Spring has arrived — can blossoms be far behind? | Linear Quarterly

Today marks the beginning of spring on the lunar calendar. Life lies dormant, roots stretching silently through the deep soil — just like all those understated yet resolute forces of innovation, growing quietly in the unseen season. Breakthroughs have always happened in the interstices between seasons. Rather than waiting for spring, define it.

We looked back at how our Linear Capital portfolio companies fared this past quarter, selecting highlights from their fundraising, product launches, strategic partnerships, and industry recognition to share:

Fundraising

Anyverse Dynamics

Anyverse Dynamics closed its first angel round of RMB 300 million, led by HSG and Linear Capital. Founded in Beijing in 2025, the company pursues a dual-track approach of developing general-purpose foundation models while deploying domain-specific expert models, dedicated to providing global customers with integrated hardware-software embodied intelligence solutions that are highly reliable.

White Rhino

White Rhino completed a new funding round, bringing its total 2025 fundraising to over $100 million. Over the past year, the company secured the top spot in new orders from all three major direct-operated key accounts in express logistics, with business growth exceeding 20x year-over-year, and became the first to complete mass-production readiness for its Robovan vehicle-grade product.

Wance

Wance closed an A+ round of over RMB 100 million. The proceeds will fund new product R&D, the construction of China's first large-scale production base for high-quality, compliant industrial safety sensors, and overseas business expansion. The company's 2025 revenue grew over 200%, with benchmark customers across industries being steadily onboarded.

OdyssLife

OdyssLife completed a multi-million-dollar angel round led by Linear Capital. In December, it released a promotional video for the world's first truly Always-On smart necklace, integrating multimodal perception of images, audio, and motion to continuously sense and record users' dietary and exercise behaviors around the clock.

Dealism

Dealism raised $15 million in an angel round led by Hillhouse, with HSG, Linear Capital, and other investors participating. Built specifically for overseas markets, Dealism aims to create highly personalized AI avatars for every salesperson.

Linguniverse

Linguniverse completed RMB 200 million in Pre-A series funding. The proceeds will primarily go toward product R&D, domestic and international market expansion, and further development of its creator platform and content ecosystem. During 2025's Double 11 shopping festival, Linguniverse's Xiaofang device ranked among the top sellers across multiple platforms including JD.com and Tmall, with sales up over 230% compared to the 618 mid-year event.

Deep Principle

Deep Principle raised over RMB 100 million in its Series A. The funding will accelerate three priorities: advancing its materials discovery agent Agent Mira™; building out its L4 high-throughput autonomous laboratory AI Materials Factory™ and its R&D pipeline; and deepening partnerships with leading domestic and international customers to solidify its lead in technology commercialization.

D-Robotics

D-Robotics completed a multi-hundred-million-dollar Series B. With the vision of "becoming the Wintel of the robotics era," the company is dedicated to providing full-stack infrastructure for cutting-edge robotics research, industry-grade intelligent applications, and innovation worldwide.

Macaron AI

Mindverse (whose products include Macaron AI and research lab Mind Lab) completed a Series Pre-A round led by Ant Group, with HSG and others co-investing, bringing total funding to over $20 million. Mindverse aims to evolve AI from a universal tool for everyone into a personalized intelligent agent for each individual.

DiShi Medical

DiShi Medical raised tens of millions of RMB in its A2 round, led by Fortune Venture Capital with continued follow-on from existing shareholders. The funds will accelerate the transition of its super-microsurgical robotics platform from technological leadership to market adoption.

Guangyu Yuanxin

Guangyu Yuanxin secured a new strategic investment. The company specializes in MicroLED micro-display chip R&D and commercialization, leveraging >30,000 PPI ultra-high resolution, monolithic three-color integration, and semiconductor-grade low-cost mass production processes to become a leader in the hundred-billion-RMB display market.

Ruiwei

Ruiwei completed a Series B of tens of millions of RMB, primarily to deepen R&D of its "parallel vector ghost-free technology," expand its laboratory and production lines, and accelerate scaled deployment of HUD across multiple scenarios.

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Product & Business Milestones

Agile Robots

Agile Robots announced the acquisition of European and North American assets from Thyssenkrupp Automation Engineering, a traditional industrial giant with 75 years of history, to expand its market position in automation solutions and open new growth areas. Concurrently, Agile Robots officially launched Agile ONE, a full-size industrial-grade humanoid robot, marking a critical step toward scaled industrial application of humanoid robotics.

