Shanghai will not be solely the nationwide monetary middle but additionally accelerating its transformation right into a excessive – floor for scientific and technological innovation in China.
Last yr, Shanghai established three main industrial funding mom funds with a complete scale of roughly 89 billion yuan, specializing in strategic rising industries similar to built-in circuits, synthetic intelligence, and biomedicine. Driven by the mixed forces of capital and insurance policies, scientific researchers have gotten one of the crucial necessary new forces in Shanghai’s entrepreneurial panorama.
Data from CVSource of ChinaVenture reveals that as of November this yr, a complete of 109 new corporations established after January 1, 2025, in Shanghai have obtained financing.
Among them, 19 corporations had been based by 18 specialists, professors, or students. In phrases of universities, Fudan University leads by a big margin, contributing 7 entrepreneurial corporations; Shanghai Jiao Tong University has 2, and the Chinese Academy of Sciences system has 3.
In phrases of commercial distribution, Shanghai reveals a distinct focus from Beijing and Shenzhen – Controlled nuclear fusion has change into essentially the most dynamic entrepreneurial observe. Six fusion corporations have been established in Shanghai this yr and have obtained help from high home early – stage funding establishments.
Artificial intelligence stays standard, with a complete of seven new corporations established; and biomedicine, an advantageous trade in Shanghai, additionally has 4 newly – established enterprises which have accomplished financing.
In phrases of the investor construction, college – affiliated capital nonetheless performs an necessary function in the early stage. Fudan Science and Technology Innovation and Furo Investment from the Fudan system, and Hanyuan Assets from the Shanghai Jiao Tong University system are all comparatively energetic; nicely – identified establishments similar to Zhongke Chuangxing, Yunqi Capital, and Gaorong Venture Capital additionally incessantly seem on the funding lists of those initiatives.
01. Shanghai Creation & Energy
University: Shanghai University. Industry: High – temperature superconductivity / New vitality tools
Shanghai Creation & Energy was established in August this yr. It is a tough – know-how enterprise originating from the Key Laboratory of High – Temperature Superconductivity at Shanghai University. It focuses on the know-how of the second – era excessive – temperature superconducting tapes and concrete energy grid software situations, and is devoted to the industrialization of superconducting supplies and the R & D of associated engineering tools.
The firm has obtained investments from Shuimu Chunjin Capital, Jingyi Electric Appliance, and Shanghai Juhui Biomedical Industry Development Co., Ltd.
The founding father of this firm, Cai Chuanbing, is among the consultant scientists in the sphere of excessive – temperature superconductivity in China. He is a number one expertise in Shanghai, a Weichang Scholar at Shanghai University, and the primary – batch Pujiang Scholar in Shanghai. He at present serves because the director of the Shanghai Key Laboratory of High – Temperature Superconductivity.
He accomplished his doctoral analysis on the Shanghai Institute of Metallurgy (now the Shanghai Institute of Microsystem and Information Technology) of the Chinese Academy of Sciences and studied in Japan, the UK, and Germany successively. He returned to China and joined Shanghai University in 2005. He has lengthy been engaged in the industrialization of excessive – temperature superconducting tapes, the physics of oxide skinny – movie units, and the analysis on superconducting electromagnetic purposes. He has revealed greater than 350 papers in worldwide journals, obtained greater than 30 licensed patents, led the formulation of two nationwide requirements, and has presided over many main initiatives such because the nationwide “863” and “973” packages and the nationwide key R & D plan for nuclear fusion.
In truth, Cai Chuanbing’s industrialization exploration began early. As early as 2011, he based “Shanghai Creation Superconductivity”. In the next greater than a decade, it accomplished a complete of 5 rounds of financing, and obtained a Series C financing from Sumikin Investment in January this yr. Shanghai Creation & Energy, established in August this yr, is thought to be an extra growth of his industrial system, concentrating on a wider vary of superconducting software situations and tools wants.
02. Nova Fusion
University: Institute of Plasma Physics, Chinese Academy of Sciences. Industry: Small – scale fusion reactor / FRC know-how route
Nova Fusion was established in 2024. It is a small – scale modular nuclear fusion enterprise adopting the Field – Reversed Configuration (FRC) route, dedicated to creating a protected, zero – carbon, and low – price fusion reactor system for future distributed vitality situations.
