Accelerated R&D and Commercialization of Frontier Products: Medical Devices, Digital Services, and New Brands Go Global | Rongbao

New funding rounds, new technologies, new applications, new frontiers... From technical breakthroughs to scenario-driven innovation, from developing new products to transforming industry efficiency, from exploring new business models to expanding globally — this month's Rong Report highlights how portfolio companies keep pushing forward, crossing borders, and earning recognition at year's end.

Dec

Funding

Electronic Damper Maker Lindun Closes Angel Round, Accelerating Intelligent, Personalized EV Chassis Development

On December 12, 2023, Shanghai Lindun Automotive announced the completion of an angel round of nearly RMB 20 million, led by Gaorong Ventures with follow-on from Yiyuan Capital.

Founded in July 2023, Lindun focuses on the R&D, production, and vehicle integration of electronic controlled dampers, addressing the chassis upgrade needs of new energy vehicles and accelerating the shift toward intelligent, personalized EV chassis.

Smart chassis represents the next major upgrade path for NEVs after intelligent driving and smart cockpits, with XYZ three-axis coordinated control increasingly becoming an industry consensus. Electronic dampers serve as the core Z-axis actuators in suspension systems, significantly improving ride comfort, safety, and handling — with adoption expected to rise rapidly.

Lindun's team comprises veteran engineers from top-tier global automotive suppliers, with deep expertise across the full damper lifecycle from R&D to production to calibration. The company is fast-tracking development of its first-generation product, an electronic damper with an external solenoid valve, matching international competitors on performance and reliability while offering substantial price and cost advantages. Read more

Baseus Technology Closes Series A+ Round, Doubling Down on Design Innovation and R&D as Moat

On December 11, 2023, Baseus Technology announced a Series A+ round of several hundred million RMB, led by Shenzhen Capital Group with participation from C&D Emerging Investment, Gaorong Ventures, and Yuexiu Industrial Fund. Gaorong Ventures, which joined Baseus's Series A round in April 2023, continued to increase its stake.

Baseus Technology focuses on three core scenarios — "audio-visual entertainment, smart office, and smart mobility" — continuously creating user value through product innovation. Its lifestyle electronics brand Baseus, staying true to its "BASE ON USER" ethos, is committed to making practical yet beautiful products that bring a sense of fulfillment to everyday life.

To date, Baseus has won over 150 international design awards including iF and Red Dot, with more than 2,500 patent applications filed. The brand has served over 300 million users globally, with more than 90 million Baseus products shipped annually to users across 100+ countries and regions, delivering more convenient and efficient lifestyle electronics experiences and striving to become the go-to brand for new lifestyles. Read more

Jingneng Microelectronics Closes Series A+ Round, Building Best-in-Class Power Products and Services

On December 30, 2023, Jingneng Microelectronics announced its Series A+ round, led by Wenling Jiulonghui with multiple existing investors following on — marking the company's third funding round. Gaorong Ventures participated in Jingneng's Pre-A round in 2022 and led its Series A round in June 2023.

Leveraging Geely's global industrial footprint, Jingneng Microelectronics continuously refines its technology through scenario-driven development and application traction, delivering high-performance power products and services to customers in electric vehicles, sustainable energy, green hydrogen and methanol, aerospace, and marine sectors.

On December 29, 2023, Jingneng broke ground on its Xiuzhou production base, with Phase I including a 6-inch FRD wafer fab and a 600,000-unit half-bridge module production line. The Xiuzhou facility follows the company's Yuhang plant (full-bridge modules) and Wenling plant (discrete packaging), filling in R&D and manufacturing capabilities for next-generation high-performance plastic-encapsulated half-bridge modules.

Zhanlue Data Closes Nearly RMB 200 Million Series C+ Round, Deepening Health Insurance Tech Services

Recently, insurtech company Zhanlue Data announced the completion of a Series C+ round of nearly RMB 200 million, led by Qiming Venture Partners with Suzhou Yihe following on, and existing investor Legend Capital continuing its support. Gaorong Ventures invested in Zhanlue Data's angel round in 2016 and participated in subsequent rounds.

Zhanlue Data specializes in digital healthcare payment solutions, providing comprehensive health insurance ecosystem digitization for government medical insurance agencies, commercial insurers, healthcare/nursing institutions, and pharmaceutical and medical device companies. With cost control and digital services at its core, the company bridges the last mile of medical insurance cost containment while offering commercial insurers a one-stop digital platform, creating a closed loop of efficiency plus cost control.

