According to CoinMeta, Lin Junyang, the former technical director of Qianwen, announced on August 12 in Shanghai the establishment of a new company called Yuyong Technology, which focuses on researching the next generation of intelligent agents that span both the digital and physical worlds. He revealed that Gaorong Venture Capital and Sequoia China jointly led this round of financing, with support from Tencent and Shanghai Future Industry Fund. People familiar with the matter said that this financing round is considered an angel round for Yuyong Technology, with a valuation of $2 billion.