About Gaorong Report

As summer begins, all things grow. This issue of Gaorong Report reviews recent funding rounds in quantum computing, 3D sensor chips, and other fields, along with milestones in consumer brand product and channel development, robotics customer service, and a major medical acquisition.

APR

Funding

#01

Huayi Quantum Raises Over RMB 100 Million in Angel Round

Focused on Trapped-Ion Quantum Computing

On April 22, Huayi Quantum announced the completion of an angel round exceeding RMB 100 million. The round was led by Gaorong Ventures, with follow-on investments from AURITE Pharmaceutical, Sequoia Capital China, MiraclePlus, and Turing Ventures. The funding will primarily be used for R&D and manufacturing of trapped-ion quantum computers with 100–200 qubits, as well as development of a corresponding quantum cloud computing platform.

Founded in January 2022, Huayi Quantum is China's first high-tech enterprise focused exclusively on trapped-ion quantum computing. Its founding team hails from Tsinghua University's Center for Quantum Information, with founder and chief scientist Professor Luming Duan serving as executive director of the center. Professor Duan's research team has repeatedly broken international records in quantum information, achieving for the first time the stable trapping of 202 ion qubits — laying the technical groundwork for large-scale trapped-ion quantum computers. Leveraging its existing technical reserves, Huayi Quantum's team will soon commercialize quantum computer hardware at the scale of hundreds of qubits; and by fully exploiting its advantages in advanced architecture design, will continue iterating over the coming years to gradually scale qubit counts to the thousands and tens of thousands. Huayi Quantum is committed to driving quantum computing toward broader application scenarios, empowering new drug R&D, scientific research, industrial production, big data, and financial services. Read more

#02

Adaps Photonics Raises Hundreds of Millions in Series C

Global Leader in 3D Sensor Chip Technology

Adaps Photonics, a new-generation global leader in 3D sensor chips, has completed a Series C round of hundreds of millions of RMB. The round was led by Meituan Longzhu, with existing investors Kinzon Capital and Gaorong Ventures continuing to increase their stakes. Gaorong Ventures had previously led Adaps Photonics' Series B1 round in 2021. Adaps Photonics is dedicated to using internationally leading single-photon avalanche diode (SPAD) technology to provide self-developed high-performance dToF depth sensor chips for smartphones, LiDAR, robotics, AR devices, and more. The company masters internationally leading SPAD device design and process capabilities, with single-photon detection efficiency (PDE) reaching 25% at the 905nm wavelength — a world-record level that far exceeds the industry average of 5%–18%, enabling longer detection range, lower power consumption, and smaller form factors. At the same time, Adaps Photonics possesses the only mature 3D-stacked dToF chip design and process capability in China and one of few globally, having successfully developed multiple 3D-stacked SPADIS chips.

Currently, Adaps Photonics' self-developed single-photon imaging array (SPADIS) chips and dToF modules, silicon photomultipliers (SiPM), and limited-point dToF chips and modules have all met expected performance benchmarks in evaluation. Moving forward, Adaps Photonics will comprehensively drive dToF chip products into mass production to meet rapidly growing demand from customers in smartphones, automotive LiDAR, robotics, and other fields. Read more

#03

Huashun Xin'an Raises Hundreds of Millions in Series C

Building a Cyberspace Security Ecosystem

This month, Huashun Xin'an announced the completion of a Series C round of hundreds of millions of RMB. The round was led by CMB International, with Gaorong Ventures participating, and existing investors Shoujian Investment Capital and China Merchants Group continuing their support. Huashun Xin'an is a high-tech enterprise built on cyberspace mapping technology, focused on security big data and cyberspace asset security. Starting from the dimension of cyberspace assets, the company discerns the essential nature of cyberspace security, providing foundational security capabilities for national cyberspace defense, while helping government and enterprise clients enhance their operational capabilities and optimize cybersecurity protection systems through quality products and services. Huashun Xin'an has continued to focus on cyberspace mapping, making significant progress in technical reserves, product matrix, and market expansion. Its products including FOFA, FOEYE, DCC, FORadar, and ASP currently serve key enterprises and institutions in finance, energy, regulation, and government sectors. Read more

#04

ZenusTech Completes Angel Round

Develops China's First Full-Process 3D Content Generation Software ZENO

Recently, ZenusTech announced the completion of an angel round of tens of millions of RMB, led by Gaorong Ventures. The company has independently developed ZENO, China's first full-process 3D content generation software integrating physical simulation, biological simulation, procedural geometry, procedural materials, and real-time rendering. ZENO is currently in closed beta with key customers. As a "full-process" 3D content generation software, ZENO connects all production workflows, achieving "one platform, end-to-end creation" — delivering a novel creative experience for creators and filling the gap in China's high-performance full-process 3D content generation software.