On international expansion, Zhanlue Data has gradually established operations in Vietnam and Indonesia, with plans to further expand its overseas business over the next three to five years, exploring markets including Thailand and Singapore. Read more

Raysolve Closes Pre-A3 Strategic Round, Accelerating Commercialization of Monolithic Full-Color Micro-LED

Recently, Raysolve Semiconductor announced the completion of a Pre-A3 strategic round, led by Meridian Capital with 37 Interactive Entertainment and miHoYo following on. Gaorong Ventures led Raysolve's Pre-A round in 2021 and doubled down in the following two rounds.

Raysolve is dedicated to developing high-performance, highly manufacturable full-color Micro-LED microdisplays, creating the ideal full-color micro-display solution for AR glasses. The company's core team originated from the Department of Electronic and Computer Engineering at The Hong Kong University of Science and Technology, with years of experience in cutting-edge optical chip design and manufacturing.

Since debuting its first monolithic full-color Micro-LED microdisplay chip in Silicon Valley in 2019, Raytron has developed multiple full-color Micro-LED microdisplay products based on 8-inch semiconductor processes, including the 0.11-inch and 0.22-inch full-color microdisplays unveiled at Display Week 2023 in the United States. In addition to their ultra-compact form factor, this series achieves brightness exceeding 100,000 nits, 98% DCI-P3 color gamut coverage, and a Micro-LED pixel density of up to 7,200 PPI — earning strong recognition from industry professionals. Read more

Qitan Technology Closes Series C+ Round to Build Nanopore Gene Sequencing Ecosystem

On December 28, 2023, Qitan Technology announced the completion of its Series C+ round, backed by Ceyuan Capital and Chengdu Biocity Fund (Guosheng Capital). Gaorong Ventures led Qitan's Series A round in 2020 and also participated in its Series B round.

Qitan Technology specializes in the R&D, product matrix expansion, and commercialization of nanopore gene sequencing technology, and is the first Chinese company to achieve commercialization of nanopore gene sequencers. The company has successfully launched China's first commercial nanopore gene sequencer, QNome-3841, alongside the QNome-3841hex and the medium-throughput nanopore sequencing platform QPursue.

In 2023, Qitan made significant strides in sequencing accuracy, throughput, and cost optimization, building an end-to-end nanopore sequencing solution now serving over 200 institutional users. Going forward, the company will continue to scale commercialization, refine its product portfolio, enhance delivery capabilities, and further expand application scenarios — delivering more accessible and user-friendly domestic nanopore sequencing platforms to make gene sequencing technology available to all.

Dec

By the Numbers

XVERSE Unveils PHASIG Algorithm for 3D Motion Generation, Incorporating SIGGRAPH Asia Best Paper Nominee

In December 2023, XVERSE released PHASIG (Physics-based Humanlike Agent-Scene Interaction Generation), an algorithm that enables AI agents to think, plan, and act within 3D environments. By inputting text describing a character's task, the AI automatically plans and generates 3D movements, intelligently adapting to changes in scene and character intent to create immersive 3D content.

PHASIG represents XVERSE's continued exploration at the intersection of AI and 3D, combining the company's large language models with reinforcement learning, physics simulation, and other complex technologies. It also incorporates algorithms for AI character motion generation published by team members at SIGGRAPH Asia 2023, which received a Best Paper nomination.

Compared to previous 3D motion generation techniques, PHASIG delivers a "double efficiency" breakthrough: in speed, it dramatically reduces human labor and time costs through extensive exploration and simulated training in physics-based environments; in quality, it enables intelligent agents to automatically complete highly complex tasks and generate corresponding diverse movements with greater realism and vividness.

BioGeometry Builds Natural Language–Life Language Multimodal Model, Aligning Human and Biological Knowledge

On December 18, 2023, BioGeometry announced a strategic partnership with Zhipu AI to jointly develop a natural language–life language multimodal model. The model is expected to enhance the practical utility of generative AI platforms in life sciences and pharmaceutical research, lower the technical barrier for users, and enable efficient processing of biomedical information — inspiring users to discover new targets, new molecules, and new questions, while providing novel approaches and tools for AI-driven macromolecular drug discovery and advancing biotechnology and pharmaceutical development.

Users can engage in iterative natural language conversations to receive intelligent assistance throughout research processes such as literature search and molecular discovery, solving complex problems and building a vertical large model for the life sciences to serve as a powerful tool for exploring the mysteries of life.

As an AI-driven biopharmaceutical company, BioGeometry has established two foundational platforms: an AI macromolecular drug design platform and a high-throughput macromolecular drug wet-lab validation platform, creating a closed wet-dry experimental loop that empowers partners to achieve precise, efficient macromolecular drug design and optimization.

