Rongbao | Multiple autonomous driving, nuclear fusion, gaming, and innovative drug companies raise hundreds of millions of RMB in funding

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This month's Gaorong Ventures newsletter highlights new funding rounds and breakthroughs from our portfolio companies: "painting with magic brushes," using innovative products to build boundless digital worlds; standing at the global frontier to bring autonomous driving, nuclear fusion, embodied intelligence, and other technologies into the real world; and addressing critical medical needs through relentless R&D investment in innovative drugs and devices to improve people's lives. From commercial deployment to global firsts, innovation never stops.

Nuro Raises Over $200 Million in Series E

Accelerating Scale-Up of AI-First Autonomous Driving Technology

On August 21, autonomous driving technology leader Nuro announced the completion of a $203 million Series E round. Investors in this round include Uber, existing shareholder Baillie Gifford, and new investors Icehouse Ventures, Kindred Ventures, NVIDIA, and Pledge Ventures. Gaorong Ventures led Nuro's first funding round and has continued to participate in subsequent rounds.

Nuro provides advanced autonomous driving systems — Nuro Driver™ — to automakers and mobility service providers. The new funding will support the scaled development of Nuro's AI-first autonomous driving technology and further expand commercial partnerships.

Nuro has garnered support from leaders across the global autonomous driving ecosystem. Building on years of technical collaboration, Nuro's partnership with NVIDIA has now expanded to the investment level. In July, Nuro announced partnerships with Lucid and Uber to launch next-generation global robotaxi services, with plans to deploy more than 20,000 Lucid vehicles equipped with Nuro Driver™ across dozens of markets worldwide in the coming years. Read more

Nova Fusion Completes 500 Million Yuan Angel Round

Advancing Commercialization of Fusion Energy

In early August, Nova Fusion announced the completion of a 500 million yuan angel round, setting a new record for single-round financing among domestic private fusion energy companies. Gaorong Ventures participated in this round.

Founded in April 2025 and headquartered in Shanghai, Nova Fusion is China's first high-tech innovation company focused on the commercialization of small modular fusion energy. Adhering to a "fusion + AI" strategy, the company brings together top international scientists, engineers, and energy experts to develop small modular fusion reactors, providing the world with safe, zero-carbon, and cost-effective distributed energy solutions.

At the dawn of China's commercial fusion energy era, Nova Fusion has distinguished itself through a unique technical approach. By leveraging the synergistic innovation of field-reversed configuration (FRC) and magnetic compression technologies, it skillfully combines the advantages of traditional magnetic confinement and inertial confinement fusion — significantly reducing the construction costs and R&D timelines for fusion power plants, with the potential to achieve commercialization within just a few years. Read more

ShiningSoul Raises Hundreds of Millions of Yuan in First Round

Launching China's Trading Card Game "Great Voyage"

Recently, "ShiningSoul" officially announced the completion of its first funding round of several hundred million yuan, with Gaorong Ventures participating. ShiningSoul was co-founded by Yao Jibo, Chairman of Yaoji Technology, and trading card industry veteran Sheng Chuan, who serves as CEO.

Established at the end of 2023, ShiningSoul has achieved explosive growth from foundation to breakout in just over a year, successfully launching a series of major IP trading card products. Identity V, Genshin Impact — Genius Invokation TCG, and Reverse: 1999 became phenomenal hits, driving the company's exponential growth from 2024 to 2025. Runeterra: League of Legends Trading Card Game, released in mainland China on August 1, became one of the most competitive TCG products within just over a week of launch.

Following this round, the company will invest more resources in establishing deeper, longer-term strategic partnerships with top-tier IP worldwide. It will also build out its global network, accelerating overseas team building and localized operations, and establishing direct or deeply collaborative channels covering core markets including North America, Europe, and Southeast Asia. Read more

MiAO Secures Another 100 Million Yuan Investment

Targeting Game + Social Products

On August 4, XD Inc. (02400.HK) announced that it would acquire a 5.3% stake in innovative game company MiAO for $14 million — implying a valuation of nearly 2 billion yuan for MiAO. Gaorong Ventures co-led MiAO's angel round in 2022 and has continued to increase its stake in subsequent rounds.

