3 IPOs Leading the Pack, 11 Companies Land New Funding | FreeS Family Funding News Vol.26
Midsummer thrives, and everything flourishes. In Q2 2026, the venture capital market continued to heat up, driven by the dual momentum of AI and hard tech. Market energy kept building, fundraising activity remained robust, and projects at every stage moved forward at a noticeably faster clip. Today, we look back at the funding landscape of the past three months and mark the key leaps of FreeS Family companies. The "FreeS Family Funding News" column will publish regular updates on FreeS Fund's portfolio companies.
High summer, full bloom, everything racing to grow. In Q2 2026, the venture capital market continued to heat up, pulled forward by the dual engines of AI and hard tech. Momentum kept building, fundraising stayed active, and projects at every stage moved noticeably faster. Today, we look back at the funding patterns of the past three months and record the key leaps of FreeS Family companies. The "FreeS Family Funding News" column regularly publishes updates on FreeS Fund portfolio companies. Together, we witness every step of innovative enterprises from 0 to 1, from 1 to 10, and from 10 to 100.
This Issue at a Glance:
- IPO: On April 28, FreeS Fund's Series A portfolio company Lightelligence (01879.HK) listed on the main board of Hong Kong Exchanges and Clearing Limited; on May 13, FreeS Fund's angel round lead portfolio company METiS Pharmaceuticals (7666.HK) listed on the Hong Kong Stock Exchange; on May 18, FreeS Fund's Series A lead portfolio company Yifei Technology (06871.HK) completed its Hong Kong IPO.
- Embodied Intelligence: FreeS Fund angel round portfolio company Xingji Guangnian completed a new funding round; Huiguang Innovation completed a seed and angel round totaling tens of millions of RMB, led by FreeS Fund; LiQing Intelligence completed a seed round of several hundred million RMB, with FreeS Fund participating.
- AI Infrastructure: Wange Zhiyuan completed an angel/angel+ round of tens of millions of RMB, with FreeS Fund participating; AnNa Zhixin completed a new round of several hundred million RMB, with FreeS Fund participating; FreeS Fund angel round portfolio company Xingyun Integrated Circuit completed a Pre-A/Pre-A+ round of over 400 million RMB; FreeS Fund angel round portfolio company Yuanchuan Micro completed an angel round series of several hundred million RMB, with FreeS Fund continuing to increase its stake.
- AI + New Drug R&D: FreeS Fund angel round portfolio company Shize Biotech completed a Series C/C+ round of 500 million RMB, with FreeS Fund continuing to increase its stake; FreeS Fund angel round portfolio company Baiyao Technology completed a Pre-A round, with FreeS Fund continuing to increase its stake.
- Consumer + Hardware: FreeS Fund angel round portfolio company Cute Park's Ropet completed a Series A round of over ten million USD, with FreeS Fund continuing to lead; FreeS Fund angel round portfolio company Zhuma Innovation completed an angel+ round, with FreeS Fund increasing its stake.
(This summary covers publicly disclosed funding news from April to June 2026, sorted by company sector.)
IPO
On April 28, Lightelligence (01879.HK) officially listed on the main board of Hong Kong Exchanges and Clearing Limited, marking the debut of the "world's first AI silicon photonics chip stock" and becoming the first company in the global optoelectronic hybrid computing power track to enter the capital markets. FreeS Fund was an early investor in Lightelligence, supporting the company continuously from its 2017 Series A and 2020 Series A+ rounds, walking alongside it for nearly a decade.
/Company Details/
Lightelligence is a global leader in optoelectronic hybrid computing power. We uphold values of openness and inclusiveness, innovating boldly and executing with courage, dedicated to developing photonic technologies and related commercial applications to help achieve exponential growth in computing power in the AI era. (Source: Lightelligence official website)
(See full coverage: Congratulations to FreeS Fund Early Portfolio Company Lightelligence on Successful IPO: From a Boston Dining Table to Photonic Infrastructure in the AI Era | FreeS Fund)
On May 13, 2026, in Hong Kong, METiS Pharmaceuticals (7666.HK), a technology-bio company focused on AI-powered nano-delivery innovation, successfully listed on the Hong Kong Stock Exchange, becoming the world's first AI drug delivery stock and the first AI large-molecule biopharma stock on Hong Kong. With the ambition of becoming the "SpaceX of pharmaceuticals," METiS reached its IPO milestone in just six years, making it the fastest unicorn in China's AI pharmaceutical industry to go public. FreeS Fund was METiS's first institutional investor, participating in four rounds of funding: leading the angel round at the end of 2019; making additional investments in the angel+ and pre-A rounds in 2020; and further increasing its stake in the Series A round in 2021.
