Moving Forward Along New Coordinates｜Vital Monthly

Vital Monthly is Oasis Capital's monthly update column.

It tracks developments across our portfolio and at Oasis, capturing the rhythm, structure, and trends behind them.

Enjoy

VAST | Closes ~RMB 3 Billion Series B and B+ Round, Unveils Tripo P2.0

VAST has completed its Series B and B+ rounds, totaling approximately RMB 3 billion, led by Matrix Partners China, with existing shareholders including Oasis Capital continuing to significantly oversubscribe. In less than six months, the company has raised approximately RMB 5 billion in total. This round will fund continued iteration of its native 3D models and data capabilities, expansion of training and inference infrastructure, and product and commercialization efforts.

Simultaneously, VAST released Tripo P2.0 Preview — the world's first native 3D foundation model supporting native quad-based topological mesh generation. It produces 3D objects with controllable polygon counts, cleaner structure, and support for editing and animation rigging within seconds, further improving compatibility with professional production pipelines for gaming, XR, film, and real-time interactive applications. The company is also advancing Project Eden, its world model research initiative, exploring the path from 3D object generation toward interactive, continuously evolving world-building.

BlueStar Fusion | Closes Hundreds of Millions in Angel+ Round, Advancing High-Temperature Superconducting Stellarator Engineering

BlueStar Fusion, an Oasis Capital angel-round investment, has completed a hundred-million-yuan Angel+ round. Eleven months since founding, the company has completed three funding rounds with a post-money valuation exceeding RMB 3 billion, growing from a five-person physics design team to nearly a hundred employees across R&D spanning fusion physics, superconducting magnets, cryogenic engineering, structural manufacturing, and AI.

Its first-phase high-temperature superconducting stellarator has progressed from physics design and simulation validation to engineering drafting, component manufacturing, and system integration. Its high-temperature superconducting model coil achieved a peak field of 10.3T under real operating conditions, setting a domestic record for its category. Technically, BlueStar Fusion has developed a proprietary AI optimization platform for configuration generation, automatic parameter tuning, coil optimization, and engineering analysis — exploring how AI can compress the design iteration cycle for complex stellarators — with plans to complete its first-phase device construction by 2027.

Current Robotics | Completes Multiple Funding Rounds, Advancing Humanoid Intelligence Technology Loop

Current Robotics (Yuanliu) has completed multiple funding rounds including seed, angel, and Pre-A, totaling over RMB 100 million. Oasis Capital was the exclusive angel-round investor and is the company's largest institutional shareholder, with continued significant oversubscription in subsequent rounds. The Pre-A round saw participation from Baidu Venture, Hillhouse, Monolith, and other institutional and strategic investors.

Technically, the company has built a complete system around the principle that "humanoid intelligence starts with humans" — spanning human behavioral data, whole-body dexterous manipulation models, and world model evaluation: HumanEx captures first-person visual, body motion, and bimanual manipulation data; Curr-0 enables unified learning of locomotion, body coordination, and dexterous manipulation for 70+ DoF humanoid robots; and CurrentWorld-0 incorporates cross-embodiment, multi-view, and force-tactile information into world simulation for policy evaluation, failure correction, and post-training data collection. The team aims to create a continuous loop of data, models, and evaluation, allowing robots to gain experience from the real world and progressively convert it into more stable, generalizable action capabilities.

MiniMax | Releases First Semi-Annual Report, H3 Accelerates into Real-Time Interaction and Content Production

MiniMax released its first semi-annual report since going public, with H1 2026 revenue reaching approximately USD 120 million, up 283% year-over-year; August ARR exceeded USD 800 million, with over 2 million enterprise customers and developers, and overseas revenue accounting for approximately 60%. As AI usage evolves from "human-AI interaction" toward "Agent-AI multi-turn interaction," token consumption and commercial demand continue to grow.

Technically, MiniMax continues advancing M3.1, M3 Pro, and multimodal capabilities. H3 surpassed 24 million downloads in three weeks since open-sourcing, spawning over 300 publicly released derivative models; H3 Max can generate 5 seconds of 768p audio-video in 3 seconds, and has entered real-time scenarios including Twitch streaming and 24-hour AI TV stations, moving video generation from one-off tasks toward sustained interaction.

Building on H3, MiniMax further launched MiniMax Design, which uses Agents to understand creative objectives, decompose tasks, and invoke models and Skills to complete continuous workflows from asset processing and generation editing to final delivery. The core shift is moving content creation from manipulating pixels to manipulating semantics and expressive intent, pushing multimodal models from "generating content" deeper into real production pipelines.