Founded in 2022, MiAO is dedicated to creating unexpectedly delightful entertainment experiences for global users through innovative game products and services. MiAO founder Wu Meng previously served as CEO of Giant Interactive, and the founding team averages over 15 years of experience in gaming and the internet. They have repeatedly built hit games from zero to one, including leading the development of Battle of Balls — a perennial hit with tens of millions of DAU and hundreds of millions of MAU — and incubating Super Sus, which reached millions of DAU.

MiAO's founding team believes that games, as an entry point, are giving rise to a new generation of platforms; and that game + social virtual worlds represent the next platform-level opportunity. Currently, MiAO is developing a groundbreaking product — a multiplayer open-world game that has already begun small-scale technical testing. Read more

HaiChang Bio Completes Nearly 500 Million Yuan Series C

Accelerating Development of Nucleic Acid Innovative Drugs and Complex Injectables

Recently, HaiChang Bio, a leading domestic company in nucleic acid drug delivery technology and complex formulations, announced the completion of its Series C round. The total financing amounts to nearly 500 million yuan, led by SDIC (Guangdong) Technology Transfer Venture Capital Fund, with participation from multiple institutions. Gaorong Ventures participated in HaiChang Bio's Series B round in 2021.

HC0301, a small nucleic acid innovative drug for primary liver cancer developed based on HaiChang's existing technology platform, has entered international multi-center Phase II clinical trials in China (including Hong Kong), the United States, and other regions — making it one of the most advanced pipelines globally in small nucleic acid tumor precision therapy. HC016 liposome complex injection, the world's first next-generation TLR9 immune agonist based on lipid nanoparticle (QTsome®) delivery technology, has obtained IND approval in both China and the US and entered Phase I clinical trials, with best-in-class (BIC) potential.

In the complex injectables space, Haisheng Bio's key product — paclitaxel for injection (albumin-bound) — has received marketing approval in nearly 40 countries and regions including China, the EU, the UK, and Peru. Manufacturing partners China Resources Double-Crane Tiandong Pharmaceutical and Kexing Biopharm have both passed EU cGMP certification, advancing the internationalization of China's high-end pharmaceutical formulations, with multiple complex injectable products set to launch soon. Read more

Zenitar Closes Nearly RMB 400 Million Series B+ Round

Multiple Global Innovative Drugs Enter Pivotal Clinical Trials

Recently, Zenitar announced the completion of a nearly RMB 400 million financing round, with Gaorong Ventures participating.

Founded in 2019, Zenitar is an innovative drug R&D company driven by structural biology and artificial intelligence. The company focuses on major unmet clinical needs, concentrating on oncology, autoimmune diseases, inflammation, and neurological disorders, with a mission to discover, develop, and commercialize FIC and BIC innovative drugs. To date, Zenitar has independently developed seven differentiated, globally competitive wholly-owned product candidates, building a pipeline across multiple major disease areas. Among these, one indication has entered a pivotal Phase III trial, and five indications have reached Phase II clinical trials.

The company's core product, Purinostat Mesylate (PM), is the world's first highly selective HDAC inhibitor in a single-agent clinical trial for relapsed/refractory lymphoma. It has successfully advanced to a pivotal Phase III clinical study. Another flagship product, Flonoltinib Maleate (FM), is a highly selective JAK2/FLT3/CDK6 triple-target inhibitor with FIC potential that has demonstrated significant and breakthrough efficacy in the clinical development for myelofibrosis (MF), and is set to enter pivotal Phase III trials.

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Geekplus Unveils General-Purpose Robotic Arm Solution and World's First Warehouse-Centric Embodied Intelligence Foundation Model

On August 27, global intelligent robotics leader Geekplus (Geek+, 02590.HK) launched its new general-purpose robotic arm operation technology solution and Geek+ Brain, the world's first embodied intelligence foundation model purpose-built for warehouse scenarios — aiming to solve the long-standing challenge of precise picking and rapid adaptation across massive SKU catalogs in warehouse automation.

