Rong Report | HT Aero, Xiwang, Helixon and Others Close Major Funding Rounds; Moonshot AI and Momenta Release Leading Models

Recently, a wave of Gaorong-backed companies with core technology moats and proven commercial scalability have closed landmark funding rounds, setting new industry records. At the same time, firms in large language models and AI agents, autonomous driving, robotics, satellite internet, and novel drug R&D continue to announce breakthrough advances that are pushing innovation forward. In this edition of the Gaorong Bulletin, we round up these milestones worth noting.

Huitian Closes Nearly $200 Million Funding Round

A Global Leader in Low-Altitude Mobility

Huitian recently announced a new equity financing round of nearly $200 million, with participation from Gaorong Ventures. Following this round, the company's cumulative equity financing totals approximately $1 billion.

Huitian is a global leader in low-altitude mobility products and Asia's largest flying car company. By reimagining and applying core technologies from both new energy vehicles and aviation, the company is dedicated to building safe, intelligent, accessible low-altitude flying products for consumers. Starting with its first mass-produced modular flying car, the "Land Aircraft Carrier," Huitian is steadily expanding its product lineup for diverse use cases including personal flight experiences, aerial commuting, and end-to-end three-dimensional transportation — driving the普及 of low-altitude flight so that everyone can enjoy the freedom and convenience of flying.

The company's operations are progressing steadily across the board. The world's first mass-production factory using modern assembly lines to manufacture aircraft has essentially completed construction and entered trial production as of September 2025, providing ample capacity and resource assurance for high-quality delivery of the Land Aircraft Carrier and subsequent product lines.

On May 3, Huitian announced at the 2026 Beijing International Auto Show that Land Aircraft Carrier orders had surpassed 370 units. Read more

Sunrise Raises Over 1 Billion RMB

China's First Inference GPU Unicorn

On April 20, Sunrise, a domestic company with full-stack self-developed AI inference GPUs, announced a new funding round of 1 billion RMB, with participation from multiple strategic industrial investors, local state capital, and leading financial institutions. In just over a year since its spin-off, Sunrise has completed seven funding rounds totaling approximately 4 billion RMB, becoming China's first pure-play inference GPU unicorn valued at over 10 billion RMB. Gaorong Ventures participated in Sunrise's funding round in early 2026 and continued to increase its stake in subsequent rounds.

Sunrise was originally SenseTime's large chip division, spinning off to operate independently in late 2024. It focuses on the R&D and commercialization of high-performance GPUs and multimodal inference chips. The company has already iterated through three generations of inference GPUs, mass-produced tens of thousands of units, and achieved a complete closed loop from chip R&D to product manufacturing to solution delivery.

In January 2026, Sunrise released its new flagship product, the Qiwang S3 inference GPU. This is China's first inference GPU equipped with LPDDR6 memory while remaining compatible with LPDDR5X. Built from the ground up based on the essential requirements of Agent inference, it reconstructs the full chain from AI Core compute architecture to memory I/O systems. Through deep customization at the compute layer, the Qiwang S3 addresses the core pain point of general-purpose GPUs where "compute capacity goes underutilized," delivering 5x inference performance improvement over the previous S2 generation and targeting a 90% reduction in token costs.

Nova Fusion Completes 700 Million RMB Angel+ Round

Aiming for the Global First Tier in Fusion Commercialization

In April 2026, Nova Fusion — China's first high-tech innovation enterprise focused on the R&D and industrialization of compact, distributed controlled nuclear fusion technology (FRC-SMR) — announced the completion of a 700 million RMB angel+ funding round. Just one year after its founding, Nova Fusion has completed two rounds totaling 1.2 billion RMB in funding, setting a new domestic record for both scale and speed of early-stage financing among private fusion companies. Gaorong Ventures participated in Nova Fusion's angel round in 2025 and continued to increase its stake in this round.

Nova Fusion is committed to accelerating the global deployment of distributed fusion energy through the deep integration of advanced fusion technology and artificial intelligence, developing and commercializing FRC small modular reactors to create a sustainable energy future for humanity. The company is led by Professor Guo Houyang, an internationally renowned fusion scientist and pioneer inventor of FRC-SMR modular technology, and has assembled an international top-tier R&D team covering the full chain from physics design, device construction, power supply R&D, to engineering integration.

