Gaorong Report · 2025 | Innovative Drugs, Agri-Tech, AI Content Platforms Close Funding Rounds; Gaorong Earns Multiple Accolades

About Rongbao

As we enter 2025, beyond the turning of the calendar, a wave of innovative companies is "using innovation as its sail and hard work as its oar," creating milestone moments of their own and pushing their industries into new eras. This edition of Rongbao rounds up the latest developments from companies in new technology, AI, and healthcare, along with recognition Gaorong Ventures received at year's end.

Dec

Funding

Allink Biotherapeutics Closes $42 Million Series A to Accelerate Global Development of Bispecific Antibodies and ADCs

Allink Biotherapeutics recently completed a $42 million Series A round. The round was led by BlueRun Ventures, with participation from YuanSheng Ventures, Legend Capital, and C&D Emerging Investment. Existing investors Gaorong Ventures and Med-Fine Capital also made additional investments. Gaorong Ventures had co-led Allink's angel round in 2023.

Founded in 2023, Allink is a biotechnology company focused on innovative drug R&D, dedicated to developing breakthrough therapies in oncology and immunology to bring novel treatment options to patients worldwide. Based on its proprietary bispecific antibody and ADC technology platforms, the company has built a pipeline of innovative products with first-in-class (FIC) and best-in-class (BIC) potential.

This funding will help accelerate Allink's global expansion, including advancing its core pipeline assets ALK201 and ALK202 into Phase I clinical trials in Australia, the US, and China, while actively broadening its R&D pipeline in oncology and immunology and continuously optimizing its self-developed bispecific antibody and ADC technology platforms — with the goal of building a globally influential biotechnology company. Read more

QH AgriSciences Raises Over 200 Million RMB in Series A to Accelerate Gene Editing R&D and Commercialization

QH AgriSciences recently completed a Series A round of over 200 million RMB. The round was led by Beijing Biomedical Industry Investment Fund, with participation from Chang Development Group, Mingzhe Assets, and C&D Capital. Gaorong Ventures participated in QH AgriSciences' Pre-A round of over 100 million RMB in 2023.

Founded in 2021, QH AgriSciences is a biotechnology company focused on developing novel gene editing technologies to create superior biological traits and products. The company has established a globally leading, independently controllable gene editing technology system, making significant progress in discovering and optimizing new gene editing tools, developing safe and efficient delivery systems, and creating breakthrough germplasm resources.

QH is at the forefront of commercialization in its sector. As of end-2024, it has obtained five Chinese plant gene editing safety certificates and became the first Chinese company to receive a USDA exemption for gene-edited products. In December 2024, QH AgriSciences' research collaboration with the Institute of Genetics and Developmental Biology, Chinese Academy of Sciences — "Artificial Intelligence-Assisted Discovery of Novel Base Editing Tools" — was selected as one of the Major Advances in Chinese Agricultural Science 2024. Read more

"Dream Dimension" Raises Tens of Millions of RMB in Series A, Riding the Wave of AI-Powered Interactive Content

Shenzhen Ideaflow Technology recently completed a Series A round of tens of millions of RMB, led by Jinqiu Fund with participation from Gaorong Ventures, Future Capital, and SenseTime.

Founded in 2023, Ideaflow focuses on building a next-generation content platform powered by multimodal AI. Its flagship product, "Dream Dimension," targets young users, combining generative AI technology to deliver interactive, story-driven virtual character experiences. Through highly engaging interactive content, Dream Dimension is gradually building a new content consumption ecosystem that has attracted a large user base, with daily active interaction time exceeding 100 minutes. It has become an important platform for young users' entertainment, emotional expression, and learning companionship.

Dream Dimension's platform positioning emphasizes "characters as IP" — deep user interaction with virtual characters means each character has the potential to become a unique content asset for the platform. As of October 2024, the platform had nearly 100 IP characters with over 10,000 followers each. The combination of AI-generated content and user participation has created an efficient content creation and consumption loop. Read more

Shixu Technology Completes New Strategic Round to Strengthen Industrial AI Generative Design Software "Flash Design"

Shixu Technology, a provider of industrial AI generative design software and solutions, recently announced a 30 million RMB strategic financing round led exclusively by a strategic investor in the semiconductor sector. Gaorong Ventures participated in Shixu's angel round in early 2021 and added to its positions in subsequent Pre-A and A rounds.