/Company Details/
METiS Pharmaceuticals is an AI-driven biotechnology company focused on nano-material innovation, specializing in using targeted drug delivery and discovery technologies to accelerate patient access to innovative therapies in critical disease areas. The company was co-founded by Dr. Hongming Chen, a member of the US National Academy of Engineering, and MIT scientists Dr. Caida Lai and Dr. Wenshou Wang. It has independently developed an AI nano-foundation large model and three core solutions: AiLNP (AI Nano-Delivery System Design Platform), AiRNA (AI mRNA Sequence Design Platform), and AiTEM (AI Small Molecule Formulation Design Platform). (Source: METiS Pharmaceuticals official website)
(See full coverage: Congratulations to METiS Pharmaceuticals on Hong Kong Stock Exchange Listing, FreeS Fund's Early Continuous Investment Across Four Rounds)
On May 18, 2026, Yifei Technology (06871.HK) officially listed on the main board of the Hong Kong Stock Exchange, becoming the first light-industry full-category robotics enterprise to list under Chapter 18C of the Listing Rules. FreeS Fund was the lead investor in Yifei Technology's Series A round, accompanying the company for a full decade. According to its prospectus, by 2025 revenue, Yifei Technology ranked as the fourth largest light industrial robot and solutions provider in China.
/Company Details/
Yifei Technology is a leading comprehensive industrial robotics enterprise in China and a national-level "Little Giant" specialized and innovative enterprise, focusing on the design, R&D, manufacturing, and commercialization of industrial robots, and providing comprehensive robot solutions with deep expertise in light industry. With self-developed robot bodies, control and vision systems, and manufacturing processes, we have established a powerful full-coverage technology ecosystem, achieving scaled intelligent decision-making, environmental perception, precise manipulation, and autonomous movement. We are one of the few Chinese robotics enterprises with comprehensive scaled coverage capabilities for industrial robots and related solutions, helping enterprise customers across industries improve production efficiency, optimize costs, and enhance product quality, ultimately driving their intelligent transformation. (Source: Yifei Technology official website)
(See full coverage: Congratulations to Yifei Technology on Hong Kong Stock Exchange Listing, FreeS Fund's 3rd Hong Kong IPO in 2026)
Embodied Intelligence
(Image source: Xingji Guangnian official website)
Shenzhen Xingji Guangnian Technology Co., Ltd., a FreeS Fund angel round portfolio company, recently completed a new funding round, led by Shunchuang Industrial Investment, with existing shareholder Yunshi Capital continuing to increase its stake, and Weixing Ningyuan participating. To date, the company has completed two consecutive funding rounds in the past three months, with cumulative fundraising approaching 100 million RMB. This round will primarily fund the deployment of its general dexterous manipulation platform in real industrial scenarios, continued product refinement, scaled production line upgrades, and global team ecosystem building.
/Investor Perspectives/
The dexterous hand is the critical endpoint for embodied intelligence to evolve from "perception" to "interaction." As the industry moves into deeper waters, the generalization capability of end effectors has become the core bottleneck constraining the deployment of high-precision tasks. This demands not only power density and reliability in hardware, but also imposes rigorous requirements on underlying motion control algorithms. The ability to co-develop full-stack hardware and software is precisely what enables Xingji Guangnian to break through in this high-barrier track.
