Participated · Equity · Jul 2025

Z.ai develops open-source large language models (GLM-4.5 and GLM-4.5-Air) that aim to unify reasoning and non-reasoning capabilities in a single architecture. GLM-4.5 uses a Mixture of Experts design with 355 billion parameters (about 32 billion active at a time) and scored third globally across 12 industry tests, with a 90.6% tool-calling success rate and 98.2% on the MATH500 benchmark. The company released model weights under an MIT license on Hugging Face and GitHub and prices API calls at $0.11 per million input tokens and $0.28 per million output tokens—roughly one-fifth the cost of comparable Western models. Its models include a hybrid reasoning setup with a "thinking" mode for complex planning and a fast "non-thinking" mode for instant responses, and Z.ai has published demos showing website generation and interactive visualizations. To build an ecosystem, Z.ai launched a 1.5 billion yuan ($211M) "Z Fund" to invest in startups using its technology. The company, spun out from Tsinghua University in 2019, is preparing a Hong Kong IPO to raise about $300M and continues operations despite being added to the U.S. Entity List.

Participated · Series B · Apr 2018

Guan'an Information (上海观安信息技术有限公司), founded in August 2013 in Shanghai, provides end-to-end data security solutions and data-security products focused on big data security, risk control, connected vehicles and industrial 4.0. Its core offerings center on large-scale data analysis and security technologies for government and industry customers. The company’s technical team has nearly 20 years of experience in enterprise IT and information security and has participated in drafting cloud, big data and security standards for multiple national industries and regulators. After completing a new financing round, the company plans to expand across "big data + security," "big data + risk control," "big data + connected vehicles," "big data + public security," "big data + government applications" and "big data + industrial 4.0." Guan'an has also signed strategic cooperation agreements with technology and public-security partners to support work in biometrics, network security and government/public-security projects. Financially, the company announced completion of a RMB 130 million B round and had previously completed an A+ round of just over RMB 50 million in September 2017.