This round will focus on Shixu's industrial AI generative design software "Flash Design," aiming to strengthen its R&D capabilities. Through optimized algorithm models, the software more precisely captures designers' creative intent, enabling rapid, high-quality automatic generation of 3D design proposals and 2D drawings, significantly improving design workflow efficiency.

Currently, Flash Design comes in two products: Flash Design 2D and Flash Design 3D. Flash Design 2D focuses on intelligent drawing generation, converting 3D models to 2D drawings in just minutes. Flash Design 3D provides intelligent design capabilities, quickly identifying designers' intent based on user-input requirements, parameters, and constraints, automatically generating multiple feasible, high-quality design proposals.

Flash Design has already been deployed in best-practice applications for equipment and component design in automotive, 3C, energy, and aerospace industries, providing manufacturing enterprises with end-to-end intelligent design solutions from 3D model construction to 2D drawing generation.

Dec

By the Numbers

Jingneng and Chint Form Joint Venture, Collaborating to Write a New Chapter in Green Energy "Core" Technology

On December 18, 2024, Jingneng Microelectronics (Geely's power semiconductor platform) and Shanghai Chint Investment (Chint's industrial investment platform) held a signing ceremony to establish a joint venture. The two parties will deepen cooperation in semiconductor technology R&D for power electronics, sensing, communications, and intelligent control, developing semiconductor product series and solutions for sustainable energy, high-efficiency industrial applications, and other scenarios.

Jingneng focuses on developing high-reliability power semiconductor products widely used in automotive, new energy, robotics, and other applications. Chint is a leading enterprise in low-voltage electrical equipment and photovoltaic new energy, with years of deep cultivation in green energy and intelligent electrical industries, forming full-chain integration advantages and ranking at the forefront of industries including energy storage, power transmission and distribution, and automation.

Going forward, Jingneng and Chint will leverage their respective deep accumulations in industrial layout, product technology, and application scenarios to provide powerful "core" support for green energy applications across all scenarios and digital transformation in industries through innovation and breakthroughs in underlying technologies.

GalaxySpace Successfully Launches Four Mass-Produced SAR Satellites, Marking New Breakthrough in Commercial Space

At 2:50 AM on December 17, 2024, China used a Long March 2D carrier rocket at the Taiyuan Satellite Launch Center to successfully launch four Synthetic Aperture Radar (SAR) satellites developed by GalaxySpace (PIESAT-2 09–12) in a "one rocket, four satellites" configuration. The satellites entered their planned orbits and the launch mission was a complete success.

The four satellites in this mission are for Zhuzhou Space Interstellar Satellite Technology. The satellites share identical technical configurations, all being low-orbit SAR satellites equipped with high-resolution SAR payloads as well as on-board intelligent processing and mission planning capabilities. They feature single-satellite high-resolution imaging, multi-satellite high-precision interferometric measurement, on-board intelligent processing and autonomous operation, emergency communications and rapid response, and long-term stable data output — and will conduct remote sensing observations and related applications in orbit.

Currently, SAR satellite constellation deployment has created new demands for batch satellite production. GalaxySpace is the first in China to achieve SAR satellite mass production, continuously improving overall SAR satellite development capabilities, and has cumulatively delivered eight mass-produced SAR satellites (in two groups) to external customers.

To date, GalaxySpace's partner network has surpassed 1,300 companies, and it continues to support China's development of a new commercial space industry ecosystem, further building a commercial closed loop for low-cost, batch satellite production.

Seyond's High-Performance Wide-Angle LiDAR Robin W Begins Mass Production Delivery for NIO, with 150m Maximum Detection Range

In December 2024, Seyond's high-performance wide-angle LiDAR Robin W (Lingque W) reached a new milestone, officially beginning mass production delivery for NIO's pre-installed vehicle models while simultaneously opening delivery to industrial customers.

At the recent NIO Day, NIO officially launched its new intelligent electric executive flagship ET9, which comes standard with one Seyond Falcon (Lieying) and two Robin W (Lingque W) LiDAR units per vehicle, accelerating the deployment of advanced intelligent driving capabilities.

The Robin W ultra-wide-angle LiDAR balances mid-range detection with blind-spot coverage, achieving ranging capabilities and angular resolution several times that of comparable market products. With a 120°×70° ultra-wide field of view, 0.1°×0.36° high resolution, 70m ranging capability for 10% reflectivity objects, and maximum 150m detection distance, it provides full-scenario lateral perception coverage for intelligent driving.

