Participated · Series A · Jun 2026

Xingneng Xuanguang is a fusion technology company formed with support from the University of Science and Technology of China (USTC) that develops high‑performance field‑reversed configuration (FRC) fusion prototypes. The team is led by founder Professor Sun Xuan, who has nearly 30 years of experience and led KMAX, China’s first FRC device, and the core staff includes USTC professors and PhD students who make up over 40% of the team. The company pursues a pulsed magnetic compression FRC approach emphasizing compact design, high specific pressure and relatively low system cost. It reported recent milestones including Xeonova‑1 achieving a plasma discharge in February 2025 and the FLAME anti‑magnetic‑mirror device reaching first plasma discharge in January 2026, marking its transition to physical experiments. Xingneng Xuanguang plans systematic upgrades to heating, diagnostics and plasma control to improve plasma temperature, density and confinement time. The company projects achieving megawatt‑scale fusion power and Q>1 by 2030 and constructing a 100 MW engineering reactor with grid connection by 2035.

Led · Series B · Apr 2022

LuminWave develops Si photonics‑based frequency‑modulated continuous‑wave (FMCW) coherent‑detection and solid‑state scanning technologies and highly integrated LiDAR solutions. It offers two product families: a large‑FOV Diversity Series (D‑Series) for collision avoidance and blind‑area detection, and an FMCW 4D Foresight Series (F‑Series) that provides range, velocity and high‑resolution 4D point clouds. The company demonstrated its 2nd‑generation solid‑state FMCW SoC chips with thousands of photonic components at CIOE and says D1, the first D‑Series product, is in volume production with a next‑generation model underway. LuminWave plans to scale its workforce and accelerate Si photonics chip and LiDAR product development. Its FMCW coherent approach provides interference immunity to ambient light and LiDAR crosstalk and adds a velocity dimension intended to improve perception accuracy and robustness. The company was founded in 2018 and is headquartered in Hangzhou, China, with development teams in Xi'an and California.