Chip/Consumer Electronics/Gene Editing Firms Raise New Funding; Quantum Computers, Micro-Display Chips Achieve Global Leadership | Rongbao · April

In this edition of the Gaorong Bulletin, we see how leading companies in chip R&D, gene editing technology, and quantum computing continue to push past their limits, driven by the goal of reaching world-class standards. We also see how putting user experience first — creating products that are beautiful or made with care — leads to countless rounds of refinement and iteration, ultimately bringing exceptional products to market. At the same time, we are witnessing the enormous opportunities born from the generative AI wave, and have partnered with tech companies to host a series of generative AI events.

Apr

Funding

GravityXR Closes Hundreds of Millions of RMB in Pre-A+ Round Accelerating Development of High-Performance XR Chips

Recently, XR chip company GravityXR announced the completion of a Pre-A+ round worth hundreds of millions of RMB. The round was led by Tongge Venture Capital, a fund established jointly by Goertek, PICO, miHoYo, and 37 Interactive Entertainment, with participation from miHoYo, Zhongyuan Capital, Eastern Bell Capital, Eight Roads, Jianshi Capital, Ningbo Yongjiang Sci-Tech Innovation, and Ningbo Zhenhai Industrial Capital. Gaorong Ventures led GravityXR's angel round in 2021 and continued to participate in its Pre-A round.

GravityXR's first product is a dedicated chip for VR/MR, expected to enter mass production in 2024. It enables targeted performance optimization for VR/MR-specific system components such as displays and perception sensors, providing real-time image rendering, sensor data processing, and mixed reality interaction. This dedicated chip assists with rendering to reduce the load on the main processor; its self-developed algorithms reduce motion sickness from image content while offering certain image correction capabilities to enhance display quality.

GravityXR's founding CEO previously led R&D teams at Apple for many years. The core founding team comes from Huawei, Apple, Meta, and other companies, with deep expertise in chips, displays, perception, and image vision for XR. Their industry-leading technical experience, capabilities, and vision, combined with accumulated expertise in chip design, component R&D, and end-product design and manufacturing, give them a core competitive advantage: the ability to work backward from user experience to design core chips.Read more

Xin'ai Technology Closes Over 500 Million RMB in A1 Round Accelerating Production of High-End Packaging Substrates

In April, high-end packaging substrate supplier Xin'ai Technology announced the completion of an A1 round exceeding 500 million RMB. The round was led by Heli Capital, with participation from Junhai Chuangxin, Xiamen Lianhe Capital, Jiangbei New Area Development Fund, Teda Venture Capital, Xingrui Capital, and others. Existing shareholders Kunqiao Capital, WY Capital, and Gaorong Ventures continued to add to their investments. Gaorong Ventures invested in Xin'ai Technology's Pre-A round in 2021 and continued to participate in this round.

Founded in May 2021, Xin'ai Technology focuses on comprehensive packaging substrate services spanning R&D, design, production, testing, and sales, covering both BT and ABF substrates for products including Coreless ETS, FCCSP, FCBGA(BT), and FCBGA(ABF). The company boasts a rare, fully-formed team of high-end substrate experts, built on independent R&D and mastery of core technologies, striving to achieve domestic substitution and supply chain autonomy in high-end substrates.

The company's factory is located in Nanjing's Pukou Economic Development Zone, featuring a high-precision, high-cleanliness, highly automated, and highly intelligent packaging substrate production park. Phases one and two cover a combined 415 mu, with initial total investment exceeding 4.5 billion RMB and annual capacity reaching 1.45 million high-end substrates. Products will be widely used in consumer electronics, data centers, artificial intelligence, automotive electronics, and other fields.Read more

Muya Micro Completes 100-Million-RMB Pre-A Round Leading 4D Millimeter-Wave Radar Chip Technology

Recently, Muya Microelectronics, which focuses on 4D millimeter-wave radar chip technology, announced the completion of a 100-million-RMB Pre-A round. The round was co-led by 5Y Capital and Kaifeng Investment, with participation from Redpoint China Ventures and Yiling Capital. Existing shareholders Hua Capital and Gaorong Ventures added to their investments. Gaorong Ventures invested in Muya Micro's angel round in early 2022 and continued to participate in this round.

Founded in Shenzhen in December 2021, Muya Micro is a high-tech enterprise dedicated to developing 4D high-precision imaging radar, integrating design, development, and sales. The company has established R&D centers and laboratories in Shenzhen, Shanghai, the UK, Germany, and Switzerland, bringing together domestic and international experts for research. Its core R&D team consists primarily of PhDs from world-renowned universities, averaging 15 years of experience in chip design or radar algorithms at globally recognized semiconductor companies, having led the development of 77-79GHz millimeter-wave radar chips for major international manufacturers.