In the automotive intelligent driving market, Robin W will continue to support the deployment of advanced intelligent driving capabilities in mass-production vehicles. In industrial applications, Robin W has already been deployed in unmanned logistics, Robotaxi, intelligent driving engineering vehicles, and other scenarios. In intelligent transportation, smart cities, battery swap stations, and vehicle-road coordination, Robin W will also continue to provide more comprehensive smart scenario solutions.

WeView-Led Two Group Standards Published, Filling Gap in Zinc-Iron Flow Battery Field

The China Electrical Equipment Industry Association has officially published two group standards led by WeView: T/CEEIA 862-2024 Technical Requirements for Metal Electrodes of Zinc-Iron Flow Batteries and T/CEEIA 863-2024 Technical Requirements for Metal Bipolar Plates of Zinc-Iron Flow Batteries.

The publication of these two standards marks important progress in standardization construction for the zinc-iron flow battery field, filling a gap in this area. The standards provide unified technical specifications for design, production, and testing of key components in zinc-iron flow batteries, improving battery performance and reliability, while also providing strong support for industry laboratory construction, product certification, and supply chain development.

Additionally, WeView participated in formulating two other standards: Qualification Assessment Procedures for Flow Battery Energy Storage Systems and Acceptance Specifications for Flow Battery Energy Storage Systems, aimed at ensuring quality in the production and installation of flow battery energy storage systems, further improving product quality and safeguarding user safety and interests.

Kimi Releases Visual Reasoning Model k1, Leading Industry in Multiple Science Benchmarks

On December 16, 2024, Moonshot AI released its visual reasoning model k1. Built on reinforcement learning technology, the k1 model natively supports end-to-end image understanding and chain-of-thought reasoning, extending capabilities beyond mathematics to more foundational science domains. In benchmark tests of basic science disciplines including mathematics, physics, and chemistry, the first-generation k1 model outperformed global benchmark models including OpenAI o1, GPT-4o, and Claude 3.5 Sonnet. The new Kimi model was released and made available immediately.

Notably, "Kimi Visual Reasoning Edition" displays the complete chain-of-thought (CoT) reasoning process, allowing users to see not just the answer but the full thought process behind it.

Data shows that with the boost of reinforcement learning technology, AI large models' intelligence levels continue to rise, already reaching or exceeding human expert levels in many domains. The k1 visual reasoning model truly achieves end-to-end image understanding and reasoning capabilities. The model can directly process image information input by users and reason to arrive at answers, without needing to rely on external OCR or additional vision models for information processing — bringing both user experience and results to new heights.

Experience the model: kimi.com

LiblibAI Launches Self-Developed Image Foundation Model Star-3 Alpha, Achieving World-Class Foundational Capabilities

In December 2024, LiblibAI unveiled its self-developed image foundation model — Star-3 Alpha — alongside its tens of millions of users. Trained on the industry-leading F.1 foundational algorithm architecture, Star-3 Alpha represents a significant leap in image generation quality compared to previous models, setting new industry benchmarks in image precision, color expression, and nuanced aesthetic capture.

Star-3 Alpha generates images with delicate lighting, rich textures, and visual quality that approaches photorealism, imbued with emotion and vitality. The model responds accurately to complex prompts and helps designers create and refine visual effects with better control over the entire design process, demonstrating impressive capabilities in crafting scene-based advertising and visual narrative content.

According to evaluations, Star-3 Alpha has achieved world-class foundational capabilities across all dimensions. In randomized blind-match tests scored by users, it significantly led in multiple capabilities including style diversity and aesthetic quality, with its image precision, color expression, and detail handling all earning user recognition.

Experience the model: https://www.liblib.art/sd

NeuroXess Begins Clinical Research on Implantable Brain-Computer Interface, with Multiple National Hospitals Joining First-Round Intraoperative Applications

NeuroXess recently disclosed that it has begun clinical research on implantable brain-computer interfaces. More than ten renowned tertiary hospitals across China, led by Beijing Xuanwu Hospital, have strongly supported this project. The research is currently being conducted at key medical institutions in North, Central, South, Northwest, and Southwest China, with first-round intraoperative application research proceeding smoothly.

At Tongji Hospital Affiliated with Tongji Medical College of Huazhong University of Science and Technology, Professor Shu Kai's team has become proficient in using NeuroXess's self-developed thousand-channel implantable brain-computer interface system, completing collection of detailed cranial nerve electrophysiological signals for perioperative intraoperative monitoring of multiple glioma and epilepsy patients. This represents among the first clinical research in China on implantable brain-computer interfaces based on flexible electrode arrays.