Cornerstone Robotics Becomes China's First Surgical Robot Brand to Complete Clinical Trials in Both Mainland China and Hong Kong Concurrently

Recently, Cornerstone Robotics' self-developed Sentire laparoscopic surgical robot successfully completed enrollment for multi-center registration clinical trials across mainland China, while simultaneously finishing clinical trials in Hong Kong covering multiple disciplines including urology and general surgery — making it the first Chinese surgical robot brand to complete clinical trials in both mainland China and Hong Kong in parallel.

This milestone marks a new phase in the Sentire laparoscopic surgical robot's industrialization journey, with further maturation of its clinical application and a demonstration of the company's internationally leading R&D innovation capabilities, industrial execution, and market potential.

During the clinical trial phase, the Sentire laparoscopic surgical robot demonstrated substantial clinical value. Through randomized, parallel-controlled multi-center clinical trials against imported products, its strong safety and efficacy profile was thoroughly validated. Moving forward, Cornerstone Robotics will accelerate its path to market and actively pursue regulatory approvals globally, bringing benefits to more clinicians and patients while advancing the globalization of Chinese high-end medical equipment brands.

Pulnovo's PADN Series Launches, Ushering in New Era for Pulmonary Arterial Hypertension Treatment

In December 2023, Pulnovo Medical's PADN (Pulmonary Artery Denervation) series — the world's first such products — comprising a disposable circular pulmonary artery radiofrequency ablation catheter and a pulmonary artery radiofrequency ablation system, received formal approval from China's National Medical Products Administration (NMPA) for market launch. This marks not only the birth of the first domestically originated PAH (pulmonary arterial hypertension) device approval in China, but also represents major progress in bringing long-anticipated PADN technology into clinical practice, opening a new chapter in PAH treatment.

The PADN series is an innovative, self-developed "First-in-Class" PAH treatment device from China that successfully fills a global gap in interventional therapy for pulmonary arterial hypertension.

Meanwhile, PADN products are steadily advancing on their international expansion path. Following FDA Breakthrough Device designation in 2021, the PADN products recently received Humanitarian Use Device (HUD) designation from the U.S. FDA for treating the full Group I pulmonary hypertension category. With support from the American Medical Association (AMA), the products achieved a critical milestone for U.S. Medicare coverage during the post-market clinical phase, securing an important coding milestone approved by the Centers for Medicare & Medicaid Services (CMS).

Firefly Biotech's First-in-Class Chronic Pain Drug FB1003 Approved for Clinical Trials in Australia

On December 21, 2023, Firefly Biotech announced that its self-developed monoclonal antibody novel drug FB1003 had received Phase I clinical trial ethics approval from the Alfred Ethics Committee in Australia. Following clinical trial notification filing with the Australian Therapeutic Goods Administration, relevant clinical trials will commence shortly.

FB1003 is a first-in-class drug in development for the treatment of chronic pain. Chronic pain ranks as the third largest health concern after cardiovascular and cerebrovascular diseases and cancer. With a completely novel mechanism of action distinct from traditional opioids or non-steroidal anti-inflammatory drugs, FB1003 holds promise to open entirely new therapeutic pathways for chronic pain conditions worldwide, addressing this massive unmet medical need.

Through its unique modulation of TrkA signaling, FB1003 produces analgesic effects while avoiding adverse reactions caused by complete NGF blockade. Preclinical studies have demonstrated clear analgesic effects with a strong safety profile, suggesting an excellent therapeutic safety window for chronic pain treatment.

Unknown's FMT Drug XBI-302 Receives FDA Feedback, Cleared for Phase II Clinical Trials

Unknown recently announced that its fecal microbiota transplantation (FMT) drug, codenamed XBI-302, has received feedback from the U.S. FDA on its End-of-Phase 1 (EOP1) application, clearing it to proceed to Phase II clinical trials for the treatment of acute graft-versus-host disease (aGvHD). XBI-302 became the first FMT drug from a Chinese microbiome therapeutics company to receive clinical trial approval in 2021.

XBI-302's primary indication is gastrointestinal acute graft-versus-host disease, a major subtype of GvHD — a common complication following allogeneic hematopoietic stem cell transplantation. XBI-302 replaces damaged gut microbiota with healthy flora, helping patients rebuild their immune systems without interfering with standard GvHD treatment, ultimately reducing disease relapse and improving recovery outcomes.