The first general-purpose robotic arm operation solution targets picking scenarios, using next-generation embodied intelligence technology to systematically address the grasping challenges posed by vast variations in product form and material — achieving automated picking across all product categories, all scenarios, with high adaptability.

Geek+ Brain serves as the "super brain" for Geekplus's general warehouse robots, comprising two core layers: the Perception Model and the Policy Model. The Perception Model focuses on spatial intelligence and environmental understanding, integrating 2D/3D perception to build precise models of environments and objects. The Policy Model then generates rational, efficient, and executable operation strategies based on the Perception Model's environmental understanding.

On July 30, Geekplus announced the establishment of a dedicated embodied intelligence subsidiary, focusing on robotic hand picking, general-purpose robots, and related embodied intelligence technologies and businesses, targeting B2B scenarios in logistics and manufacturing.

Seyond's "1+2 LiDAR Combo" Powers NIO's All-New ES8 Debut

On August 21, NIO unveiled the all-new ES8, a flagship tech SUV for all scenarios. Built on the NT3.0 platform, the vehicle features Seyond's 1+2 LiDAR configuration: one Falcon ultra-long-range main LiDAR plus two Robin W wide-angle LiDARs.

The roof-mounted lookout-tower-style Falcon K serves as the main LiDAR, with a maximum detection range of 500 meters and 250 meters at 10% reflectivity. Two Robin W wide-angle LiDARs are mounted on the fenders as side-facing sensors, covering blind spots around the vehicle while also monitoring rear-side road conditions. This combination provides multi-layered perception redundancy for the flagship AQUILA super-sensing system, enabling flagship-level active safety and intelligent driving experiences.

Seyond is a global provider of image-grade LiDAR solutions, delivering intelligent perception for autonomous driving, smart transportation, robotics, and industrial automation.

Jingneng Microelectronics Ships Automotive-Grade Products at Scale, Expands into Low-Altitude Economy and Embodied Intelligence

Recently, Jingneng Microelectronics achieved a major breakthrough in its power semiconductor business. Automotive-grade SiC modules have maintained monthly deliveries exceeding 10,000 units for consecutive months, providing "power core" support for Zeekr's entire product lineup. Automotive-grade IGBT orders continue to climb, hitting record highs, powering Geely Auto's Galaxy brand toward its one-million-unit milestone.

While strengthening its position in new energy vehicles, Jingneng is actively diversifying into new application scenarios. Its SGT, IGBT, super-junction MOS, and SiC MOS discrete devices have achieved sustained growth in electric two-wheelers, industrial control, and charging infrastructure markets. Earlier, Jingneng's joint venture with Chint, Taixin Semiconductor, was established to integrate industrial chain advantages and expand into solar, energy storage, and next-generation switching applications.

With the full-scale explosion of the low-altitude economy and intelligent robotics industries, power devices — the "heart" of energy conversion — are poised to become a critical determinant of energy efficiency in aircraft and robots. Jingneng Microelectronics is extending its third-generation semiconductor technology into the eVTOL and embodied intelligent robotics industries. The company says it will strategically collaborate with industry leaders including Aerofugia, Yixing Robotics, Unitree, and Songyan Dynamics to develop more innovative system solutions.

Xinai Technology's Three Production Lines Drive Synergistic Push to Become New Benchmark in High-End Manufacturing

On September 1, Xinai Technology announced plans to invest over RMB 300 million in capacity expansion and equipment upgrades to fully meet urgent market demand for high-precision, high-efficiency manufacturing. This investment focuses on three core equipment production lines — a new horizontal copper plating line, a vertical strip line, and a high-precision ball-planting line — launching a new chapter in high-end manufacturing through full-chain technological upgrades.

