Orchestrator of the Physical AI Era.

The robotics industry stands on the eve of its early breakout, much as autonomous driving did a decade ago; it is bound to move towards a landscape of diverse scenarios in which non-standard forms flourish. The industry’s true long-term barriers are underlying compute, mass-production capability, and ecosystem openness. D-Robotics has stayed focused on the technology base, working to become the “Wintel” of the robotics era — using a mature development platform and manufacturing DNA to lower the threshold of innovation for the industry and carry embodied intelligence towards large-scale deployment.

The smooth completion of this round is both the capital market’s strong recognition of embodied-intelligence infrastructure as a field, and — still more — a full affirmation of D-Robotics’ long-term strategy, the team’s execution, and its commercial capability. The extraordinary diligence and dedication of the Glacier team added further lustre to the raise.

In the years ahead, D-Robotics will hold to long-termism, deepen its investment in R&D and the ecosystem, and move forward hand in hand with Glacier Capital and all ecosystem partners — advancing China’s robotics industry towards a new era of accessibility, efficiency, and prosperity.

The endgame of embodied intelligence is to fit the physical world with a general-purpose “brain.” Over the past two years this field has been unusually noisy — demos everywhere, somersaults and muscle-flexing. We have held throughout to one piece of common sense: a real robot must be productive capacity that gets work done, not an exhibit or a toy. Without a revolutionary breakthrough in underlying AI foundation-model capability, and without being tempered by “dirty data” and harsh operating conditions in real scenarios, a robot is only a pile of metal shells. From its first day, therefore, Spirit AI chose the hard but right path — grinding relentlessly at an end-to-end VLA foundation model, insisting on joint software-hardware design, and embedding in real production lines such as CATL’s to do the rough, tiring work, running the “scenarios feed the model” data flywheel for real.

On this climb up a long slope of deep snow, what we needed was not just capital but fellow travellers who could see through to the essence of the industry. It was at this point that Glacier Capital stepped into Spirit AI’s trench. As a professional team 8 years deep in China’s robotics field, Glacier cut through the industry’s froth with rare acuity and located precisely where the true barrier of a “physical-world foundation model” lies. While we were still quietly refining our data pipeline and underlying algorithms, they had already deeply embraced Spirit AI’s “data pyramid” philosophy, and held firm conviction in the strategic value of our reaching for the upper bound of the embodied-intelligence Scaling Law in the real physical world.

This depth of insight into technological evolution shows not only in the capital strategy they tailored for Spirit AI, but in their pragmatic, exacting way of working. Glacier is by no means the traditional “matchmaker” that merely makes introductions; they have truly put “skin in the game.”

The team stationed itself directly in our office — in-house — staying up late with us to run retrospectives, refine the business logic, and handle complex market manoeuvring. They not only raised our fundraising efficiency with all-round, “nanny-grade” execution; they dared to put in their own money, in hard cash. This unpretentious, boots-in-the-mud spirit of stepping personally into the field resonated strongly with Spirit AI’s low-key, hardcore engineer culture.

2026 is destined to be the pivotal juncture at which embodied foundation models accelerate and meet their “GPT moment.” We firmly believe that what cannot be built in a short time, even given ample money and people, is what constitutes true core technology. In the years ahead, Spirit AI will stay rooted in the real world and keep pushing up the performance ceiling of China’s embodied foundation models; and we look forward to advancing shoulder to shoulder with staunch comrades like Glacier Capital — bringing general-purpose intelligent robots into every trade and industry, and joining this epochal transformation that sets human productivity free.

As the core technology of the humanoid robot’s “awakening of perception,” tactile sensing was once counted, owing to its technical bottlenecks, among China’s 35 “chokepoint” problems. Glacier Capital keenly grasped the revolutionary significance of the tactile modality for the industrialisation of embodied intelligence, and has laid out its positions around this field with unwavering consistency.

In our work with the Glacier team, they systematically evaluated technical routes across the globe before fixing on the 6D Hall-array tactile approach as the way to break the industry’s constraints. That conviction about the value of underlying technology, and that professionalism, made the collaboration exceptionally smooth.