This round of clinical research employs NeuroXess's self-developed achievements — the "CORTEX-0 High-Density Mesh Ultra-Compliant Neural Electrode Array" neural signal sensor and accompanying portable intracranial EEG monitor. The flexible electrode array uses highly biocompatible flexible materials, micron-scale ultra-thin structures, and millimeter-scale electrode contact density. This design allows the electrodes to closely adhere to the cerebral cortex while minimizing damage to brain tissue, while stably capturing high-precision, high spatiotemporal resolution neural electrophysiological signals.

Inmabio's Recombinant Botulinum Toxin Type A NDA Accepted, First Such Product Globally

On December 31, 2024, Inmabio announced that its holding company Yuyan Pharmaceutical's independently developed, globally intellectual-property-protected recombinant botulinum toxin type A for injection (YY001) for improving moderate to severe glabellar lines had its new drug application accepted by the National Medical Products Administration, marking the first recombinant botulinum toxin type A globally to formally enter the registration review and approval process.

Yuyan Pharmaceutical's YY001 is the world's first and currently only recombinant botulinum toxin type A product to have submitted a marketing application. Without altering protein activity, YY001 avoids the biosafety risks of traditional production routes using Clostridium botulinum; through a fully innovatively designed production process, the resulting recombinant botulinum toxin features high purity, high specific activity, and low immunogenicity — regarded by the industry as a new-generation botulinum toxin.

Beyond aesthetic medicine applications, YY001's clinical study for treating upper limb muscle spasticity in adults (code YY001-002) also entered Phase II clinical trials in China in July 2024, representing the first global application of recombinant botulinum toxin type A in the medical field.

Horizons

Agibot Begins Commercial Mass Production of General-Purpose Robots, 1,000th General-Purpose Embodied Robot Rolls Off Line

One Coffee, N Ways to Live: M Stand Reaches 560+ Stores Across 38 Cities

Recognition

At year's end and year's beginning, Gaorong Ventures received multiple industry honors:

Zero2IPO 2024 China Equity Investment Annual Rankings

• 2024 China Top 12 Venture Capital Institutions
• 2024 China Top 10 AI Sector Investment Institutions

Global PE Forum 2023–2024 China PE/VC Industry Awards

• 2023–2024 China Top 20 Most Active AI Sector Investment Institutions

China FOF Research Center 2024 Annual Rankings

• 2024 Best VC Fund TOP 5
• 2024 Best "Patient Capital" Direct Investment Institution TOP 20
• 2024 Best VC Fund Investor TOP 30 (Bin Yue, Founding Partner, Gaorong Ventures)

TMTpost Venture Capitalists 2024 Investment Institution Pioneer List

• Investment Pioneer / Exit Pioneer / Post-Investment Management Pioneer VC Institution TOP 20
• AGI Application Scenarios / AGI Foundation Models / Carbon Neutrality / Healthcare TOP 20
• 2024 Young Venture Capitalist of the Year TOP 20 (Rui Han, Partner, Gaorong Ventures)

Jiemian News 2024 China Top Venture Capital Institutions List

• 2024 China Top Venture Capital Institution TOP 11

IPO Zao Zhi Dao 2024 Best Investment Institutions List

• 2024 Best Investment Institution in Healthcare, AI, Semiconductor/Chip, and New Energy

EqualOcean GTM2024 7th Technology Mobility Industry Innovation List

• 2024 China Technology Mobility Industry Most Active Investment Institution TOP 10

Jazzyear 2024 China Technology Industry Investment List

• 2024 China Best Technology Venture Capital Institution TOP 30

Forbes 2024 Forbes China 100 Venture Capitalists

• 2024 Forbes China 100 Venture Capitalists (Bin Yue, Rui Han)

Dec

Ronghui

"Maintain open overseas financing channels, further improve the efficiency of overseas listing filings, actively support qualified domestic enterprises in going public overseas, and better utilize both markets and both types of resources." With this policy support, and driven by a package of incremental policies promoting economic recovery, Chinese companies' overseas IPO activity is heating up again.

Recently, Gaorong Ventures partnered with DFIN, KPMG, and others to host a closed-door session for innovative enterprises, looking ahead to 2025 opportunities for Chinese companies to go public overseas and offering companies an "IPO playbook." Read more