5Y Capital

Former ByteDance intern and Peking University PhD student Tian Keyu has raised $30M (RMB 210M) from 5Y Capital and IDG Capital at a $200M valuation for his roughly 10-person world-model lab. The company says its 200,000-symbol visual dictionary can compress and predict video, reducing cost per second by at least an order of magnitude. It plans to train on about 100 million hours of video for robotics, autonomous driving and interactive video, with release expected in 2027. Tian previously paid $71,000 (RMB 500,000) over a ByteDance lawsuit about model-training interference.

Li Jianxiong, the first PhD from Tsinghua University's Institute for AI Industry Research (AIR), has founded BASAL Intelligence (本溯智能) and raised an undisclosed round led by 5Y Capital, with Ivy Capital, Linear Capital and WestSummit Capital participating. Tsinghua AIR associate professor Zhan Xianyuan is chief scientist. The company is developing action-native in-context embodied foundation models, aiming for robots that adapt to new settings in minutes without retraining. Its X-VLA model, trained on under 1,000 hours of pretraining data, won the IROS 2025 AgiBot Robotics Challenge overall championship.

Moonshot AI (月之暗面) has closed a pre-IPO private round that values it at about $50 billion (RMB 350 billion), up from $31.5 billion in the summer. It has filed confidentially for a Hong Kong listing planned for the first quarter of next year, aiming to raise up to $5 billion; Bank of America is the overall coordinator, with CICC, Deutsche Bank and Goldman Sachs as sponsor banks. Its backers include Alibaba, Tencent and 5Y Capital, and people familiar say annual recurring revenue is $1 billion, expected to reach $2 billion by December.

Three months after ByteDance spun off its AI drug discovery unit as Anew Labs, the company has closed a $290M first independent financing round (RMB 2.03B). Investors include Sequoia Capital China, IDG Capital, GL Ventures (Hillhouse), 5Y Capital, and Gaorong Capital, along with several unnamed domestic pharmaceutical groups as strategic backers. What the proceeds will fund was not disclosed.