Horizon Robotics

Horizon Robotics deepened its strategic partnership with Volkswagen Group. Coolcore (CARIZON), a joint venture between Horizon and Volkswagen's software company CARIAD, will independently design and develop system-level computing solutions in China to provide strong support for Volkswagen Group's advanced driver assistance and autonomous driving systems.

Tashi Zhihang

Tashi Zhihang open-sourced the world's first large-scale real-world embodied VLTA multimodal dataset — World In Your Hands (WIYH). The dataset was first unveiled in October 2025 and, at the company's year-end technical debut, was widely recognized by the industry as one of the core achievements within its "super algorithm" framework.

White Rhino

On January 16, the White Rhino RX — the industry's first fully vehicle-grade autonomous logistics van (Robovan), jointly developed by White Rhino and Shineray Motors — was officially unveiled. This milestone not only marks a breakthrough in the two companies' deep collaboration, but also signals the autonomous logistics sector's entry into a new era of "vehicle-grade mass production and delivery," offering a practical and efficient solution to longstanding industry pain points.

Manycore Tech

Manycore Tech co-founder and chairman Huang Xiaohuang attended the main forum of the 2025 World Internet Conference, joining representatives from DeepSeek, Unitree, DEEP Robotics, Game Science, and StrongBrain Technology to discuss global AI innovation trends. During the conference, Manycore launched SpatialTwin, the world's first cloud-native industrial AI twin platform for embodied intelligence, which was selected among the conference's top ten "Light of Internet" debut achievements.

SynMeta

ANTA Group collaborated with internationally renowned fashion designer Kris Van Assche to launch the ANTAZERO X KRIS VAN ASSCHE debut collection, which extensively features SynMeta's mycelium mushroom leather Mulkol®. Made from non-edible biological resources through specially selected strain fermentation into bio-based fibers, the material is carbon-negative and offers a truly environmentally friendly, cruelty-free leather alternative.

D-Robotics

The DDC2025 D-Robotics Developer Conference was successfully held in Shenzhen, featuring two major launches: the S600 embodied intelligence robot high-computing development platform and the one-stop development platform. From hardware to cloud, from platform to ecosystem, D-Robotics is embedding "integrated hardware-software, edge-cloud unity" into the foundational logic of embodied intelligence, helping robot developers stop reinventing the wheel and embark on the new paradigm of robotics with ease.

ICAN

The 2025 ICAN AI Large Model New Product Launch was successfully held at Nanning International Convention & Exhibition Center, where ICAN unveiled its AI large model product series, officially inaugurating a new era of smart agriculture driven by "large model-powered" technology.

EHang Holdings Limited

EHang's EH216 series autonomous electric vertical take-off and landing (eVTOL) aircraft successfully completed a point-to-point flight across the Qiongzhou Strait, achieving its first inter-provincial flight. This milestone not only validated unmanned eVTOL technology and operational efficiency in a cross-sea scenario, but also laid a solid technical foundation for future coordinated low-altitude transportation development between Hainan and Guangdong, advancing cross-regional integration in the low-altitude economy.

▍Yuansuan

Yuansuan released a new version of its CAE365 general-purpose simulation platform, featuring systematic benchmark consistency validation. The platform was benchmarked against leading international commercial simulation software across multiple typical industrial scenarios. Under identical models, materials, and boundary conditions, key results including displacement, stress, eigenfrequencies, mode shapes, and temperature field distributions all fell within engineering-acceptable deviation ranges, verified through multiple rounds of internal and external review.

▍We-i-build

We-i-build's construction robots successfully completed construction sample acceptance at an Arabtec residential project in Dubai. The ACC project management team gave high marks to the robots' work and looks forward to their full deployment in subsequent project phases.

▍Leadigital

Leadigital and Paike New Materials (605123) have partnered in the large model space to jointly advance deep application of industrial large models in high-end new materials manufacturing. Paike is one of few domestic companies capable of supplying special alloy structural components for core aircraft parts, launch vehicles and satellites, and deep-sea equipment. It has successfully achieved import substitution for key aero-engine structural components and steadily supplies high-precision products including rocket casings and engine parts.

▍StoneWise

StoneWise announced the formal launch of its collaboration with Chipscreen Biosciences (688321) based on the MolVado AI 3D molecular generation and small-molecule drug design platform. StoneWise will provide Chipscreen with an engineered AI solution comprising molecular generation models, a suite of AIDD computational tools, and a computational backbone to support exploration and optimization in small-molecule drug R&D.