With modern engineering design principles, Muya Micro focuses on helping the automotive industry advance autonomous driving through enhanced 4D imaging perception. In December 2022, the company successfully developed its first 77GHz millimeter-wave radar chip.Read more

Baseus Technology Closes Hundreds of Millions of RMB in Series A Upholding "Practical and Beautiful" Product Values

On April 20, Baseus Technology announced the completion of a Series A round worth hundreds of millions of RMB. The round was co-led by Shenzhen Capital Group and CICC Capital, with Yuexiu Industrial Fund and Gaorong Ventures participating. This marks Baseus Technology's first external market financing since its founding in 2011. Proceeds will primarily fund product R&D, overseas offline market development, supply chain building, factory construction, and brand promotion.

"Baseus" is a new lifestyle digital brand under Baseus Technology integrating design, R&D, sales, and production. Since its founding, Baseus has become the choice of over 300 million users, covering more than 100 countries globally. The brand name "Baseus" evolved from the philosophy of "BASE ON USER," signifying that the brand puts meeting user needs at its core, creating practical and beautiful products, serving users responsibly, and enriching their sense of fulfillment.

As a company focused on mobile digital product design and R&D, Baseus Technology has established market-leading positions in charging and TWS. It has now anchored around three core scenarios — "smart terminal peripherals, office electronics, and in-vehicle mobility" — to expand and explore, further broadening product categories and scenarios to help users improve their living and working efficiency. At the same time, Baseus Technology will continue exploring new application areas, strengthening collaboration with upstream and downstream partners in the industrial chain, and continuously enhancing its competitiveness and market share.Read more

Qihe Shengke Completes Over 100 Million RMB in Pre-A Round Accelerating Development and Application of Novel Gene Editing Technologies

On April 20, Qihe Shengke completed a Pre-A round exceeding 100 million RMB, led by CD Capital, with participation from Gaorong Ventures, Source Code Capital, Zhongxin Capital, and Xinshang Capital.

Founded in 2021 by internationally renowned gene editing scientist Caixia Gao and Dr. Kevin Zhao, Qihe Shengke is a biotech company dedicated to developing autonomous and controllable novel gene editing technologies. The company has made serial advances in mining underlying new gene editing tools, optimizing proprietary gene editing tools, developing safe and efficient delivery systems, and creating breakthrough germplasm resources, forming a high-tech industrial chain centered on its SEEDIT™ platform.

Based on years of accumulated R&D in plant gene editing technology, the company possesses a series of core gene editing technologies based on CRISPR-Cas systems, capable of performing complex gene/genome operations in plants including gene knockout, precise base substitution, precise DNA fragment deletion, fine-tuned gene expression regulation, and precise long-fragment DNA knock-in.

Qihe Shengke has built a complete crop development system to meet the delivery technology R&D needs of multiple plants, having established transient in vivo editing efficiency assessment systems based on protoplast or Agrobacterium rhizogenes-mediated transformation for over 30 plant species. Notably, for globally important food crops such as rice, wheat, soybean, and corn, as well as plants widely considered difficult to transform such as sugar beet, mung bean, and Chinese cabbage, the company has achieved autonomous delivery capabilities.Read more

Apr

By the Numbers

Huayi Quantum Releases First-Generation Room-Temperature Ion Trap Quantum Computer

Delivering 37 Qubits of Computing Power

On April 27, Huayi Quantum officially released its first-generation commercial prototype ion trap quantum computer, the HYQ-A37, capable of delivering up to 37 qubits of quantum computing power, implementing programmable universal quantum logic gate sets and adiabatic quantum computing. The HYQ-A37's performance metrics have all met initial design expectations, with some reaching world-leading levels; overall, its performance is comparable to the most advanced ion trap quantum computers currently available worldwide.

The Huayi Quantum HYQ-A37 is designed to operate at room temperature, with future upgrades and optimizations expected to further increase qubit scale. The HYQ-A37 system pioneered the use of an acousto-optic deflector (AOD) to perform independent qubit addressing in large-scale ion crystals. Leveraging AOD addressing technology and a self-developed high-resolution, high-throughput objective system, Huayi Quantum successfully reduced the addressing laser spot diameter to several micrometers, achieving a crosstalk error rate below one-thousandth, and successfully realized 99% single-qubit quantum logic gate operation fidelity and 96.8% two-qubit quantum logic gate operation fidelity.

Huayi Quantum is currently working at full capacity to develop and refine cloud service software to accompany the HYQ-A37 prototype, with preliminary preparation and testing expected to be completed in the coming months, providing external access to quantum computing power services through a quantum computing cloud platform.

Raysolve Successfully Lights Up World's First Micro-LED Micro-Display Designed for AR Glasses

Recently, Raysolve announced the successful lighting of the world's first single-chip full-color Micro-LED micro-display designed for AR glasses, with its first-generation standardized single-chip full-color Micro-LED micro-display set for official release in May.