Xingji Guangnian has built a highly competitive "dual-wheel" product matrix spanning both domains. Over the past year, the company successfully launched its flagship integrated arm-hand dexterous hand Pantheon 22, pushing the performance ceiling for high-end dexterous hands; simultaneously, through its open-source Gaia series and core micro-joint modules, it has driven accessibility and standardization across the industry ecosystem. What excites us even more is that Xingji Guangnian is quietly developing a "cerebellar model" and operating system for dexterous manipulation, achieving deep closed-loop integration from perception and execution to intelligent decision-making. With its profound understanding of the "last centimeter" interaction challenge, we believe Xingji Guangnian will continue to empower diverse scenarios in research, manufacturing, and commercial services, defining the touch standard for the embodied intelligence era and giving general-purpose robots the "hands" to truly transform the physical world.
/Company Profile/
Xingji Guangnian focuses on the R&D and commercialization of dexterous hands and general-purpose manipulation platforms. Its core team hails from top institutions at home and abroad including Tsinghua University, Harbin Institute of Technology, The University of Hong Kong, The Hong Kong University of Science and Technology, and Northwestern University, bringing deep technical expertise and industry insight in robotic dexterous manipulation.
Technically, Xingji Guangnian pursues a dual-track strategy of both tendon-driven and direct-drive approaches: on one hand, exploring performance limits and ultimate application scenarios through its high-technical-barrier fully tendon-driven dexterous hand (Pantheon series); on the other, driving accessibility in embodied manipulation technology and accelerating ecosystem building through technical cost reduction with its high-value, modular direct-drive dexterous hand (Gaia series).
(Full report: 硬氪首发 | 清华、哈工大团队做灵巧手，成本降到三分之一，三个月融资近亿元)
Huiguang Innovation, a provider of robotic tactile sensors and tactile data solutions, has completed consecutive seed and angel funding rounds totaling tens of millions of RMB. FreeS Fund and a dual-currency financial investment institution led the rounds, with Poke Robotics, Infinite Fund SEE Fund, and Shuimu Tsinghua Alumni Fund participating. Proceeds will primarily fund R&D of vision-based tactile sensors, engineering validation, data toolchain construction, and market expansion.
/Investor Perspectives/
The absence of tactile data has become a widely recognized challenge in the embodied intelligence field. Against this backdrop, Huiguang has made AI Native design its core, conquering multiple hurdles around tactile precision, durability, and physical form factor to achieve reliable hardware and efficient algorithms. Particularly noteworthy is that the Huiguang team is Gen-Z at its core, demonstrating industry vision and execution beyond their years. They have actively initiated collaborations with multiple dexterous hand, robot body, and world model companies, driving technology deployment and industry synergy with the creativity of a new generation.
/Company Profile/
Huiguang Innovation was founded in February 2026. It primarily serves embodied intelligence, robotic dexterous manipulation, intelligent manufacturing, human-robot interaction, and research scenarios, providing high-performance vision-based tactile sensors, tactile data acquisition equipment, and systematic tactile perception solutions.
Its founding team consists entirely of Gen-Z members. Founder and CEO Chenyuheng Wang holds bachelor's and master's degrees from the Department of Electronic Engineering, Tsinghua University, with interdisciplinary research expertise spanning product definition, engineering deployment, and team management for dexterous hands, vision-based tactile sensing, and robotic data acquisition systems. CTO Jikai Xu is pursuing a master's degree in Control Science and Engineering at Zhejiang University, with a bachelor's degree from the School of Mechanical Science and Engineering at Huazhong University of Science and Technology. He has long focused on vision-based tactile sensors, robotic perception and manipulation, with experience in both sensor hardware R&D and mass production. Currently, R&D technical personnel account for over 70% of Huiguang Innovation's team, with continued expansion underway.
(Full report: 硬氪首发 | 清华00后团队获得峰瑞、破壳机器人投资，要做超薄视触觉传感器)
Tsinghua-affiliated startup Liqing Intelligence announced the completion of a seed funding round of several hundred million RMB. Investors include top-tier funds Shunwei Capital, HSG, Hillhouse, and FreeS Fund, alongside strategic investors including AgiBot, Lingxin Qiaoshou, and Century Golden Resources.
