Rongbao | True Health Medical Lists in Hong Kong, Major Funding Rounds for Embodied AI and Optical Interconnect Companies

Core technology, top-tier teams, and industry scenarios are the cornerstones that drive startups from breakthrough innovation to scaled application. In this month's Rongbao, we continue to spotlight outstanding companies in AI, embodied intelligence, optical interconnects, nuclear fusion, new energy, and healthcare — tracking not just their IPO and funding milestones, but also their surging technical prowess, creativity, and execution.

True Health Medical Lists on Hong Kong Stock Exchange

Becomes "First Share of Puncture Surgical Robots"

On June 30, Guangdong True Health Medical Technology Development Co., Ltd. ("True Health Medical") officially debuted on the Main Board of the Hong Kong Stock Exchange, becoming the "first share of puncture surgical robots" under stock code 02697.HK. Gaorong Ventures participated in the company's Series A round in 2021 and continued to increase its stake in the subsequent A+ round.

Founded in 2018, True Health Medical focuses on the full-chain independent R&D and commercialization of percutaneous puncture and ablation surgical robots, building a complete product matrix for minimally invasive tumor diagnosis and treatment. To date, the company has obtained 10 Class III and 5 Class II medical device registrations from China's National Medical Products Administration, constructing an intelligent medical robot product matrix centered on "percutaneous puncture and precision ablation therapy." Its core self-developed product, the TH-S puncture surgical navigation and positioning system, was designated by the NMPA as "China's first of its kind," while its key product, the TH-X MW navigation and positioning microwave ablation system, was recognized as "world's first of its kind."

By 2025 shipment volume of percutaneous puncture surgical robots, True Health Medical holds a 36.4% domestic market share, ranking first in the industry. Since 2022, the company has maintained the top position in this segment for three consecutive years. Its products have entered nearly 100 medical institutions nationwide, completing over 7,200 surgeries spanning biopsy, preoperative localization, tumor ablation, and brachytherapy, with a 100% technical success rate. Read more

EVOKEN Closes Nearly $300 Million Series B+ Round

Building AI Creative Product Matrix

EVOKEN recently announced the completion of a nearly $300 million Series B+ round, with a post-money valuation exceeding $2 billion. Gaorong Ventures co-led the company's angel round in 2023 and continued to increase its support in this round.

EVOKEN has long focused on creative content production, continuously exploring the real needs of creators and enterprise users through a product matrix spanning AI images, design agents, and video creation, deeply integrating cutting-edge model capabilities with professional creative scenarios.

The company's business has maintained rapid growth. As of May 2026, EVOKEN's ARR has exceeded $300 million, nearly tripling from earlier this year. Over the past 12 months, the company has sequentially achieved product-market fit across multiple AI products, expanding from a single product to multi-business synergistic development. Its AI video creation platform LibTV, launched in March 2026, grew rapidly within two months, with May revenue reaching more than 13 times its launch-month figure. In May 2026, the group's overall revenue grew over 3,000% year-over-year. Read more

Kunlun Robotics Completes Three Consecutive Funding Rounds

Accelerating Scaled Deployment of Embodied Intelligence

Kunlun Robotics recently announced the completion of three consecutive funding rounds. Having registered less than three months ago, the company has raised several billion yuan in total, setting the 2026 domestic record for fastest fundraising by an embodied intelligence startup from zero to one. Gaorong Ventures co-led the company's first round and oversubscribed in the following two rounds.

Kunlun Robotics has assembled a "dream team" of top talent. Founder Ren Geng brings rare versatility as a CEO, having served as Alibaba Cloud's top commercial executive for its hundred-billion-yuan revenue business, as an overseas country CEO during Huawei's global expansion, and as president of a large group with over 50,000 employees. Co-founder Lang Xianpeng previously served as president of Li Auto's autonomous driving division and was the company's "first employee" in intelligent driving.

From its inception, Kunlun has anchored on engineering mass production and commercial scenario deployment, adhering to full-stack self-development of AI brain and hardware body, and building a fully autonomous and controllable technical system. Building on VLA, the company has introduced physical causal modeling capabilities to construct a dual-system robot intelligence architecture centered on the Kunlun World Model (KWM), making original technical contributions in physical reasoning, data efficiency, and cross-embodiment transfer. Kunlun is also building an integrated full-stack hardware self-development system spanning body, motion control, and integration testing. Read more

Moqi Intelligence Completes Over 1 Billion Yuan Angel Round Series

Targeting General-Purpose Home Robots

Embodied intelligence company Moqi Intelligence recently announced it has completed over 1 billion yuan in angel round series funding within six months, with a valuation exceeding 7 billion yuan. Gaorong Ventures participated in the investment.

