Participated · Equity · Jun 2026

DeepSeek is known for developing high-performance large AI models and maintaining popular open-source projects that have attracted over 170,000 GitHub stars and about 5.7 billion monthly API calls. Historically self-funded by its parent, High-Flyer Capital, the firm focused on foundational model research and resisted external investment until this recent financing move. Its next-generation flagship, V4, reportedly uses a trillion-parameter MoE architecture and is being deeply adapted to Huawei's Ascend chips to reduce dependence on NVIDIA's CUDA ecosystem. The company is raising external capital to cover the enormous compute and engineering costs of V4, to establish a market valuation for employee equity incentives, and to accelerate productization and ecosystem development. DeepSeek faces engineering and tooling challenges in migrating to a non-NVIDIA stack and must translate research-led capabilities into sustainable business products post-funding.

Participated · Series B · Feb 2026

LimX Dynamics develops an integrated embodied AI stack and general-purpose humanoid robots, organizing its architecture into System 0 (whole-body motion control), System 1 (Vision-Language-Action and Whole-Body Action Model training infrastructure, including the FluxVLA Engine) and System 2 (the COSA embodied agentic operating system). The company introduced the full-size interactive humanoid LimX Luna in May 2026 and began customer deliveries in China and international markets within weeks of launch, and also offers TRON 2, a modular robotic platform launched in late 2025. LimX reports thousands of customer orders across its product lines since beginning commercial sales, with more than half of those orders from international markets. Target applications include research, education, commercial services, industrial operations, inspection and construction. Financially, LimX has raised roughly $400 million over the past six months, including the nearly $200 million pre-IPO round, and plans to use proceeds to scale manufacturing, expand delivery capacity and accelerate international commercialization.

Led · Series A · Aug 2025

PaXini develops full-stack embodied perception products—haptic chips, sensors, and multimodal data pipelines—positioning itself as an infrastructure and standards contributor for Physical AI. Over the past year the company reported near-1 million units of self-developed haptic chip consumption, and its multimodal haptic data has been adopted by leading embodied intelligence foundation model companies and major internet technology firms. PaXini says it has achieved product-market fit in the perception track and operates large-scale embodied intelligence data collection factory clusters to produce structured multimodal haptic data. Its core patents reportedly cover major global markets, and the company is building localized operations and delivery systems in North America, Japan, South Korea, and Europe. PaXini's customer matrix has penetrated core global supply chains, and the company emphasizes its role as a foundation for delivering standardized physical interaction data to embodied models. The company aims to scale global commercial deployment and deepen integration with world-class supply chains as it expands internationally.

Led · Equity · Jul 2024

Xianglu Robotics has developed a closed-loop technology chain that transforms real-world kitchen data into AI-generated recipes and robotic execution. The company positions itself as the first globally to implement and scale AI-generated recipes and has moved from technical validation to large-scale commercialization. It has achieved penetration across fast food, formal dining, and group catering sectors and reports deployments in dozens of countries, including the United States, Australia, France, Singapore, Japan, and South Korea. Xianglu has built lean manufacturing facilities targeting a peak capacity of 10,000 units per month and operates two intelligent production bases in South China and East China. Operational infrastructure includes 90 regional rapid-delivery warehouses and a team of nearly 100 AI chef coaches, engineers, and trainers. Its digital Chinese recipe library supports consistent culinary standards for overseas restaurants.

Led · Preferred · Dec 2020

Xingsheng Youxuan operates a community group‑buying online grocery platform that aggregates orders for discounted grocery sales. The company was an early entrant to the sector and has grown a footprint across 1,100 cities and 70,000 rural towns in 17 provinces. In 2020 its platform recorded gross merchandise value (GMV) of RMB 40 billion (USD 6.3 billion) and it set a target of RMB 80 billion (USD 12.4 billion) for the year. For the first six months of 2021 its average monthly GMV was RMB 3 billion, indicating it is behind schedule on growth targets. The business faces sectorwide headwinds — daily GMV across the industry fell from more than RMB 200 million to RMB 150 million in May — and rising operating costs amid tougher competition from internet giants. The company has raised capital across multiple rounds to sustain operations and scale logistics and supply‑chain efficiency. Xingsheng Youxuan operates a community group-buying grocery service that delivers online bulk orders to offline stores located inside or near residential communities. Headquartered in central China's Hunan province, the company runs its service in 13 provinces and municipalities, covering more than 6,000 counties and over 30,000 towns. It reported more than 8 million daily orders and an estimated gross merchandise value of 40 billion yuan in 2020. Demand for its service has surged amid COVID-19 social distancing, which has driven more consumers to order groceries from home. The sector faces increasing regulatory scrutiny, with authorities saying they will tighten oversight of community group buying and urging internet giants not to compete with unreasonably low prices. The company is backed by investors including Tencent and Tiger Global, and previously received a $700 million investment from JD.com in December. Xingsheng Youxuan operates a community group-buying platform that aggregates neighborhood orders for fresh produce and daily essentials, with designated group leaders buying in bulk and coordinating distribution. The business began as a chain of community-focused convenience stores before launching its group-buying service. Its model reduces per-customer delivery costs by delivering to group leaders and leveraging scale advantages versus door-to-door online grocery delivery. That efficiency has driven rapid uptake but prompted pushback from food manufacturers, wholesalers and supermarket chains seeking to restrict partnerships with group-buying platforms. Financing activity has been significant: the company raised $200M from KKR and others in September 2019 and a $46M capital injection led by Tencent in May 2019; reports also say it raised $800M earlier this year from KKR, Sequoia and others (not publicly confirmed). Most recently JD agreed to invest close to $700M under a preferred-share purchase agreement, according to an SEC filing. Xingsheng Youxuan (Xingsheng Selected) operates a community group-buying platform that offers groceries at bargain prices to residents who live near each other. The company was founded in 2018 as the e-commerce unit of local supermarket chain Furong Xingsheng and is headquartered in Hunan province. It is described as Tencent-backed and competes with rivals such as Alibaba-backed Nice Tuan. Xingsheng is set to complete a C+ financing round worth USD 800 million led by KKR. The post-investment valuation reached USD 4 billion, four times its valuation a year earlier. An initial public offering will likely follow the latest financing, according to the report. Xingsheng Selected operates a fresh-produce chain of small neighborhood stores and relies on a community group-buying model. Customers purchase via WeChat groups led by a group-buying leader or through a WeChat mini program, with orders picked up at stores or delivered. The company is headquartered in Changsha and has expanded from Hunan into 12 provinces, targeting growth in small cities and townships. Investors include Tencent and Capital Today. Gross merchandise value grew from RMB 80 million (USD 11.6 million) in September 2018 to nearly RMB 700 million in June 2019. The company was valued at USD 700 million in the KKR deal.