/Investor Perspectives/
In the physical world model space, single-point models don't constitute moats — systematic capability that enables a self-cycling closed loop of "data-model-environment" does. For some time now, from Genie to Cosmos to V-JEPA 2, industry understanding of "world models" has largely remained stuck at "video models that can predict the next frame." But what truly drives robots to complete complex interactions in the physical world has never been any single-point model — it's the entire pipeline: from representation of high-dimensional sensor signals, to reasoning, to action execution — self-supervised pretraining as foundation, reinforcement learning post-training for convergence, with a physics-consistent simulator providing validation signals.
And at the root of underlying technical breakthroughs, it always comes down to people. Liqing Intelligence is one of the few teams we've seen that has thought through this from first principles and has the capability to run the full stack. Founder Yiming Li carries many labels: a '97-born Tsinghua PhD advisor, recipient of the NVIDIA Fellowship awarded to only ten people globally, co-authored papers with Saining Xie... These certainly add points, but what moved us more was this: a twenty-something who, in the direction where the entire industry most lacks talent, gathered over fifty top young researchers from Tsinghua, Peking University, UC Berkeley, and USC under one banner to build such a system together — this cohesion and determination comes closer to the essence of a moat than any single paper.
In a window of paradigm leap, the right posture is never to chase a path already proven, but to bet on the people most likely to blaze the trail. Liqing Intelligence is the name we're putting forward.
/Company Profile/
"Liqing Intelligence" is a Tsinghua-affiliated AI startup led by Professor Yiming Li, a 1997-born Tsinghua PhD advisor (PhD from New York University, with research spanning spatial intelligence, multimodal reasoning, autonomous driving, and embodied intelligence). The core team comprises top full-stack talent from elite institutions including Tsinghua, Peking University, Zhejiang University, and UC Berkeley.
(Full report: 世界模型公司「厘清智能」完成数亿元种子轮融资 | 蚂上星闻)
AI + Infrastructure
(Image source: Wange Zhiyuan official website)
Wange Zhiyuan has completed consecutive angel and angel+ funding rounds of tens of millions of RMB, with 5Y Capital and FreeS Fund participating. Yuanhe Capital served as exclusive financial advisor. Proceeds will fund product R&D and market promotion.
/Investor Perspectives/
Congratulations to Wange Zhiyuan and Guanbo! Over the past two years, the most discussed topic has been model capability. In the coming years, I believe a more important question will become: who bears the increasingly high token consumption?
The Agent era is pushing token demand from "per-call usage" toward "continuous operation." When everyone has multiple Agents working simultaneously around them, relying solely on cloud-based inference may not be the final form — the bill will eventually become a new bottleneck.
In computing history, every surge in demand has given birth to new computing paradigms. PCs brought computing power from machine rooms into offices; smartphones put computing power in pockets. In the AI era, will some intelligence return to edge devices? This is a question worth long-term attention.
We're glad to see Wange Zhiyuan's continued exploration in this direction, and look forward to their answer.
/Company Profile/
Wange Zhiyuan's core team comprises master's and PhD graduates from Tsinghua University, Peking University, and other institutions, as well as alumni from Amazon, OpenAI, and ByteDance. CEO Guanbo Wang is a Gen-Z PhD candidate in Tsinghua University's Department of Computer Science. The company has launched cPilot, an edge AI inference engine, and Amis, an intelligent platform. Through its self-developed dynamic sparse activation algorithm, it can scale edge-deployed models from 4B to 80B parameters while compressing memory footprint by roughly 6x. It is currently in the delivery phase with multiple hardware partners, with tens of thousands of devices expected to ship pre-installed this year and projected revenue exceeding ten million yuan. This funding round will go toward R&D and market expansion.
Anazhixin announced the completion of a multi-hundred-million-yuan funding round. The round included participation from multiple well-known institutional investors, including Matrix Partners China, FreeS Fund, and Alpha Startups; existing shareholders iFlytek Ventures and Zhongying Ventures continued to increase their stakes, with FlowCapital serving as long-term financial advisor.
