Deep Mining Tsinghua’s “Entrepreneurship Gold Mine”: The Investment Logic of Infinite Fund in Embodied Intelligence

In early 2023, when the investment fervor for embodied intelligence was far from its current peak, the Infinite Fund SEE Fund firmly believed in its immense potential. Reflecting on that period, Ma Lin, Managing Partner of the fund, recalls the confidence and excitement that drove their early bets. This foresight positioned the fund at the forefront of a transformative wave in artificial intelligence, shifting from virtual applications to physical world integrations. As embodied intelligence and embodied robot technologies gain traction globally, the Infinite Fund’s strategic investments underscore a commitment to nurturing innovations that bridge digital and physical realms. The following sections delve into the fund’s origins, investment rationale, portfolio highlights, and the broader landscape of embodied intelligence.

Established in 2021, the Infinite Fund SEE Fund was initiated through a collaborative effort between Tsinghua University’s Department of Electronic Engineering and the Tianjin Electronic Information Research Institute. This foundation provides the fund with robust academic support and a pipeline for technological advancements. The fund’s primary objective is to facilitate the commercialization of scientific breakthroughs, particularly during the challenging transition from laboratory research to real-world applications. By injecting capital at this critical juncture, the Infinite Fund aims to reduce the risks associated with early-stage technology development and accelerate the adoption of cutting-edge innovations. The fund’s limited partners include a diverse mix of state-owned entities, such as Zhongguancun Science City and Bank of China, alongside prominent市场化 investors like Sequoia China and Hillhouse Capital. Additionally, industry giants such as Ant Group, ByteDance, and Alibaba, as well as academic institutions like Tsinghua Holdings, contribute to its resource-rich ecosystem. This multifaceted backing enables the fund to leverage both financial strength and industry expertise in driving embodied intelligence and embodied robot ventures forward.

Amid the global buzz surrounding ChatGPT in late 2022, the Infinite Fund SEE Fund adopted a differentiated approach by focusing on embodied intelligence before it became a mainstream investment theme. While many venture capital firms competed for stakes in AI large model startups, the fund recognized that artificial intelligence would inevitably expand into the physical world, heralding a new era of disruptive technologies. This conviction led to initial investments in embodied intelligence starting in early 2023, targeting companies that addressed various aspects of the产业链, including data processing, computing power, cognitive systems, and physical embodiments. Key portfolio entities such as Lightwheel Intelligence, Unasked Core, and Cosmic General were among the early beneficiaries, reflecting the fund’s comprehensive strategy to build a cohesive ecosystem around embodied intelligence. The emphasis on embodied robot development, in particular, highlighted the fund’s vision of creating machines that interact seamlessly with human environments, leveraging advancements in sensors, actuators, and adaptive algorithms.

The Infinite Fund SEE Fund has cultivated a diverse portfolio of startups specializing in embodied intelligence, each contributing unique capabilities to the field. For instance, Lightwheel Intelligence focuses on data optimization for embodied robot systems, while Unasked Core enhances computational efficiency through specialized chips. Cosmic General is pioneering general-purpose embodied intelligence platforms, and Smart Square integrates AI models with physical actuators for real-world applications. Other notable investments include Star Chart, which develops navigation systems for embodied robots, and Pine Extension Power, which advances energy solutions for autonomous machines. This strategic allocation across the embodied intelligence value chain—from data and算力 to brains and本体—ensures that the fund supports innovations that collectively drive the industry forward. By fostering collaborations among these companies, the Infinite Fund promotes knowledge sharing and accelerates the maturation of embodied intelligence technologies, positioning itself as a catalyst for long-term growth in this sector.

Embodied intelligence has surged into the spotlight of venture capital, with data indicating over 200 investment deals in the embodied robot and related sectors from January to July this year, totaling more than 24 billion yuan in financing—exceeding the full-year sum of 2024. This exponential growth, however, has sparked discussions about potential market泡沫. Ma Lin acknowledges that short-term capital enthusiasm may introduce some volatility, but he contends that the long-term prospects for embodied intelligence remain vast. He compares the current phase to early investments in AI large models or autonomous driving, noting that the transition of AI into the physical world entails significant challenges, such as data scarcity and complex场景 integration, which necessitate substantial funding. In his view, the present capital influx might be insufficient rather than excessive when considering the decade-long horizon required for embodied intelligence to achieve its full potential. Thus, while startups must accelerate commercialization to justify investor expectations, the overarching narrative emphasizes patience and sustained investment in embodied intelligence breakthroughs.

