Gaorong Ventures Report: ESWIN Computing Debuts on Hong Kong Stock Exchange, Quantum Computing, AI4S, and Brain-Computer Interface Firms Close Funding Rounds

From RISC-V chip companies listing in Hong Kong to new funding rounds closed by quantum computing, AI4S, brain-computer interface, and autonomous driving firms, we're witnessing cutting-edge technological exploration steadily translate into verifiable, scalable value. In this issue of the Gaorong Report, we continue to document these promising innovations.

ESWIN Computing Lists in Hong Kong

Entering a New Phase of RISC-V + AI

On October 9, ESWIN Computing made its debut on the Main Board of the Hong Kong Stock Exchange under ticker 01256.HK. Gaorong Ventures participated in the company's Series B round in 2020. ESWIN Computing is also the fifth Gaorong portfolio company to list in Hong Kong in 2026.

ESWIN Computing adheres to a core "RISC-V + AI" strategy, with products spanning chips and system solutions for human-machine interaction and multimedia processing, interconnect, and computing, serving diverse scenarios including consumer terminals, automotive electronics, robotics, and industrial control. As of March 31, 2026, the company has accumulated over 620 IP modules, more than 20 series of RISC-V cores, over 1,740 patent applications, launched more than 150 software-hardware co-designed products, and serves 220 customers globally.

From 2023 to 2025, ESWIN Computing's revenue reached RMB 1.752 billion, RMB 2.025 billion, and RMB 2.431 billion respectively, representing a three-year CAGR of approximately 17.8%. In Q1 2026, revenue was RMB 494 million, up 18.4% year-over-year, maintaining a steady upward trajectory. Read more

Neolix Closes Nearly $400 Million Series E

Accelerating Global Expansion and Scalable Commercial Deployment

On October 20, Neolix announced the completion of a nearly $400 million Series E round, co-led by Boyu Capital and a national-level fund, with continued participation from early and long-term shareholders including Gaorong Ventures. Gaorong Ventures had previously invested in Neolix's Series D round in 2025. This round marks the largest single financing in China's autonomous driving sector this year, bringing Neolix's cumulative funding to over RMB 10 billion — the highest in the unmanned delivery vehicle industry.

Over the past year, Neolix has made significant strides in commercial deployment and technology evolution. The company continues to operate the world's largest unmanned fleet, expanding from e-commerce express delivery to provide logistics services through a freight network for a broad base of shippers, consistently helping customers achieve clear cost reduction and efficiency gains. On the technology front, Neolix continues to build an industry-leading vision-centric end-to-end large model, and through a unified architecture combining cloud, edge, and vehicle-side models, has created the industry's largest "operations, data, algorithms" data flywheel.

On globalization, Neolix was an early mover in the industry and continues to lead in overseas unmanned delivery vehicle deployment, steadily rolling out unmanned delivery vehicles and services across the Middle East, Europe, East Asia, Southeast Asia, and Australia. Read more

Taiyi Liangsheng Surpasses RMB 1 Billion in Total Funding

Accelerating Toward Large-Scale Fault-Tolerant Quantum Computing

On October 10, Taiyi Liangsheng announced a new funding round, bringing total capital raised to over RMB 1 billion within just over eight months since founding. Gaorong Ventures co-led the company's Pre-A round in May this year.

From inception, the company has targeted large-scale fault tolerance as its north star for technology selection and system design, pursuing an integrated layout spanning physical substrate, system architecture, quantum error correction, real-time control, and software stack. With ytterbium (Yb) atomic systems at its core, it is advancing a practical, scalable general-purpose quantum computing platform.

The team completed full prototype integration within six months, achieved real-time control latency in the 10-microsecond range, and open-sourced its quantum compiler "LUOSHU" globally. Additionally, the company has established joint research, scenario exploration, technology validation, and POC partnerships with research institutions and industrial enterprises across five priority sectors: nuclear industry, energy and chemicals, new energy and materials, biomedicine, and finance. It is also actively exploring frontier computing directions including Quantum × AI and complex optimization, further connecting to next-generation computing ecosystems. Read more

Jieti Medical Reaches RMB 2.6 Billion in Total Funding

Advancing BCI Clinical Validation with 42 Long-Term Implants

On October 29, Jieti Medical disclosed that it had raised approximately RMB 1.4 billion in the second half of 2026 alone, bringing cumulative funding to RMB 2.6 billion as of September. Gaorong Ventures participated in Jieti Medical's Series C round in May this year.