/What Investors Say/
The Anazhixin founding team launched their venture bringing years of research accumulated at Peking University and Tsinghua University, injecting fresh blood into the AI large-chip industry and pioneering a highly promising technical path. As AI large-model technology advances and AI applications reach commercial deployment, the inference side has already seen many new chip architectures optimized for real-time, low-power, high-efficiency operation. However, AI training still relies on traditional GPU architectures, where power consumption and cost have become obstacles to broader industry adoption. Anazhixin is making important technical explorations in a new architecture for AI training chips. Based on our knowledge of the team's past research achievements and our confidence in their technical, management, and operational capabilities, we as investors believe Anazhixin will achieve remarkable success.
/Company Profile/
Beijing Anazhixin Technology Co., Ltd. is a technology company focused on modern analog computing. Its core team comes from Peking University's Institute for Artificial Intelligence, with long-term research in analog computing, in-memory computing, and AI chip architectures. Related work has been published in authoritative international journals including Nature Electronics and Science Advances.
The company is committed to building a new generation of autonomous and controllable computing infrastructure for AI training, 6G communications, embodied intelligence, and scientific computing, providing foundational support for AI computing power, wireless communications, and intelligent systems in the post-Moore era.
(Image source: Xingyun Integrated Circuit official website)
Xingyun, a FreeS Fund angel-round portfolio company based in Beijing, announced the completion of consecutive Pre-A and Pre-A+ rounds totaling over 400 million yuan. 5Y Capital, SAIF Partners, and Primavera Venture Partners co-led, with follow-on investment from Beijing and Jiangsu local state capital, Biwin Storage (688525), GSR United (which brought in family offices of well-known GPU company founders), Skyworth Capital, and other industrial investors. Yunxi Capital served as financial advisor across multiple consecutive rounds and will act as exclusive financial advisor for the next round.
/What Investors Say/
As angel-round investors, we've seen the Xingyun team, since founding in 2023, bring an exceptionally forward-looking perspective and approach to AI chips, particularly in the large-model era. Over the past three years, as models and applications have evolved rapidly, we've watched Xingyun's chip solutions for next-generation general-purpose large models and its forward-looking design philosophy continually validated, staying half a step ahead of the times.
/Company Profile/
Beijing Xingyun Integrated Circuit Co., Ltd. was founded in August 2023, focusing on next-generation inference chips for large models. The company is committed to building fully self-developed GPGPU products with ultra-large memory specifications using non-3D DRAM architecture and CUDA compatibility, driving the democratization of AI large-model inference.
Founder Yu Ji holds a PhD from Tsinghua University's Department of Computer Science and was a member of Huawei's "Genius Youth" program, where he worked deeply on compiler and architecture R&D for Huawei's Ascend AI chips at HiSilicon. CTO Hongmin Yu holds a PhD from the Chinese Academy of Sciences' Institute of Semiconductors and previously led the development and mass production of multiple chips including Baidu's Kunlun and Huawei's Ascend, with experience successfully taping out more than ten chips.
(Image source: JWIPC Technology)
YuanChuanWei, a FreeS Fund angel-round portfolio company and domestic AI real-time inference chip enterprise, announced the completion of a multi-hundred-million-yuan angel round series with rising valuations. The series was jointly invested and followed on by Orient Capital, Yuanhe Origin, FreeS Fund, Yuanlai Capital, China Fortune-Tech Capital, Shenzhen Capital Group, and other well-known institutions, with support from Zhejiang Province Science and Technology Innovation Fund and Hangzhou Runmiao Fund, as well as continued investment from industrial investors SigmaStar and JWIPC.
/What Investors Say/
When YuanChuanWei was founded and secured substantial angel investment, it coincided with NVIDIA's $20 billion acquisition of Groq, an inference-focused AI LPU processor startup, which catalyzed a wave of enthusiasm in AI inference processors. From an investment perspective, as large models iterate and applications reach commercial deployment, AI processors optimized specifically for inference have entered a period of rapid growth. In market foresight and technical positioning, YuanChuanWei and international giants like NVIDIA have arrived at similar destinations by different paths, demonstrating the team's grasp of trends and forward-looking vision.
