韩义 breaks enterprise-service investing into four specific types—marketing tools, general tools, management systems, and deal-enabling platforms—and says he prefers the first two, tracing China's SaaS challenges to differences in labor costs and company structure rather than just concept, while openly admitting there was a bubble a couple of years ago even though he still believes in the space. In industrial software, he places heavy weight on founders who stick with a project for years and dig into specific technical details like simulation standards, and he also breaks overseas expansion into three distinct paths while keeping close track of the wave of senior engineers leaving big tech companies to start their own ventures.
About their Fund
Yunqi Partners is a venture capital fund that works closely with universities and researchers—running a joint fund with Shanghai Jiao Tong University to invest before companies are even formed—and organizes its focus into three layers: core AI models and applications, expansion-stage infrastructure like compute and semiconductors, and future bets like commercial space, nuclear energy, and quantum computing, paired with unusually deep technical diligence, as one founder recalled that Yunqi's managing partner was the first investor to actually review their source code. The firm also stands out for staying invested over many years, joining six rounds in MiniMax and backing Manycore before its first fund had even closed after spotting its GPU cloud rendering potential in 2013, while staying hands-on enough to help shape company strategy and products, and building ties with MIT and its own programs to connect with new generations of technical founders.
















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