After the Start of Summer, Growing Without Reserve | Linear Quarterly

Yesterday marked the start of summer on the lunar calendar. Warmth unfurled leisurely through the veins of branches and leaves — just like all steady, enduring growth, quietly shooting upward as the rhythm of heat intensifies. The seeds that hesitated through spring must now grow without reservation in summer's abundant sunlight.

We looked back at how our Linear Capital portfolio companies fared over the past quarter. From funding updates and product launches to key partnerships and industry recognition, here are selected highlights of their progress:

Funding Updates

▍Manycore Tech

Manycore Tech (00068.HK), a Linear Capital angel-round investment and the "world's first spatial intelligence stock," officially listed on the Hong Kong Stock Exchange on April 17.

▍RIVR

RIVR, a Swiss robotics company and Linear Capital seed-round investment, announced its acquisition by Amazon, with the RIVR team joining Amazon to begin a new chapter.

▍Tashi Intelligence

Tashi Intelligence completed a $455 million Pre-A round, setting a record for the largest single funding round and largest Pre-A round in China's embodied intelligence history.

▍D-Robotics

D-Robotics announced the completion of its B1 and B2 rounds, bringing total Series B funding to $270 million. The capital will accelerate the globalization of D-Robotics' commercial and developer ecosystem.

▍Unbound Dynamics

Unbound Dynamics announced the completion of its angel++ round, bringing total angel funding to over $200 million. The company also signed a global market order exceeding 500 million RMB with Envision Group, a leading green technology company — the first hundred-million-RMB overseas order for "embodied operational intelligence."

▍RoboticPlus

RoboticPlus announced a Series D round of several hundred million RMB. The funds will go toward iterating industrial embodied intelligence technology, deepening penetration in shipbuilding and energy, expanding into aerospace, and increasing R&D investment in Physical AI and humanoid robotics.

▍Deep Principle

Deep Principle completed its Series A2 round. The capital will be used to upgrade its "LLM + Diffusion" dual-driven algorithm model system, refine its full-stack product matrix including Agent Mira, and advance the strategic deployment of its AI Materials Factory and proprietary pipeline.

▍Octopus Power

Octopus Power completed its first funding round of nearly $50 million, with additional strategic investment from Singapore's K3. Founder Dalong Du was the sixth founding employee at Horizon Robotics.

▍Shenpu Intelligence

Shenpu Intelligence completed its third round of several hundred million RMB within six months. The company aims to build industry-leading embodied robot companions, starting with home-like commercial scenarios and gradually bringing embodied robots into households.

▍UNICUS

UNICUS completed a new funding round. The capital will primarily go toward training its block-generation large model, developing AI Agents, and expanding overseas markets — with the goal of becoming "the LEGO of the AI era."

▍OdyssLife

OdyssLife completed a new round of nearly 200 million RMB in funding. The product is scheduled to launch KOL testing in North America this May, go live on crowdfunding platforms in June–July, and begin official shipments through its direct-to-consumer site in August–September.

▍Ludens AI

Ludens AI completed two rounds of funding totaling tens of millions. The company's small robot COCOMO and desktop companion robot INU are planned for crowdfunding platform launches this year, marking its formal entry into overseas markets.

▍Lightin

Lightin announced a Pre-B round of nearly 100 million RMB. The company has expanded its smart sports glasses matrix to cover swimming, running, cycling, and outdoor scenarios, with overseas sales accounting for nearly half of total volume.

▍Baiyi Huixin

Baiyi Huixin secured a new round of funding in the tens of millions, which will go toward core product R&D iteration, multi-center clinical advancement, commercialization, and team building.

Product & Business Progress

▍Tezign

Tezign officially launched its core product — the Generative Enterprise Agent (GEA) system — proposing a new agent architecture for complex enterprise business scenarios. It pushes AI from auxiliary execution toward system capabilities that understand business, participate in decision-making, and continuously deliver results.

▍Deep Principle

Deep Principle released SciClaw, a research-dedicated intelligent agent product. Designed as an AI research co-worker for cutting-edge scientific exploration, it serves users from universities and research institutions in academic research while helping enterprise R&D personnel drive continuous innovation.

▍ThinkingAI

ThinkingAI held a product launch event in Silicon Valley, officially releasing Agentic Engine, an enterprise-grade AI Agent platform. It aims to make Agents that can perceive, understand, and act — building collaborative Agent teams for enterprises.