Moqi Intelligence was co-founded by Huang Qingqiu and Gao Wenli. CTO Huang Qingqiu holds a bachelor's degree from Tsinghua University's Department of Automation and a PhD from The Chinese University of Hong Kong's MMLab, with long-standing research in robot control, computer vision, and AI algorithms, having published dozens of top conference papers. In 2020, he joined Huawei's Intelligent Automotive Solution Business Unit through its "genius youth" program, later becoming head of the intelligent driving AI department, where he led algorithm breakthroughs and mass production for Huawei's intelligent driving system from ADS 1.0 to 4.0. CEO Gao Wenli was previously co-founder of cross-border logistics company iMile.

Moqi Intelligence is anchored in "system engineering capability integrating software and hardware," using commercial service scenarios as a training ground for technology, with its sights set on the general-purpose home robot as the ultimate device. Starting from first principles, the team fuses hardware boundary definition, rapid data flow, efficient model iteration, and closed-loop evaluation mechanisms, aiming to build a self-evolving living entity.

Huang Qingqiu notes that Moqi Intelligence's endgame product will be a home robot with global physical understanding capabilities that can handle complex tasks — recognizing all changes in the home and autonomously completing cleaning, organizing, delivery, and various other chores.

Archon Robotics Completes Several Hundred Million Yuan First Round

Developing General-Purpose Full-Body Humanoid Foundation Model

At the end of June, general full-body embodied intelligence company Archon Robotics announced the completion of a several hundred million yuan first round, with Gaorong Ventures participating.

Founded in April 2026, Archon Robotics focuses on developing a general full-body humanoid foundation model, building whole-body intelligence to provide humanoid robots with human-like full-body mobile manipulation capabilities, accelerating the realization of embodied intelligence entering millions of households.

Archon Robotics founder Dr. Li Hongyang is currently an assistant professor at The University of Hong Kong, assistant dean of the School of Computing and Data Science, and a mentor at Shanghai Innovation Intelligence College. His end-to-end autonomous driving project UniAD won the CVPR 2023 Best Paper Award — the only work from a mainland Chinese academic institution to receive this honor in the past decade. Co-founder and CEO Dr. Li Tianyu was a core developer of Huawei's mass-production autonomous driving ADS 4.0 world engine solution and is an outstanding young scholar in end-to-end autonomous driving and embodied intelligence.

Source Strategy Future's core philosophy is Human Body Learning — learning the full-body posture and coordination patterns of humans, rather than merely tracking end-effector trajectories. By training on whole-body human motion, robots acquire "the wisdom of limb coordination" and develop complete full-body interactive capabilities. Source Strategy Future plans to release its first humanoid-native foundation model in late 2026. Read more

Guanglian Xinke Closes Nearly RMB 500 Million Series A

Pioneering Optical Interconnect Innovation for AI High-Compute Scenarios

In early June, domestic optical interconnect (OIO) innovator Guanglian Xinke announced the completion of a nearly RMB 500 million Series A round, with its latest valuation and cumulative funding continuing to set records among domestic OIO startups. Gaorong Ventures co-led the round.

Guanglian Xinke focuses on optical interconnect technology innovation for AI high-compute scenarios, dedicated to building efficient, low-power compute interconnect architectures that provide critical underlying infrastructure for global AI compute centers.

Guanglian Xinke targets high-performance computing chip-to-chip optical interconnect — using photonic compute chips as the core, integrated with optoelectronic circuits to directly convert electrical signals to optical signals within the chip package. This eliminates PCB trace losses found in traditional optical modules, reducing energy loss and latency during signal transmission. Through co-design of novel-architecture silicon photonic chips with electrical driver chips and photonic-electronic fused packaging, Guanglian Xinke achieves ultra-high-density, ultra-large-bandwidth optical interconnect, providing high-performance interconnect solutions for next-generation hyperscale computing cluster infrastructure. Read more

Chaoci New Energy Closes Hundreds of Millions in Angel+ Round

Focused on High-Temperature Superconducting Magnets for Controlled Nuclear Fusion

Recently, Chaoci New Energy (Shanghai) Technology Co., Ltd. ("Chaoci New Energy") announced the completion of a hundreds-of-millions RMB Angel+ round, led by Gaorong Ventures.