The team’s understanding of the industry chain is penetrating. They worked with the company across the board — from chip packaging and algorithm integration to the construction of the VTLA embodied-intelligence model — helping us close the key loop of “high-precision, multi-dimensional physical perception (tactile sensors) – massive, high-quality, multimodal data accumulation (datasets) – generalised intelligent decision-making and control (embodied foundation model).” Both sides hold that Paxini’s independently developed TacFlow Engine, and the autonomous VTLA foundation model driven by this engine, will produce the first full-modality technical exemplar.

This capability of Glacier’s grows out of years of deep work in robotics. They offered a wealth of professional counsel through a distinctive strategic philosophy, and their forward-looking, precise reading of technical trends won exceptionally high regard in exchanges with a great many institutions.

Beyond this, the team’s dedication, extreme diligence, and all-round, in-house “nanny-grade” service greatly raised the efficiency of the raise. We look forward to a long-term partnership with the Glacier Capital team.

The rocket is humanity’s only passage out of Earth’s gravity well — and climbing out of a gravity well means breaking free of countless invisible restraints. Four years into this venture, our deepest realisation is this: developing a stainless-steel rocket and finding a partner who truly understands you share the same underlying logic — both require piercing the surface and returning to first principles.

At the end of 2024, ASTRONSTONE was three people. But we were convinced that stainless steel + liquid oxygen–methane + “chopsticks” recovery was the endgame for China’s commercial rockets — a route that, in the capital market of that moment, was decidedly non-consensus. Glacier Capital was among the very few FAs who truly understood our technical logic. The team spent nearly two months taking apart, one by one, our materials system, structural design, propulsion scheme, and recovery path. The questions they asked made me realise: this team was not “looking at a deal” — it was “understanding an engineering system.” That depth is exceedingly rare among FAs.

What I admire even more is Glacier’s strategic judgment. When the industry’s contours were still unclear, they held firm that commercial aerospace 2.0 was a truly systemic opportunity, and tailored for us a “high-standard, high-threshold” fundraising strategy — seeking out the three kinds of shareholders with the strongest research capability: GPs who had made serious money in aerospace in the 1.0 era; leading funds that had not yet acted in the 2.0 era, with patience enough and research depth; and industrial shareholders engaged in the four directions of the space-economy era — communications, navigation, remote sensing, and compute. This playbook agrees strikingly with how we build rockets: make the ground verification solid, and you fly with confidence.

Glacier translated “letting the product speak” into the most efficient language the capital market knows. What moved us most: Glacier did not merely help us raise — they put their own money in as well. “Skin in the game” carries special weight in the rocket business: Glacier chose to sit on the same rocket as us. That trust matters more than any commercial term.

ASTRONSTONE’s vision is Link the Universe, Light the Universe — to make the rocket the infrastructure of the space economy, to bring the cost of launch capacity down from the ten-thousand-yuan level to the thousand-yuan level, and to open the next frontier of human civilisation. The road is long. But I am certain that fighting alongside a partner like Glacier — with industrial depth, strategic patience, and a willingness to bend down and work the soil — brings us nearer to that endgame.

The rocket business has an old saying: the overall design leads, propulsion goes first. In fundraising, an outstanding companion like Glacier Capital is our “propulsion going first.” We look forward to sending China’s stainless-steel rockets skyward together — and igniting China’s space economy.

Quantum computing is a long road. Technical breakthroughs take time; industrial maturity takes time; and it likewise takes time for the capital market to truly understand this industry.

Over the past few months, Glacier Capital all but turned itself into a member of the quantum-computing industry. They spent a great deal of time studying technical routes, visiting experts, and mapping the industry’s logic, working with us to answer, again and again, the questions investors care about most — and helping more and more long-term capital build a genuine understanding of quantum computing. In a sense, they did not merely complete a round of financing; they helped shape the forming of the whole industry’s understanding.

We have always believed that an excellent FA does more than connect capital with companies; it should be a messenger of industrial value and a fellow traveller on the long-term strategy. We thank Glacier for its professionalism, commitment, and persistence on this journey, and look forward to continuing hand in hand — carrying China’s quantum computing onto a broader stage.

