真格基金

ZhenFund angel project Genspark announces $275 million Series B to build next-generation AI agent platform | Z News

Genspark is building a new generation of AI productivity tools for users worldwide.

Duolingo Talks to Early-Stage Founders: How to Build a Fun Product in the AI Era?

Because it's weird, because it's fun, because it's one of a kind.

With nothing but sleeves and kite string, he built a dexterous hand with full degrees of freedom in 90 days

Strength is the price of excellence.

Moonshot AI Releases and Open-Sources Kimi K2 Thinking Model, Boosting Agent and Reasoning Capabilities | Z News

Moonshot AI's most capable open-source reasoning model to date.

The First Streamer to Beat *Black Myth: Wukong* With Motion Controls — Defeating Bosses With a Wave of a USB Device

The next century-defining hardware company will emerge from China.

Tsinghua '97 Alumnus Qin Yudi: From Abandoned Garage to AI Energy Management, He's Always Been Flying Close to the Ground

Hardcore tech entrepreneurship can't stand on business-model innovation alone.

Light Always Finds Its Next Landing Point｜Z News

We look back on the "highlight moments" of the past October and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.

Wang Qiang's 2025 Future Science Prize Address: Science Should Be Remembered as Poetry

Look to the future, observe the present, reward the past.

From Sierra to Jekka: The Boundaries of AI, Large-Scale Practice, and the Endgame

In the future, experimentation itself and time will be the anchors of social value distribution.

ZhenFund Early-Stage Project MetaX Clears STAR Market IPO Review

Proceeds from this fund raise will primarily go toward R&D and commercialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and related projects.

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!