English · Hard-Tech Capital Watch｜2026-10-16

This issue covers cloud large-model compute chips, embodied AI, metal additive-manufacturing materials, and quarterly funding for global space startups. On 14 Oct, Sunmmio (算苗科技), which builds 3D TokenPU inference chips, said it had completed Pre-A2 and Series A rounds, with about RMB 2 billion raised within a year; per Caixin, the founder said the post-financing valuation reached RMB 12 billion (company figure) the same day. Also on 14 Oct, Cloud Butterfly (云蝶科技) disclosed a multi-hundred-million-RMB Series B+ package for core-tech iteration and scaled real-world deployment. Separately, Caijing reported on 13 Oct that investors said Agibot (智元创新) was near the close of a new round of about RMB 1.0–1.5 billion at a valuation of about RMB 50 billion, with the company not commenting; Pedaily reported on 15 Oct that VILORY (威拉里股份) completed a Series C+ with two investors contributing RMB 100 million in directed capital; a Seraphim Space report showed record Q3 2026 funding for global space startups. [1]–[9]

Our read: this issue shows both a “multi-round, large cloud-inference-chip funding sample within one year” and a “re-financing versus IPO-window trade-off” in embodied AI. A few samples do not make a trend. After funding size and valuation, it still makes sense to watch volume production and customer intake, real-scene deployment, and whether financing and IPO plans are delivered.

1｜Follow-up｜Sunmmio: ~RMB 2 bn raised in a year; founder cites RMB 12 bn valuation

Per National Business Daily, Caijing.com and TechNode on 14 Oct, Sunmmio, focused on 3D-architecture AI cloud compute chips, said it recently completed Pre-A2 (including a follow-on) and Series A, bringing about RMB 2 billion raised within a year. The latest Pre-A2 and A rounds were led by Beijing municipal and district state capital platforms including Yizhuang Capital; other investors over the past year include CDB Capital, Beijing Shunxi, Source Code Capital, Xianghe Capital, Shixi Capital and Lenovo Capital, with some adding capital. Proceeds will expand R&D, iterate technology and accelerate volume production of its in-house 3D TokenPU large-model compute chip. [1][2][3]

Per company disclosure, first-generation product A4E taped out in June 2026: 3D hybrid bonding stacks eight memory wafers on a logic wafer, with claimed memory bandwidth of 16 TB/s, using relatively mature domestic process and supply chain. Company figures. [2][3] Caixin reported on 15 Oct that founder and CEO Wang Fuquan said on 14 Oct the post-financing valuation reached RMB 12 billion (company figure); the headline said first-generation product volume production is expected in 2027. [4]

This disclosure is a funding sample in cloud large-model compute chips and 3D memory-wafer stacking. Roughly RMB 2 billion across multiple rounds in a year, with a company-stated post-money valuation of RMB 12 billion, is a sizable private-market print; later checkpoints are A4E volume production and customer intake, subject to formal company disclosure.

2｜Watch｜Agibot: investors say new round near close

Per an exclusive Caijing magazine report on 13 Oct (relayed the same day by Cailian Press), investors said embodied-AI company Agibot had started a new round of about RMB 1.0–1.5 billion, near close, at a latest valuation of about RMB 50 billion. Recall that in July 2026 Agibot said it had begun Hong Kong IPO preparations; investors then cited a target valuation of about HK$40–50 billion. Caijing said that if a new round closes after filing and before listing without a special waiver, related rules involve a 120-day wait after financing before listing; investors cited in the piece judged an IPO within 2026 was unlikely. On the new round, valuation and IPO progress, Agibot said it had no comment for now. [5][6]

Emphasize: round size, latest valuation and the judgment that an IPO this year is hard all come from investors quoted by Caijing; the company has not confirmed. This is not a company announcement of closing. RMB 50 billion and HK$40–50 billion are different currencies and should not be read as a simple uplift. Later facts depend on formal company disclosure.

3｜Watch｜VILORY: Series C+ done; preparing Series D

Per Pedaily on 15 Oct (carried by Sina Finance), metal additive-manufacturing materials company VILORY completed a Series C+ equity round; Jiangsu State Capital and Suneng Co. together contributed RMB 100 million directed capital for phase-IV construction of the Jiangsu VILORY new-materials industrial park and R&D on new materials and equipment. The report said cumulative funding is nearly RMB 800 million; recall that in December 2025 the company completed a nearly RMB 310 million Series C at a post-money valuation of RMB 2.11 billion. Phase-III “lights-out” factory is already in production; phase IV plans annual capacity of 3,000 tons titanium, 5,000 tons copper and 2,000 tons aluminum powders, plus high-strength steel and other powders. Per the report, the company will soon start Series D preparation, targeting RMB 300–500 million, and will speed early IPO work; the report did not disclose IPO filing progress. [7]

The report said supply into aerospace, commercial space, new energy, 3C electronics, AI thermal, embodied robots and medical implants is growing steadily. This item is about capacity build in metal AM materials; phase-IV execution and Series D prep are the next checkpoints.