▍Ziqian Technology

Ziqian Technology signed an agreement with Hong Kong Cyberport to bring its ZCAD.AI project to the digital tech hub. This marks Ziqian's formal entry into the Hong Kong market and a new phase of overseas expansion with the strategy of "based in Hong Kong, facing the world."

▍WEFLY

WEFLY and AVIC Changfeng Aviation Electronics (Suzhou) jointly developed an ultra-thin, ultra-lightweight eVTOL avionics display system, manufactured by AVIC Changfeng in Suzhou and delivered to WEFLY during the Zhuhai Asian Business Aviation Show.

▍PowerLaw AI

PowerLaw AI released MeFlow 3.0, overhauling the underlying technical framework of its contract management system to give AI more flexible execution space. The upgrade allows AI to more proactively plan execution strategies, breaking through siloed single-point processes to achieve smarter cross-process task planning — evolving from point intelligence to an autonomous "super colleague."

▍Luomi Tech

Luomi Tech launched the Proteonano™ P-Clean automated peptide purification kit. The product uses functionalized superparamagnetic nanobeads with precisely controlled nanoscale properties as a carrier, introducing hydrophobic functional group modifications on the bead surface to enhance binding with target peptide hydrophobic regions (with moderate digestion efficiency), achieving reversible solid-phase adsorption and enrichment of peptides under high-organic-phase conditions.

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Industry Recognition

▍Zero2IPO VENTURE50

On December 4, Zero2IPO and PEDaily announced the 2025 VENTURE50 results. Linear Capital portfolio companies Tashi Zhihang, Horizon Robotics, White Rhino, and Deep Principle were named to the lists.

▍Cyzone 100 Future Unicorns

Linear Capital portfolio companies Machenike, White Rhino, and Anyverse Dynamics made the 2025 "Cyzone 100 Future Unicorns" list. The selection evaluated over 300 applicants across five core dimensions to identify 100 companies with the greatest potential for transformative growth.

▍China's Best Tech Innovators

Cailianshe and China Star Market released the 2025 China's Best Tech Innovators list, selecting benchmark enterprises representing China's innovation strength through comprehensive evaluation of technological leadership, commercial progress, and capital recognition. Linear Capital portfolio companies Tezign, Yunna Technology, Rokid, and Linguniverse were named.

▍Jazzyear 100

Jazzyear released its annual Jazzyear 100 series lists. Horizon Robotics was named to the "2025 China Tech Industry Leaders" list; Sensors Data and ThinkingData were named to the "AI Data Sector Most Commercially Promising" list; RoboticPlus.AI and Tashi Zhihang were named to the "Embodied Intelligence Sector Most Commercially Promising" list; and White Rhino was named to the "Autonomous Driving Sector Most Commercially Promising" list.

▍Deep Principle

Deep Principle was named to the new cohort of the "AI Application Stars" (MINDS) program — the only Chinese company selected in the AI4S category. As a startup, Deep Principle joined over 30 global technology leaders including AMD, Siemens, Ant Group, and CATL in this prestigious group, drawing significant attention across the global industry.

▍Rokid

At CES 2026, Rokid built the largest eyewear booth at the entire show, commanding center-stage attention. With its硬核 product strength, it swept multiple prestigious international awards including TWICE Picks Winner, SMG Smart Living Award, and Best of CES 2026, demonstrating its leading position in smart wearables to a global audience.

▍Linguniverse

Linguniverse showcased its family companion AI product, the overseas version of "Xiaofang," at CES 2026 — one of the world's premier tech events. The appearance delivered on the product promise made at last year's CES debut, completing the critical evolution from concept demonstration to mass production and commercial delivery.

▍Lightin

Lightin made a splash at CES 2026 in the Central Hall's core exhibition zone, showcasing a full lineup of smart sports products. The company presented four core products spanning swimming and outdoor sports, all built around its "AR + AI-powered training efficiency" philosophy. With professional-grade performance and a distinctly futuristic tech vision, Lightin has emerged as a notable new Chinese force in the smart sports arena.

▍YuanYe Technology

YuanYe Technology appeared at CES 2026 as exoskeleton robots — a critical vehicle for human-machine integration — moved from niche medical applications toward the consumer market, becoming one of the show's central highlights. Among numerous exoskeleton products, YuanYe's Powrknee stood out with its differentiated focus on the knee joint.