After its institution, the corporate rapidly obtained a 500 – million – yuan angel – spherical financing collectively invested by establishments similar to Guanghe Venture Capital, Mingshi Capital, Legend Capital, Gaorong Venture Capital, and Yunqi Capital, breaking the only – financing file of home non-public fusion corporations.
Founder Professor Guo Houyang was born in Gushi, Henan in 1965. He graduated from Hefei University of Technology and the Institute of Plasma Physics of the Chinese Academy of Sciences successively. He is among the most skilled Chinese scientists in the sphere of nuclear fusion globally. After acquiring a doctorate from the Institute of Energy and Materials on the University of Quebec in Canada in 1993, he entered the Canadian Nuclear Fusion Research Center and later grew to become the particular person – in – cost of the TCS experiment on the University of Washington in the United States. He joined TAE in 2008 and has held necessary positions similar to Chief Scientist and Head of Experimental Strategy.
In 2019, when ENN Group launched a compact fusion experiment, Guo Houyang returned to China to function the CTO of fusion; then he continued to lead the R & D of plasma physics at Energy Singularity. In 2025, he formally based Nova Fusion, selecting FRC because the core route, hoping to rapidly promote industrialization with a fusion system with an easier construction and decrease engineering issue.
03. Yanchao Energy
University: Singapore – Peking – Oxford (SPO) Joint Program. Industry: Controlled nuclear fusion
Yanchao Energy was established in March 2025. It is an vitality know-how enterprise specializing in the mixing of AI know-how and fusion engineering, dedicated to accelerating the simulation of fusion units, the design of superconducting tools, and engineering optimization.
The firm obtained an angel – spherical financing of tons of of tens of millions of yuan collectively led by Yanshan Technology and Yanshan Investment in October this yr.
Founder Hao Xianglin graduated from the SPO full – scholarship doctoral program. His analysis course is the stellarator superconducting magnet know-how. He was chosen into the (*18*) in Shenzhen. He has expertise in the R & D of fusion units, AI engineering, and know-how entrepreneurship, and is among the younger fusion entrepreneurs with each engineering and enterprise backgrounds.
Yanchao Energy believes that future fusion engineering should depend on AI – pushed simulation programs and information inversion know-how to scale back experimental prices and shorten the design cycle. After its institution, the corporate constructed a composite crew throughout AI, superconductivity, and plasma, and established a sustainable iterative engineering platform in magnet design and excessive – area purposes.
Yanchao Energy hopes to present a extra environment friendly engineering toolchain for the fusion vitality and excessive – temperature superconductivity industries by way of the cross – path of “AI + fusion” and change into an necessary infrastructure firm for the longer term fusion ecosystem.
04. Junhe Atom
University: N/A. Industry: Commercial nuclear fusion
Junhe Atom was established in June 2025. It is a sophisticated nuclear vitality enterprise specializing in the R & D of small – scale modular reactors (SMR) and hybrid vitality programs.
The firm accomplished a financing of tens of tens of millions of yuan in September this yr, led by Zhongke Chuangxing.
Founder Tian Jiashu is among the most skilled specialists in the home nuclear vitality area. He as soon as served because the deputy chief engineer of China National Nuclear Corporation and China General Nuclear Power Group, led the know-how integration of the “Hualong One”, and served because the chairman of the analysis committee of the ITER Council and a nuclear security advisor of the IAEA, with each a world perspective and in – depth engineering data.
Junhe Atom takes SMR because the core course, arranges for tools growth, engineering design, and international market – oriented purposes, and is dedicated to constructing a protected, versatile, and economical clear vitality answer for the longer term.
The firm hopes to change into a key pressure in the engineering and internationalization of China’s SMR know-how in the transformation of the brand new vitality system. It has collectively established the “Advanced Nuclear Energy System Laboratory” with Shanghai Jiao Tong University.