Sudu Tech | Releases High-Reliability Robot Agent Technical Pathway, Advancing Large-Scale Deployment

At the World Robot Conference, Sudu Tech co-founder and CEO Zheng Han delivered a keynote titled "From Embodied Research to Scaled Deployment: Building High-Reliability Robot Agents," proposing that as embodied AI moves from technical validation to scaled deployment, the core threshold is high reliability, and introduced a G1-G4 generalization grading framework around Physical AI. Sudu currently focuses on G3 object manipulation capabilities, emphasizing stable success rates exceeding 99% with novel objects and in complex environments.

Toward this goal, the company continues to crystallize capabilities including grasping, placing, precision assembly, and deformable object handling into reusable atomic skills, with upper-level agent orchestration completing complex long-horizon tasks — reducing repeated data collection and training costs in new scenarios. Sudu has also built a robot agent development platform covering skill development, simulation validation, and proprietary hardware, with developer centers in Shanghai, Silicon Valley, and Zurich, continuously pushing embodied AI from single-point demos toward reproducible, deployable real-world production environments.

Spirit AI | Proposes New Cross-Configuration Robot Learning Mechanism, Improving Historical Data Reuse Efficiency

Spirit AI co-founder Sunny's team published new research "When Does Legacy Data Start to Help? Emergent Transfer in Cross-Configuration Robot Learning," systematically revealing for the first time the "Emergent Transfer" phenomenon following robot hardware upgrades: historical demonstration data is not always effective, but only significantly improves model performance once new hardware capabilities cross a certain threshold.

The team further proposed a "transfer threshold" theory and phase-aware data collection strategy, reducing new data collection requirements from 8 hours to 1.5 hours in real robot experiments while substantially improving task success rates — offering a new technical path for embodied AI data reuse and continuous robot iteration.

Lxson | Releases Jupiter and N1, Continues Expanding Home Embodied Intelligence Product Matrix

Lxson's Zeroth brand further expanded its home embodied intelligence product matrix with the launch of full-size humanoid robot Jupiter and home chore-functional robot N1. Jupiter is designed for home environments, with human-like walking, teleoperation, human-robot interaction, autonomous navigation, and embodied manipulation capabilities, switching between teleoperated and autonomous modes; N1 focuses on real daily household tasks, featuring heterogeneous robotic arms, modular structure, home-specific memory, and safety design — exploring practical applications for robots in household collaboration and long-term companionship.

From small humanoid robot M1 to Jupiter and N1, Lxson is continuously refining product forms and capability layering around different home spaces and task requirements, pushing embodied intelligence from single-function devices toward a more complete home robot system.

LimX Dynamics | Regional HQ and National Smart Manufacturing Center Established in Hefei

LimX Dynamics signed a cooperation agreement with Baohe District, Hefei, formally establishing its regional headquarters and national smart manufacturing center in the city. The company will set up a wholly-owned subsidiary locally, deploying robot production bases, R&D, and scenario training centers — further完善ing its coordinated R&D, manufacturing, and scenario application system, and continuing to advance scaled production and commercialization of embodied intelligent robots.

Leveraging the R&D capabilities of its Shenzhen headquarters and combining with Hefei's strengths in advanced manufacturing, industrial chain support, and talent resources, LimX Dynamics will further完善 its national industrial layout, accelerate application of embodied intelligence technology in real scenarios, and solidify manufacturing and supply chain foundations for global business expansion.

PollyPolymer | Advancing Scaled Application of AI + 3D Printing Flexible Manufacturing

PollyPolymer Chairman Wang Wenbin attended the 17th Leather Industry Forum, sharing industrial practice of AI + elastomer 3D printing in flexible manufacturing, and was nominated as Vice Director of the China Leather Association's Digital Intelligence Committee. The company has established three technical foundations: materials, ultra-high-speed 3D printing, and smart cloud factories — with its proprietary HALS technology achieving 20–100x speed improvements over traditional additive manufacturing.

PollyPolymer also exhibited at the 2026 International Footwear, Bags & Apparel Fashion Show, demonstrating a 3D-printed footwear customization solution built on HALS, over 12,000 material formulations, and smart cloud factories — extending moldless manufacturing toward mass personalization. Footwear, as the first scenario to achieve scaled validation, has cumulatively produced and sold over 3 million pairs, serving 100+ global brand customers, with relevant manufacturing capabilities now extending to robots, consumer goods, and other scenarios.

Hypershell Tech | First National Brand Experience Store Opens in Shenzhen

Consumer exoskeleton brand Hypershell Tech opened its first national brand experience store at Shenzhen Bay MixC, further exploring the path of exoskeletons from professional equipment to mass consumer markets. The store offers Hypershell X series try-ons and multi-terrain experiences, with a visualization lab displaying real-time data on joint loading, energy consumption, and more — letting users directly feel the assistive effects in uphill climbing, stair descent, running, and other scenarios.

