Rongbao | Generative AI Powers Industries, Snack Chains Hit 10,000 Stores, Chip Tape-Out Success, Healthcare Goes Global

About Rongbao

This edition of Rongbao continues our roundup of recent major news and milestones from Gaorong Ventures' portfolio companies, including new funding rounds in generative AI and chip design, as well as growth highlights — reaching 10,000 stores, successful tape-outs, and global expansion — all driven by innovation and technology.

June

Funding

BioGeometry Closes Pre-A Round Generative AI Powers Bio-Manufacturing

On June 19, BioGeometry announced a new funding round led by The Jiangmen, with follow-on investments from Zhipu AI and Shengjing Jiancheng. Existing investor Gaorong Ventures continued to increase its stake. Gaorong Ventures had previously led BioGeometry's angel round in 2022.

BioGeometry focuses on building a generative AI-powered protein design platform to empower the entire bio-manufacturing sector. The company was founded in 2022 by Dr. Jian Tang, a leading scientist in AI-driven drug discovery.

Recently, BioGeometry released its latest generative AI protein design large model, GeoFlow, which can simultaneously handle two critical tasks: antigen-antibody complex structure prediction and antibody design. On antigen-antibody complex structure prediction, GeoFlow achieved performance on par with AlphaFold3, making it the industry's first generative AI macromolecule design model to approach AlphaFold3's level.

Based on its self-developed generative AI large model, BioGeometry developed the GeoBiologics one-stop protein design platform, which has already secured licensing partnerships with multiple domestic and international pharmaceutical companies. Additionally, BioGeometry has established strategic collaborations with several upstream and downstream partners to jointly advance the implementation of generative AI in bio-manufacturing. Read more

Xingji Closes Hundreds of Millions of RMB in Series B Building an Efficient, Intelligent Digital Implementation EDA Platform

Recently, Xingji, a provider of advanced digital implementation EDA solutions, announced the completion of a Series B round worth hundreds of millions of RMB, co-led by Nueli Capital and Vertex Growth. Gaorong Ventures had co-led Xingji's Pre-A round in 2021 and participated in its subsequent Series A.

Xingji focuses on independently developing a digital implementation EDA platform aligned with its 3S philosophy (Smart, Speedy, Simple), incorporating next-generation place-and-route technology while providing high-end digital chip design solutions. The platform significantly improves chip design efficiency and enables rapid first-time-right tape-out, supporting the high-speed growth and industrial advancement of partners in AI, smart vehicles, 5G, cloud computing, and other integrated circuit sectors.

Xingji has established a comprehensive product matrix, including digital place-and-route tool AmazeSys, one-stop ECO tool AmazeECO, automatic floorplanning tool AmazeFP, AI-powered automatic floorplanning tool AmazeFP-ME, DRC rapid convergence tool AmazeDRCLite, and other digital implementation EDA products, as well as IndustrialIm, an industrial software license management system — all aimed at building a secure, reliable, efficient, and intelligent digital implementation EDA platform. Read more

June

By the Numbers

Mingming Henmang Surpasses 10,000 Stores Nationwide China's First Snack Chain to Reach 10,000-Store Scale

On June 12, Snack Busy Group disclosed that its brands Snack Busy and Zhao Yiming Snacks had collectively surpassed 10,000 stores nationwide, while the group officially rebranded as Mingming Henmang Group. According to certification by third-party firm Frost & Sullivan, "Mingming Henmang Group ranks first in national store count in the snack chain industry."

Snack Busy founder and CEO Zhou Yan and Zhao Yiming Snacks founder and CEO Zhao Ding jointly issued a co-signed letter, reaffirming the corporate vision of "snacks for the people" and noting that "today's Mingming Henmang, with its greater scale, can integrate higher-quality supply chain resources on the product side, offer suppliers better sales channels, and bring more competitive products to stores."

Currently, Snack Busy and Zhao Yiming Snacks collectively cover more than 20 provinces and municipalities including Hunan, Hubei, Guangdong, Jiangxi, Henan, Guizhou, Sichuan, and Chongqing.

GravityXR's JX007 Chip Successfully Tapes Out and Powers On From Definition to Tape-Out in Under 9 Months

On June 10, XR spatial computing chip design company GravityXR announced that its latest chip, JX007, had successfully taped out and powered on.

The JX007 chip has broad application scenarios, including reverse passthrough functionality — a technology that enables unprecedented virtual-real interactive experiences, widely applicable to high-end XR devices. Additionally, the chip can be used for facial display and interaction systems in robots, giving humanoid robots stronger emotional expressiveness and communication capabilities, breaking down barriers between humans and robots.

The GravityXR team completed all definition, design, development, and tape-out work for the JX007 chip in under nine months. The chip employs TSMC's advanced process, returned from fabrication in May, and successfully completed full business verification in early June, marking the successful tape-out.

The JX007 chip has already secured a collaboration project with a leading XR company, aiming to leverage JX007's advanced performance to drive technological progress in XR devices and provide users with more natural virtual-real social experiences.

GravityXR's flagship 5nm chip is currently in full sprint development.

Xieneng Unveils First 2000V High-Voltage Battery Management Solution Energy Storage Systems Enter the Large-Capacity Era

On June 28, Xieneng Technology unveiled its first 2000V high-voltage battery management solution, offering higher safety compliance ratings, greater system efficiency, and improved economic returns — leading third-party BMS technology development.

For system safety, the new product adopts a new generation of AFE and active balancing chips to safeguard energy storage system security. The BMS and PDU designs comply with IEC standards, with electrical clearance and creepage distances both improved by 40%, and voltage withstand ratings increased to 10000V DC, meeting UL and IEC functional safety standards.