05. Dongsheng Fusion / Xingji Power
University: Fudan University
Industry: Controlled nuclear fusion
Dongsheng Fusion was established in Shanghai in July 2025 counting on Fudan University. It is dedicated to creating the know-how of a small – scale sturdy – magnetic – area poly – energy station primarily based on “deuterium – helium – 3” as gasoline.
The core crew is the Xu Min crew from the Institute of Modern Physics at Fudan University. This crew selected the neutron – free deuterium – helium – 3 fusion route (D + 3He -> H + 4He + vitality) and at present launched the “Chenguang Experimental Device” undertaking, aiming to promote the deuterium – helium – 3 fusion from the laboratory to engineering implementation.
This undertaking primarily consists of two core technological breakthroughs. One is the excessive – temperature superconducting sturdy – magnetic – area magnet, which makes use of superior excessive – temperature superconducting supplies to obtain machine compactness and powerful – magnetic – area confinement, considerably enhancing plasma stability and fusion effectivity. The different is the AI – empowered plasma management, which realizes lengthy – time period exact management and operation optimization of the plasma by way of AI algorithms and builds an clever experimental platform.
The Xu Min crew plans to construct three generations of fusion units in about 12 years, and eventually obtain the objective of a internet vitality achieve Q>1 for “deuterium – helium – 3” fusion, laying the inspiration for a mainly “non – nuclear” nuclear energy station.
Judging from the enterprise registration data, Dongsheng Fusion has not obtained funding but (possibly it has not been disclosed), however one other firm related to it, Shanghai Xingji Power, has accomplished an angel – spherical financing.
The authorized consultant of Dongsheng Fusion is Xu Ping, who can be the authorized consultant and precise controlling shareholder of Shanghai Xingji Power. Currently, Shanghai Xingji Power has obtained investments from a number of establishments similar to Furo Investment, Shida Group, Qiying Tongchuang Fund, and Chengdu Brilliant Star River.
06. Rixingji Intelligence
University: Fudan University. Industry: Large language mannequin / AI underlying know-how
Rixingji Intelligence was established in March 2025. It is a man-made intelligence fundamental know-how firm initiated by core members of the Fudan MOSS crew, specializing in the R & D and state of affairs – primarily based purposes of huge language fashions and multi – modal base fashions.
The firm has obtained an angel – spherical financing of tens of tens of millions of {dollars} from establishments similar to Sequoia Capital China, Gaorong Venture Capital, Light Source Capital, Jiacheng Capital, and Meituan Longzhu.
Founder Sun Tianxiang is a doctoral graduate in pc science from Fudan University. He studied beneath Professors Huang Xuanjing and Qiu Xipeng. He is the principle developer of MOSS, the primary home ChatGPT – like giant mannequin, and has lengthy been engaged in the analysis of machine studying, pure language processing, and huge – mannequin programs. He has revealed greater than a dozen papers in high worldwide AI conferences, with greater than 4,200 citations, and is a consultant younger scientist in the home giant – mannequin know-how path.
07. Yuanyu Intelligence
University: Fudan University. Industry: Scenario – primarily based giant mannequin
Yuanyu Intelligence was established in 2025. It is a man-made intelligence enterprise centered on the “Scenario – based Large Model Infrastructure (Agent Infra)”, specializing in constructing a controllable, low – price, and finish – facet – runnable state of affairs – primarily based giant – mannequin system.
The firm has obtained investments from Chixing Venture Capital and Baika Jinchuang Investment.
Founder Professor Zhang Qi is a professor and doctoral supervisor on the Fudan NLP Laboratory. He has lengthy been deeply concerned in pure language processing, data retrieval, and pre – educated mannequin programs. He has revealed greater than 200 papers, and his books “Introduction to Natural Language Processing” and “Large – Scale Language Models: Theory and Practice” have a landmark affect in the trade.
Since Zhang Qi entered the Fudan NLP Laboratory in 2003, he has witnessed the technological adjustments from statistical machine studying to deep studying after which to the massive – mannequin period. Since 2020, as a core member of the MOSS giant mannequin, he has absolutely participated in the R & D of the massive mannequin and promoted the implementation of initiatives such because the “Mousi” multi – modal mannequin and “Hearing the World”.