Jieti Medical's core product, WRS 01 (Wireless RISC System 01), is a 256-channel minimally invasive implantable brain-computer interface system primarily targeting motor function restoration for high-level paraplegics. WRS 01 is the first fully invasive BCI product to enter the National Medical Products Administration's Innovative Medical Device Special Review Program and is currently in registrational clinical trials.

As of October 28, Jieti Medical has completed 42 long-term implants, with cumulative in-body time exceeding 5,000 days and brain-controlled usage surpassing 10,000 hours. Based on publicly available data, its number of long-term implants has exceeded Neuralink's 27. Read more

Nuancin Jia Completes RMB 500 Million Series C+ Round

Setting a "China Speed" Pace for Visual Brain-Computer Interfaces

On November 3, Nuancin Jia announced the completion of a RMB 500 million Series C+ round led by Gaorong Ventures, with participation from multiple new and existing institutions. This marks the company's second financing this year, bringing total funding to RMB 1 billion.

Visual reconstruction is considered the "crown jewel" of the brain-computer interface field. China's first high-resolution retinal-pathway visual BCI GCP clinical trial came from Nuancin Jia — the first subject could recognize complex letters the day after activation, and within two months achieved writing, grasping, and directed walking. To date, Nuancin Jia has successfully completed BCI clinical trials in three patients.

Nuancin Jia has pioneered a dual-track approach with both retinal-pathway E-BCI and visual-cortex-pathway V-BCI solutions. Its 320-channel retinal visual BCI (E-BCI) has formally entered GCP-standardized clinical trials, with promising interim results demonstrating preliminary clinical validation of safety and efficacy. Its 1,280-channel visual cortex BCI product is in development, with clinical validation planned. Read more

BioGeometry Closes $100 Million Series A

Building Self-Evolving Microscopic World Models

On October 28, BioGeometry announced the completion of its A+ round, bringing total Series A funding to over $100 million. The round was led by China Life Private Equity Investment Company Limited, with participation from multiple new and existing institutions. Gaorong Ventures exclusively led BioGeometry's angel round in 2022 and continued to invest in subsequent rounds.

This funding will focus on continued iteration of GeoFlow (molecular level) and GeoCell (cellular level) — two microscopic world models — expansion of high-throughput automated laboratories, and commercialization of proprietary drug pipelines. GeoFlow is a full-atom biomolecular world model at the molecular level, continuously integrating structure prediction, de novo design, and multi-step reasoning capabilities. GeoCell operates at the cellular level, modeling cell states and their responses under various perturbations. Together they enable cross-scale exploration from molecular design to biological function prediction.

BioGeometry has built a pipeline of dozens of proprietary drug and synthetic biology products. On the biopharmaceutical side, multiple bispecific antibody programs are expected to enter IND stage in 2027. In synthetic biology, natural borneol has been biosynthesized for the first time globally, with costs reduced by 80% compared to plant extraction, and is approaching scaled production. Read more

Entropy Technology Completes Series C Round

Exploring the Frontier of AI Finance

On October 19, Entropy Technology announced the completion of its Series C round, led by Ant Group, with participation from Orient Guoxin and Qiaobei Capital. Going forward, Ant Group will collaborate with Entropy Technology on AI financial agent R&D and AI financial domain model training, jointly exploring the industrial frontier of AI finance. Gaorong Ventures had co-led Entropy Technology's Series B round.

Entropy Technology's core product, AlphaEngine, is positioned as an AI companion for finance professionals. In March 2026, Entropy released AlphaClaw ("Little Crayfish") — the industry's first financial research AI agent — unlocking AI's potential in professional investment research. This was followed in September 2026 by the institutional version of AlphaEngine, adopting a local-first architecture that empowers the full investment research workflow while meeting financial institutions' compliance requirements, already deployed at several leading asset management firms.