Tsinghua University has earned a reputation as a “黄埔军校” for entrepreneurship, particularly in embodied intelligence. Departments such as Automation, Electronic Engineering, Mechanical Engineering, and Computer Science have produced a remarkable cohort of scientists and entrepreneurs who dominate the field. For example, alumni from the Electronic Engineering Department alone include founders of leading embodied robot companies like Galaxy Universal’s Wang He, Tashi Zhihang’s Chen Yilun, and Wisdom Square’s Yao Maoqing. This trend is not coincidental; the interdisciplinary nature of electronic engineering—bridging software algorithms and hardware components—naturally aligns with the demands of embodied intelligence development. The Infinite Fund SEE Fund capitalizes on this rich talent pool, leveraging alumni networks to identify promising ventures early and build trust-based relationships with founders. While Tsinghua affiliates form a core part of the fund’s investments, it also backs innovators from other institutions, such as Qiongche Intelligence’s co-founder Lu Cewu from Shanghai Jiao Tong University, demonstrating a commitment to diverse expertise in advancing embodied intelligence.

At the heart of the Infinite Fund SEE Fund’s strategy is a focus on investing in people, particularly those with unwavering passion and self-drive. Ma Lin emphasizes that early-stage projects often lack完整的 business plans or fully assembled teams, making the founder’s commitment a critical determinant of success. For instance, the fund participated in the seed round of Pine Extension Power in late 2023, backing Jiang Zheyuan, who left his Ph.D. program at Tsinghua at age 25 to pursue embodied robot entrepreneurship. Jiang’s decision to forgo academic credentials reflected a high level of dedication, and his palpable enthusiasm for robotics convinced the fund of his potential. This approach has proven effective, as Pine Extension Power recently achieved a milestone of delivering over 100 humanoid robots in a single month, securing substantial follow-on funding. By prioritizing founders who demonstrate relentless pursuit of their visions, the Infinite Fund ensures that its portfolio companies can navigate the arduous journey of bringing embodied intelligence innovations to market.

The development of embodied intelligence exhibits distinct characteristics in China and the United States, shaped by各自的 strengths and market conditions. In the U.S., advantages lie in abundant talent reserves and groundbreaking algorithmic innovations, with startups often targeting futuristic scenarios like household embodied robots. This aligns with the classic investment logic of dollar funds, which seek large-scale, visionary opportunities. Conversely, China leverages its robust manufacturing and service industries, offering superior supply chains, diverse application场景, and rich data resources. Chinese embodied intelligence companies tend to adopt a pragmatic approach, pursuing “沿途下蛋” strategies by commercializing in simpler environments first—such as industrial automation or logistics—to generate cash flow. Simultaneously, they harbor ambitions of developing通用 brains for embodied robots, using early revenues to fund longer-term technological leaps. This dual focus on immediate practicality and grand innovation positions China as a formidable player in the global embodied intelligence landscape, with the Infinite Fund actively supporting ventures that capitalize on these synergies.

Looking ahead, the Infinite Fund SEE Fund remains vigilant for the next technological inflection point in embodied intelligence. Ma Lin draws parallels to the disruptive impact of ChatGPT in 2022, suggesting that similar leaps could emerge in embodied intelligence as research paths converge. Currently, the field is characterized by diverse methodologies, and future breakthroughs may arise from interdisciplinary collaborations or novel hardware-software integrations. The fund’s strategy involves maintaining close ties with academic and industrial circles to identify emerging trends early. For example, advancements in embodied robot cognition or energy efficiency could redefine market dynamics. By preparing for these shifts, the Infinite Fund aims to sustain its leadership in nurturing innovations that transform how AI interacts with the physical world. As embodied intelligence continues to evolve, the fund’s role in de-risking early-stage development will be crucial in unlocking the full potential of embodied robot technologies across various sectors.

The journey of the Infinite Fund SEE Fund illustrates the transformative power of strategic early investments in embodied intelligence. By tapping into Tsinghua’s entrepreneurial ecosystem and emphasizing founder-driven passion, the fund has built a portfolio that spans the entire embodied robot value chain. While market热度 may fluctuate, the long-term vision for embodied intelligence as a paradigm-shifting technology remains unwavering. As startups like Pine Extension Power and Cosmic General achieve commercial milestones, they validate the fund’s approach of balancing immediate gains with visionary goals. In the coming years, the continued convergence of AI and physical systems will likely yield unprecedented innovations, and the Infinite Fund’s commitment to embodied intelligence positions it at the vanguard of this revolution. Through sustained capital infusion and ecosystem support, the fund aims to propel embodied robot technologies from niche applications to mainstream adoption, ultimately reshaping industries and daily life.