同时，高瓴创投、新加坡淡马锡旗下Vertex Growth基金、线性资本、和暄资本、黄浦江资本、五源资本、梅花创投等老股东悉数超额跟投。 机器人赛道又现大额融资。 3月16日，地瓜机器人宣布近期完成1.2亿美元B1轮融资。本轮融资集结行业头部投资矩阵，Synstellation Capital、滴滴、美团龙珠等头部产业资本联合入 局，柏睿资本、九阳家办、甬宁高芯、北汽产投、九坤创投、芯联资本、雅瑞资本等战略投资机构加持，锦秋基金、星睿资本、初心资本、庚辛资本、沄 柏资本等一线财务投资机构联袂共投。 2月23日，千寻智能宣布连续完成两轮融资近20亿元，投资方包括云锋基金、混沌投资（葛卫东）、Synstellation Capital、TCL创投、明荟致远（汇川技术 董事长朱兴明家办）、重庆产业投资母基金、杭州金投、360基金、厚雪资本等。 3月2日，银河通用宣布完成25亿元新一轮融资，投资方包括国家大基金三期、中国石化、中信投资、中国银行、上汽集团金控、中芯聚源、亦庄国投、未 来产业投资、鲲鹏基金、无锡创投、福建产投等，再次刷新国内具身智能单轮融资纪录，公司估值达到200亿元。 据介绍，本次融资汇聚产业巨头、核 ...

Core Insights - The VC/PE market in May 2025 experienced a slight month-on-month decline but a year-on-year increase, with Zhejiang, Jiangsu, and Guangdong leading in fundraising activities [3][4]. Fundraising Analysis - In May 2025, a total of 490 new funds were established, a decrease of 12% month-on-month but an increase of 10% year-on-year, with 418 institutions participating in fund establishment [7][5]. - The investment market saw a slight decline in activity, but the scale increased by 47% year-on-year, with Jiangsu, Guangdong, and Shanghai accounting for nearly 50% of the total financing scale and number [8][27]. - The semiconductor, artificial intelligence, and new materials sectors were the most sought after, with battery and energy storage technologies, as well as biomedicine, attracting significant investment [29][8]. Regional Fundraising Highlights - In May 2025, 24 provinces and regions established new funds, with Zhejiang leading at 94 funds, followed by Jiangsu with 75 and Guangdong with 54 [14][12]. - Qingdao and Jiaxing emerged as key fundraising hubs, with significant year-on-year growth in these regions [17][14]. Investment Cases Overview - In May 2025, there were 597 investment cases, a decrease of 17% month-on-month but an increase of 5% year-on-year, with the total investment scale reaching 73.9 billion yuan [24][29]. - The majority of financing activities were concentrated in Jiangsu, Guangdong, and Shanghai, with Jiangsu leading in both the number of financing cases (121) and financing amount (13.728 billion yuan) [27][29]. Investment Trends - The A-round financing dominated transaction numbers with 192 cases (32% share), while the scale of financing in later rounds was notable, with public listings and subsequent rounds accounting for 22% of the total scale [31][32]. - Small to medium-sized transactions were prevalent, with deals in the 10 million to 50 million yuan range making up 41.7% of the total, indicating a cautious but active market for quality projects [32][31]. Notable Financing Cases - Key financing cases included AirCloud with $300 million in E-round funding, and Xiangdao Mobility raising 1.3 billion yuan in C-round financing [36][37].