真格基金

A24 Partner, Vercel CEO, a16z All Pre-Ordered This AI Bookmark

Create something truly compelling.

ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models

Let intelligence truly understand every unique soul.

Summer Glimpses | Z News

Let's take a look back at the highlights from May, and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.

ZhenFund Early-Stage Portfolio Company Moffett AI Closes Nearly One Billion Yuan Series C Round

Become the indispensable green computing foundation within the AI infrastructure layer.

ZhenFund Celebrates Another Angel-Stage IPO in Three Weeks as "UISEE" — the First Full-Scenario L4 Autonomous Driving Stock — Lists on Hong Kong Stock Exchange

Accelerate the large-scale adoption and application of AI drivers.

Guizang: From Prompt to Harness, Context Is Everything

A UI Designer and His 300,000 Lines of Code

Spring's End Not Yet Come | Z News

We're looking back at the "highlight reel" from this past April, and we invite you to join us in witnessing the growth of our portfolio companies and what's new at ZhenFund.

ZhenFund Backs Global AI Silicon Photonics Chip Leader in Seed Round, *Lightelligence* Rings the Bell at Hong Kong Stock Exchange

Using light-based technology to infuse new power into the AI era.

ZhenFund angel project *Black Lake Technology* closes nearly RMB 1 billion Series D round, as industrial AI reaches commercial inflection point

Continue pushing AI agents into the core operations of factories.

I gave him a dream: surpass Claude Code.

Humanity will stand witness, guarding this new world as it comes into being.

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!