The Venture Codex

Participated · Equity · Oct 2023

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.

Participated · Series B · Nov 2021

North Ocean Photonics is a high-tech enterprise headquartered in Shanghai that focuses on wafer-level optics and optical integration. Its core products include wafer-level optical chips for 3D sensing, micro‑nano optical modules for vehicle-mounted LiDAR, and AR diffraction optical waveguides. The company reports its 3D sensing chips have shipped in the order of over 10 million units in flagship smartphone models such as Huawei P and Mate. It has put Phase I of its Shanghai Lingang Base into use and has entered substantive planning for Phase II following the financing. North Ocean is expanding R&D and mass-production capabilities for AR waveguides (the “Xiaoyao” series) and is iterating product performance and categories rapidly. Future R&D plans include vehicle HUD, super surface and super lens, optical computing and other new technology directions.

Participated · Series B · Jan 2021

WeRide develops full-stack autonomous driving software and hardware aimed at enabling robotaxi operations and other self-driving mobility services. The company has struck international partnerships, including deals in Southeast Asia with Uber, to broaden the deployment of its technology. It competes directly with other advanced players such as Pony.ai, Baidu’s Apollo Go and Alphabet’s Waymo. Financially, WeRide raised $440.5 million in its U.S. Nasdaq IPO in October 2024 and followed that with a 2.39 billion HKD ($306 million) secondary listing in Hong Kong last week. Despite these sizable capital injections, its share price dropped by up to 15% immediately after the Hong Kong debut amid an oversupplied local IPO market and concerns about overseas expansion. The fresh capital is expected to support continued R&D and geographic growth, though the company faces fierce competition and market skepticism. Uber remains a notable backer, highlighting strategic alignment with global ride-hailing platforms.

Participated · Series C · Feb 2019

Soocas is a Shenzhen-based maker of electric toothbrushes and other personal-care appliances. The company is known for budget-priced oral-care products and has expanded into hair dryers, nasal trimmers and similar tools. Soocas says it has been profitable since launch and that its margins have increased over time. It benefits from a tie-up with Xiaomi, which provides wide online and offline distribution reach but can impose thin margins. The electric-toothbrush category is growing rapidly in China, and Soocas faces competition from peers such as Usmile and Roaman as well as multinational incumbents.

Participated · Series B · Nov 2017

ZMT builds smart-hardware and sensor-based systems to collect offline consumer data and integrate it with online data to help enterprises understand customers, optimize services, and upgrade marketing. The company has created more than 2 million offline application scenarios and developed over 1 million business partners across more than 300 cities. Since founding in 2013, ZMT says it has established China's largest offline data system and covers tens of vertical fields including life services, auto, real estate, education, health, finance and tourism. After the Series B financing the company will focus on “offline data capitalization” to promote upgrades in traditional retail, the sharing economy and other business types. ZMT reports monthly business revenues up 200% year on year and up 20% month on month, and it expected annual business revenues of hundreds of millions yuan in 2017. Investors and the company claim ZMT can raise China's offline consumer datamation rate from 7% toward 70–80% and that it is one of the few big-data firms able to achieve high revenues and profits.