Participated · Equity · Aug 2026

Vast develops Tripo Studio, a platform that generates 3D models from text and image prompts and powers interactive 3D avatars. The company has a partnership with NetEase to offer instant avatar creation in the role-playing game Yanyun Shiliusheng, allowing players to upload photos for avatar generation. Founded in 2023 by Song Yachen, Vast recently raised nearly $200 million and reached a reported $1 billion valuation. Investors in the company include Alibaba, Baidu and Yongce Capital. Vast is also reported to be exploring a Hong Kong IPO and is working with Bank of America and China International Capital Corporation on its stock issuance plans. The company has not announced detailed financial metrics or specific use of funds publicly in the reports.

Participated · Equity · Feb 2026

Founded in 2023 by industry players including Xiaomi, UBTech Robotics and Beijing Jingcheng Machinery Electric, Beijing Innovation Center of Humanoid Robotics focuses on designing, testing and commercializing the Tiangong line of humanoid robots. The center operates a 9,700 m² pilot verification facility in Beijing’s E-Town development zone that currently produces about 2,000 units annually and is targeting an output of 5,000 units. Its Tiangong robots—priced between 299,000 and 779,000 yuan on JD.com—have achieved notable feats such as completing a half-marathon and winning a 100-meter sprint. In January 2026 the center rolled out its 1,000th customized unit, underscoring early traction toward mass production. The organization works with a broad supply-chain ecosystem that includes partners like LY iTech, HHS Robotics, Corenetic AI and Shanghai Ultimate Craftsman Technology. By being designated a national and local joint innovation hub for embodied AI robotics in October 2024, the company enjoys significant policy support. Its long-term goal is to bridge the gap between prototypes and large-scale commercialization of humanoid robots across China.

Led · Equity · Jan 2023

百应科技, founded in 2016, develops cognitive-intelligence and conversational AI technologies, including a dialogue AI system and an AI AGENT platform. Its core product is an intelligent user‑operations solution that automates and refines customer engagement to help enterprises maximize user-asset value and drive business growth. The solution is deployed across retail, finance, education, automotive, healthcare, internet, and hotel/tourism sectors, and has been adopted by numerous leading customers. 百应科技 has also integrated its intelligent user‑operations capabilities into public-service scenarios such as smart city projects, government services, grassroots governance, and community management, improving public-sector service and management efficiency. The company plans to deepen applications of its conversational AI in user operations and public services through strategic partnerships and regional cooperation. Financially, 百应科技 recently received a strategic investment of nearly RMB 200 million from Baidu and the Yangtze Digital Economy Industrial Fund to accelerate AI application and innovation in its target domains.

Led · Series A · Jan 2022

Jidu is an electric carmaker created by Baidu and its auto partner Geely that focuses on autonomous vehicles and smart cockpits. Its flagship concept is a 'robocar' which the company classifies as an automotive robot and plans to showcase at the Beijing auto show in April. Jidu says a mass-produced version of the robocar will launch in 2023. The company develops its software and smart-cockpit systems using a simulated prototype car rather than iterating on mass-produced hardware. Jidu reports it has tested and “proven” Level 4 autonomous capabilities for urban and highway roads in as short as nine months. The startup is emphasizing branding and a fan community called the "Jidu Union" and plans to hire and train talent in autonomous driving, smart cockpits, and smart manufacturing.

Participated · Equity · Dec 2021

QianGua Technology (千挂科技) is a developer of unmanned driving technology for freight trucks, focused on L4 autonomous freight-truck development. The company recently completed a Pre‑A financing round. The round combined equity and debt instruments. Investors in the deal included Yizhuang Guotou, IDG Capital, Cathay Capital, and SPD Silicon Valley Bank. The disclosed total exceeded RMB 100 million. The financing was reported by DoNews citing IT桔子. Qiangua Technology, established in July this year in China, develops automated driving trucks and provides logistics and transportation services built on that technology. The company targets B-end business for traditional freight logistics enterprises rather than consumer robotaxis. Its automated driving trucks aim to address industry problems such as high labor costs and driver fatigue by improving safety and reducing costs for logistics operators. Founders include Sun Haowen, formerly a senior director for R&D of PonyTron at Pony.ai, and Ding Fei, formerly an executive director at IDG Capital; two other cofounders are described as middle-level or senior executives from Baidu, Alibaba or Tencent and may serve as CEO and CTO. Qiangua's participation adds to growing competition in automated driving trucks as robotaxi firms and traditional logistics companies move into freight transportation.