Since its founding, the company has achieved multiple breakthroughs from zero to one in core technical areas, including high-power all-solid-state switches, modular high-field magnets, ultra-large-diameter quartz tube manufacturing, and nanosecond-level control and acquisition systems. The "Nova One" validation device has now fully entered the engineering construction phase. Read more

Helixon Completes $787 Million Financing

Setting a New Global Record for Biotech Funding in 2026

Recently, Earendil Labs (Helixon's overseas entity), an AI-driven biotechnology company, announced the completion of multiple funding rounds totaling $787 million, setting a new global record for biotech financing in 2026. Gaorong Ventures participated in Helixon's Series A round in early 2022 and has continued to increase its stake in every subsequent round, including the latest.

Helixon stands at the forefront of global pharmaceutical innovation. Its core advantage lies in deeply integrating artificial intelligence throughout the entire lifecycle of innovative drug R&D, enabling the systematic generation and advancement of differentiated therapies. The company's proprietary AI platform has incubated over 40 pipeline programs, including HXN-1001 — a long-acting half-life extended anti-TL1A antibody currently preparing to enter Phase II clinical trials — with multiple additional programs planned for IND submission between 2026 and 2027.

Over the past two years, the productivity and R&D execution capabilities of Helixon's platform have been further validated through its strategic partnership with Sanofi. To date, the company has entered into licensing and collaboration agreements with Sanofi with a cumulative total value exceeding $4.4 billion. Read more

Pulnovo Medical Completes $100 Million Series D

Deepening Global Market Expansion

On April 20, Pulnovo Medical, a pioneer in breakthrough therapies for pulmonary hypertension and heart failure, announced the successful completion of an oversubscribed $100 million funding round. The round was led by Medtronic, the world's largest medical device company. Concurrently, Medtronic and Pulnovo Medical have signed a commercial cooperation agreement, laying the framework foundation for potential future commercial collaboration. Gaorong Ventures invested in Pulnovo Medical in 2021 and has continued to increase its stake in every subsequent funding round.

Pulnovo Medical's self-developed Pulmonary Artery Denervation (PADN) system is the world's first minimally invasive interventional therapy product, precisely targeting the core pathogenic mechanisms of cardiopulmonary diseases and demonstrating significant clinical benefits in functional capacity improvement and patient prognosis. The company has completed approximately 1,500 PADN procedures globally and received regulatory approval in seven countries, with its international market presence continuing to deepen. Pulnovo Medical is actively advancing commercialization in the EU, Middle East, and China.

In the US market, Pulnovo Medical has received FDA Breakthrough Device Designation and has initiated two fully approved Investigational Device Exemption (IDE) clinical trials. Read more

Qihe Biotech Closes Over 100 Million RMB Series A+ Round

Embarking on a New Chapter for Gene Editing Commercialization

On May 6, Qihe Biotech announced the completion of a Series A+ round exceeding 100 million RMB. The round was led by CITIC Agri-Fund, with participation from Bailian Zhigao Capital, Xinjian Future Fund, Nanjing Innovation Investment Group, and Xingbo Fund. Gaorong Ventures previously participated in Qihe Biotech's Pre-A round in 2023.

Since its founding in 2021, Qihe Biotech has remained focused on the gene editing-based biotech breeding track, building a globally leading, fully independent and controllable gene editing technology system centered on foundational technological innovation. Leveraging its self-developed SEEDIT™ gene editing technology platform and proprietary editing tools including TranC, QBEmax, and PrimeROOT™, the company has achieved a series of breakthrough results in crop trait improvement. Qihe Biotech is not only the first Chinese enterprise to receive a USDA exemption in the United States, but has also secured five safety certificates for domestic gene editing safety assessments, covering the three major staple crops: soybean, wheat, and rice.

Going forward, Qihe Biotech will continue investing in the R&D and iteration of core gene editing tools, expand its multi-product pipeline, and deepen cooperation with domestic and international institutions and customers to drive its proprietary gene editing technology toward large-scale application and global deployment.

Moonshot AI Releases and Open-Sources Kimi K2.6 Model

Major Leaps in Long-Horizon Coding and Agent Swarm Capabilities

On April 20, Moonshot AI released and open-sourced the Kimi K2.6 model, delivering state-of-the-art capabilities in coding, long-horizon task execution, and agent swarm functionality.

Kimi K2.6 demonstrates comprehensive improvements in general agent abilities, coding, and visual understanding. It achieved state-of-the-art results on benchmarks including the full doctoral-level Humanity's Last Exam, SWE-Bench Pro (which assesses real-world software engineering capabilities), and DeepSearchQA (which evaluates agent deep-retrieval abilities).