▍J-Elephant

At CeMAT, J-Elephant unveiled two new narrow-aisle products in its VPR series: the JE-FK-R and JE-FK-Omni. Both are built on a 600 kg rated load capacity, targeting two major industry pain points respectively — high-density storage at 11-meter heights and flexible adaptation to low-clearance spaces. The products carry forward the proven technical DNA of the VPR pallet AS/RS robot series while achieving breakthrough scene-specific innovations, redefining the boundaries of automated vertical warehousing.

▍Accumo A4x

Accumo presented its one-stop AI smart camera solution at Intersec 2026, demonstrating the productized capabilities of integrated hardware, software, and cloud services — delivering more efficient and accessible deployment for smart home security scenarios.

▍Tenfong

CCTV's Morning News featured an in-depth report on Tenfong's self-developed industrial simulation software and digital twin systems, which empower the automotive, aviation, and manufacturing sectors as well as university talent development. Through sustained breakthroughs in independent industrial simulation software, Tenfong has grown into a pivotal force driving the localization of industrial software and industrial chain collaboration.

▍DiShi Medical

A project led by DiShi Medical, in collaboration with Zhejiang University, Zhejiang Provincial People's Hospital, and Zhejiang Institute of Medical Device Testing, has been shortlisted for the 2025 AI Medical Device Innovation Task "揭榜挂帅" (open competition) list.

▍Guandata

Guandata was named to the "Zhejiang Software Enterprise Core Competitiveness (Innovation)" list, recognized for its sustained technical breakthroughs in AI + BI, mature product architecture, and deep industrial enablement value. The designation, organized by the Zhejiang Software Industry Association and subject to multiple rigorous review rounds, serves as authoritative validation of innovative strength and industry value for software enterprises in the province.

▍Datablau

Datablau led the development of China's first Data Lineage Management Tool standard, drafted jointly with the National Industrial Information Security Development Research Center, Hunan Liancheng Data Service Co., and China Energy Shuohuang Railway Development Co., among more than ten other authoritative industry institutions and enterprises. The standard marks a critical step forward in China's data governance standardization.

▍Tongdun Technology

Tongdun Technology's self-developed ApexDB database won silver at the Kunpeng Ascend Innovation Competition 2025 National Finals. The product has passed Huawei's full-stack technical ecosystem's stringent validation, combining domestic information technology innovation, millisecond-level response, and high availability to provide efficient and stable data infrastructure support for high-concurrency scenarios in finance and beyond.

▍Tezign

Tezign was named to Jiemian News' 2025 "REAL100 Innovators/Innovation Institutions" list, recognized for its leading content AI technology and commercial implementation.

▍Whale

Whale presented its full-stack intelligent retail solution at NRF 2026, drawing broad attention for its AI-driven technical capabilities and scenario-based implementation. A focal point of the show, Whale demonstrated the hard power of Chinese smart tech to a global audience.

▍Wance

Wance was selected for the "2025 Digital Intelligence Application Leading Achievements Repository" with its "Asia's First AI + 3D Stereo Safety Sensor" project, establishing itself as a quality representative in the intelligent sensing field. The recognition validates Wance's frontier technical positioning and innovation leadership in industrial safety sensing.

▍Jilin Micro

At the 2026 Semiconductor Investment Annual Conference and IC Fengyun Awards ceremony, Jilin Micro received the "Most Institutionally Watched Company in the Smart Vehicle Industry Chain" award, given to identify high-quality enterprises in the smart vehicle supply chain. The award recognized Jilin Micro's outstanding technical innovation and strong capital market recognition.

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#Linear Capital Fresh

▍Linear Tech π · Agent Best Practice

Linear Capital has launched "Linear Tech π," a new frontier technology salon series. The inaugural event was held in Shanghai on November 2, featuring guests from TEA.AI, Final Round, Macaron AI, and Moonshot AI, who joined Linear Capital's investment team to discuss concrete case studies of implementing AI Agents in their respective domains.

Linear Tech π: N+1 Possibilities for AI Hardware

The second installment of "Linear Tech π" was held in Shenzhen on November 29, featuring guests from Rokid, Odyss, D-Robotics, Qinglantu, and CGL, who joined Linear Capital's investment team to explore the N+1 possibilities for AI consumer hardware.

Linear Tech π: Conversations on Robot Conviction at D-Robotics Brewery

The third installment of "Linear Tech π" took place in Suzhou on February 3. Hosted by D-Robotics and co-hosted by JD.com, ECOVACS X-Man Accelerator, and Linear Capital, the event brought together 30 explorers, practitioners, and individual innovators from the broader robotics field for a high-density dialogue grounded in industry realities.