Chaoci New Energy aims to become a global leader in complete high-temperature superconducting high-field magnet solutions for controlled nuclear fusion. The company relies on a top-tier scientist team centered on academicians, bringing together technical and management talent from leading global enterprises and universities, with multiple core technology invention patents in high-temperature superconductivity that build a solid intellectual property moat.

Currently, Chaoci New Energy has achieved a key milestone in the controlled nuclear fusion industry for high-field magnets — successfully developing the first embedded single-pancake high-temperature superconducting coil. In the next phase, the company will continue technical breakthroughs around detachable low-resistance joints, double-pancake coils, magnet monitoring and protection systems, and magnet assembly and testing, gradually completing the manufacturing and validation of a 25 T-class controlled nuclear fusion high-temperature superconducting toroidal field model magnet. Read more

Tansheng Wanwu Closes Series A

Accelerating DAC-to-Sustainable Aviation Fuel Production

Recently, Shanghai Tansheng Wanwu Technology Co., Ltd. ("Tansheng Wanwu") announced the completion of a Series A round, co-led by Gaorong Ventures.

Founded in 2024, Tansheng Wanwu leverages Direct Air Capture (DAC) technology to use the abundant, sustainable CO2 in ambient air as a novel carbon source, combined with green power and green hydrogen synthesis pathways, to build a scalable, circular green fuel system that helps the world replace oil, natural gas, and coal. Through frontier technology breakthroughs and green industry chain deployment, the company provides systemic solutions for global sustainable development.

Founder Ren Yuxiang previously held multiple leadership positions at Tesla, including VP of Asia-Pacific, VP of Global Sales, and VP of Business Development, and was the core operator behind the landing of the Shanghai Tesla Gigafactory. Ren and Elon Musk were classmates at the University of Pennsylvania and physics lab partners; Musk once assessed Ren: "He's the only person whose physics is stronger than mine." Co-founder and General Manager Zhang Hongxi previously worked at Canadian Carbon Engineering, one of the pioneers in direct air capture, as Greater China Executive Director.

Currently, the company is rapidly advancing its thousand-ton pilot project, having completed core technology validation and process optimization with key metrics reaching internationally advanced levels. The team brings together senior experts in chemical engineering and energy with complete industrialization capabilities from lab to industrial scale-up. Leveraging its technological scarcity advantage, the company has secured deep cooperation intentions from multiple industry giants and strategic customers, with a clear commercialization path. Read more

KSKD Closes RMB 318 Million Series D

Continuing Deep Focus on Bile Acid Metabolism Innovative Drug R&D

On June 10, KSKD announced the completion of a RMB 318 million Series D round. This round was co-led by Taiping Healthcare Fund and Shanghai Science and Technology Innovation Group, with participation from multiple professional investment institutions. Gaorong Ventures led KSKD's Pre-A round in October 2020 and has continued to invest in subsequent rounds.

KSKD is anchored in the core track of bile acid metabolism innovative drugs, relying on source innovation to accelerate full-pipeline clinical translation, committed to launching proprietary innovative drugs that deliver high-quality treatment options for patients with liver disease, obesity, and various metabolic diseases.

Over the past year, KSKD's core products have achieved leapfrog clinical development progress: CS0159, the first non-steroidal FXR agonist to enter Phase III clinical trials in China, continues to consolidate excellent efficacy and safety data; the highly selective THRβ agonist CS060380 leads its class, with Phase II clinical trials for the MASH indication nearing completion and plans to initiate Phase III.

Moonshot AI Releases and Open-Sources K2.7 Code Programming Model

Average Token Consumption Reduced by 30%

On June 12, Moonshot AI released and open-sourced the K2.7 Code programming model. Internal and external benchmark evaluations show that Kimi K2.7 Code significantly improves instruction-following capability in long-context programming scenarios, performance on long-horizon programming tasks, and substantially reduces overthinking tendencies in long-horizon tasks, with average token consumption down 30%.

In internal and external benchmarks assessing code capability, K2.7 Code shows significant performance gains over K2.6: Kimi Code Bench v2 up 21.8%, Program-Bench up 11%, and MLS Bench Lite up 31.5%.