Xinai Technology specializes in R&D and manufacturing of advanced packaging substrates. Leveraging its proprietary AaltoFlash process technology, the company has passed an international substrate giant's 8-micron process certification, with process capabilities reaching below 6 microns.

The newly commissioned horizontal copper plating line significantly expands the coverage of thin-plate copper plating processes, stably achieving production across the full thickness range of 0.036–1.50mm, with industry-leading performance advantages particularly in ultra-thin plate processing. The vertical strip line solves critical challenges in ultra-thin plate and ultra-fine circuit manufacturing through innovative design, with AI smartphone ultra-thin substrate samples ready for customer delivery by this December. Multiple high-precision ball-planting lines have been added, successfully building a scalable, highly stable ball-planting capability matrix, with the facility designed to accommodate up to 15 direct ball-planting lines at maximum capacity. As new equipment for the three core production lines is installed and commissioned, Xinai Technology's overall capacity has achieved a substantial leap.

Qihe Shengke Co-founder Caixia Gao Develops New Tool for Precise, Scarless Editing of Ultra-Large DNA Fragments

On August 4, a team led by Caixia Gao, co-founder of Qihe Shengke and a researcher at the Chinese Academy of Sciences' Institute of Genetics and Developmental Biology, published a paper in Cell titled "Iterative recombinase technologies for efficient and precise genome engineering across kilobase to megabase scales." The study reports a novel programmable chromosome-level large-fragment DNA manipulation technology called PCE (Programmable Chromosome Engineering).

In 2023, Qihe Shengke co-developed PrimeRoot, which for the first time achieved site-specific integration of kilobase-scale large DNA fragments into plant genomes. As an upgraded version of PrimeRoot, PCE enables multi-type, precise, scarless editing of DNA ranging from kilobases to megabases in both animals and plants, significantly expanding the scale and capability of eukaryotic genome engineering.

Site-specific integration of large DNA fragments and chromosome manipulation technologies provide unprecedented powerful tools for biological breeding and plant synthetic biology research. Qihe Shengke is now leveraging large-fragment DNA editing tools including PCE and PrimeRoot to focus on crops such as corn, aiming to rapidly and stably stack multiple important traits through one-time site-specific insertion of multiple exogenous genes at genomic safe harbor loci.

US FDA Approves BrioVAD for Pivotal Phase Clinical Trial

Recently, Concardis Medical announced that its independently developed fully magnetically levitated left ventricular assist system, BrioVAD, has officially received FDA approval to enter the pivotal phase of clinical trials in the United States, following successful completion of the safety phase of the INNOVATE clinical trial. The FDA agreed to expand the clinical trial centers to 60 sites, with cumulative enrollment of up to 780 subjects (including those from the safety phase).

This milestone signifies FDA recognition of BrioVAD's design and preliminary clinical performance feasibility, and also demonstrates Concardis Medical's strength and expertise in advancing clinical R&D under the world's most stringent regulatory standards.

The BrioVAD system is a durable VAD (ventricular assist device) providing full-flow support, consisting of an implantable blood pump and external components, designed to provide long-term support for heart failure patients. Compared with the only durable VAD currently approved by the US FDA, BrioVAD's blood pump employs an innovative discrete magnetic levitation design, achieving an optimal combination of a smaller pump body with a large impeller to help reduce surgical trauma. Additionally, BrioVAD features an innovative percutaneous cable design — a thinner, more flexible cable that helps reduce associated infection risks.

Cornerstone Robotics Completes First-Ever Autonomous Surgery Verification in Clinical Scenarios

Recently, Cornerstone Robotics collaborated with a research team from The Chinese University of Hong Kong to develop the world's first multi-functional automated embodied intelligence platform for surgical robots, successfully completing the first-ever autonomous surgery verification in clinical scenarios on Cornerstone's independently developed Sentire® laparoscopic surgical robot.