To date, AlphaEngine has cumulatively served over 100,000 institutional investors, covering more than 9,000 institutions, with full coverage of core customer segments including public funds, securities research institutes, insurance asset management, and bank wealth management subsidiaries.

Moonshot AI Releases Kimi K3.1 Pro

3-Trillion-Parameter Scale, 1 Million Context Window

On October 24, Moonshot AI launched Kimi K3.1 Pro. This is the first model in the K3.1 series and Kimi's most capable model to date at the 3-trillion-parameter scale, supporting a 1 million context window. Kimi K3.1 Pro shows particularly significant improvements in coding, 3D creation, financial research, and other long-horizon agent capabilities.

Kimi K3.1 Pro is a post-trained version of Kimi K3, with substantially increased post-training compute. To support large-scale joint training across hundreds of downstream domains, Kimi optimized every layer of its technology stack, including RL frameworks, long-context inference, training efficiency, sandbox infrastructure, scheduling systems, and a shared platform for environmental quality checks. The result is comprehensive improvement across all domains from large-scale RL. On coding, agent, and knowledge benchmarks, K3.1 Pro reaches or approaches the level of the strongest closed-source models.

UniPat Launches PaperBenchX

Testing Scientific Reproducibility Across 93 Tasks

On October 8, UniPat AI released the first benchmark for end-to-end paper result reproduction across multiple disciplines. For the first time, "reliable reproducibility" was put to systematic testing in 10 native scientific environments, with 93 reproduction tasks spanning 12 research directions, evaluated against 3,168 expert-validated scoring items and regenerated evidence — striving to make General AI Scientist measurable.

GitHub open-source link: https://github.com/UniPat-AI/PaperBenchX

Reliable reproducibility is a foundational capability for AI to advance toward new scientific discovery. PaperBenchX currently focuses on scientific tasks that can be completed on computers; going forward, it will further explore AI scientific research capabilities in wet labs, extending exploration to more direct experimental operations and physical feedback. UniPat hopes to progress from reproducing existing research to tackling new problems and making new discoveries, continuously pushing AI's scientific capabilities toward the research frontier, ultimately making the real world itself an environment for AI's continuous learning and evolution.

Simplexity Robotics Releases SimpleWAM

Edge Inference Latency as Low as 42 Milliseconds

Recently, Simplexity Robotics released and open-sourced SimpleWAM — an efficient multimodal temporal world-action model for real-world control. After deep engineering optimization, the 6B-parameter SimpleWAM achieves inference latency as low as 42ms on NVIDIA ThorX (T5000) edge chips, and demonstrates exceptionally strong generalization and reliability on both the RoboTwin 2.0 simulation benchmark and four real-world industrial scenarios.

SimpleWAM aggregates approximately 15,000 hours of high-quality heterogeneous data, covering glove-based collection, teleoperation, first-person perspective, and public datasets. It has been successfully deployed in four challenging real-world scenarios: smart logistics, industrial precision manufacturing, unmanned retail and commercial services, and AI new infrastructure with flexible manufacturing — testing the model's manipulation capabilities under diverse task conditions.

KargoBot Deploys China's First Large-Scale AI Transportation Network

Empowering AI Transportation Infrastructure Construction

Recently, KargoBot held a launch ceremony for its large-scale AI transportation network, signing an AI transportation scale-up network co-construction plan with initial scenario partners, scale expansion partners, and ecosystem enablement partners.

Since pioneering autonomous driving platooning in 2021, KargoBot has accumulated over 4 million real edge scenarios, operating the world's largest hundred-vehicle-level L4 fleet and achieving ten-million-kilometer-level autonomous platooning mileage. It has built the world's largest dataset of physical samples for trunk transportation across complex scenarios, significantly improving effective data density for heavy-duty freight-specific scenarios.