Currently, Hypershell products have entered 70+ countries and regions globally. As the offline experience system gradually establishes, the company is further lowering the awareness and experience barriers for consumer exoskeletons, pushing this technology — originally applied mainly in medical and industrial settings — into outdoor sports and daily life.

Qingmao Intelligence | Building Self-Evolving AI Infra, Advancing Domestic Compute Token Production

Qingmao Intelligence has further完善ed its self-evolving AI Infra for domestic compute, using autonomous optimization and autonomous evolution to enable automatic operator development, model adaptation, and performance tuning — continuously accumulating optimization experience. The company has completed adaptation and performance optimization for dozens of domestic chips, compressing complex operator development and tuning cycles from approximately two weeks to about one hour, and reducing full-chain model adaptation for domestic chips from approximately one month to 1 day to 1 week.

On this foundation, Qingmao is building a trillion-scale Token factory based on domestic compute, extending underlying optimization capabilities into Token production and delivery — providing more efficient domestic compute infrastructure for the growing inference demands of the Agent era.

Zettlab | Co-Organizes Hong Kong's First Physical AI Hackathon

Zettlab co-organized Hong Kong's first Physical AI Hackathon, attracting 160+ global developers across 37 teams who completed Physical AI prototype development in 48 hours around perception, decision-making, action, and interaction. Zettlab provided compute and technical support to participating teams, with dedicated track challenges — its track teams ultimately winning the overall MVP, Most Popular Award, and track champion.

From AI NAS to continued exploration of local AI hardware, Zettlab is advancing its "Bring AI to Life" mission to move AI from cloud and screen into real devices and physical scenarios, and through its developer ecosystem, further exploring the path from Physical AI rapid prototyping to actual products.

WRC 2026 | Oasis Ecosystem Companies Showcase Concentrated Presence, Embodied Intelligence Moving Toward Real Tasks

During the 2026 World Robot Conference, Oasis ecosystem companies including LimX Dynamics, Spirit AI, Lxson, ENCOS, and OriginFlow集中 showcased latest embodied intelligence advances. LimX Dynamics demonstrated its complete technical system around whole-body motion control, VLA, and COSA humanoid brain system; Spirit AI further validated Spirit v1.6's stability and efficiency in long-horizon tasks; Lxson's Zeroth brand showcased home robots and Physical AI development ecosystem; ENCOS released its second-generation inner-rotor joint module and demonstrated dexterous hands and data collection systems, further完善ing embodied intelligence infrastructure from core hardware, data collection to real robot deployment. Overall, this WRC's focus is shifting further from single-capability demonstrations toward long-horizon tasks, high-reliability operation, core hardware, and actual deployment.

"Signal and Noise" | Yachen Song: Advancing Civilization for the World, Creating Happiness for Humanity

A new episode of "Signal and Noise" "North Slope Project" is now live. We spoke with VAST founder Yachen Song, starting from AI 3D's technical evolution and content production methods — discussing why 3D may become a higher information-density interaction medium following text, images, and video, and how "creating a world" moves from professional production pipelines to ordinary creators as 3D content production costs continue to decline.

Beyond technology, this episode also covers VAST's organizational approach and Yachen Song's long-termism. Facing a technical path difficult to validate in the short term, he likens entrepreneurship to The Man Who Planted Trees: reducing noise, maintaining purity and patience, and continuously doing something you believe will eventually happen.

Vital Young | From Capability to Interaction, AI Products Go Further

Vital Young's ninth session, themed "From Capability to Interaction: AI Products Beyond 'Useful'", invited 7 entrepreneurs to share product explorations across Agent, AI gaming, interactive content, and other directions. From actively connecting people with people, to making plants, art, and virtual worlds responsive, the event presented multiple interaction possibilities as AI enters real products.

As model capabilities gradually become foundational, AI product concerns are shifting from "what can it do" to "how will people relate to it." Memory, proactivity, and new interaction mechanisms are moving AI from completing one-off tasks toward more sustained interaction.

Oasis Honors

Named to "Diyixinsheng Q2 2026 China's Most Active Early-Stage Investment Institutions TOP30" and "Qimingpian 2026 Mid-Year Best Venture Capital Institutions Active List TOP50", among other awards.

The world changes endlessly, noise overloads. Oasis Capital will continue its "top-down" research methodology, combining ecosystem entrepreneur experience to consistently deliver signal for enterprises over the long term.

We focus on social transformation driven by artificial intelligence and frontier technology, in areas including robotics, AI, and advanced manufacturing — making long-term investments in the most vital entrepreneurs.

Celebrating vitality.