Before the Start of Winter, Building Inner Strength | Linear Quarterly

Friday marked the beginning of winter, and the weather has turned cold. In seasons like this, life needs to grow inward, storing up strength to survive the winter.

We looked back at how our Linear Capital portfolio companies developed over the past quarter. From funding updates, product launches, key partnerships, and industry recognition, we've selected some highlights of their growth to share:

Funding Updates

▍ White Rhino White Rhino closed its Series B with nearly RMB 500 million in total funding. Existing shareholders SF Express and Linear Capital invested in three consecutive rounds within a year. The new capital will focus on three areas: vehicle-grade autonomous delivery vehicle R&D, continued AI technology iteration, and commercial scenario expansion — accelerating White Rhino's "scaled deployment" in last-mile logistics.

▍ Douxiang Technology Douxiang Technology completed a new RMB 200 million "bridge strategic round." The funding will further increase R&D investment in AI security technology and security intelligence platforms, steadily advance long-term strategic planning, and lay groundwork for larger-scale capital plans and an IPO.

▍ Chuangcai Shenzao Chuangcai Shenzao closed a Series A round of tens of millions of RMB. The funds will go toward new materials R&D iteration, upgrading its high-throughput automated lab, AI model development, and scaled application in vertical industry scenarios.

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Product & Business Progress

▍ D-Robotics On November 4, D-Robotics announced a new addition to the RDK family — the RDK S100P. It delivers comprehensive upgrades in computing performance and system resources, with higher clock speeds, larger memory, and greater computing power, providing more robust performance support for complex scenarios like multimodal perception, intelligent control, and large model inference, while further improving overall system reliability and scaled delivery capabilities.

▍ Horizon Robotics Horizon Robotics signed a strategic partnership with Hello to focus on full-stack L4 Robotaxi technology collaboration. Horizon provides the intelligent driving technology base, while Hello contributes its operations ecosystem; together they're building a low-cost, high-safety solution. At the event, Hello unveiled its first Robotaxi model, the "HR1," with plans to mass-produce 10,000 units by 2026 across more than 10 cities, and deploy 50,000 units by 2027, accelerating commercialization of the industry.

▍ Deep Principle Deep Principle and Shanhai Innovation jointly launched Synthrix™ 1.0, the world's first AI supramolecular material synthesis matrix. The platform integrates generative AI with quantum chemical computation, covering the full R&D chain to solve three major pain points in supramolecular material development, providing a disruptive R&D paradigm for industries including personal care and pharmaceuticals.

▍ RIVR In September, RIVR announced partnerships with Swiss Post and Migros Online to test autonomous delivery robots in Regensdorf, Zurich, Switzerland, delivering parcels and groceries. The test aims to improve logistics efficiency, reduce employee workload, and optimize customer experience. Human monitors will oversee the entire process; the robots are not replacing human delivery.

▍ Manycore Tech On August 25, Manycore Tech announced the open-sourcing of its 3D scene generation model SpatialGen, with the spatial language model SpatialLM 1.5 to follow. The company also shared for the first time its AI video generation solution based on SpatialGen exploration, aiming to solve the spatiotemporal consistency challenge.

▍ EHang Holdings Limited On October 13, EHang Holdings Limited globally unveiled its next-generation long-range autonomous passenger aircraft VT35, a compound-wing eVTOL model priced at RMB 6.5 million. With a full-load range of 200 kilometers and compatibility with existing takeoff and landing facilities, it has already received airworthiness application acceptance from the civil aviation authority and will advance intercity low-altitude transportation development.

▍ Luomi Medical Luomi Medical's Proteonano™, the world's first full-feature proteomics platform, leverages patented AI nano-peptide probe protein enrichment capture technology to achieve detection of 6,000 proteins per sample, covering 12,000+ human plasma proteins, with 10 logs dynamic range, 300 samples/day throughput, and CV<10% ultra-stable performance. It has already identified biomarkers in cancer, Alzheimer's, and other research areas, validated across 30,000 global cohort samples, and been adopted by top institutions including Roche and Mayo Clinic, placing it in the top tier of global high-throughput proteomics.

