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Leidi Network, Letian, April 13
BlueRun Ventures announced today the completion of the fundraising for its fourth dual-currency fund, with a total fund size of approximately USD 560 million (about 3.9 billion yuan). With this, BlueRun Ventures' total assets under management have approached 20 billion yuan.
Chen Weiguang, managing partner of BlueRun Ventures, stated: &#34;We thank our new and old investors for their trust. We firmly believe that by providing Chinese tech talents with sufficient space and support, they will lead the world in cutting-edge fields such as AI. With the new fund in place, BlueRun will continue to heavily invest in AI and hard technology, maintaining calm and restraint, and will continue to accompany Chinese tech entrepreneurs in their growth. We believe there will be more and greater opportunities ahead.&#34;
BlueRun Ventures stated that for the USD fund, the LPs include globally renowned sovereign wealth funds, insurance institutions, large financial institutions, and established family offices, among other international long-term institutional capital. In addition to traditional European and American capital, there is also new participation from the Middle East, Southeast Asia, Japan, and other regions, further enhancing the regional diversification of funds.
For the RMB fund, the new fund was raised and closed in less than a year, achieving a one-time oversubscription. The LP lineup includes national-level funds, core regional government industrial funds, mainstream financial institutions, top market-oriented mother funds, well-known industry players, and family offices, with most old LPs choosing to reinvest.
Currently, BlueRun Ventures has become an institution that has invested in leading unicorns at the early stage in three major fields: AI model layer, AI agents, and embodied intelligence. In the field of embodied intelligence, BlueRun Ventures is a seed round investor in Galaxy General. At the beginning of 2023, after the first communication with founder Wang He, managing partner Chen Weiguang decided to invest, and subsequently increased investment in multiple rounds;
In August 2023, BlueRun Ventures completed its A1 round investment in Zhiyuan Robotics and continued to increase investment in four subsequent rounds. BlueRun Ventures believes that under the leadership of Deng Taihua and Peng Zhihui (Zhihui Jun), the Zhiyuan team quickly completed the layout iteration from the ontology to the brain team, demonstrating strong evolutionary capabilities. In addition, BlueRun Ventures has also invested in star companies in this track such as TARS, Zhijian Power, Lingchu Intelligent, and Hillbot.
In the field of AI large models, BlueRun Ventures participated in the A round financing of the Dark Side of the Moon (Kimi) in 2023. BlueRun Ventures believes that China will definitely have its own large models, and the key to standing out depends on talent density, computing power resources, and data resources, with talent density being the most critical in the early stages. Yang Zhilin, founder of Dark Side of the Moon, is one of the most cited researchers in the domestic NLP field, and his technical vision of &#34;to create the world's best AI base model, not just the best in China&#34; and his ability to align action with words were key considerations for BlueRun Ventures' decision to invest.
Managing partner Zhu Tianyu of BlueRun Ventures pointed out that Yang Zhilin's passion and practice for AGI exceeded ten thousand hours even before starting his business, and supporting such passion is the essence of early-stage investment
In the AI application sector, as early as January 2024, BlueRun Ventures completed its angel round investment in the AI application company Genspark. The company was co-founded by Jing Kun, the former CEO of Baidu, and CTO Zhu Kaihua, and recently announced that its ARR surpassed $250 million within 11 months of launch, while also completing a $385 million Series B expansion financing. In addition, BlueRun has also invested in AI application projects such as Vivix, Aiweiwu, Daqian Technology, Trooly, and enterprise intelligence companies like Fengqing Technology and Yuanli Intelligence.
In strategic frontier areas such as advanced computing, brain-computer interfaces, and AI4Science, BlueRun Ventures has also made early investments in several projects including Zhongqi Wuliang, Taichu Data, and Kaiwu Ji.
The BlueRun team originated from Silicon Valley in 1998 and began to establish a presence in China in 2005, led by managing partner Chen Weiguang, who built the China team. Over the past twenty years, BlueRun Ventures has experienced multiple cycles of technology and market fluctuations. Behind this cross-cycle experience is a long-standing belief in the capabilities of Chinese tech talent. Since starting VC investments in Silicon Valley in 2000, Chen Weiguang has observed that Chinese tech talent is severely underestimated due to cultural and environmental differences.
When the AI revolution emerged in 2022 and domestic capital market sentiment turned pessimistic, BlueRun Ventures judged that as long as sufficient space and support are provided, Chinese tech talent is fully capable of leading the world in cutting-edge fields such as AI. Based on this judgment, BlueRun Ventures maintained an independent investment pace during the industry's downturn: not chasing trends but daring to make bold bets in non-consensus phases; once convinced, they persist in multiple rounds of investment. In their investment practice, BlueRun Ventures does not blindly trust halos and titles but focuses more on whether entrepreneurs can bring real productivity improvements. BlueRun seeks pragmatic individuals with a strong sense of mission—those who not only have the drive to tackle world-class challenges but can also translate technology into tangible benefits for society. For BlueRun, early investments are not just about commercial value but also about the hard-core strength that can genuinely enhance China's future national power and global competitiveness.
As early as in the 2022 New Year letter, BlueRun Ventures clearly stated that the dual-currency strategy must address the profound changes brought about by the global restructuring, and first-class Chinese entrepreneurs, supported by national policies, are seizing new opportunities to step onto the international stage.
In the face of the current AI investment boom, BlueRun Ventures stated that it is further enhancing its investment aesthetics and standards internally, and is being more cautious in its investments. BlueRun Ventures believes that investments must be anchored to major trends; if there is no clear windfall, extreme restraint is necessary; while enjoying the technological dividends, one must remain clear-headed and decisively exit at the right moment. The louder the noise, the calmer one must be. Standing at the threshold of its twentieth year, BlueRun Ventures will continue to heavily invest in AI, maintaining restraint and composure, and walking alongside pioneering entrepreneurs to continuously capture opportunities in the next era.
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BlueRun Ventures announced the completion of the fourth phase of its dual-currency fund raising, with a total scale of approximately 3.9 billion yuan (about 560 million USD), bringing its managed assets close to 20 billion yuan. Managing Partner Chen Weiguang stated that they will continue to heavily invest in AI and hard technology, supporting Chinese tech talent. The new fund has attracted globally renowned investors, enhancing the regional diversification of funds. BlueRun Ventures has already invested in several leading companies in the AI field, including Galaxy General and SIASUN

BlueRun Ventures completes the fundraising of 3.9 billion yuan for the fourth phase of its dual-currency fund: has invested in CGS and IM Motors