As the world's only single-chip full-color micro-display to simultaneously achieve the highest brightness, highest PPI, and smallest size, Raysolve's 0.11-inch and 0.22-inch single-chip full-color chips have achieved a 3.5-micron ultra-small pixel pitch, with Micro-LED pixel density reaching 7,000 PPI and full-color brightness of 100,000 nits. 24-bit color depth enables more nuanced true-color performance, while up to 300Hz frame rate supports clear, smooth image display. With a physical size smaller than a match head, it enables high-brightness full-color display while significantly helping AR glasses achieve the perfect balance between performance, weight, form factor, and cost, opening more imaginative possibilities for AR content ecosystems and application scenarios.

Currently, Raysolve's self-developed lithography-based quantum dot process far exceeds quantum dot printing and other approaches in efficiency, precision, and mass production viability. Compared to three-color-combination full-color solutions, in addition to clear miniaturization advantages, Raysolve's single-chip full-color solution offers greater cost advantages and mass production viability.

Genki Forest Launches New Cola-Flavor Sparkling Water Testing Thousands of Formulas

On April 26, Genki Forest held a launch event for its new "Genki Forest Cola-Flavor Sparkling Water" at its fifth self-built factory in Xianning, Hubei. At the event, Genki Forest released its new cola-flavor sparkling water with health and great taste, sugar-free and guilt-free as its core selling points. Compared to last year's Cola-Flavor Sparkling Water 1.0, the new product retains Genki Forest's core positioning of health without compromise while making comprehensive upgrades to taste, refreshment, and carbonation, striving to give consumers a thoroughly enjoyable drinking experience that is both healthy and delicious.

After countless blind taste tests and iterations, testing thousands of formulas, the newly released product delivers not only significant taste improvements but also upgraded mouthfeel — more carbonation with stronger retention gives the cola-flavor sparkling water a satisfyingly sharp "throat hit."

While pursuing great taste, Genki Forest also insists on being a pioneer in healthy beverages, elevating "0 potassium sorbate, 0 sodium benzoate" to equal importance with "0 sugar, 0 fat, 0 calories," backed by Genki Forest's six self-owned factories including the Xianning facility, and twenty-four advanced aseptic filling production lines.

XTransfer Launches International Services 7x24 Instant Arrival

On April 26, XTransfer announced the launch of international services, providing cross-border payment and other trade-related services for global buyers and sellers, initially serving Hong Kong import and export enterprises. When overseas buyers use XTransfer accounts to pay mainland sellers' XTransfer accounts, they can complete transactions as easily as a "local transfer." XTransfer provides compliant declaration services for enterprises, enabling 7x24 instant arrival of funds, with estimated savings of 95% on remittance fees and 20% on foreign exchange costs, significantly improving operating capital efficiency for global trade enterprises.

After launch, overseas enterprises can use XTransfer's one-stop multi-currency account to achieve global collection, payment, foreign exchange, and other functions, with advantages including compliance and stability, preferential exchange rates, and anytime, anywhere online operation.

Over six years since its founding, XTransfer has focused on B2B foreign trade collection, serving more than 300,000 foreign trade enterprise clients, and by client scale has become China's leading B2B foreign trade finance platform.

Apr

Horizons

Style3D AI Industry Model "3D + AIGC" Empowers E-commerce Enterprises to Launch New Products Rapidly, at Scale, and with Precision

Inside WeView's Smart Manufacturing Factory From "Smart Production Lines" to "Giga-Factory," Embarking on the "Zinc-G" Journey

Apr

Recognition

On May 4, the 2023 Forbes Midas List was released, with Gaorong Ventures founding partner Chang Chen making the list.

Recently, Gaorong Ventures was named among China FOF Research Center's "2023 TOP 5 Direct Investment Fund Firms Most Popular Among Young Investors," and Gaorong Ventures partner Rui Han was recognized as a "2023 40 Under 40 Best Young Direct Investment Fund Investor."

Apr

Gaorong Hub

# Gaorong Hub · Generative AI Series Events

Generative AI is sweeping the globe, reshaping nearly every industry. How can innovative enterprises leverage this disruptive technology to unlock enormous productivity and creativity? Gaorong Hub is hosting a series of generative AI events, exploring the latest trends, transformations, and practical application solutions alongside leading tech companies.

On April 26, Gaorong Hub partnered with Amazon Web Services, inviting AI technology experts and advanced tool providers to share how generative AI is disrupting and reimagining marketing across retail e-commerce, content and creative design, and text generation. On May 5, in partnership with the NVIDIA Inception program, the focus will be on how generative AI combined with digital twins, physics simulation, extended reality, and 3D technologies can accelerate virtual world creation and apply it to real-world industries.