Hit $35M ARR Without Building Its Own Foundation Model | Z Circle
Finding the balance between user needs and technical capabilities.
A Conversation with Qin Youming: From the MaRS Lab to the "Liuxing" Machine, Building the Most Authentic Virtual World | Seriously Speaking EP28
The future belongs to the three-dimensional world.
A Conversation with Aaron Qin: From the MaRS Lab to "Liuxing," Building the Most Authentic Virtual World
Professor Lu Cewu's Speech: Has Embodied Intelligence Found Its Own Scaling Law? | Z Talk
Starting from first principles in embodied intelligence.
A Conversation with Momenta's Cao Xudong: Beyond Moore's Law for Autonomous Driving | Z Circle
The hardest choice is not changing your original choice.
ZhenCraft Review: How AI Hardware Founders Can Achieve PMF | Z Events
Demand drives product; product drives technology.
In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch
Sogou Input Method, truly a "dog" after all
Consensus Within Non-Consensus: A Conversation Among China's LLM Investors | Yunqi Tech π
New Wave, New Future
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
Inside Duolingo: The Little Green Bird's China Playbook
Vastech Energy's Yiyang Liu: From "Death Major" to PhD Founder, Finding a New Path to Commercializing Aqueous Batteries
A Conversation with RightBrain AI's Liang Jian: A Peking University Graduate Leaping Into the AI Era
NEIWAI Founder Xiaolu Liu: Navigating Business Cycles Through Eastern Philosophy
OpenAI Sora Launch: The Business Insights and Tech Innovation Behind It
Believe it or not, a robot that bills itself as "weak" has become a hit in Japan
I love your clumsiness, your mistakes.
A Conversation with KY Qianzhuang: When Healing Becomes a Generational Need, Does a More Universal Form of Mental Health Service Exist?
The roads are packed — time to try hailing a flying taxi.
Diagnostic Detectors for Every Ailment: How Much Do You Know About In Vitro Diagnostics?
A Conversation with Li Nan: From Meizu to Angry Miao, an Unwavering Eye for Aesthetics and Consumer Insight
Today, we try to pry open the "black box" of autonomous driving.
I Tried Writing Microfiction With AI — Turns Out 95% of the Time Was Spent Wrestling With the AI
Destruction Precedes Creation: Rebooting the Era of General Artificial Intelligence
On August 22, Chinese tech think tank *Jazzyear* hosted the "2023 Jazzyear Gravitational Force X Tech Industry Investment Conference" in Beijing. Dozens of industry leaders gathered to discuss cutting-edge topics, using AI and other hard-tech investments as a starting point to analyze emerging trends in the tech industry and explore new directions, opportunities, and futures for the sector. In 2023, generative AI led by ChatGPT has swept across the globe, ushering in a second wave of artificial intelligence.
Talking Anxiety, Appetite, and Courage with a Peking University Neuroscientist
The XR Bubble and the Trajectory Ahead: From Polygon Games to Reality Fusion
From 2D to 3D: Pulling Back the Curtain on Virtual Reality's Technical Foundations
Luchen Tech's Yang You: AI Foundation Models Have No Intellectual Property — Only Open Source Can Go the Distance | BlueRun Ventures Headlines
A healthy AI ecosystem should have three or four thousand companies contributing to it.
The Age of VUCA: How to Capture the Next Wave of Growth in Industrial Robots
Have robots learned to fold laundry and make coffee after large models were applied?
Large Models Are Just the Beginning: Toward a Future of Multi-Agent Systems and Close Human Collaboration
Energy storage batteries, chips, and other frontier sectors land funding; smart manufacturing leads the charge overseas | Rongbao · September
September milestone.
WeView, a next-generation energy storage battery manufacturer, has closed multiple consecutive funding rounds totaling over 400 million RMB.
Gigawatt-level vanadium flow battery production capacity is driving the industry's takeoff.
MaHui | Source Code Capital's Xingchen Zhang Named to Cyzone's 40 Under 40 Investors List
"Finding tech founders full of conviction"
2022, the Door Opens to the Future | 5Y News Monthly
The big news from last month.
5Y News | AI Drug Discovery Company Redesign Science Raises $15 Million
Advancing structure-based drug discovery.
Adaps Photonics Closes B1 Round to Double Down on High-Performance dToF Depth Sensor Chips
Developing advanced sensing chips for industry, creating "eyes of insight" for the future.
FreeS Family Funding News · July | PatPat, Yanming Biotech, Qbit, and Innostar Secure Financing
We've also released three short videos this issue — follow us to check them out.
Rongbao · June | BOSS Zhipin and Dingdong Maicai successfully go public; medical, industrial upgrade, and chip companies close new funding rounds
Xingji, Dongjing Yiwan, Qitan Technology, and other companies have completed new funding rounds.
5Y News | After Raising Hundreds of Millions in Three Consecutive Rounds, "Yahaha" to Build Real-Time Digital Entertainment UGC Platform
A no-code, multiplayer interactive entertainment creation platform for global users.
EDA digital implementation solutions provider Xingji announced the completion of a Pre-A funding round worth several hundred million yuan.
Where the chip leads, there we go — together, forging a new era of digital intelligence.
To Better Kick Off March | 5Y News Monthly
The major events of February.