Kimi K2.6 is Moonshot AI's strongest coding model to date, with significantly enhanced long-horizon coding capabilities. In testing, it can code continuously for 13 hours, writing or modifying over 4,000 lines of code to complete complex system development and optimization.

Additionally, Kimi K2.6 substantially strengthens autonomous agent execution capabilities, further expanding the scope of what agents can accomplish. The "Agent Swarm" architecture powered by the K2.6 model received a major upgrade, supporting 300 sub-agents operating in parallel across 4,000 collaborative steps to achieve greater parallelization at scale, with significant improvements in task completion rates and delivery quality compared to K2.5. For proactive agent frameworks such as OpenClaw and Hermes Agent, K2.6 demonstrates exceptional automated task processing capabilities, supporting sustained autonomous operation for up to five consecutive days. Read more

Momenta Debuts R7 Reinforcement Learning World Model

Production Vehicle Fleet Exceeds 800,000 Units

On April 25, Momenta officially announced at the Beijing Auto Show the production debut of its Momenta R7 reinforcement learning world model, marking a transformative leap in intelligent driving from "seeing the world" to "understanding the world," and the transition of physical AI from technical concept to scaled mass production. Momenta also disclosed that the cumulative production vehicle fleet equipped with its system has surpassed 800,000 units. Production velocity has achieved a qualitative leap: the first 100,000 units in 2022 took 24 months, while the fastest recent 100,000-unit milestone was completed in under 40 days, demonstrating accelerating flywheel effects.

To date, Momenta has successfully delivered over 70 production models, with cumulative designated models exceeding 200. At this year's Beijing International Auto Show, more than 20 brands and over 60 models featured Momenta's intelligent assisted driving solutions, spanning domestic brands, Sino-foreign joint ventures, and other diverse portfolios, making it a common choice for global brands.

On the globalization front, Momenta's solutions have been deployed in over 10 countries and regions including the UK, Norway, Singapore, and Australia-New Zealand. Meanwhile, the Momenta Robotaxi global ecosystem continues to expand, with strategic partnerships established with multiple mobility service companies and OEMs to jointly advance the scaled commercialization of autonomous driving services.

KargoBot Unveils KargoBot Inside Strategy

Driving L4 Autonomous Freight Toward the 10,000-Unit Era

On April 24, at the 2026 Beijing International Auto Show, KargoBot officially unveiled its core strategy for the next decade of L4 freight — KargoBot Inside. This is the world's first full-stack "AI + Robot + Service" empowerment strategy for trunk line freight, marking the formal transition of L4 autonomous freight from technology validation to comprehensive deployment, and driving L4 freight into the "10,000-unit era" over the next three years.

The strategy launch brought together ecosystem partners including Shaanxi Heavy Duty Automobile Group, Beiben Heavy-Duty Trucks, and CATL's Qiji subsidiary, debuting the high-efficiency, high-safety KargoBot Inside vehicle purpose-built for L4 freight through forward design and integrated hardware-software optimization. KargoBot simultaneously unveiled its next-generation vehicle platform and freight foundation model, reconstructing efficiency and safety standards for trunk logistics through full-stack technology and an open ecosystem.

As a leading L4 autonomous freight company in commercial deployment, KargoBot has pursued technology-business closed-loop execution since its inception. The company has already established a hundred-unit-scale autonomous fleet, ten-million-kilometer freight mileage, and hundred-thousand-scale scenario capacity. It is accelerating scenario-based expansion across over 10 provinces and municipalities including Inner Mongolia, Xinjiang, and the Beijing-Tianjin-Hebei region. With 45 million kilometers of real-world deployment and 1.4 billion ton-kilometers of freight volume — global leading metrics — KargoBot is driving exponential improvements in safety and efficiency for L4 autonomous driving and operations systems, and is the first in the industry to enable thousand-unit-scale deployment.

Flexiv Unveils Strategic New Products

Launching Enlight Full-Perception Adaptive Robot

On March 20, general-purpose intelligent robotics company Flexiv held its "FLEXIVERSE 2026" annual strategic product launch in Shanghai, officially introducing the Enlight "Chuxin" series full-perception adaptive robot, the Orion "Tianshu" next-generation architecture controller, the MICO integrated humanoid intelligence platform, enhanced gecko-material grippers, and other products. This marks Flexiv's evolution from an adaptive robot manufacturer to a core infrastructure provider for the general intelligence era. Grounded in the first-principles approach of "tactile-first, vision-assisted," Flexiv is delivering a true general-purpose robotics foundation platform through full-stack hardware and software upgrades.

