Wanwu Capital | Z News

Z News is ZhenFund's news column.

July has just wrapped up, and we're taking a moment to look back at the month's highlights — inviting you to witness the growth of our portfolio companies and the latest from ZhenFund. Double espresso, served fresh.

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ZhenFund early-stage project MetaX's "Yunjian MetaX" satellite successfully launched into orbit

At 7:33 a.m. on July 24, the Lijian-1 Y15 carrier rocket successfully launched the intelligent computing satellite "Yunjian MetaX" (Jitianxing A-04) into orbit at the Dongfeng Commercial Space Innovation Test Zone. The satellite carries an AI computing payload based on MetaX's GPU chip, along with an onboard router and laser communication terminal. This mission will also complete in-orbit reliability verification of a domestic GPU — a critical step for China's intelligent computing supply chain entering space. Read more

The "Yunjian MetaX" satellite

ZhenFund angel project Black Lake founder Polo attends 2026 Summer Davos

From June 23–25, the 17th Annual Meeting of the New Champions (2026 Summer Davos Forum) was held in Dalian, Liaoning. Polo, founder and CEO of Black Lake, was invited to attend and shared the company's latest breakthroughs in industrial AI. Over the next three to four years, AI penetration in Chinese factories will increase significantly. Black Lake will continue to dive into real manufacturing scenarios, advancing the R&D and scaled deployment of industrial intelligent agents to unlock the value of innovation at scale through industrial AI. Polo noted that "with the emergence of intelligent agents, industrial knowledge and production experience will no longer rely entirely on individual accumulation over time, but can be systematically captured, rapidly replicated, and widely applied." Read more

ZhenFund angel project Momenta receives Shenzhen intelligent connected vehicle road testing permit, accelerating Robotaxi rollout

Recently, Momenta announced it has officially received permission for intelligent connected vehicle road testing in Shenzhen, where it will conduct L4-level Robotaxi field tests. Momenta's Robotaxi business has already launched testing in Shanghai, Suzhou, Wuxi, Shenzhen, Munich, and Abu Dhabi, with partners including SAIC Mobility, Uber, Grab, Lumo, and Mercedes-Benz. Going forward, Momenta will continue advancing its global city expansion plans. Its Physical AI foundation platform, which supports scaled deployment of passenger vehicles, Robovans, Robotrucks, and Robotaxis, will also extend into robotics and other domains.

Multiple ZhenFund portfolio companies featured at WAIC 2026

From July 17–20, the 2026 World Artificial Intelligence Conference (WAIC) was held in Shanghai, with over 3,000 exhibits on display and more than 300 products making their global debut. Numerous ZhenFund-backed companies exhibited, including Moonshot AI, Infinigence AI, Luchen Tech, Xellar Biosystems, Mobvoi, MetaX, Enflame, CrossWe, Yuaiweiwu, Laiye, Youibot, Weilai Buyuan, Xinzhou Technology, XtalPi, ChatCut, SpacemiT, Lightelligence, and BodyPark, showcasing latest achievements in large models, AI infrastructure, embodied intelligence, AI for Science, and intelligent hardware.

ZhenFund angel project Laiye named to Gartner RPA Magic Quadrant for sixth consecutive year

Recently, Gartner officially released the "Magic Quadrant for Robotic Process Automation 2025." Through rigorous evaluation of vendors' product capabilities, strategic vision, market performance, and customer experience, the report presents an objective view of the global RPA competitive landscape. As the only Chinese company on the list, Laiye made the report for the sixth time. This achievement reflects both the steadily rising global competitiveness of China's RPA industry and further recognition from a leading international authority of Laiye's product innovation and market delivery capabilities. Read more

ZhenFund angel project StarDetect successfully launches multiple space-based computing payloads, accelerating space computing service capabilities

At 10:54 a.m. on July 22, six satellites — Dongpo 13, 14, 17, 18, 19, and 20 — jointly developed by MicroNano Space and Huan Tian Zhi Hui, were successfully launched aboard the Gravity-1 Y4 carrier rocket from waters off eastern Shanghai. The launch included four SAR radar satellites and two optical satellites, all carrying StarDetect's independently developed space-based computing payloads to enable real-time, full-pipeline intelligent processing of remote sensing data in orbit. All six satellites have successfully entered orbit and are now operational in the constellation. StarDetect has now accumulated 29 advanced-process GPUs in orbit, with total payload deployments exceeding 35 satellites. Read more

ZhenFund early-stage project Moffett AI joins MIIT Artificial Intelligence Standardization Technical Committee