▍Horizon Robotics

At its annual product and technology conference on April 22, Horizon Robotics officially released Horizon Starry(®), China's first cabin-driving fusion vehicle intelligence chip, and Horizon KaKaClaw™, China's first vehicle intelligence operating system. It also launched the full-scenario assisted driving system HSD V1.6.

▍Agile Robots

Agile Robots and Google DeepMind jointly announced a significant strategic partnership. The two sides will work together to promote the large-scale deployment of adaptive and reasoning-capable robots in real industrial scenarios.

▍Yirui Biology

ANTA Group and Kris Van Assche's 2026 spring-summer vegan leather collection hit the market, with the full line using Yirui Biology's mycelium mushroom leather Mulkol®. Available at multiple stores and online, the collection blends athletic functionality with fashion tailoring for modern urban style and lightweight texture.

▍EHang Holdings Limited

EHang Holdings Limited announced a strategic partnership agreement with Türk Telekom and its technology subsidiary Argela. The three parties will jointly develop and deploy AAM solutions in Turkey, deeply integrating EHang's type-certified EH216-S autonomous passenger aircraft with Argela's autonomous traffic management system and Türk Telekom's 5G, IoT, cloud computing, and cybersecurity infrastructure.

▍Unbound Dynamics

Global automotive electronics technology company AUMOVIO and Unbound Dynamics reached a strategic partnership. The collaboration aims to deeply deploy Unbound Dynamics' "hand-eye-brain" coordinated embodied intelligent robots across multiple production and assembly lines at AUMOVIO, efficiently supporting various dexterous operation tasks in flexible manufacturing. For Unbound Dynamics, this means its general-purpose embodied brain enters world-class production lines, with its world model receiving continuous high-value data injection from real-world sites.

▍Douxiang Technology

Douxiang officially released CowboyClaw, China's first cross-platform "security Agent employee." Taking its first digital employee, the "vulnerability operations specialist," as an example, it can take over 80% of daily vulnerability operations work, significantly reducing the repetitive labor burden on security teams.

▍Bai Rhino

Bai Rhino and Lalamove launched large-scale commercial unmanned freight operations in Linyi, with the Bai Rhino RX officially integrated into the Lalamove platform to provide on-demand unmanned delivery services to C-end users, small and micro merchants, and wholesale stores. Additionally, Bai Rhino and Shinry announced a joint venture, officially debuting the industry's first full-vehicle-grade unmanned vehicle — the Bai Rhino RX — and initiating nationwide channel recruitment to enter the trillion-RMB intra-city freight market.

▍SpeakON

SpeakON's first hardware device went on sale in the US for $129. It's a MagSafe button that sticks to the back of an iPhone — press to talk, release to type. No unlocking, no app switching required. Audio capture is handled by the device itself, significantly reducing background processing load on the iPhone.

▍A4x

A4x launched a new 4K smart bird feeder, focusing on core outdoor use needs with deep integration of 4K ultra-HD image quality, ultra-wide-angle coverage, and low-power long-duration operation — providing nature enthusiasts and ecology researchers with a highly reliable smart bird-watching solution.

▍RoboticPlus

RoboticPlus helped global port machinery leader ZPMC's "small-component flexible welding workstation" officially enter production, with robotic automated welding fully replacing traditional manual welding for dual leaps in quality and efficiency. Based on real-time 3D visual perception and AI autonomous decision-making and planning, the workstation achieves one-button startup and fully automated welding.

Industry Presence & Recognition

▍Tashi Intelligence

Tashi Intelligence made its overseas debut at LogiMAT with its A1 general-purpose robot, bringing China's new generation of industrial embodied intelligence operation capabilities into the heart of the European industrial market. In a simulated complex warehousing environment at the exhibition, the A1 autonomously completed full cargo flow operations without magnetic strip guidance or fixed routes, achieving an impressive record of over 100 consecutive hours of zero-error operation.

▍D-Robotics

D-Robotics appeared at Embedded World 2026 in Nuremberg, Germany, making its overseas debut of the RDK S100 compute-control integrated kit to provide powerful computing support for global robot developers.