As Flexiv's next-generation lightweight robot product, the Enlight ("Chuxin") series takes its name from the idea of "the first light of dawn as general intelligence enters the physical world." These robots further enhance perception and manipulation capabilities in complex environments.

On the perception front, Enlight integrates high-precision multi-dimensional force sensors at every joint, creating a whole-body, skin-level force sensing system akin to human touch. Enlight supports up to seven simultaneous contact points, with millimeter-level positional accuracy and 0.5N tactile force resolution. This means the robot can not only detect fingertip collisions with acute sensitivity, but also perceive minute force changes across any part of its body — enabling exceptionally high interactivity and agile adaptability in complex, dynamic environments.

China Launches Satellite Internet Technology Test Satellite

StarSilicon and GalaxySpace Contribute to Successful Mission

On April 24, 2026, China successfully launched a satellite internet technology test satellite from the Xichang Satellite Launch Center using a Long March 2D carrier rocket. The satellite entered its designated orbit as planned. This test will focus on in-orbit validation of key technologies including direct-to-cell satellite connectivity and integrated space-ground networks.

StarSilicon, as a core supplier of direct-to-cell satellite chips, actively participated in the direct-to-cell satellite testing. Previously, in coordination with China's satellite internet technology test satellites, smartphones equipped with StarSilicon's CS7610/CS7620 broadband satellite communication baseband SoC chips completed the world's first 5G NTN standard-based direct-to-cell broadband satellite high-definition video call in orbit, and have continued in-orbit testing and validation for over a year. This latest launch will further accelerate China's satellite internet toward large-scale constellation deployment and consumer-grade application rollout.

Additionally, one of the satellites for this mission was developed by GalaxySpace, which continues to contribute to space infrastructure construction.

Qinghe Technology Completes First Mass Delivery of Color Photoresist

Milestone for China's Display Supply Chain Key Materials

On April 29, Qinghe Technology held its first mass delivery ceremony for color photoresist in Maoming, Guangdong. This marks the formal entry of Qinghe Technology's fully self-developed, self-produced photoresist products into large-scale development, adding another milestone to the autonomous control of key materials in China's display supply chain.

Qinghe Technology focuses on color photoresist for LCD display applications. Currently, the domestic market in this segment is heavily import-dependent, with over 80% of color photoresist products coming from overseas and domestic products accounting for less than 20% market share. This mass delivery demonstrates Qinghe Technology's solid photoresist manufacturing capabilities and injects confidence into the autonomous supply of key materials for the display supply chain.

With official mass production underway, Qinghe Technology will gradually expand its market presence. Through three to five years of dedicated development, the company expects to capture mainstream market share in the domestic color photoresist segment, continuously strengthening domestic autonomous technological advantages and supporting the localization of core materials in the display sector. The company will also continue upgrading its products, expanding applications in high-end displays and semiconductors, and achieving complete localization of all raw materials.

Jingneng SiC Module Deliveries Hit Record

Takes Global #1 Spot in Main Drive Market

Recently, Zhejiang Jingneng Microelectronics set a new record for self-developed SiC power module deliveries, claiming the global top position in both delivery volume and quality for SiC traction inverters in new energy vehicles.

Jingneng's Gpak-H1D automotive-grade main drive SiC module leads in performance for 900V system applications, with maximum output current exceeding 700Arms, compatibility with 1100V battery platforms, and module stray inductance below 7nH — significantly improving SiC switching speed. The module is fully adapted to mid-to-high-end models including Lotus, Zeekr, and Lynk & Co, establishing a solid foundation for main drive safety.

Behind the efficient and stable deliveries, Jingneng adheres to simultaneous self-development of both products and process lines. Tailored to product characteristics, the company has built three globally unique dedicated SiC module production lines across two industrial bases in Hangzhou Yuhang and Jiaxing Xiuzhou. These lines feature proprietary process chains, deeply aligned with the stringent requirements for automotive-grade product reliability and high-volume delivery.

Looking ahead, Jingneng is focusing on two core tracks — new energy vehicles and AI solid-state transformers — increasing R&D investment with the goal of becoming a global leading power and AI semiconductor service provider.