With variations in donors and the intestinal bacteria they provide, FMT drugs hold promise for treating a broader range of diseases. Moving forward, Unknown will accelerate XBI-302's clinical development while leveraging its AI-powered microbiome research and industrial translation platform to further expand the therapeutic potential of FMT across additional indications.

XTransfer's International Service: 1,000+ Overseas Businesses Onboarded in First Month

On December 22, 2023, XTransfer announced that its international service had reached a milestone one month after global launch, supporting business account opening in 160+ countries and regions worldwide, with 1,000+ overseas companies already onboarded.

XTransfer's international service provides cross-border payment solutions for global buyers and sellers under trade transactions. Businesses can obtain trade collection accounts from globally renowned banks within 24 hours at no cost, enjoying convenient cross-border receipts and payments, efficient foreign exchange services, and full regulatory compliance — with potential trade cost savings of up to 10%. Additionally, when overseas buyers pay mainland Chinese sellers through XTransfer accounts, transfers are instant, free, and available 24/7.

Going forward, XTransfer will continue upgrading its international service across intelligent risk control, product technology, and service capabilities.

Genki Forest Sparkling Water to Enter 591 Costco Stores Across the U.S.

Starting January 2024, Genki Forest sparkling water (Chi Forest) will officially enter 591 Costco locations across the United States, completing its nationwide rollout in the retail chain.

Genki Forest first landed in Costco stores in California's Bay Area in July 2023, subsequently expanding to Chicago, Los Angeles, Texas, and other regions. As the largest membership-based warehouse retailer in the U.S., Costco boasts a massive consumer base and widely recognized brand prestige, representing one of America's mainstream retail channels and ranking as the world's third-largest retailer. Through this partnership, Genki Forest will continue expanding its brand awareness and market share in the U.S., penetrating deeper into the American mainstream market.

Genki Forest's globalization strategy began in 2019. To date, the company has successfully entered consumer markets in over 40 countries and regions globally, including the United States, Australia, Indonesia, Singapore, and Malaysia.

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Vision

Seyond (TuSimple): Advanced Assisted Driving Solutions for Safer, More Comfortable Driving

Hyperparameter: Opening the Gateway Between Humans and AI, Creating Vibrant and Wondrous Spaces

M Stand: 500+ Stores Nationwide — Always Moving Closer to You

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Recognition

At the turn of the year, multiple Gaorong Ventures portfolio companies received media awards:

Recently, Gaorong Ventures itself also received multiple honors:

Zero2IPO

2023 China Top 15 Venture Capital Firms

Jiemian News

2023 China Top 10 Venture Capital Firms

IPO Zao Zhi Dao

2023 Best Healthcare Investment Firm

2023 Best New Energy Investment Firm

2023 Best Consumer Investment Firm

TMTpost

2023 Investment Vanguard (VC Firms) TOP20

2023 Investment Vanguard — New Energy / Frontier Tech / Consumer / Biopharma TOP20

2023 ESG Vanguard TOP20

2023 Post-Investment Management Vanguard TOP20

21st Century Business Herald

2022-2023 Tech & Manufacturing Investment Competitiveness — VC/PE Firms TOP30

2022-2023 Healthcare Investment Competitiveness — VC/PE Firms TOP30

2022-2023 Consumer Services Investment Competitiveness — VC/PE Firms

Gaorong Ventures founding partner Chang Chen was named to the 2023 Forbes China Midas List TOP3. Fellow founding partners Sam Gao and Bin Yue, along with partner Rui Han, were named to the 2023 Forbes China Midas List TOP100. Bin Yue was named to Jiemian News' 2023 China Top 20 Venture Capitalists. Gaorong Ventures partner Yuan Yuan was named to EO's 2023 Semiconductor Rising Investors TOP15.

Dec

Ronghui

2023 Growth Workshop: Growth Paths for a New Generation of Global Enterprises

Globalization is a critical strategic choice for enterprise development, because only by leveraging comparative advantages in global competition can companies propel themselves to new stages. Of course, the path to globalization is filled with challenges and trials, requiring sustained commitment and enduring investment.

What are the surefire opportunities for Chinese startups going global today? How can companies match target markets to their own resources and capabilities? After entering new markets, how can they identify key breakthrough points and "keep winning" through rapid iteration and organizational upgrading?

Recently, Gaorong Ventures' Ronghui platform, in partnership with Huawei Cloud, invited over 60 CEOs and executives from internet, frontier technology, and healthcare sectors to Huawei's Songshan Lake base. Participants studied Huawei's globalization strategy, market expansion, and local operations methodologies, while exploring opportunities in the Middle East, Southeast Asia, Europe, and other overseas markets. Read more