Currently, Zenus is iterating ZENO version 2.0, further optimizing performance across dimensions, continuously enriching open digital assets, and building user learning and communication channels. The software will officially launch within the year. Read more

APR

By the Numbers

#01

Genki Forest:

Q1 2022 Revenue Up 50% YoY, Building "Dual-Wheel Drive" Growth Model of Product + Channel

On April 15, Genki Forest disclosed select performance figures for the first time. Genki Forest's 2021 revenue was 2.6 times that of the previous year, and Q1 2022 revenue grew 50% year-over-year. Over the past year, Genki Forest expanded its self-built factories from 2 to 6, further improving food quality and safety. In March this year, Genki Forest's sixth factory in Taicang, Jiangsu was formally contracted, introducing a globally leading fully automated aseptic carbonated production line. Supplier count also grew from over 200 at the beginning of last year to 370, making the supply chain system more robust.

This spring, beyond its sparkling water products, multiple new products under Genki Forest showed strong performance. For example, Alien Energy Drink monthly sales exceeded RMB 100 million in Q1, 2.5 times the same period last year. Starting last year, Genki Forest formally made aggressive moves into traditional offline channels. Distributor count grew from over 500 at the beginning of last year to more than 1,000. Offline terminal points surpassed 1 million, covering over 800 cities nationwide, with the offline channel system initially established. With this, Genki Forest has built a "dual-wheel drive" growth model characterized by multiple products and full-channel coverage. In 2019, Genki Forest officially launched its overseas strategy. It currently supplies products in over 40 countries, has entered mainstream U.S. e-commerce channels, and introduced localized products in Southeast Asia — obtaining Singapore's Health Promotion Board HCS (Healthier Choice Symbol) certification, with product quality recognized by global markets.

#02

Geekplus:

Launches Intelligent Operations and Maintenance Platform, Responding to Customer Service Needs Within 10 Minutes

As a global leader in AMR (Autonomous Mobile Robots), Geekplus has always adhered to a "customer-centric" philosophy, committed to building industry-leading after-sales service systems and delivering a "five-star experience" for customers upgrading to smart logistics. To date, Geekplus has global sales, operations, and service capabilities spanning over 30 countries, providing dedicated 7×24 technical support with response times under 10 minutes. It has established 2 global spare parts centers, 5 domestic regional spare parts centers, and 10 overseas regional spare parts centers, providing comprehensive spare parts services to support customer supply needs. Additionally, Geekplus has launched its intelligent operations and maintenance platform, enabling real-time monitoring and early warning of robot control systems, robots, and other equipment working conditions, with customers able to submit issues and track progress at any time.

#03

WallabyPhenox:

Completes Acquisition of German Neurointervention Leader phenox; Avenir Coil Family Reaches 175 Approved Models in China

On April 21, global innovative medical technology company WallabyPhenox announced the successful completion of its acquisition of phenox GmbH and its subsidiary femtos GmbH, a globally leading innovator in neurointervention based in Germany. The total consideration for the acquisition is approximately EUR 500 million (including milestone payments), making it one of the largest cross-border M&A transactions in the global medical device industry in recent years. This acquisition creates tremendous synergies in product portfolio and market coverage, positioning WallabyPhenox as a leading global enterprise in neurointervention, providing comprehensive neurointervention technologies and solutions for customers and patients in major markets including China, the U.S., Europe, and Japan. In the same month, WallabyPhenox's self-developed Avenir Plus series of mechanically detachable coils received approval from China's National Medical Products Administration (NMPA) for market launch. This approved Avenir Plus series redesigns the primary wire and coil dimensions, comprising 65 different length specifications that complete the three major product series of the Avenir coil family — versatile coils, finishing coils, and framing coils.