Professor Zhang Qi is not any stranger to the transformation of scientific and technological achievements and industrial implementation. Since 2021, he has cooperated with enterprises similar to Honor and Hikvision. In 2023, he promoted a number of giant – mannequin implementation initiatives between Fudan University and enterprises. In 2024, he led the event of the data – Q&A platform “Zhigong” that helps full – offline operation, realizing a privately – deployed data – retrieval system. This time, Yuanyu Intelligence, based by him, chooses the “scenario – based model” because the entry level to management the mannequin’s means boundary and scale back the inference price.
08. Fuan Intelligence
University: Fudan University. Industry: AI computational matter / Materials science software program
In September 2025, the crew of Professor Liu Zhipan from the Department of Chemistry at Fudan University formally launched the LASPAI platform and established Shanghai Fuan Intelligent Technology Co., Ltd., which is deeply incubated by Fudan Science and Technology Innovation. LASPAI is an AI computational matter R & D platform for chemical, supplies, and bodily analysis, enabling researchers to simulate materials buildings, energies, and response paths on the internet with out relying closely on experiments.
The core engine of the platform comes from the LASP software program accrued by the analysis group for 20 years, and the system has educated greater than 6 million information associated to the periodic desk of components. With the help of AI, researchers solely want to enter the molecular method, and a 3 – dimensional construction could be generated in 10 – 20 seconds, rapidly screening the potential vitality floor and considerably lowering the experimental trial – and – error price.
Liu Zhipan is a professor at Fudan University, an element – time professor on the Shanghai Institute of Organic Chemistry of the Chinese Academy of Sciences, and a Changjiang Scholar of the Ministry of Education. He has been dedicated to theoretical calculation and software program methodology growth for a few years. LASPAI 1.0 is an engineering apply of “computation driving the future”. As the algorithm, information, and product kind proceed to iterate, the platform is predicted to change into the “scientific research brain” and “desktop tool” for researchers, selling breakthroughs in the design of subsequent – era supplies and reactions.
In May this yr, Fuan Intelligence obtained a seed – spherical financing from establishments similar to Fudan Science and Technology Innovation and Furo Investment.
09. Xiangfeng Technology
University: Shanghai Artificial Intelligence Laboratory. Industry: AI meteorological giant mannequin
Xiangfeng Technology was established in February 2025. It is a meteorological AI enterprise incubated by the Shanghai Artificial Intelligence Laboratory, offering excessive – precision prediction providers for the vitality, agriculture, delivery, marine, and low – altitude financial system industries primarily based on the “Fengwu” meteorological giant mannequin.
The firm obtained an angel – spherical financing of tens of tens of millions from Suanfeng Information in August 2025, and its valuation exceeded 100 million yuan.
“Fengwu” is the world’s first full – scale, all – aspect AI meteorological and local weather forecasting platform, which may obtain one – yr – scale prediction, far exceeding the 40 – day higher restrict of conventional fashions, and has worldwide management in excessive climate warning, lengthy – time period local weather evaluation, fast deduction, and many others. More than 70% of the crew members have doctoral or grasp’s levels and are available from establishments similar to Shanghai AI Lab, ByteDance, and Meta.
Company director Bai Lei is a younger scientist at Shanghai AI Lab. He graduated with a doctorate from the University of New South Wales and gained the “Yunfan Award” at WAIC. He is accountable for the corporate’s scientific system and technical course.
The firm adopts a collaborative mannequin of “scientist advisors + entrepreneurial team execution” in operation. Zhang Wei serves because the CEO, accountable for product growth, market growth, and trade implementation. Zhang Wei as soon as served because the editor – in – chief and director at NetEase and can be a serial entrepreneur in the sphere of synthetic intelligence. Currently, Xiangfeng Technology’s merchandise have been utilized to enterprises such because the State Grid, China Southern Power Grid, and China Three Gorges Corporation.
10. Qitu Intelligence
University: University of Waterloo. Industry: AI video games
Qitu Intelligence was established in 2025. It is a sport – intelligentization firm that integrates AI know-how with conventional board video games, specializing in