Participated · Equity · Jan 2026

Founded in 2017 and spun off from TCL Electronics in 2021, RayNeo Technology designs and manufactures consumer augmented-reality glasses. Its product lineup includes the V3 and X3 Pro models, both of which integrate Alibaba’s Tongyi Qianwen large language model to enable photo capture, voice interaction, video playback, and real-time navigation. At CES 2026 the company unveiled the X3 Pro Project eSIM, the world’s first consumer AR glasses with built-in eSIM and 4G connectivity. RayNeo has captured a leading share of China’s smart-glasses market, shipping tens of thousands of units and accounting for the majority of domestic sales before mid-2025. Management plans to leverage partnerships with carriers such as China Mobile and China Unicom to bundle glasses with mobile plans and tap nationwide retail outlets. IDC projects China’s overall smart-glasses market to grow 77.7% year-on-year by 2026, positioning RayNeo for continued expansion. No revenue figures were disclosed in the article, but the company’s rapid shipment growth underscores strong early commercial traction.

Participated · Series C · Nov 2025

Founded in November 2017, Deep Robotics (云深处科技) is a national high-tech enterprise focused on embodied-intelligence R&D and commercialization. Its product portfolio spans the Jueying series of quadruped robots, the wheel-legged Mountain Cat line, and humanoid robots DR01 and DR02. In 2025 the company launched the Mountain Cat M20 and industry-grade humanoid DR02 while completing an embodied-intelligence pilot base and a share-restructure. Management reports that 2025 was a year of rapid operating growth, and the firm has now completed 11 funding rounds across its life cycle. Prior to the latest raise, Deep Robotics secured over RMB 500 million in a Series C round on 9 December 2025. The new capital will be used to deepen R&D, expand production capacity and accelerate large-scale commercial deployment of embodied-intelligence robots across industries.