On July 6, Moffett AI received its membership certificate from the Ministry of Industry and Information Technology Artificial Intelligence Standardization Technical Committee (MIIT/TC1), formally becoming a member unit. MIIT/TC1 is the first standardization technical committee established by the ministry, responsible for developing industry standards in areas including AI evaluation and testing, operations and maintenance, datasets, foundational hardware, software platforms, large models, application maturity, application development management, and AI risk. Its secretariat is based at the China Academy of Information and Communications Technology. Drawing on its globally leading technical expertise and industrial practice in sparse computing, Moffett AI will actively participate in developing standards for AI foundational hardware, software platforms, and large models, helping establish unified, open, and compatible technical specifications, foster a healthy and orderly industrial ecosystem, and advance the standardization of initiatives such as "domestic models on domestic chips." Read more

ZhenFund early-stage project Xinhuazhang releases Agentic EDA foundation and dual intelligent systems

From July 18–20, the 3rd CCF Chip Conference (CCF Chip 2026) was held. As China's largest and most comprehensive top-tier academic conference covering the entire chip industry chain, Xinhuazhang made a major announcement at the event: the launch of its Intelligent Verification System (X-IVS) and Intelligent Design System (X-IDS) dual intelligent systems, alongside the GalaxSim Turbo 3.0 Plus high-speed simulation solution. This release marks a critical step forward for Xinhuazhang on its EDA 2.0 journey. Read more

ZhenFund early-stage project Accelerate Technology deeply involved in IITC MIIT talent standard development

On July 3, the 2026 IITC MIIT Talent Position Competency Evaluation Business Partner Training was held in Hefei, Anhui, with 95 partner representatives from across the country in attendance. As deputy lead unit for drafting the national standard on "Integrated Circuit Industry Talent Position Competency Requirements," Accelerate Technology leveraged its technical and industrial resource advantages in the integrated circuit sector to deeply participate in improving talent training and evaluation systems, helping build a more scientific and standardized competency certification ecosystem for integrated circuit talent. Read more

ZhenFund angel project Vastai Technologies attends Physical AI Virtual-Physical Integration Innovation Forum

On July 2, the "Spatial Simulation · Embodied Symbiosis — Physical AI Virtual-Physical Integration Innovation Forum" was held in Shanghai. Multiple industry chain representatives gathered for thematic discussions on key Physical AI technologies and industrial development. Lei Zhang, co-founder and CTO of Vastai Technologies, stated that high-performance, high-fidelity simulation platforms are critical to accelerating the development and deployment of Physical AI. As a leading full-function GPU company in China, Vastai Technologies uses fused computing for AI inference and graphics rendering as its foundation, delivering full-stack computing solutions with low latency and high energy efficiency for rendering simulation platforms, Physical AI simulation systems, and embodied intelligent terminals through hardware-software co-optimization. The company continues to explore computing support for next-generation AI applications such as multimodal decision-generation models and world models. Read more

ZhenFund early-stage project Youibot releases industrial-native humanoid robot "Xifeng"

On June 29, Youibot unveiled its industrial-native humanoid robot "Xifeng," available for global order simultaneously. The product comes in standard and advanced models, targeting diverse industrial application scenarios. As the newest member of Youibot's "Tianyan" humanoid robot series, Xifeng carries the capabilities of Youibot's industrial embodied intelligence large model "Zhihe" (FabriX). Leveraging low-sample transfer technology, Xifeng possesses basic motion capabilities out of the factory and can achieve 90% success rate after training on just 50 data samples collected at the industrial site, with capabilities continuously improving in 24-hour training cycles. On the day of the product launch, Youibot signed purchase agreements with eight "Tianyan" ecosystem partners for 4,000 Xifeng robots, further driving scaled deployment of embodied intelligent robots in industrial scenarios and empowering industry development. Read more

ZhenFund early-stage project Saphlux partners with Ennostar Corporation to deploy in AR and optical communications

On June 25, Saphlux, a global leader in silicon-based µLED micro-displays, and Ennostar Corporation, a top-tier vertically integrated optoelectronic semiconductor company, formally established a strategic partnership. The two parties will focus on commercializing semi-polar Micro-LED while jointly deploying in two core areas: AR micro-displays and optical communications. Saphlux brings its proprietary semi-polar gallium nitride and high-bandwidth Micro-LED core technologies, combined with Ennostar's mature scaled production capabilities and vertically integrated supply chain advantages, to jointly develop low-power, high-performance Micro-LED light sources and display products suited for AR near-eye displays, AI data centers, and short-range optical interconnect scenarios. This collaboration targets cutting-edge applications including AR terminals, next-generation co-packaged optics (CPO), and high-density optical modules, strategically positioning for optoelectronic technology innovation and accelerating the commercial deployment of semi-polar Micro-LED technology. Read more

ZhenFund angel project EpimAb completes first patient enrollment in China Phase I/IIa registration clinical trial

