Participated · Series A · Jan 2026

Founded in December 2023 by Wang Qian, X Square focuses on full-stack self-research of software and hardware for embodied intelligence, designing robot bodies and core components in-house. The company has released two high-performance robot bodies named "Quantum No. 1" and "Quantum No. 2" and developed robotic arms, joint modules, power drives and main controllers with algorithm adaptation to reduce overall robot cost. X Square says this vertical integration is intended to enable large-scale mass production and commercial implementation. Since early 2026 it has begun deployments and partnerships across industrial manufacturing, logistics and elderly care, and established a joint venture with Jack Technology and partnerships with 58 Daojia and Shenqi Group. Financially, X Square has raised over ¥3 billion across three rounds in about three months, with Meituan as the largest external shareholder holding roughly 11.09% and founder Wang Qian ultimately holding about 28.69% of shares. The company emphasizes building data-closed-loop foundation models, model iteration and data pipelines to advance embodied intelligence capabilities.

Participated · Series C · Apr 2022

VisionNav Robotics develops autonomous forklifts, stacking vehicles and other logistics AGVs, combining vision, radar and other sensing tech to operate indoors and semi-outdoors. The company plans to invest the new proceeds in R&D and to broaden use cases beyond horizontal and vertical movement to stacking and truck loading. It has been expanding internationally, dispatching robots across Southeast and East Asia as well as the Netherlands, the U.K. and Hungary, and is setting up subsidiaries in Europe and the U.S. VisionNav expects 50–60% of revenues to come from abroad in the next few years (up from 30–40% today). Last year the company reported sales revenues between ¥200M and ¥250M (~$31M–$39M) and currently employs about 400 people, with a target of roughly 1,000 staff by year-end. The firm cites a China-based manufacturing and R&D cost advantage versus international rivals such as Seegrid and Balyo. VisionNav Robotics develops vision-guided driverless solutions for industrial vehicles, principally automated guided forklifts and vehicle transformation services. It integrates visual control, perception and 5G technology into industrial vehicles and offers a central control dispatching system plus a multi-object location detection system for multilevel system integration. The company serves intralogistics and warehouse logistics across sectors including automotive, 3C, food and drug, e-commerce, retail, 3PL and aviation, and has deployed solutions at over 50 project sites. Since its founding in 2016, VisionNav has reached cooperation with more than ten Fortune Global 500 enterprises. The company recently completed a B1 round raising up to RMB100.00 million; proceeds will be used for continued R&D to improve visual control and perception, to break through demanding-scenes applications, and to scale the business. Management plans to accelerate nationwide commercialization, improve penetration in rigid scenarios, and expand overseas starting from Hong Kong to Southeast Asia, East Asia, the Middle East, and finally Europe and America.

Led · Series A · Jan 2021

Founded in 2018, 百炼智能 develops data-driven, scenario-focused B2B intelligent marketing SaaS products and digital solutions that use AI and big-data to improve lead development, screening, contact, conversion and market insights. Its product portfolio includes offerings such as 知了标讯, 潜客宝 and 店店通, and it launched a contactless precision marketing solution in 2022 targeted at mid-to-large enterprises. The company focuses on serving buyers with purchasing power and innovation willingness across industries including tech, energy & chemicals, FMCG, finance and manufacturing. 百炼智能 reports consecutive years of revenue doubling and has cumulatively served more than 300 mid-to-large clients, including JD, Dell, Shell, Mobil, Nestlé, Mars, Agricultural Bank of China, China Life, Michelin and Foxconn. Future plans announced in the articles include ramping up market promotion to reach more enterprises and increasing investment in product R&D to strengthen its AI technology moat and deepen industry know-how. Bailian Intelligent is a B2B marketing automation artificial intelligence company that integrates massive public enterprise data to serve B2B marketing needs. The company constructs a knowledge graph linking product information, bidding notices, store data, business registration data, operating dynamics, and enterprise news to support lead generation and refined operations. Its product aims to improve the full marketing process from market insight and channel expansion to prospect excavation and fine-grained operations. Bailian says it has established deep collaborations with industry-leading clients including Shell, Mobil, BP, Nestlé, Procter & Gamble, Mars, Pepsi Foods, National Energy, BASF, China Life, and Intel. Management plans to use the new capital to fund product R&D, marketing, and team upgrades and to optimize products and services by leveraging investor ecosystems. The company positions itself to capture demand as B2B enterprises accelerate digital transformation and the B2B marketing automation market matures.

Led · Equity · Nov 2020

Zhangyue operates a popular e-reading app where users read novels, magazines and anime and listen to audiobooks. The company reported about 170 million monthly users during H1 and has a market capitalization of roughly 12 billion yuan. ByteDance’s wholly‑owned subsidiary will acquire about 11% of Zhangyue for 1.1 billion yuan (~$170M), creating a strategic alliance. Under the agreement ByteDance can assign one board member and license Zhangyue’s intellectual property. Zhangyue will receive ByteDance support in areas including ad buying, monetization and other technologies. The partners expect 470 million yuan of transactions between them in the following year, up from 270 million yuan the year before the equity acquisition; the deal positions Zhangyue to tap China’s growing online reading market.

Led · Series A · May 2020

Lingxi builds machine-intelligence tools and service teams to augment human agents in financial services, with primary focus on debt collection and insurance sales. The company operates a labor-intensive model with roughly 200 customer representatives supported by a team of 30 AI experts. Lingxi sells services on a commission-from-client-revenues basis rather than just licensing software. Its algorithms handle cases the machines can manage and route complex, emotional cases to human staff, yielding higher net recovery rates. By Q1 2020 Lingxi was achieving 2.5× the average output of debt collection agencies and recovered 1.7 million yuan of a 1.9 million yuan portfolio; it aims to reach 4× by year-end. The startup targeted 40–80 million yuan in revenue for 2020 and says humans remain central while AI matures.