From a founding team we have grown into a global leader in world models and embodied foundation models, holding two core barriers — the GigaWorld world model and the GigaBrain embodied foundation model — and building a full-stack closed loop of “world-model drive – embodied-foundation-model evolution – native-hardware mass production – generalised scenario deployment.” With physical-world AGI we are remaking how robots interact with the real world, so that general-purpose robots become true productive capacity for every industry, not conceptual exhibits.

On the road to finding long-term capital partners, Glacier Capital has been our most steadfast fellow traveller, and the one who understands us best — witnessing our decisive leap from technology validation to a ten-billion-yuan valuation. They understood and endorsed, deeply, that Giga AI is the first technology company in China to lay out world models systematically, and a global first mover in bringing world models to industrial deployment, with comprehensive, globally leading strengths in full-stack core world-model technology and applications across many scenarios. And we share a deep consensus: as the key vehicle on the road to physical AGI, embodied intelligence is the first application scenario in which world models break out.

From capital strategy and deal design to connecting industrial resources, Glacier drove every round to a swift close with flexible, efficient solutions, lifting both the efficiency of the fundraising and the quality of the capital. Glacier is by no means the traditional “matchmaker,” but a strategic partner in tune with our technical convictions, walking with us in long-termism, resonating with our engineer culture — sprinting with us toward the physical world’s GPT moment.

Over the past two years, Volant and Glacier Capital have walked side by side through six rounds of financing, evolving step by step from an initial client-and-adviser relationship into a deep and steady strategic partnership. Each round showed us our resonance in the core spirit of aviation people — “tenacity, prudence, pragmatism”: Glacier Capital’s deep insight into the industry and close-quarters service, and Volant’s sustained investment in the industry’s vision and technical path, complemented each other to form a powerful combined force — overcoming obstacles all the way and continually widening the new space of the low-altitude economy.

Looking back at every critical moment, we felt keenly Glacier Capital’s inner character — “tenacious, never giving up” — and their devoted cultivation of the industry. It is these qualities that have kept them positioned ahead in high-potential fields such as electrification, intelligence, and robotics, and let them seize the eVTOL opportunity with acuity. As a practitioner in avionics and aircraft systems, I know well the complexity of joining technology with industry, and I have watched Glacier Capital build, through tens of thousands of hours of research and interviews, an entirely new framework for understanding the value of eVTOL. This “zero to one” process of knowledge output and trust cultivation not only helped Volant attract and unite the strength of dozens of shareholders, but also laid a firmer foundation for the healthy, accelerating development of China’s low-altitude economy.

Beyond professional research, they actively connected investors and industry partners, moving the low-altitude economy from a niche concept to a matter of broad concern and forming a new consensus at the level of capital. This model not only gave Volant strong support across multiple rounds; it also built for the eVTOL industry an ecosystem that is continuously healthy and moving steadily forward.

Rarer still, across successive rounds and project milestones, Glacier Capital could think from multiple vantage points while forming a tacitly coordinated “iron triangle” with existing shareholders and the team — holding to prudence in investment decisions, yet striking decisively at critical junctures, injecting Volant with abundant resources and confidence. This not only secured the project’s supply of capital and resources; it lifted everyone’s cohesion and sense of responsibility to a new height. The reason Glacier and we appreciate and fulfil each other is, at root, that both sides hold to focus on the goal and fidelity to the ideal — staying tenacious enough, honest with ourselves and with the world, and gathering a force that is open, professional, and truth-seeking.

Today the tide of the AI and energy revolutions is rolling in. Volant and Glacier will keep to our original intent and fight on the front line, continuing to explore what avionics, new energy, and low-altitude transport may yet become. We are convinced that only by standing on solid ground, staying true to the ideal, facing reality squarely, and pressing forward can more breakthroughs be won at the crossing of technological innovation and industrial change. Let us walk forward together — bringing this era changes worth hoping for, and adding strength to the flourishing of the whole eVTOL industry.