The YuanChuanWei core team has deep roots in the chip industry with substantial technical accumulation and industrial experience. At this critical juncture when AI inference applications are poised for explosive growth, the team has precisely targeted the high-efficiency, high-real-time, high-cost-performance AI inference chip track — truly "the right people choosing the right direction at the right time." We wish the YuanChuanWei team continued breakthroughs and bold progress in AI inference chips.
/Company Profile/
YuanChuanWei (ArcheFlowX) is a technology company focused on ultra-low-latency AI inference chips. Based on its fully self-developed LPU+ architecture, it is committed to building real-time inference computing infrastructure for the Agent era. Founded in September 2025, the founding team comes from top global chip companies, with R&D operations in Shanghai and Hangzhou.
/04/ AI + Drug Discovery
(Image source: Shize Biotech official website)
FreeS Fund angel-round portfolio company Shize Biotech has completed a 500 million yuan Series C/C+ round, marking its sixth consecutive year of market-based fundraising as a leading company in universal cell therapy for Parkinson's disease. This series was co-led by China Reform Venture Capital Fund and Suzhou Industrial Investment Social Security Fund, with follow-on participation from Yuyao Industrial Investment, BOC Capital, Shanghai Minjin Investment, Shanghai Pudong Haixiang Fund (Haixiang Pilot Zone Fund of Funds), Huajin Capital (under Zhuhai Technology Industry Group), and Jiaxing Innovate. Existing shareholders FreeS Fund, Suzhou Angel Fund of Funds, Sincere Capital, and Sevening Capital all increased their stakes.
/Investor Take/
In 2025, both China and the US approved their first stem cell MSC drugs, and Japan approved the world's first iPSC therapeutic product — signaling that stem cell commercialization has officially entered the fast lane. Shize Biotech is a standout in this field, with multiple pipelines already in clinical stages in both China and the US, all targeting serious diseases with significant unmet clinical needs. We hope that with the support of new investors and capital, Shize can accelerate its pipeline toward clinical application and bring benefits to patients as soon as possible.
/Company Details/
Shize Biotech was founded by Dr. Li Xiang upon his full-time return to China. Since its inception, the company has assembled a full-time, all-in professional team with international competitiveness, focused on iPSC-derived cell-based new drug R&D. The team covers core aspects of iPSC-derived neural cell drug development and industrialization, with members from renowned universities at home and abroad and well-known cell therapy companies, possessing cutting-edge stem cell therapy technologies and translation experience from both international and industry perspectives.
(Image source: Baiyao Technology official website)
FreeS Fund angel-round portfolio company Baiyao Technology, an AI Virtual Cell (AIVC) platform company, recently completed a new funding round of tens of millions of yuan. The round was led by China Reform Fund, the venture capital arm of state-owned capital operator China Reform Holdings, with Dalton Venture and Yunqi Capital participating. Existing shareholders FreeS Fund and Baidu Venture also increased their investments. The proceeds will primarily go toward next-generation virtual cell algorithm model iteration, building an exclusive data collection platform, and accelerating industrialization.
/Investor Take/
Congratulations to Baiyao Technology on completing this new round! Over the past year, AI virtual cells have emerged as a representative direction in AI for science and AI-driven drug discovery, with growing investor enthusiasm. The modeling capabilities of AI virtual cells are evolving rapidly, with potential to provide valuable biological reasoning and cell state predictions for research, pharmaceuticals, clinical applications, and biomanufacturing. Baiyao Technology is building new infrastructure for the life sciences around a core capability triangle of data, models, and scenarios. To date, Baiyao has accumulated over 400 million AI-ready single-cell public datasets, released multiple generations of virtual cell models, is advancing a single-cell-aligned multi-omics data platform, and pushing forward industrial model deployment and clinical partnerships. FreeS Fund continues to track the frontier of the AI4S赛道, and our follow-on investment reflects our continued conviction that Baiyao will maintain its leading position in AI virtual cells and drive paradigm change in biomedicine.