Chip IP Company XinYaohui Closes Angel and Pre-A Rounds Totaling Over 400 Million Yuan | 5Y News
Accelerate chip innovation.
XinYaohui Closes Two Rounds Raising Over 400 Million Yuan to Develop Advanced-Process Chip IP and Accelerate Chip Innovation
Developing advanced-process chip IP products and solutions through independent R&D, bringing new luster to China's semiconductor industry.
Gaorong Bulletin · December | Multiple Gaorong Ventures Portfolio Companies Secure New Funding in Chips, Robotics, AI Drug Discovery, New Brands, and Other Sectors
Stepping into 2021.
5Y News | EDA Technology Breakthrough Xinhuazhang Announces Completion of Series A Funding, Fully Deploying R&D for EDA 2.0
We believe the window of opportunity for new startups has arrived in the EDA space, one of the core platforms in the semiconductor industry.
Rongbao · November | Yatsen Holding and Ucommune successfully list on US equities, Nuro closes Series C funding
Working together to create a better life.
5Y News | Vastai Technologies, a high-performance intelligent vision chip design company, announced the completion of a $50 million Series A funding round.
Vastai Technologies has completed a $50 million Series A financing round, with 5Y Capital co-leading the investment.
Autonomous driving company Nuro announced a $500 million Series C funding round.
Apply world-class technology to improve people's everyday lives.
Source Code Capital portfolio company "Wanwudezhi" announced the completion of an $80 million Series C funding round, with existing shareholder Source Code Capital co-leading the round and continuing to increase its stake.
Within a year of launch, the app has amassed over 42 million registered users, with monthly transaction volume exceeding 1 billion RMB.
Guofeng Content E-Commerce Platform *Wanwudezhi* Closes Tens of Millions of Dollars in Series B Funding, Led by Source Code Capital
It hit 2 billion yuan in revenue within a year of launch.
Source Code Capital portfolio company inDeco raises $20 million Series C, with existing backer Source Code Capital increasing its stake
It raised three rounds of funding in just a year and a half, totaling 240 million yuan.
China's First AI Microbiome Drug Company "Unknown" Raises Nearly $10 Million in Funding
Leveraging AI and bioengineering technologies to deliver precision management of gut health for Chinese consumers.
Internet public-decoration company **inDeco** announced the completion of a nearly 110 million yuan Series A and B financing round, with **Source Code Capital** leading the Series A.
In two years, it has served nearly 1,000 enterprises.
Flexiv Unveils First Adaptive Robotic Arm, Bringing Third-Generation Robotics Technology
The world's first adaptive robot made its debut at the 2019 Hannover Messe in Germany.
Video Technology Company YouHua Tech Raises Tens of Millions of USD in Series B Funding | Gaorong Ventures News
We will continue to increase R&D investment. Strong technical and product capabilities are the foremost conditions for winning in the video space.
4 Companies Close Funding Rounds, 8 Undergo Strategic Upgrades, Multiple Firms Named "2018 King of New Economy" | Source Code Capital Monthly · November
"Ma Hui Journal" is where we document our team's small steps forward, share the joy of growth, and look ahead to an even brighter future.
XtalPi Closes $46 Million Series B+ Round | FreeS Fund Deal Brief
Empowering drug R&D organizations worldwide.
Six Companies Upgrade Strategies, Meituan's Xiaoxian Fresh Expands Into Offline Grocery Retail | Source Code Capital Monthly · May
【Source Code Capital Chronicle】A record of our team's small but meaningful steps forward, celebrating growth, and looking toward an even brighter future.
The Fourth Annual Ma Hui Conference Successfully Held, CEOs Gather to Share Entrepreneurship Insights, Four Companies Announce Completed Financing Rounds | Ma Hui Journal · April
**Source Code Capital Newsletter:** Here we record the small steps of progress made by our team members, share the joy of growth, and look forward to an even brighter future.
The "Oscars of Global Investing" Unveiled: Source Code Capital's Yi Cao Makes Forbes' 2018 Midas List
Yi Cao of Source Code Capital made the *Forbes* 2018 Midas List, recognized as the youngest best investor globally.
Club Factory Raises $100 Million in Series C, FreeS Fund Continues to Follow On | Funding News
Cross-border e-commerce — a market that rivals daigou in scale.
Source Code Capital and Zero2IPO Jointly Release B2B Trading Platform Research Report
China's B2B market has evolved from its 1.0 phase, spanning 1999 to 2013 and defined by "information publishing" business models, into a 2.0 era characterized by greater commercial diversity, broader industry coverage, and deeper integration with industrial supply chains.
Why Is the Pay Gap Between '80s and '90s AI Talent Only 15%? | *2017 Early-Stage Enterprise Compensation Survey Report*
The salary secrets of 19,014 positions across 152 companies.
Yi Cao Named to 2017 China Top Venture Capitalists TOP50
Jiemian and Toutiao jointly released the "Top Venture Capitalists in China" list for the first time.
ErGeng Closes RMB 100 Million Series B+ Round Led by Source Code Capital, Cementing Its Position as a Short-Video Industry Leader
Today ErGeng announced the completion of a 100 million yuan Series B+ round, led by Yunfeng Capital with participation from Source Code Capital.
How Should Startups Design a Compensation System? Here's a Chance to Get the *2017 Early-Stage Enterprise Compensation Survey Report*
Manage the "people" and the "money."
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