To date, KargoBot has formed networked scale capacity across multiple regions with 30+ customers, 8+ OEMs, and 30+ ecosystem partners, expanding freight routes regionally to core logistics corridors in Inner Mongolia, Ningxia, Gansu, Xinjiang, Shaanxi, and Shanxi, as well as industries including steel, express delivery, industrial products, auto parts, and agriculture.

Abogen Biosciences and Novartis Enter RNA Therapy Licensing Deal

Total Potential Value of $7.775 Billion

On October 2, Abogen Biosciences announced a licensing and option agreement with Novartis to advance RNA therapies. The agreement includes granting Novartis exclusive global rights to Abogen's priority pipeline asset ABO2203, as well as exclusive licensing options for other potential programs based on Abogen's proprietary RNA platform.

Under the agreement terms, Abogen Biosciences will receive a $575 million upfront payment. If all options within the agreement are exercised, Abogen is eligible for up to approximately $7.2 billion in potential milestone payments upon achieving specified development, regulatory, and commercial milestones, plus potential royalties on future product sales. ABO2203 is a novel mRNA-encoded CD19xCD3 T-cell engager (TCE) with the potential to reshape the treatment landscape for autoimmune diseases. Read more

Jianda Jiuzhou's GA002 Injection Receives FDA Clearance

Phase I/II Clinical Study in Refractory Epilepsy to Begin in the US

On October 31, Jianda Jiuzhou announced that its self-developed chemogenetic precision modulation therapy GA002 injection and associated brain parenchyma injection device have received FDA investigational new drug (IND) clearance, enabling Phase I/II clinical studies in the United States. This marks another step for the company's innovative precision neuromodulation technology into international clinical validation.

GA002 is the world's first chemogenetics-based gene therapy for refractory focal epilepsy to enter clinical validation. Its mechanism of action differs from traditional treatments, enabling "lesion localization, cell targeting, and functional control" — with the potential to cover patient populations for whom drugs and conventional surgery are ineffective, filling a major clinical unmet need.

On November 5, the first-in-human study of chemogenetic neuromodulation, conducted by Jianda Jiuzhou in collaboration with Professor Zhao Guoguang's team at Capital Medical University Xuanwu Hospital and Professor Luo Minmin's team at the Beijing Institute of Brain Science, was published in the top-tier journal The New England Journal of Medicine. The study evaluated the preliminary safety, feasibility, and clinical effects of GA002 in three patients with unilateral hippocampal sclerosis mesial temporal lobe epilepsy (MTLE-HS).

KSKD Presents CS060380 MASH Phase IIa Data

Liver Fat Content Reduction Exceeds 70%

In October, KSKD's self-developed Class I drug CS060380 for metabolic dysfunction-associated steatohepatitis (MASH) was selected for a Late-Breaking Oral Presentation at the 2026 AASLD The Liver Meeting.

Global competition in MASH is intense, and Late-Breaking Oral Presentations represent one of the most prestigious and selective formats at the AASLD annual meeting. CS060380 is a highly liver-selective thyroid hormone receptor beta (THR-β) small molecule agonist, approved for clinical trials in both China and the US. CS060380 employs ultra-low dosing, with administered doses far below those of comparable marketed drugs. After just three months of treatment, placebo-adjusted MRI-PDFF assessment showed significant liver fat reduction efficacy, with patient liver fat content decreasing by over 70% — efficacy even surpassing injectable biologics — demonstrating best-in-class potential, with good overall safety and tolerability.

Yuan Ce Future Demonstrates Whole-Body Intelligence Results

Teaching Robots to Use Their Entire Body to Enter the Real World

Xi Wang Sunrise Featured on CCTV's Dialogue

GPUs and Supernodes, Reducing LLM Token Costs

Recently, 36Kr's venture capital research institute released its 2026 "Industrial Investment" series rankings, with Gaorong Ventures selected for China's Embodied AI Industrial Investment list.

Additionally, Cyzone's "2026 Most Admired Venture Capital Institutions" list was published, with Gaorong Ventures ranked in the Top 10 Most Admired Venture Capital Institutions for 2026, as well as Top 5 in Energy Technology and Top 10 in Bio/Medical Technology.