▍Lightin

Lightin held a new product launch at AWE, officially releasing multiple AI + AR smart sports products including the Holoswim 3 AR smart swimming goggles, Holotrek outdoor smart sports glasses, and SollaWave AI music swimming goggles. As a leader in holographic technology and AI + AR smart sports glasses, Lightin continues to drive the application of AR display technology in sports scenarios.

▍Rokid

Catherine Pollard, UN Under-Secretary-General for Management Strategy, Policy, and Compliance, visited Rokid in Huzhou. The Under-Secretary-General experienced AI smart glasses and AR glasses museum smart guides in depth, giving high praise and sincere admiration for the innovative achievements of technology empowering cultural communication and breaking cross-national communication barriers.

▍Octopus Power

Octopus Power's SynapX ranked second globally and first in China on the current public leaderboard in the Reasoning to Action track of the AGIBOT World Challenge at ICRA 2026, a top international robotics conference. The significance lies not just in the ranking itself, but in the evaluation intensity and competitive environment it represents within the official competition system of a top robotics conference. Octopus Power SynapX is currently the highest-ranked Chinese team on this leaderboard.

▍Guandata

Unilever's global management team visited Guandata headquarters. The two sides engaged in deep exchanges on trends in China's retail and consumer market, enterprise AI Agent implementation practices, and the global application of the Skill Agent architecture, reaching consensus on future global cooperation in FMCG retail digitalization.

▍Ling Universe

Ling Universe's Xiaofang machine won the 2026 iF Design Award, one of the world's most influential design awards. This marks the Xiaofang machine's seventh international award, validating its "spiritual technology" product philosophy.

▍YuanYe Technology

YuanYe Technology's independently developed PowrKnee — the world's first smart knee exoskeleton robot — won the 2026 iF Design Award for its breakthrough bionic design and extreme human-machine synergy experience.

▍Luomi Technology

Test results from Thermo Fisher, Discovery Life Sciences, Bio21 Institute, and other international research institutions show that across different mass spectrometry platforms and experimental conditions, Luomi Technology's Proteonano™ proteomics solution consistently delivers high-depth proteomics data with good reproducibility. This provides important reference for evaluating the technology's application potential in clinical and research scenarios.

▍Chuangcai Shenzao

Chuangcai Shenzao released the world's first OPL platform at the inaugural China "AI + New Materials" Conference. Previously, the company held a new product launch, globally debuting ultra-high-strength titanium alloy, rare-earth-free aluminum alloy, and other new materials, along with the upgraded materials intelligence DMAgent and high-throughput laboratory — comprehensively showcasing the latest achievements in AI metal materials from R&D to large-scale application.

▍Ruiweishi

Ruiweishi showcased three new HUD products at the Beijing Auto Show. The wedge-free HUD 2.0 eliminates the need for custom wedge-film glass, with the Robust series making HUD accessible to mass-market vehicles; the projection HUD features a tilted virtual image plane aligned with the road surface, greatly enhancing AR fusion effects and driving immersion; and the holographic film HOE HUD 2.0 uses next-generation HOE technology.

Linear Capital News

▍Linear Video Podcast "Between the Lines" Launches

"Between the Lines," a deep-dive video podcast produced by Linear Capital, launched across platforms in April. The inaugural episode features a conversation with Xiaohuang Huang, co-founder and chairman of Manycore Tech. Subscribe and watch via WeChat Channels, Bilibili, Xiaoyuzhou, Tencent Video, Weibo, and other channels.

▍Linear Capital Selected for ChinaVenture Rankings

In the "ChinaVenture Rankings" published by ChinaVenture Information, Linear Capital was selected for "2025 China Best Early-Stage Venture Capital Institutions TOP30," and Linear Capital Executive Director Zeren Bai was selected for the "Nova · Rising Investor List."

▍Linear Co-hosts Successful Demo Day with WAIC

On April 23, the "AI4S Entrepreneurship: From Lab to Commercialization" Future Tech Demo Day, co-hosted by WAIC World Artificial Intelligence Conference Future Tech, Linear Capital, and Shanghai Jiao Tong University Industrial Research Institute, successfully concluded at Shanghai Jiao Tong University Industrial Research Institute. Linear Capital Partner Yingzhe Zeng, along with portfolio company founders including Sui Su of Yirui Biology and Luyang Zhang, COO of Deep Principle, shared their insights on breaking through in the AI4S field.