The evolution of the model's code capability brings improved agentic capabilities. On benchmarks evaluating autonomous agent execution — Kimi Claw 24/7 Bench, MCP Atlas, and MCP Mark Verified — performance improved by approximately 10%.

On June 15, a 6x-speed high-speed version of Kimi K2.7 Code went live. Enterprises and developers can access the high-speed model through the Kimi API open platform with model ID: kimi-k2.7-code-highspeed.

Xi Wang Completes Hardware-Level Adaptation for Moonshot AI's Mooncake

First Domestic GPU to Achieve Deep Hardware-Level Integration

Xi Wang (Sunrise) recently announced it has completed adaptation for Moonshot AI's Mooncake, becoming one of the first domestic GPU manufacturers to achieve deep hardware-level integration with Mooncake.

Mooncake — an open-source project from Moonshot AI and Tsinghua University — has already been integrated by vLLM, SGLang, and Dynamo as a KV Connector for PD-disaggregation scenarios, delivering several-fold throughput improvements on agent workloads. Xi Wang's adaptation spans the complete KV Cache transmission and management pipeline, bringing disaggregated inference and cache pooling to domestic computing hardware for the first time.

From cross-node high-speed KV Cache transmission via the Transfer Engine to distributed KV Cache pool management through Mooncake Store, Xi Wang achieved these breakthroughs through standout hardware capabilities: enabling NICs to directly read and write GPU memory via PCIe P2P DMA, its self-developed Sunrise Link die-to-die interconnect architecture, and full-stack software adaptation.

Neolix Secures Malaysia's First Unmanned Delivery Vehicle Sandbox Testing License

On June 30, L4 autonomous logistics company Neolix announced it had received formal approval from Malaysia's Ministry of Transport (MOT), becoming one of the first companies permitted to conduct public-road sandbox testing of unmanned delivery vehicles. Testing will take place in Cyberjaya, Malaysia's smart city, marking a significant step for Neolix in the Southeast Asian market.

This approval was granted under Malaysia's National Regulatory Sandbox framework for unmanned delivery vehicle testing. The development further solidifies Malaysia's position as a critical anchor in Neolix's Southeast Asia expansion strategy. Neolix has previously advanced its presence in Singapore and broader Asia-Pacific markets, working with regional partners to explore autonomous urban logistics and smart city delivery applications.

Neolix is expected to complete phased sandbox testing with initial partners in the second half of this year. Parties will validate operations across express delivery, campus logistics, and e-commerce instant fulfillment scenarios, jointly developing operating models and industry standards suited to Southeast Asian markets — laying groundwork for subsequent commercial deployment.

Jingneng Microelectronics Unveils Self-Developed SST Power Modules

First in Industry to Propose "AI-Grade SiC Module" Standard

On June 20, marking its fourth anniversary, Jingneng Microelectronics launched a series of self-developed SST (Solid-State Transformer) power modules — becoming the first in the industry to propose the "AI-Grade SiC Module" standard. Building on its mature automotive-grade SiC main-drive module technology, Jingneng is precisely targeting AI infrastructure and intelligent high-voltage charging scenarios, opening a new chapter in compute-power integration.

The newly released R2C SST solid-state transformer SiC power module employs cutting-edge technologies including Cu-Clip large-area front-side connection, chip silver sintering, and epoxy encapsulation for the first time. On PCsec — the core metric for long-duration reliable operation — it delivers ten times the capability of traditional industrial-grade power modules.

As a core component of the next-generation highly integrated "intelligent energy router," Jingneng's "AI-grade" SST-SiC module breaks through the functional boundaries of traditional power modules, combining high-density power delivery, low-loss operation, and high reliability. It precisely matches core application demands including AI data center power supply, new smart grid flexible dispatch, and new-energy high-voltage fast charging — fully aligning with NVIDIA-led next-generation AI data center 800V+ SST mainstream power architectures, providing core power semiconductor support for efficient, stable, and low-carbon AI compute infrastructure.

BrioHealth Technologies' BRIOLIFE Trial Approved Across Multiple European Countries

Global Evidence-Generation System Fully Established

BrioHealth BV, BrioHealth Technologies' European subsidiary, recently announced that BRIOLIFE — the European clinical trial for its self-developed next-generation fully magnetically levitated implantable left ventricular assist system BrioVAD — received regulatory approvals from Austria and Germany on June 8 and 9, following Dutch regulatory approval in May. With this, all three initial European countries that submitted trial applications have gained approval, enabling efficient rollout of the BRIOLIFE study across mainstream European markets.