The breakthrough research was published in Science Robotics, a top-tier authoritative journal in robotics, under the title "Embodied intelligence for general task automation in laparoscopic robot-assisted surgery." This marks the first time a Chinese laparoscopic surgical robot has completed in vivo animal experiments in the field of embodied intelligence, verifying multi-task autonomous operation and human-robot collaboration capabilities. It represents a critical step forward in validating the generality and practicality of China's autonomous surgical robot technology.

This research achievement is the world's first surgical embodied intelligence framework. Relying solely on visual input from the surgical robot's own endoscope system without any additional sensors, it completes the entire process from target recognition, state regression, strategy decision-making to action servo control, offering exceptional deployment convenience. It combines panoramic perception, multi-task generalization, fine servo closed-loop control, and human-robot collaboration, significantly lowering R&D and clinical application barriers and setting a new benchmark for next-generation intelligent surgical assistants.

Arnatar's ART4 Receives FDA Orphan Drug and Rare Pediatric Disease Designations

Recently, Arnatar Therapeutics, a company dedicated to developing nucleic acid medicines, announced that its upregulating antisense oligonucleotide (ASO) therapy candidate ART4 has received both Orphan Drug and Rare Pediatric Disease designations from the US FDA. The drug is intended for the treatment of Alagille syndrome (ALGS).

ALGS is a rare, life-threatening multi-system genetic disorder primarily affecting the liver, heart, and vascular system. Approximately 95% of ALGS cases are caused by haploinsufficiency mutations in the Jagged-1 (JAG1) gene, leading to insufficient JAG1 protein levels and abnormal development of liver bile ducts.

ART4 utilizes Arnatar's proprietary ACT-UP1 platform to address the root cause of ALGS by upregulating endogenous JAG1 protein expression. The drug is administered via once-monthly subcutaneous injection. In preclinical studies, ART4 significantly elevated JAG1 protein levels in a validated ALGS disease mouse model, restored bile duct development, and reduced liver injury markers including bile acids and ALT. The therapy demonstrated good tolerability in both adult and neonatal animals.

Moonshot AI K2

Creative design, beyond imagination

Anycubic 10th Anniversary

Making 3D printing a tool that changes the world

Yuaiweiwu Digital Human Technology

Featured on CCTV's 2025 First Lesson of the Semester

M Stand's First Overseas Store

Savoring a moment of leisure in an ancient capital

In the newly released 2025 special rankings by the China FOF Research Center, Gaorong Ventures was named to the Top 5 VC Funds by Returns, as well as Top 30 in Advanced Manufacturing / New Energy & New Materials / Healthcare and Top 20 in AI. Among the firm's partners, Rui Han made the Top 15 AI Investors, Yuan Feng ranked in the Top 20 Advanced Manufacturing Investors, and Yang Kun placed in the Top 20 Healthcare Investors.

In August, Jazzyear released its 2024–2025 China Tech Industry Investment rankings, where Gaorong Ventures earned Top 30 honors in AI, Advanced Manufacturing, and Healthcare, plus Top 20 in New Energy. Managing Director Xin Wang was named a Top 10 New Energy & New Materials Investor, while Managing Director Lei Beilin made the Top 20 Healthcare Investors.

STAR Market's Sixth Anniversary

Listed Company Industry-Finance Matchmaking Event

Recently, alongside the main forum for "2025 China Sci-Tech Leaders Conference & STAR Market Sixth Anniversary," a targeted industry-finance matchmaking event for listed companies was held in Shanghai. Co-hosted by Cailianshe, STAR Market Daily, and Shanghai Yangtze River Delta G60 Sci-Tech Innovation Group, with support from FU Jin Hui M&A Research Institute, the event drew Gaorong Ventures and other supporting organizations, attracting over 20 listed companies, more than 40 investment institutions, and six hard-tech enterprises.

Six hard-tech companies — Raytron Photonics, Adaps Photonics, Guixin Technology, and GravityXR among them — presented their core technological achievements. "These companies all focus on high-barrier technical domains spanning semiconductors, medical devices, and artificial intelligence, showing pronounced characteristics of import substitution and engineering validation."