/Company Details/
Baiyao Technology's founding team draws on research resources from the Chinese Academy of Sciences' Institute of Zoology and the Beijing Institute of Stem Cell and Regenerative Medicine. Since 2023, the team has been building foundational large models for AI virtual cells to enable precise analysis and prediction of cell behavior and state changes, while continuously advancing AIVC model upgrades and industrialization practice.
(Full report: National team enters AI virtual cells: "Baiyao Technology" completes new round of tens of millions of yuan | Early Stage Watch)
/ 05 / Consumer + Hardware
(Image source: Cute Park Ropet official website)
FreeS Fund angel-round portfolio company Cute Park (Ropet) has completed an A round of over ten million USD, delivered in two tranches. In September 2025, the company received its first tranche led by Beijing Artificial Intelligence Industry Investment Fund with FreeS Fund participating; in November, it closed a new round with FreeS Fund continuing to increase its stake.
/Investor Take/
AI empowering every aspect of human life has clearly become the prevailing trend, and AI smart toys represent one of the lowest-hanging, most fruitful applications in this space. Cute Park is a passionate, life-savvy, caring team that will surely create a series of lively, lovable, warm, companionable AI pet robots capable of self-learning and growth. The company keeps making progress, and we wish them greater market success and broader user recognition.
/Company Details/
Founded in 2022 and incubated by Zhenzhi Venture Capital, Cute Park aims to build globally leading AI emotional companion robot pet products. Co-founders Jiabin He and Dr. Yushu Zhou bring over a decade of experience in internet products and human-computer interaction. Core members come from top tech and consumer brands including ByteDance, Microsoft, DAMO Academy, Xiaomi, and NIO, with proven 0-to-1 execution and scaling capabilities in product design, AI technology, branding, and operations. (Source: Cute Park Ropet official website)
(Full report: Ropet completes over $10M funding: Crossing the "price, volume, retention" impossible triangle of AI pets)
(Image source: Zhuma Innovation official website)
FreeS Fund angel-round portfolio company Zhuma Innovation recently completed a tens-of-millions angel+ round, led by SenseTime Guoxiang with CDH Investments VGC and FreeS Fund participating. Shendu Capital served as exclusive financial advisor for subsequent rounds. Funds will be used primarily for product R&D, mass production preparation, and overseas market expansion.
/Investor Take/
Congratulations to the company on closing this new round in just one month. FreeS continued to increase our stake because we have strong conviction in founder Zhang Ji and the team's execution capabilities. We look forward to Zhuma delivering a consumer-grade spatial camera and becoming a new data entry point for world models.
/Company Details/
Zhuma Innovation was founded in November 2025, focusing on consumer-grade 3D reconstruction and spatial intelligence products. Founder and CEO Zhang Ji graduated from the Computer Science department at Xi'an Jiaotong University and brings over 20 years of experience in the 3D graphics industry. He previously served as Vice President at Manycore Tech, where he led the company's strategic pivot from home interiors to full spatial solutions — becoming the first executive at Manycore to oversee both product and business operations simultaneously. During his tenure, he forged strategic partnerships with brands spanning new industries including Mixue Ice Cream & Tea, ChaYanYueSe, and Sunon. Earlier in his career, he rose from programmer to General Manager of the International Division at Glodon, where he managed international products and markets, witnessed the company's journey from zero to IPO, and led or incubated multiple core bestselling products. He was also the technical lead behind Glodon's first graphics platform engine and the strategic upgrade from 2D to 3D.
Zhuma Innovation builds next-generation spatial imaging terminals centered on 3D Gaussian Splatting (3DGS) technology. 3DGS represents a major breakthrough in computer graphics in recent years. By fitting scenes with tens of thousands of 3D Gaussian functions, it enables high-fidelity reconstruction and real-time rendering while balancing precision and speed. It also supports lightweight storage and cloud-based computation, significantly lowering hardware barriers. (Source: Zhuma Innovation official website)
(Full report: Hard Kr Exclusive | SenseTime Guoxiang Backs a Consumer Spatial Camera Company Collecting Real-World Data for Embodied AI)
Congratulations to Yifei Technology on its Hong Kong IPO — FreeS Fund's 3rd HKEX listing in 2026