4｜Watch｜Cloud Butterfly: multi-hundred-million-RMB Series B+

Per Cloud Butterfly’s website on 14 Oct, the company completed a multi-hundred-million-RMB Series B+ package from StellarS Capital, Asia Allied Infrastructure (00711.HK), Changzhe Investment and others, including individuals. The company said proceeds will mainly fund embodied-AI core-tech iteration and scaled real-world deployment. It said it is advancing a RaaS (robot-as-a-service) operating model; products include the RoboForge embodied “brain” and WING task-oriented bodies, entering B-side scenes such as hotels, property management, medical/eldercare and campus patrol. The announcement did not disclose exact amount or valuation. [8]

This item is about real-scene deployment and ongoing operations. We suggest watching later task success rates, human takeover rates and sustained operating metrics, subject to company disclosure.

5｜Watch｜Global space startups raised US$20.8 bn in Q3

Per Cailian Press on 14 Oct citing a Seraphim Space industry report, global space-startup funding in Q3 2026 reached US$20.8 billion, a record—nearly triple Q2’s US$7.4 billion. Even excluding Blue Origin’s US$10 billion, the total was still a record US$10.8 billion; deal count was 216 (140 in Q2). Launch and broader space-access services saw 120 deals totaling US$16.4 billion; satellite communications, Earth observation and other space services raised US$4.0 billion. China raised US$3.3 billion across 49 deals in the quarter. As of the report, North America accounted for about 70% of 2026 global space-industry funding. [9]

The figures describe quarterly funding for global space startups; they are not comparable to a single company round and do not prove that heat will last. Large single prints and quarterly aggregates differ a lot—avoid simple extrapolation.

Observations

First, cloud inference chips produced a private-market sample of nearly RMB 2 billion across rounds within a year and a company-stated ten-billion-RMB valuation. One case does not define sector heat; the test remains volume production and customer intake after tape-out.

Second, embodied AI shows both “re-financing” and “scene delivery” threads. Read the Agibot item always as “per investors”; Cloud Butterfly is about RaaS and job deployment—a different dimension from whole-machine valuation.

Third, materials capacity build and global space-startup funding are useful industry background, but scopes and stages differ—do not conflate them.

Later watchpoints: Sunmmio A4E volume production and customer intake; Agibot financing and IPO progress (formal company disclosure); VILORY phase IV and Series D prep; Cloud Butterfly scene deployment and operating metrics; subsequent Seraphim quarterly data. Progress depends on formal company and third-party disclosure.

Sources

[1] National Business Daily: Sunmmio completes Pre-A2 and Series A｜14 Oct 2026 https://www.mrjjxw.com/articles/2026-10-14/4603932.html

[2] Caijing.com: Sunmmio completes Pre-A2 and Series A; ~RMB 2 bn in a year｜14 Oct 2026 http://tech.caijing.com.cn/20261014/5187673.shtml

[3] TechNode: Sunmmio completes Pre-A2 and Series A; Yizhuang Capital and other state platforms lead｜14 Oct 2026 https://cn.technode.com/post/2026-10-14/sunmmio-3d-ai-inference-chip-funding/

[4] Caixin: Domestic chip firm Sunmmio raises ~RMB 2 bn in a year; first product volume production expected 2027｜15 Oct 2026 https://www.caixin.com/2026-10-15/102493728.html

[5] Caijing: Exclusive｜Agibot starts new round, valuation RMB 50 bn｜13 Oct 2026 http://yuanchuang.caijing.com.cn/2026/1013/5187608.shtml

[6] Cailian Press (citing Caijing): Agibot starts new round; valuation RMB 50 bn; IPO delayed｜13 Oct 2026 https://m.cls.cn/detail/2503559

[7] Pedaily (via Sina Finance): VILORY completes Series C+; Jiangsu State Capital and Suneng invest｜15 Oct 2026 https://finance.sina.com.cn/jjxw/2026-10-15/doc-inivhiew1315059.shtml

[8] Cloud Butterfly website: multi-hundred-million-RMB Series B+; accelerating real-scene robot deployment｜14 Oct 2026 https://www.cloudbutterfly.com.cn/newsshow/post-255.html

[9] Cailian Press: Global space-startup Q3 funding hits record; capital leans into space infrastructure｜14 Oct 2026 https://www.cls.cn/detail/2504801

Disclaimer: Public-information compilation and industry research exchange only. Does not constitute investment advice or a securities recommendation. Information is drawn from the listed public reports; some items are company disclosure and some are media quotes of investors—each is marked in the text. Company plans and expected schedules are not final outcomes; rely on formal announcements. Analysis reflects this publication’s views, not those of any source. © 2026 FELINGCO. All rights reserved.

SANMA TFO · Felix

16 Oct 2026