DISCOVER Robotics was founded to turn frontier technology into intelligent robotics products that are genuinely usable, reliable, and capable of creating value continuously. To move robots from technical breakthrough to application at scale requires long-term technical accumulation and systems-engineering capability, sustained product iteration, and an attention to user value that never wavers.

Through this round, Glacier came to understand deeply DISCOVER’s technical path, product philosophy, and development tempo, and helped more long-term investors recognize the company’s core value and long-term vision. We believe an excellent FA is not only a professional partner through the raise, but one who understands, conveys, and walks alongside a company’s long-term value.

We thank Glacier for its professionalism, commitment, and trust in this round, and look forward to continuing hand in hand — speeding intelligent robotics towards maturity, and bringing genuinely valuable products into millions of homes.

Our founding team spent its earlier years at Xiaomi refining phones and operating systems — accustomed to the concurrency challenges of users at the hundred-million scale, and devoted to pursuing the utmost in integrated software-and-hardware experience. When we resolved to bring that experience and methodology into embodied intelligence, aiming at “complex welding” — the hardest bone to chew — honestly, many investors did not fully understand at first. Today the embodied-intelligence field is exceptionally noisy, but we focus on one thing only: making robots genuinely land in industrial settings, freeing people from dull, repetitive, and unsafe work, and letting customers earn back, in real terms, the cost of buying the robot within ten months.

In the search for “fellow travellers,” Glacier Capital has been the partner that surprised us most. They are among the very few FAs able to cut through the noise and truly grasp the underlying logic of our “3D-native world model.” Working with Glacier, what one feels above all is “groundedness” and “thoroughness.” They are not the sort of intermediary that hands out cards and sets up a group chat; they truly “dug in” on the product-and-research front line as one of our own — staying up late with us to rework the business model, and translating our team’s “internet-grade engineering capability” into an industrial language the capital market can understand.

What we admire most: Glacier not only secured the very top tier of industrial capital for us with all-round, nanny-grade service; they also held to “skin in the game” — putting their own money in, in hard cash. To have such staunch comrades — possessed of industrial foresight, yet willing to bend down and work the soil beside us — is an immense stroke of fortune on our road to the “one brain, many forms” general-purpose platform.

In the snow season of 2022, our team spent half a year in the United States — measuring real snow conditions of every kind and refining the product, while visiting more than a hundred seed users to gather feedback. After returning to China, the team strengthened itself across the board, from R&D to manufacturing, from marketing to sales, innovating without pause.

Just as we hold our product to the highest standard, our fundraising adviser had to meet the same bar. Before launching the raise, we spoke with more than 20 financial advisers, large and small — until Glacier appeared. Their understanding of the category was deep, their reasoning precise, their insight sharp; we marvelled that this was, of all things, a financial institution. Rarer still, this team is good-looking at first sight and better on longer acquaintance — always offering suggestions of real value, and creating surprises for us. From them we also learned a great deal: focus, thoroughness, depth — far more than an ordinary financial adviser. In the early days, the yard-care category, and snow-clearing in particular, was not a consensus in the capital market; yet thanks to the Glacier team’s professional service, understanding of the deal, and efficient execution, we completed the raise in a mere two months.

Unlike a fundraising adviser, Glacier is more an industrial adviser — able to stand genuinely in the position of the industry and the company, and to work with us across the board, from industry to product, strategy to tactics, capital to resources. I have often thought the best partnerships grow together, nourish each other, and fulfil each other. Our partnership with Glacier began with “good looks,” deepened in respect for talent, and endures on character; between us stands a very deep trust. We look forward to the Glacier team as a long-term partner in Yarbo’s growth.

Since our collaboration began in 2021, the Glacier team — drawing on a distinctive understanding of the robotics industry and a deep grasp of OBSBOT’s products, the technical accumulation behind them, and the ultimate vision — has drawn out the company’s differentiated strengths and its industrial value to the imaging industry as a whole, and conveyed them, continuously, to the market and to investors.

Even in 2022 — when market sentiment was subdued and uncertainty abounded — the Glacier team kept to a diligent, rigorous, and efficient standard of service, carrying a great volume of communication and coordination between the company and investors through the raise, controlling every key node with precision, and offering professional judgment. For us founders, who come from technical backgrounds, the impression it left was deep.