For efficiency, the solution enables high-speed computing processing, high-precision wide-range sampling, and efficient, powerful management. A dual-MCU heterogeneous design with quad-core computing processing meets high-speed, high-efficiency analytical computing requirements; rated operating voltage is increased to 2000V with total voltage sampling range of 0-2100V; and single-cluster cell management capacity is increased to 560 series.

Haijieya Launches New Cryoablation System Gen 3.5 Product Combines Intelligence, Convenience, and Accessibility

On June 18, Haijieya's internationally original multi-modal combined cryoablation system — the new Cryoablation Knife ELF™ series — was officially launched. The self-developed combined cryoablation device Elf-S10, paired with the Elf series disposable sterile combined cryoablation needles, received NMPA approval for the treatment of solid tumors.

Since its first-generation launch in 2017, the internationally original Cryoablation Knife has undergone three upgrades and iterations. The Elf-S10 represents the 3.5-generation product, combining intelligence, convenience, and accessibility — marking another acceleration in minimally invasive tumor treatment.

The Elf-S10 can be widely used for solid tumor treatment, including liver cancer, lung cancer and pulmonary nodules, breast cancer and breast nodules, kidney cancer, pancreatic cancer, prostate cancer, bone and soft tissue tumors, and other benign and malignant tumors.

Compared to the third-generation AI EPIC™, the new product reduces volume by 44%, weight by 25%, and improves extreme-point speed by 33%.

Pulnovo Medical Initiates Global Expansion First Patient Enrolled in International Multi-Center Clinical Study of PADN for Chronic Heart Failure-Associated Pulmonary Hypertension

On June 28, Pulnovo Medical successfully conducted and completed first-patient enrollment in an international multi-center clinical study exploring Percutaneous Pulmonary Artery Denervation (PADN) for chronic heart failure with pulmonary hypertension, initiated with its next-generation product at Centro Hospitalar Universitário de Lisboa Central - Hospital de Santa Marta in Portugal. This officially unveiled the curtain on Pulnovo Medical's multi-point overseas deployment of its innovative products.

Following the successful enrollment, PADN technology, in perfect coordination with the new product, demonstrated favorable clinical parameters across all measures. The product's comprehensive design and high-precision algorithm control greatly ensured stability of energy output during surgical procedures and surgical outcomes.

Through this successful study launch, Pulnovo Medical has officially initiated the international clinical application of PADN, laying a solid exploratory foundation for its North American and European clinical research layout. Going forward, Pulnovo Medical will steadily advance its globalization strategy, committed to driving continuous progress in cardiovascular disease treatment.

Inming Biotech: Recombinant Botulinum Toxin Type A Receives First Medical Indication Approval for Clinical Trials

In early July, Guangzhou Inming Biotech announced that its holding company, Yuyan Pharmaceutical, received CDE approval on July 2 to conduct clinical trials for the first medical indication of its self-developed recombinant botulinum toxin type A for injection with global intellectual property rights — YY001-002 for adult upper limb muscle spasticity. This represents a significant milestone as the world's first application of recombinant botulinum toxin type A in the medical field.

Yuyan Pharmaceutical's recombinant botulinum toxin type A maintains protein activity while avoiding the biosafety risks of traditional production methods, and with its innovative triple-filtration technology, achieves high purity, high specific activity, and significantly improved response rates — regarded by the industry as a next-generation botulinum toxin.

As the world's first innovative pharmaceutical company to apply recombinant botulinum toxin type A in human clinical research, Yuyan Pharmaceutical has completed patient enrollment for its aesthetic indication YY001-001 — improvement of moderate to severe glabellar lines — in its Phase III clinical trial.

Over Half of China's Cross-Border Sellers Use SuperBrowser, with 82% Market Share

iResearch recently released the "2024 China Cross-Border E-Commerce Software Service Industry Report," which shows that cumulatively, over half of China's cross-border export e-commerce stores use SuperBrowser. SuperBrowser ranks first in user count in the cross-border e-commerce browser sector, with an 82% market share.

Since its launch in 2018, SuperBrowser has become the preferred choice for cross-border e-commerce sellers through its comprehensive advantages in professional security protection, team collaboration management, multi-device support, and optimized user experience — providing more efficient, convenient, and secure cross-border e-commerce operations. Its customer base has grown rapidly, with a CAGR of 154.3% from April 2019 to April 2024.

As of January 2024, SuperBrowser served 4.25 million stores, with growth approaching 40%. Beyond safeguarding cross-border sellers' store assets, SuperBrowser is committed to providing convenient connection services, helping all served sellers improve access speeds by 50%, delivering efficient and high-quality store operations services for cross-border e-commerce sellers, and empowering Chinese e-commerce to go global efficiently and securely.

June

Horizons

ESWIN Computing Showcases Edge Computing Products and Solutions at 2024 RISC-V Europe Summit

Hello Releases Annual Sustainability and ESG Report

June

Recognition

On June 15, 36Kr released its annual China equity investment institution rankings, with Gaorong Ventures named among the Top 15 VC Firms in China for 2024. Gaorong Ventures founding partner Michael Mao was listed among "China's Most Entrepreneur-Friendly Investors." Gaorong Ventures partner Rui Han was named to 36Kr's 2024 Under 36 Investors list.

June

Ronghui

# Ronghui Capital Acceleration Closed-Door Session

In the new normal, innovative enterprises need to capture the latest market changes in a timely manner and seize capital acceleration opportunities. On June 13, Ronghui hosted a capital acceleration closed-door session in Shanghai, inviting economists, industry experts, and capital providers including JPMorgan Chase China Chief Economist Zhu Haibin to share insights on practical topics such as macroeconomic trends, capital markets and M&A ecosystems, and fundraising methodology.