▍ Chuangcai Shenzao At the TCT Shenzhen exhibition, Chuangcai Shenzao released 7 AI-enabled metal 3D printing powder materials, including high-strength aluminum and high-temperature alloys across four systems. The CA224H is available at an introductory price of RMB 300/kg, with performance exceeding aviation standards. The company also launched DM Agent, a materials intelligence agent that reconstructs the R&D paradigm with AI, and has established strategic partnerships with multiple enterprises.

▍ Jiuhen Technology In October, Jiuhen Technology officially released remio 2.0, an intelligent information management tool. After seven months of development, this version integrates files, AI chat records, and multiple data sources to break down information silos, achieving 100% privacy protection through local-first + BYOK. The new version also enhances AI assistant capabilities, supporting multiple cutting-edge mainstream models with stronger intent understanding, contextual search, precise Q&A, and sentence-level citation. It also provides a browser plugin and Prompt Library to improve efficiency.

▍ Sapient Intelligence Sapient Intelligence released HRM (Hierarchical Reasoning Model), a brain-inspired hierarchical reasoning model with 27 million parameters. Using a dual-module recurrent architecture to achieve "subconscious" reasoning, it outperforms GPT-4 on tasks including ARC-AGI and extreme Sudoku. The team brings together top AI talent; the model has been open-sourced and surpassed 10.3k GitHub stars.

▍ Tongdun Technology Tongdun launched its self-developed distributed KV database ApexDB, fully compatible with Redis and meeting domestic innovation requirements. It delivers the optimal balance of capacity, performance, and cost under domestic innovation requirements, using a hybrid storage engine to reduce costs, adapted to high-concurrency scenarios in finance and other industries, providing a secure and efficient data foundation.

▍ Tashi Intelligent On October 10, Tashi Intelligent released WIYH, the world's first real-world embodied multimodal dataset, containing visual, language, tactile, and action data derived from authentic multi-industry scenarios. It addresses industry data pain points, establishes a new paradigm for embodied intelligence, and is planned for open release in December 2024 to advance general embodied intelligence development.

▍RokidRokid has entered into a strategic partnership with JD Technology to launch JoyGlance, the world's first smart glasses shopping app. The visual search and add-to-cart feature is expected to debut in November, with payment functionality scheduled for January next year. JoyGlance enables "see it, buy it" through visual recognition and voice interaction, employs financial-grade secure payments, and eliminates phone dependency for multi-scenario adaptability.

▍Shushu Tech & HypergryphHypergryph has formally signed a strategic partnership with Shushu Tech. Shushu's TE system, with its zero-barrier operation, second-level data response, and flexible analytics, is helping titles like Arknights precisely capture player needs, optimize gaming experiences, and solidify the foundation for premium game development.

▍Bot AutoIn September, Bot Auto completed its first driverless hub-to-hub validation run in Texas — no cab personnel, no remote assistance. The approximately 40-mile round trip tested both day and night conditions. The company plans to launch human-free commercial freight operations within months.

▍Shifen TechKylin Software and Shifen Tech have completed their first batch of deep product interoperability certifications. Multiple Shifen industrial simulation software packages have been adapted to the Kylin operating system, achieving full-stack technical validation. Post-adaptation computing efficiency improved by approximately 12%, with accuracy comparable to foreign counterparts. The solutions have been deployed in demonstration applications across multiple sectors, contributing to the construction of a domestically autonomous industrial simulation ecosystem.

▍Lightin

On October 15, Lightin's SollaWave AI smart audio swim goggles opened for pre-sale, advancing from visual to auditory interaction. The goggles provide real-time voice announcements of swimming distance, pace, and other metrics, and feature underwater immersive sound fields, AI-powered stroke recognition, and nano-grade anti-fog capabilities.

▍LingverseLingverse's Xiaofang device got off to a strong start this Double 11, claiming triple TOP1 honors on JD.com's AI toy brand and SKU cumulative speed rankings and the infant/toddler toy overall SKU cumulative speed ranking, plus TOP2 on Tmall's smart AI interactive story device bestseller list. Sales volume grew 108.92% and sales value rose 86.49% compared to 618, with a 99% positive rating.