What is rarer still is that Glacier Capital can proceed from the perspective of both the industry and the founder, offering us valuable counsel on strategic planning and operational management — the professionalism of a strategic and financial adviser of the first rank.

To our company, Glacier is not merely an adviser, but an entrepreneurial partner with the spirit of long-term companionship and deep industry insight. We look forward to welcoming, together with Glacier, a golden age of imaging automation.

Bringing embodied intelligence to industries of every kind is ROBOTERA's abiding mission. From its founding, ROBOTERA has held firmly to a full-stack, in-house R&D path. Built on a fully self-developed brain, motion control, data, five-fingered dexterous hand, and humanoid body, the company has constructed a complete, AI-native, system-level capability for robots that “truly work” — building a technological moat and laying the foundation for real industrial deployment and commercialisation at scale.

The Glacier team has not only provided us with professional and efficient financing services; they are like-minded fellow travellers on our embodied-intelligence journey. With years of accumulated depth in robotics, Glacier Capital truly resonates with ROBOTERA's singular corporate value, and with a discerning eye connects and serves both the company and its investors with precision. We thank the Glacier team for their dedication and steadfast companionship, and look forward to journeying on together towards the seas and stars of embodied intelligence.

Autonomous logistics stands at a golden inflection point of commercialisation at scale. From its founding, Rino.ai has focused on driverless delivery on public roads, persevering through the combined tests of technology, operations, and regulatory patience — privileged to witness, and take deep part in, the arrival of this industry inflection. That Rino.ai's C1 round drew joint investment from leading global logistics-industry capital, 深圳南山战新投, and existing shareholders is the capital market's strong endorsement of the company's threefold strategy: technological leadership, an open ecosystem, and real-world deployment. Throughout, Glacier Capital showed remarkable fighting strength and industry insight; we thank the Glacier team for their utmost diligence and efficient collaboration. In the years ahead, Rino.ai will hold to long-termism, accelerating the global mass production of automotive-grade driverless vehicles and their commercial deployment across scenarios. We stay focused on doing what is hard, and right.

In a primary market of great turbulence, Glacier Capital has accompanied the company through multiple rounds, from fundraising to business development, building a close, all-round strategic partnership; from founder to team, a deep rapport and trust has taken root — something truly rare in the venture ecosystem.

Over a relatively long cycle of collaboration, we have received professional and devoted service, completed several strategic rounds of financing, and formed a few distinct impressions worth setting down:

1. “Sextant-grade” positioning and navigation. Through the primary market's great adjustment and reshuffle, Glacier has kept a keen, continuously updated watch on the robotics segments. Amid saturated information it distills clear, timely strategic lines with precision and efficiency, adjusting flexibly as conditions shift, and helping the company turn them into executable value in the shortest time. A beacon lit in the fog, a North Star raised in the dark of night — navigation worthy of a sextant.

2. “Tailored-bodysuit” project management. The deal team stays embedded throughout: from the early “consulting-firm” gathering of understanding, to the mid-course “internal-audit” finding and filling of gaps, to the “partner-style” accompaniment and support. Step by step, the project team and the company's people have built deep trust and rapport — genuinely familiar with the institutions and with the enterprise alike, effectively bridging two-way information flow and negotiation. Like a custom-made bodysuit: fitted, warming, and exactly right.

3. “Postnatal-retreat” closing and delivery. With exceptional professionalism and uncommon devotion, the project team played a pivotal role within an extremely complex and shifting transaction structure, repeatedly steering major milestones out of danger and ensuring a smooth final close. On deal tempo, the team's deep segment experience and precise judgement gave the company decisive counsel — a full-stewardship style of late-stage service, like checking into a postnatal care centre: a partner the company can trust, dares to entrust, and that does not fail its charge.

The Glacier team's distinctive style and tactical craft in advancing a deal gave the company great strength and confidence — offering, amid the market's pervasive uncertainty, that rare and precious measure of certainty, helping the company cross the cycle, focus on its own business, build competitive products, and prepare strategically for the next season of prosperity.

