真格基金

Yusen Dai of ZhenFund: From "No Need to Pay" to "Can't Live Without It," AI Is on Track to Shatter Humanity's Fastest Growth Records

The development of AI is a bit like boiling water — once it hits the boiling point, the arrival of the steam engine will spark a new industrial revolution.

A Conversation with XPeng Co-founder He Tao: On a 7,000-Meter Snow Mountain, I Decided It Was Time for Halftime to End

Starting a business is addictive.

Beyond the Cliff, Grass Yet Untrodden | Z News

We stand ready to receive, in the depths of our being, those miracles that arrive unforeseen.

Zero Zero Technology's Wang Mengqiu: An Atypical 11-Year Survival Story of a Flying Camera Company | Z Talk

Choosing the right direction matters more than zero-to-one innovation.

ZhenFund early-stage portfolio company Flexiv completes Series C funding round of over $100 million, marking acceleration in general-purpose robotics commercialization | Z News

Proceeds from this round will primarily go toward capacity expansion, R&D, and ecosystem development.

ZhenFund angel project "OMOWAY" announces completion of tens of millions of dollars in funding, launches first electric motorcycle with intelligent driving features | Z News

XPeng co-founder He Tao launches OMOWAY, driving motorcycles into the 3.0 era.

ClackyAI's Li Yafei on Vibe Coding: Laziness Is the Force That Drives Human Progress

One person can build a product, serve a crowd, and still live well.

Z Talk: A 20,000-Word Deep Dive with Cognition CEO Scott Wu — "Our Engineering Team Is 15 People, Each with 5 Devins"

AI will make coding 10x faster, but we'll have more programmers in the future.

Three PhDs from HKU born in the 1990s want to give every mobile robot a hippocampus | Z Talk

How do you cross the "valley of death" from lab to industry and build the "Odin's Eye" for robotics?

A Conversation with Wang Yi, CEO of Butter Elephant: Three National No. 1s in Five Years, Champion Breakfasts Crafted for Kids — How Butter Elephant Is Reshaping Breakfast Habits

For every 10 frozen scallion pancakes sold online, four are from Little Yellow Elephant.

A Three-Way Dialogue on AIGC Creativity, Product, and Investment: Will the Future Pixar Be Born Inside an AI Company?

CreativeFitting Founder Zhu Jiang: Building a Super Content Platform for the AI Era — Fundraising and Self-Sustaining Revenue Must Go Hand in Hand

A Conversation with Zhaogang Group's Wang Dong: One Team, One Email, Thirteen Years of Building Zhaogang --- When Wang Dong, founder of Zhaogang Group, sent that email thirteen years ago, he didn't know he was assembling what would become one of China's most resilient B2B platform teams. The email went out to a small group of former colleagues and industry contacts. The subject line was simple, almost too simple for what it would set in motion. They were going to digitize steel trading — an industry notorious for opacity, fragmentation, and old-school relationship-based dealmaking. "We were basically a group of people who understood steel but didn't understand the internet," Wang Dong recalls. "And somehow that turned out to be an advantage." The early years were brutal. Steel is a commodity business with thin margins and entrenched middlemen. The platform model required convincing buyers and sellers — many of whom had operated through personal networks for decades — to transact online. Trust had to be built transaction by transaction. What separated Zhaogang from the wave of B2B platforms that emerged in the mid-2010s was operational discipline. While competitors burned capital on rapid geographic expansion, Wang Dong's

A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?

A New Year Conversation with Koji: 2025 — The Critical Year for AI, the Dawn of the Agent Era

The Evolution of Coding Agents: In-Depth Conversations with Chinese and American Agent Founders, Alibaba Researchers, and Investors

A Conversation with Google DeepMind and LLM Researchers: Deconstructing OpenAI o1 and the LLM+RL New Paradigm

Acquired by a multinational after just five years in your first startup? Ren Dongni, founder of Fanqu, breaks down the game of entrepreneurship and exits --- When Ren Dongni co-founded Fanqu in 2016, the cross-border e-commerce space was already crowded with well-funded players. Five years later, the company had been acquired by a multinational corporation — a relatively swift exit by startup standards. In this conversation, Ren reflects on what it took to build and sell a company, the calculus behind taking strategic investment from a potential acquirer, and why he believes first-time founders often overcomplicate the "game" of entrepreneurship. **On the acquisition decision** "The offer came at a point where we saw the competitive landscape shifting dramatically. Cross-border e-commerce was consolidating, and the platforms with the deepest pockets were starting to squeeze out mid-tier players. We had built something valuable — a supply chain infrastructure and brand relationships that took years to cultivate — but scaling to the next level would have required capital and operational bandwidth we didn't have." The acquiring company, Ren explains, had been a strategic investor in Fanqu's Series B round. "That relationship gave them visibility into how we operated. When they approached us about a full acquisition, it wasn't

Talking AI Tech Applications, Founder Mindset, and the Scale of Entrepreneurship | A Conversation with Xiaoyu Wang of Castbox

A Chat with Xiaoyezi Founder Ye Bin: How to Learn an Instrument Painlessly? Try Going Smart!