▍MindverseMindverse's product Second Me Beta has launched testing. The product is an AI social business card focused on showcasing users' inner selves, with features including AI-powered resonance matching and relationship maintenance assistance.

▍Jexiang LingyueAt the Shanghai CeMAT exhibition, Jexiang Lingyue globally debuted two narrow-aisle pallet AS/RS robot models (JE-FK-RS/JE-FK-Omni). The former adapts to high-bay scenarios up to 12 meters, saving 30% space; the latter achieves zero-radius turning, saving 50% space. Together they cover different dense warehousing needs, ushering in a new era of dense storage and completing the product matrix.

▍IglooIgloo has partnered with Telkomsel, Indonesia's largest telecom operator, to provide embedded insurance for its 150 million users. Coverage spans cybersecurity, electronics, travel, and other areas, with premiums as low as 200 Indonesian rupiah. Users can conveniently access and manage claims through the MyTelkomsel app, filling the local gap in cybersecurity insurance and supporting digital life protection.

▍OrthogonalOrthogonal has launched the ODE Fellowship Program, collaborating with 10 international industry experts to advance MBSE and CAE technology innovation. Its self-developed AI-native architecture ODE platform, leveraging natural language interaction and multi-physics coupling advantages, has gained paid adoption from enterprises and universities globally. The initiative aims to break the overseas absence of Chinese CAE and reshape the future of global systems engineering.

▍Baiyi HuixinAt the 4th Global Digital Trade Expo, Baiyi Huixin signed a strategic cooperation agreement with Medtronic. The two parties will integrate their technical strengths to build a full-process diagnosis and treatment chain covering image acquisition, digital twins, and smart device development, forming a digital-intelligent medical closed loop. This will empower personalized precision treatment and explore new directions in AI-medical integration.

Industry Presence & Recognition

▍YrobotOn September 12, Yrobot was selected for MIT Technology Review's "50 Smartest Companies" (TR50) list, representing the exoskeleton robotics sector. CEO Dr. Ding Ye attended the summit to present breakthrough product PowrKnee, demonstrating deep integration of research and industry.

▍TezignOn September 16, the NextGen Tech 30 list, jointly launched by Granite Asia and the Singapore Exchange, was announced. Tezign was selected for its AI innovation and growth potential, named "Asia's Most Globally Promising High-Growth Tech Enterprise" — highlighting Tezign's technological and commercial落地 value.

▍WhaleWhale was also selected for this NextGen Tech 30 list, ranking among "Asia's Tech Future Shapers". The list added a consumer AI category this year, with the award recognizing Whale's enterprise AI strength in LLM+VLM fusion, multi-industry落地成果, and dual-headquarters globalization strategy.

▍GuandataGuandata was recognized as a seventh-batch national-level "Little Giant" specialized and innovative enterprise, receiving national recognition for its AI+BI technological innovation and industry practice. Its newly upgraded four-product matrix, with capabilities in intelligent analytics and natural language querying, lowers the barrier to data usage and assists enterprises in digital-intelligent transformation and decision-making upgrades.

▍Douxiang TechDouxiang Tech was selected as a national key "Little Giant" specialized and innovative enterprise. As one of the few companies recognized on the strength of software and AI SaaS platform technology, it focuses on underlying innovation in cybersecurity, with over 180 patents and software copyrights. Its products have received authoritative recognition domestically and internationally, demonstrating nationally recognized technological leadership and industry representation.

DigiSight Medical — A research paper on a flexible micrometer-precision ophthalmic surgical robot (SMAR), jointly published by Zhejiang Provincial People's Hospital, Zhejiang University, Technical University of Munich, and DigiSight Medical, has been accepted by Microsystems & Nanoengineering (IF=9.9), a Nature-affiliated Q1 top journal. The robot achieves 5.4× the precision of manual surgery, with clinical validation confirming its safety and efficacy, and can significantly shorten the learning curve for surgeons.

