- Series B RoundUSD 290M — Closed its round raising RMB 2B; post-money valuation ~RMB 20B—nearly doubling from the RMB 10B valuation less than half a year prior (April 2026). Investor structure featured three parallel lines: 'Industrial players + National team + Financial institutions': Industrial capital included CP Group, Andon Health, Yingfeng Environment, Tongcheng Travel; State-owned/insurance capital included PICC Capital (PICC Equity), CCB Trust Equity; Financial institutions included DeepTech Ventures, Zhongke Chuangxing, Janchor Partners. The company responded to media with 'No further comment available at this time.' ⚠️ This round was previously completely missing from the Wujie Frontier company database. | Source: Dark Waves / Sina Finance 'Xiwang raises another RMB 2B, valuation doubles to RMB 20B in four months' (Aug 2026) · IT Juzi VC Daily (2026-08-28)
- New roundUSD 150M — Closed its round led by Hangzhou Capital for over RMB 1B, with a post-money valuation exceeding RMB 10B. The company officially stated upon announcement: 'Completed seven rounds of financing cumulatively, with total funding of approximately RMB 4B,' becoming the first domestic pure inference GPU unicorn valued at over RMB 10B. Hangzhou Capital is a state-owned platform under the Hangzhou municipal government; this round aligns with Hangzhou's '296X' advanced manufacturing cluster strategy. Funds will be used for mass production and delivery of the next-generation S3 inference GPU, full-stack software ecosystem construction, and R&D iteration of S4/S5. Gaorong Capital participated in early 2026 and continued to increase investment in subsequent rounds. | Source: Tencent News (Gaorong Investment · Rong Bao, 2026-05-07) · Ginkgo Valley Capital · Dark Waves
- Strategic InvestmentUSD 150M — Closed a round of nearly RMB 1B, led by Huaxu Fund under Sany Group, followed by 4Paradigm (AI platform), Youzu Network (gaming), Beijing Lier (materials), Songhe Capital (VC), and Haitong Kaiyuan (brokerage-affiliated) — demonstrating distinct industrial capital synergy. This was the largest of Xiwang's three public financings in 2025. ⚠️ This round was previously completely missing from the Frontier Company Database. | Source: Huxiu (AI News) · Xinliu Tech Review
- Series A RoundUSD 37M — Sole investment of RMB 250M by A-share listed company Beijing Lier. Details of this transaction were subsequently disclosed by Beijing Lier in the form of a related party transaction announcement for listed companies—this is the highest evidence-grade transaction in XiWang's financing chain: the announcement shows a pre-money valuation of RMB 1.5B for this round, and after capital increase completion, Beijing Lier and its Chairman Zhao Wei hold 11.43% and 2.86% equity in Shanghai Zhenliang respectively. ⚠️ This round was previously completely missing from the Wujie Frontier company database. | Source: Beijing Lier 'Announcement on Joint Investment with Related Parties and Related Party Transactions' · Xinliu · Tech Review
- Angel RoundUndisclosed — First external financing after spin-off, participated by parent company SenseTime, followed by Lianchuang Yongxuan—a typical 'spin-off first round backed by parent' structure. Amount undisclosed; no estimation made on this page. ⚠️ This round was previously completely missing from the Wujie Frontier company database. | Source: Huxiu (AI news flash, 2025 financing rhythm review)
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