What we have felt in our long collaboration with Glacier — the native acuity, the fighting spirit, the inexhaustible drive of a curiosity that pursues every question to its root, and an unstinting warmth towards people and work — is exceedingly rare in the wider market. It will surely keep iterating and compounding, fermenting over time, forming a multi-directional selection effect among institutions, the market, and companies — gradually shaping an ecosystem of the well-chosen.

So that those who share the same path may work together — each finding their place, each finding their joy.

The smart imaging device industry is passing through an important window of growth: from professional film-industry practitioners outward to the mass consumer. By joining on-device AI compute with multi-degree-of-freedom motion control, capturing and recording images has become markedly more convenient and more delightful, carrying smart imaging devices swiftly into ever more consumer scenarios.

Meeting the Glacier team was like receiving a strong thrust of momentum for hohem at this important window. The team combines formidable professional capability with a deep understanding of, and insight into, the industry.

After quickly absorbing hohem's product and technology background, our team, and the state of the industry, the Glacier team brought great enthusiasm and focus — supporting us from technology to product, from the sector to the wider industrial chain, from team to resources. At every key node of our conversations with investors, Glacier was the first to offer professional, efficient advice and guidance, so that even as a technology-and-product team, hohem received abundant, efficient feedback and strong recognition throughout its exchanges with institutions.

In the years ahead, Glacier will remain hohem's enduring strategic partner. Sharing the same values and deeply in tune, we look forward to advancing hand in hand — adding our bricks to the broad accessibility and globalisation of China's smart imaging devices.

As robotics, the traditional cleaning industry, and smart consumer electronics matured, we watched cost structures shift on both the supply and demand sides — changing, in essence, what the market asks of commercial cleaning robots: from satisfying imaginations of a futuristic technology to solving the real, high-frequency cleaning needs of the present. In early 2021, Sparkoz was founded. Starting from the vantage of the professional cleaning industry, we introduced the first commercial cleaning robot designed from first principles yet fully compatible with the systems and working habits of professional cleaning. We hold that a good B2B tool must carry not only intelligent technology, but a deep entry into the industry — understanding the true pains and needs of frontline users — so that it is genuinely usable, practical, and durable.

A year later, in early 2022, our first professional-grade commercial cleaning robot was launched and entered operation, and Sparkoz moved into a period of rapid growth. We were fortunate, just as we began preparing our Series A, to meet Glacier Capital — a partner with deep insight into commercial cleaning and robotics.

Working with Glacier overturned our understanding of what a financial adviser can be. Our exchanges went far beyond the fundraising itself: from discussions of corporate strategy to introductions of core talent and key customer resources, Glacier Capital helped us enormously. Over a long collaboration we built deep trust and a comradeship forged side by side. We share the same passion for robotics and the same faith in “long-termism”: only by lengthening the horizon and finding the path to long-term value can we, in a world full of uncertainty, arrive at certain answers.

A journey through Europe during my doctorate fixed my resolve to make the e-bike my life's work. From theoretical design to a complete software-and-hardware realisation, from the first-generation torque sensor to a mid-drive motor now iterated to version 2.51 — original in principle and developed full-stack in-house — years of patient grinding at last yielded a transformative mid-drive motor that has drawn wide attention across the global e-bike industry. With our global expansion in 2022 came major breakthroughs in commercialisation and brand operations; step by step, Okawa is following my original vision — competing on the same stage as Bosch and Shimano.

An uncompromising pursuit of product and technology brought Okawa and Glacier together. The Glacier team's study of product and technology, its thinking on the e-bike industry, and its calm, careful, searching analysis often gave me fresh inspiration. Throughout the financing, Glacier remained focused, diligent, rigorous, and efficient — in close communication with investors at every step, managing each key node with precision and offering timely, professional advice. Rarer still, Glacier stood genuinely in the founder's shoes, offering the company a wealth of counsel on strategic planning and operational management — overturning my long-held notion of what a financial adviser is.

To the company, Glacier is not merely a financing adviser, but an entrepreneurial partner with the spirit of long-term companionship and deep industry insight. We look forward to creating with Glacier a new era of “Created in China” for the e-bike industry.