Coil embolization is currently one of the mainstream treatments for intracranial aneurysms. The approval of the Plus series marks further completion of the Avenir coil family, benefiting more patients in the future. Since its launch in 2021, the Avenir coil family has been trialed at nearly 100 major domestic centers, receiving widespread clinical acclaim for its excellent product performance. To date, the Avenir coil family has reached 175 approved models across 6 series in China.

#04

Unknown:

Acquires Clinical-Stage Pipeline for Ulcerative Colitis (UC), Securing Third Microecological Drug Pipeline to Enter Clinical Stage

Recently, Unknown acquired the clinical-stage drug pipeline M201 project from Assembly Biosciences, Inc. M201 is a formulated bacterial drug rationally designed through carefully designed human cell in vitro models and disease animal models, based on understanding of the biological mechanisms and cellular regulatory mechanisms associated with ulcerative colitis.

Unknown will further develop M201 using its AI and big data-driven drug R&D platform, and expects to begin Phase 1b clinical trials for M201 in the U.S. within the year. This acquisition represents one of the most significant acquisitions in the domestic and global microecological pharmaceutical industry in recent times.

Through this acquisition, Unknown secured its third microecological drug pipeline to enter clinical stage. In June 2021, Unknown formally became an AI + microecological pharmaceutical company entering clinical stages, with XBI-302 being Asia's first FMT drug pipeline to receive U.S. FDA clinical approval for graft-versus-host disease. In February this year, Unknown announced an exclusive Greater China collaboration and licensing agreement with Aurealis Therapeutics to develop and commercialize AUP-16, a clinical-stage novel drug for diabetic foot ulcers, other chronic wounds, and inflammatory diseases.

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#05

MemVerge: Big Memory Helps Break Through Single-Cell Sequencing Data Analysis Bottleneck, Boosting Business Performance Nearly 5x

Recently, big memory software pioneer MemVerge reached a successful collaboration with Alibaba Cloud and SeekGene. In this collaboration, SeekGene deployed Alibaba Cloud's i4p persistent memory instances equipped with Intel® Optane™ persistent memory, combined with MemVerge's big memory virtualization software, in single-cell sequencing and bioinformatics analysis research — significantly improving single-cell sequencing analysis efficiency and supporting clinical diagnosis and drug R&D.

The low task concurrency and slow data loading rates caused by massive data volumes and analysis complexity represent one of the main bottlenecks for future single-cell analysis performance.

The collaboration between MemVerge and Alibaba Cloud helped boost SeekGene's business performance by nearly 5x, once again confirming the tremendous value of persistent memory technology for the bioinformatics industry.

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APR

Horizon

#01

Hellobike: Brand Fully Upgraded, Accompanying Everyday Life

#02

Style3D: Releases Version 5.0 with New Visual Design and Feature Upgrades

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APR

Gaorong Hub

#01

"Globalization" Growth Series

As Chinese enterprises move from their role as the world's factory toward the upstream of the global economic value chain, Chinese momentum is grafting onto global resources, accelerating the great voyage of globalization. This also places higher demands on enterprises, requiring global vision and globalization arrangements across supply chain, organizational collaboration, security and compliance, and other dimensions — forging global brands amid fiercer competition.

In April–May, Gaorong Hub hosted a closed-door "Globalization" growth series, sharing with entrepreneurs on topics including new opportunities, platform ecosystems, global compliance, brand building, and global team collaboration. Sessions already held include:

"Ten Innovation Trends in the Born Global Era" — Xinhua Liu, Investment Partner, Gaorong Ventures

"TikTok Marketplace: Capturing the New Blue Ocean of Global Business" — Shuya Li, Head of Brand Strategy, TikTok E-Commerce Cross-Border Business

"Amazon's New Ecosystem for Going Global" — Ben Li, Industry Ecosystem Director, Amazon Web Services

"Compliance Risk Management Under the New Global Situation" — Hua Li, Partner, Brunswick Group

#02

Macro Strategy Season Series · Bridging the Strategy Execution Gap

In April, the third session of Gaorong Hub's Macro Strategy Season series visited Huawei to learn how to connect the critical links from strategic planning to execution, bridging the strategy execution gap.

Peng Peng, former EMT member of Huawei's Consumer Business Group and President of E-commerce Platform Department, systematically shared Huawei's methodology for strategic planning and execution, promoting full organizational consensus on strategy and effective linkage between strategy and execution.