DatenLord — An international astronomical observation research team led by Italy's National Institute of Nuclear Physics (INFN) recently achieved a major breakthrough in the Cherenkov Telescope Array project, with findings published in IEEE Transactions on Nuclear Science. As a key technical enabler for the project, DatenLord's RDMA solution allowed the team to integrate high-performance RDMA network communication directly on FPGA hardware platforms, enabling seamless connectivity between observation equipment and data centers.

WanCe — According to MIR Industry Research's latest report, WanCe ranks first among domestic industrial safety sensor providers in overall strength. The company has broken foreign monopolies through its full-stack "product + solution + consulting" services, comprehensive global certifications, and participation in 17 national and international standards, deploying high-grade safety solutions across multiple industries to fortify the manufacturing safety foundation.

Yunna Technology — Yunna Technology's Product R&D Center has officially attained CMMI Level 3 international certification — an achievement only 15% of companies pass on their first assessment globally. The company focuses on AI Agents and drone vision large models, with its R&D capabilities, project management, and quality management systems receiving authoritative international recognition.

RobotPlus.AI

RobotPlus.AI's industrial software RoBIM has been shortlisted for the 2025 Wallpaper* Design Awards in the Tech category. Serving as the "brain for intelligent robots," RoBIM bridges the data silos between design and manufacturing. Its fully self-developed core empowers robots with autonomous decision-making capabilities, supports multi-brand equipment compatibility, and delivers flexible intelligent manufacturing solutions for industries including steel structures and shipbuilding.

Hongjing Drive & Raythink

KPMG China released its 8th annual Automotive Technology 50 list. Hongjing Drive made its fifth appearance, recognized for technical breakthroughs and accumulated expertise in hydrogen-powered heavy trucks and intelligent driving. Raythink earned its third consecutive listing for breakthroughs and commercial deployment in automotive HUD technology.

Weijian Technology

Weijian Technology swept the gold awards and corresponding technology promotion prizes in both plastering and spraying categories at the inaugural "Shanghai Construction Group Cup" Yangtze River Delta Intelligent Construction and Construction Robot Competition. Its plastering robot completed 18m² in 15 minutes, while its spraying robot finished 70m² in 11 minutes — both calibrated to actual jobsite requirements.

A4x (JiJia Technology)

A4x made its debut at IFA 2025, showcasing an AI camera one-stop solution powered by self-developed algorithms. The exhibition featured WiFi low-power cameras, video doorbells, and other multi-scenario products. Leveraging full-stack "hardware + software + cloud services" capabilities, the company is pushing the boundaries of intelligent security through visual AI.

Agile Robots

Agile Robots unveiled multiple innovative products at the China International Industry Fair. New launches included the H10-W assistant robot, the TekkenD + VT10-G visuo-tactile sensor, and an engine assembly application featuring force-controlled valve seat insertion for engine cylinder heads.

ACX Instruments

At the 2025 iGEM (International Genetically Engineered Machine) competition in Paris, ACX Instruments showcased its breakthrough active-matrix digital microfluidics technology and the new DM lite open-source kit, bringing innovative solutions to the global synthetic biology community.

Agronomy

At the 2025 World Agri-Food Innovation Conference (WAFI), Agronomy won the Global Agri-Food Industry Innovation Pitch Excellence Award for its integrated hardware-software smart planting decision solution powered by the Aigengyun large model. The company also exhibited multi-scenario intelligent hardware, demonstrating its hard-tech capabilities in smart agriculture.

LingShu Intelligence

On October 13, LingShu Intelligence appeared at the 2025 China-South Korea Media Cooperation Forum in Seoul as the only invited Chinese industrial AI large model company. CEO Wenwei Guo delivered a keynote speech sharing industrial AI practices and partnership vision, advancing pilot programs in the Korean market. The appearance was covered by People's Daily.

Datablau

An IDC report shows that Datablau has retained its #1 market share among China's data governance specialist vendors for 2024, ranking alongside Alibaba Cloud and Tencent Cloud in the top three. The company's AI-driven Data Agent strategy and AIC intelligent engine operate as dual growth drivers, improving governance efficiency and strengthening the data foundation for enterprise AI applications — earning recognition across multiple industries.