Meanwhile, all nine planned clinical sites have completed preclinical training. Notably, Utrecht University Medical Center in the Netherlands successfully performed Europe's first BrioVAD implant in early June, marking substantive progress in patient enrollment for the European clinical trial.

Previously, BrioVAD received FDA approval in 2024 to initiate the INNOVATE clinical trial in the United States, where enrollment has now exceeded 200 patients. The completion of Europe's first implant represents a critical milestone in BrioHealth Technologies' systematic clinical deployment across China, the United States, and Europe.

Cornerstone Robotics Reaches New Milestone in Hong Kong Clinical Application

From First Installation to 160+ Routine Surgeries

Cornerstone Robotics recently announced that its self-developed Sentire® laparoscopic surgical robot system, since completing its first installation at Hong Kong's smart private hospital — The Chinese University of Hong Kong Hospital ("CUHK Hospital") — in May 2025, has successfully supported CUHK Hospital in completing 160+ high-difficulty robotic surgeries during its first year of routine clinical application. This represents important progress in Cornerstone's internationalization and commercialization efforts, marking Sentire®'s formal entry into high-standard international clinical systems and a new phase of scaled deployment.

Over the past year, within a rigorous access framework, the Sentire® surgical robot system completed installation and rapidly transitioned to routine clinical use, with broad application across urology, gastrointestinal surgery, and other core departments. With strong technical scalability and broad clinical adaptability, the Sentire® system will help CUHK Hospital further expand into gynecology, thoracic surgery, hepatobiliary surgery, and additional specialties — providing more precise and efficient solutions for complex minimally invasive procedures.

To date, Cornerstone Robotics' surgical robots have completed hundreds of clinical surgeries at multiple medical centers worldwide. Recently, Sentire® simultaneously received EU CE (MDR) certification and Singapore HSA certification, accelerating its global expansion.

Zenitar's "PM+R" Chemotherapy-Free Combination Regimen Approved for Clinical Trial

Indication Expanded to Post-First-Line DLBCL Patients

Zenitar recently received a Drug Clinical Trial Approval Notice issued by the National Medical Products Administration, approving a clinical study of puyisertam mesylate for injection combined with rituximab in relapsed/refractory diffuse large B-cell lymphoma (r/r DLBCL) — potentially offering DLBCL patients a new precision-targeted treatment option.

The approved "PM+R" regimen is a fully chemotherapy-free combination. This allows it to avoid severe adverse effects associated with traditional chemotherapy — such as myelosuppression, nausea and vomiting, and significant hair loss — providing a new low-burden treatment alternative for patients struggling with multi-drug chemotherapy.

Notably, this newly approved clinical study expands the treatment indication from the traditional post-second-line setting to cover post-first-line r/r DLBCL patients. When patients fail first-line standard immuno-chemotherapy, they can access this chemotherapy-free regimen earlier, offering a new treatment choice.

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Healthcare Innovation Demo Day

Today, Chinese innovative drugs have become a significant global source of novel therapeutic assets. At the same time, Chinese teams are driving — and in some cases leading — advances in medical devices, AI for Science, gene editing, and beyond.

In June 2026, Gaorong Ventures, in partnership with NewBay Innovation Center, will host the "2026 Healthcare Innovation Demo Day" at Beijing Changping Life Science Park. Guests from investment banks, multinational pharmaceutical companies, and investment institutions will discuss the "next chapter" of Chinese healthcare innovation from the perspectives of industry trends, global expansion, and frontier technologies. Multiple outstanding companies in innovative drugs, AI for Science, and medical devices will also present to pharmaceutical companies and investors. Read more

AI for Science Closed-Door Salon

AI is reshaping the fundamental paradigm of scientific research, dramatically compressing research cycles and beginning to genuinely participate in scientific discovery itself. This trend is accelerating from life sciences into broader research domains including materials science and brain-computer interfaces. On July 9, Gaorong Ventures will partner with Amazon Web Services and other collaborators to host an AI for Science closed-door salon in Beijing, focusing on the new paradigm of AI-driven scientific discovery.

The event will explore the global landscape and China opportunities in AI for Science, methodologies and tools for Agentic AI-driven scientific research, real-world application cases of AI4S in life sciences and materials, and frontier topics including commercialization pathways for AI4S.

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