高瓴、智元，联手设立VC

Core Insights - Hillhouse Capital and Zhiyuan Robotics have launched an early-stage fund, Lingzhi New Venture, focusing on the embodied intelligence industry chain [1][2] - The fund aims to invest in innovative companies within the embodied intelligence sector, which is still in its early stages and has an immature supply chain ecosystem [1][4] Investment Details - The fund's limited partners include Longqi Technology, Ningbo Yunsheng, and Ningbo Huaxiang, with respective contributions of 30 million, 20 million, and 5 million RMB [2] - The fund will primarily invest in upstream key materials and components, critical software systems, and downstream application solutions related to robotics [2] - The fund has a 10-year operational period, with the first 5 years designated for investment [2] Strategic Partnerships - The three listed companies have existing collaborations with Zhiyuan Robotics, including a significant order for the Zhiyuan Spirit G2 robot framework [3] - Other limited partners in the fund include various investment management firms and individuals, which will dilute the shareholding ratios of existing partners [3] Investment Philosophy - Zhiyuan Robotics adopts a "small and early" investment strategy to accelerate the growth of the supply chain and enhance the overall ecosystem of embodied intelligence [4][5] - The company has a strong cash reserve, allowing it to sustain operations for three years without revenue, supported by investments from major corporations [5] - The company has successfully incubated 15 early-stage projects with an annualized return of 800%, focusing on seed and registration rounds [5] Supply Chain Importance - The success of humanoid robots is heavily reliant on supply chain capabilities, which are crucial for design, production, and quality [6] - Zhiyuan Robotics leverages its team's experience from various industries to support suppliers in enhancing their capabilities, thereby strengthening its own position in the market [6]