Aneurotech's FGFR2b-Targeted ADC Granted FDA Orphan Drug Designation for Gastric Cancer Treatment

On April 30, Aneurotech announced that the U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) to its core pipeline candidate ALK201 for the treatment of gastric cancer. This approval represents significant progress in global cancer therapeutic innovation, potentially offering gastric cancer patients a superior treatment option.

ALK201 is a novel antibody-drug conjugate (ADC) targeting fibroblast growth factor receptor-2b (FGFR2b). As a key driver of tumor growth, FGFR2b carries significant prognostic value in gastric cancer and various epithelial-derived malignancies.

With its differentiated design concept, ALK201 has demonstrated excellent anti-tumor activity and a favorable safety window in preclinical and early clinical studies. Based on its existing clinical potential, ALK201's application prospects are expanding from gastric cancer toward broader cancer indications, with the potential to become a foundational therapy for multiple FGFR2b-positive solid tumors — reshaping the current solid tumor treatment landscape. ALK201 is currently being evaluated in a first-in-human (FIH), open-label, multicenter Phase I/II clinical study.

BrioHealth Solutions Completes 100th BrioVAD Implant

Fully Magnetically Levitated Artificial Heart System Reaches Milestone

Recently, BrioHealth Solutions, the U.S. subsidiary of BrioHeart Medical, announced that the BrioVAD system has achieved an important milestone in the INNOVATE clinical trial with the successful completion of its 100th BrioVAD system implant. Since the trial's launch in November 2024, confidence in the BrioVAD system has continued to grow among dozens of renowned clinical centers across the United States, with trial progress accelerating. To date, over 150 patients have been enrolled.

BrioHeart Medical's self-developed fully magnetically levitated left ventricular assist system, BrioVAD, is committed to continuous breakthroughs in performance, reliability, and patient experience — providing more reliable and comfortable support options for patients with advanced heart failure. The INNOVATE clinical trial is expected to recruit approximately 800 patients at leading U.S. medical centers.

On April 27, BrioHeart Medical also announced that it received conditional approval from the U.S. FDA to initiate clinical evaluation of the BrioVAD system for pediatric patients with advanced heart failure. Given the substantial unmet clinical needs in this population, this milestone marks an important step forward in expanding treatment options for this patient group.

Snack Busy "Snack Kingdom"

World's Largest Snack Store, One-Stop Happiness

Yuaiweiwu: "Aixue" AI Learning Agent Continues to Evolve

Full Activation of AI Capabilities for Younger Age Groups

Recently, the 2025 ChinaVenture rankings were released. Gaorong Ventures was named to ChinaVenture's 2025 Top 20 Best VC Firms in China, Top 10 Best Foreign VC Firms in China, and Top 30 Best Investors in China's AI and Big Data Industry.

In addition, Gaorong Ventures was named to the China FOF Research Center's 2026 Top 30 Direct Investment Funds Most Popular Among Young Investors. Gaorong Ventures partner Luxi Yang was named one of the 2026 40 Best Young Direct Investment Fund Investors Under 40.

Inside the Shenzhen Stock Exchange: New Quality Productivity Tour

On April 10, the CSRC issued "Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces," which introduced a fourth set of listing standards for ChiNext. By incorporating growth and innovation metrics such as revenue compound growth rate and R&D investment, combined with market cap and revenue indicators, the new standards better support high-quality enterprises with strong growth potential and outstanding innovation capabilities. On April 28, Gaorong Ventures, together with eight portfolio companies, visited the Shenzhen Stock Exchange Shanghai Center to study the ChiNext reform policies and help companies better plan their capital market paths.

2026 NVIDIA Inception Showcase · Beijing:

Physical AI Opportunities in the Embodied Intelligence Wave

On April 23, the "2026 NVIDIA Inception Showcase · Beijing" was held, hosted by NVIDIA and co-organized with Gaorong Ventures and other partners. The event centered on "Physical AI and Agentic AI," attracting over 180 startup representatives, investors, and ecosystem partners. During the panel discussion, Gaorong Ventures partner Xin Wang joined Geekplus and NVIDIA experts on stage to explore the paths and opportunities for physical AI amid the embodied intelligence wave.

Agent New Paradigm Series · Inside Google Cloud

Unlocking the Agent Evolution Ceiling

Date: Afternoon of May 8; Location: Shanghai

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