On June 26, EpimAb completed first patient enrollment in its China Phase I/IIa registration clinical trial, advancing the world's first EpCAM CAR-T registration clinical development. As the first EpCAM CAR-T therapy to enter clinical trials globally, the product has received IND approval in both China and the US, along with FDA orphan drug designation. Targeting EpCAM-high-expressing broad-spectrum epithelial solid tumors, prior investigator-initiated trials showed a 40% objective response rate and 13.8-month median overall survival in advanced gastric cancer, with some patients achieving long-term survival and successful conversion to surgery. The basket trial now launched at Beijing Cancer Hospital will further validate its therapeutic potential across multiple cancer types. Read more

Multiple ZhenFund portfolio companies named to China Unicorn Enterprise list

On July 16, Great Wall Strategy Consulting officially released the "GEI China Unicorn Enterprise Research Report 2026" at the 2026 China (Shenzhen) Unicorn Enterprise Conference. Multiple ZhenFund-backed companies were named, including Moonshot AI, Momenta, Enflame, Flexiv, Yuaiweiwu, and Orienspace. In the previously released "GEI China Potential Unicorn Enterprise Research Report 2026" from Great Wall Strategy Consulting, additional ZhenFund portfolio companies made the list, including Luchen Tech, Youibot, Infinigence AI, Lxson, and CrossWe. This series of reports serves as an important reference in China's sci-tech innovation sector for measuring enterprise growth value. Read more

ZhenFund early-stage project Infinigence AI founder Yu Wang named "2026 AI Person of the Year"

On July 18, the "2026 China AI Gala," hosted by China Media Group in collaboration with the National Development and Reform Commission, the Cyberspace Administration of China, and the Shanghai Municipal People's Government, was held in Shanghai. The gala unveiled its list of ten "AI Persons of the Year," covering key domains including large models, AI infrastructure, embodied intelligence, and core chips. Yu Wang, tenured professor in the Department of Electronic Engineering at Tsinghua University, IEEE Fellow, and founder of Infinigence AI, was named "2026 AI Person of the Year." In his acceptance speech, Wang said: "Our goal is to enable domestic heterogeneous computing clusters with tens of thousands of cards to train world-class models. At the same time, we aim to reduce large model inference costs by 10x every year, making AI truly accessible to every household and becoming a productivity tool that everyone can afford." Read more

Multiple ZhenFund-backed founders named to "AI25: AI Innovation Pioneers Under 25"

On July 8, HSG and MIT Technology Review China jointly released the 2025 "AI25" list of AI innovation pioneers under 25. This year's AI25 comprises 25 honorees covering frontier directions including large model reasoning, intelligent agents, embodied intelligence, and AI for Science. Haotian Zhang, founder and CEO of ZhenFund angel project Valhalla Technology, and Xubin Ren, author of "nanobot," were named to the AI25 list. Read more

ZhenFund-backed companies named to "2026 Entrepreneurs Under 35"

On July 3, Cyzone officially released its "2026 Entrepreneurs Under 35" list, with Tian Yang, founder of "Yinpu Technology," and Yang You, founder of Luchen Tech, among the honorees. This year's 30 awardees averaged 29.9 years old, with 70% holding PhDs — both records for the list. Read more

ZhenFund wins multiple honors including Securities Times "2026 Venture Capital Golden Eagle VC Firm of the Year"

On July 24, Securities Times released its 2026 Venture Capital Golden Eagle and Sci-Tech Innovation Seedling list. ZhenFund was named "VC Firm of the Year," "Exit Firm of the Year," and "Excellence in AI Industry Investment," while ZhenFund managing partner Yuan Liu was named "Investor of the Year."

ZhenFund named to LP CLUB "China Equity Investment Industry Comprehensive Strength GP TOP50"

On July 23, LP CLUB released its 2026 mid-year list. ZhenFund was named to the "China Equity Investment Industry Comprehensive Strength GP TOP50." The list conducts quantitative evaluation across five dimensions: sector allocation and strategic resolve, mid-term operational performance and execution efficiency, return quality and credibility, industry empowerment and value creation, and team professionalism and compliance reputation — objectively presenting the true landscape of the equity investment industry in the first half of the year.

ZhenFund wins multiple honors including China FOF Research Center "Top 30 Early-Stage Funds by Returns"

On July 27, China FOF Research Center officially released its 2026 special lists. ZhenFund was named to the "2026 Top 30 Early-Stage Funds by Returns"; ZhenFund managing partner Yuan Liu was named to the "Top 20 Most Promising Direct Investment Fund Investors."

ZhenFund managing partner Yuan Liu named to Cyzone "2026 Investors Under 40"

On July 3, Cyzone released its "2026 Investors Under 40" list, with ZhenFund managing partner Yuan Liu among the honorees. The selection evaluates candidates across three dimensions: comprehensive influence, investment track record, and exit performance.

Text | Yanyang Editor | Cindy