Yunbao Intelligent
Category: AI Chips / Semiconductors
China's leading DPU (Data Processing Unit) chip designer and the first Chinese DPU company to file for IPO on ChiNext, backed by Tencent as largest shareholder. Yunbao Intelligent was founded in 2020. The company is led by 萧启阳 (Sunny Siu). Based in Shenzhen, Guangdong, China. Team size: 101-500. Total funding raised: $2.5B. Latest round: Pre-IPO. Key investors include Tencent (19.78%, largest shareholder), Sequoia Capital China, Shenzhen Capital Group (深创投), 5Y Capital (五源资本), IDG Capital, Temasek, NIO Capital, China Merchants Bank Capital (民银资本), Cowin Capital (正心谷资本), SMIC Fund (中芯聚源), Huaye Tiancheng (华业天成), 耀途资本 (Yao Capital).
- Founded
- 2020
- Headquarters
- Shenzhen, Guangdong, China
- Team size
- 101-500
- Total funding
- $2.5B
Value proposition
Developing high-performance, programmable DPU SoC chips and solutions for cloud data centers, AI computing, and 5G infrastructure, offering 4x performance improvement and 50%+ power reduction vs traditional solutions.
Products and solutions
"云豹云霄 DPU (Yunxiao 1.0)" - 400Gbps full-function DPU SoC chip (6nm, mass-produced), "风驰2.0 (Fengchi 2.0)" - AI-optimized DPU chip (taped out), "智算琢光 (Zhishuan Zhuoguang)" - world's first DPU supporting GSE (Global Scheduling Ethernet) standard, Next-gen 800Gbps full-function DPU and 1.6Tbps AI DPU in development, DPU smart NIC cards, Software-defined chip solutions for elastic networking, storage, virtualization, security, and low-latency RDMA
Unique value
China's first domestically-produced high-performance, fully programmable 400Gbps DPU SoC chip; only Chinese company achieving mass production of full-function DPU comparable to NVIDIA BlueField-3; open ecosystem compatible with all major CPU/GPU servers (vs. proprietary ecosystems); ranked #1 among domestic independent DPU vendors in China by 2025 revenue
Target customer
Cloud service providers (Tier-1 Chinese cloud companies), telecom operators (China Mobile, China Unicom), AI large model companies, financial institutions, and large enterprises with data center needs
Industries served
AI/Cloud Computing, Data Centers, Telecommunications (5G), Financial Services, Electric Power, Enterprise IT
Technology advantage
First-mover in Chinese DPU ASIC (not FPGA) route; 6nm advanced process SoC; 400Gbps bandwidth with 4x performance improvement and 50%+ power reduction; hierarchical programmable design with P4 data plane, self-developed RISC-V cores, and high-performance CPU cores; 23 core technologies, 72 invention patents, 22 IC layout copyrights, 61 software copyrights; 90% R&D headcount ratio; team from Broadcom, Intel, Arm, Huawei HiSilicon, Alibaba
How they differentiate
Only Chinese company with mass-produced 400Gbps full-function DPU SoC (ASIC route vs FPGA); open ecosystem compatible with all CPU/GPU architectures (vs NVIDIA's proprietary CUDA/DOCA lock-in); 4x performance, 50%+ lower power vs traditional solutions; ranked #1 domestic independent DPU vendor in China; backed by Tencent ecosystem with deep integration into Tencent Cloud infrastructure
Main competitors
NVIDIA (BlueField series, global market leader >60% share), Intel (IPU), 中科驭数 (Zhongke Yushu), 芯启源 (Corigine), 星云智联 (NebulaMatrix), 大禹智芯 (Dayu Chip), 云脉芯联 (Yunmai)
Key partnerships
Tencent (largest shareholder & strategic customer), China Mobile, China Unicom, CITIC Securities (IPO sponsor), Shenzhen Municipal Guidance Fund, Bao'an District Industrial Investment Guidance Fund, Hangzhou Industrial Investment, InfiniBand Trade Association (member)
Notable customers
Tencent (largest customer, ~95% of 2025 revenue), China Mobile, China Unicom, Sina (Weibo), China Southern Power Grid, Major domestic AI large model companies
Major milestones
2020.08: Company founded in Shenzhen, 2020.12: Seed round closed, 2021.04: Angel round with Tencent, Sequoia, Shenzhen Capital, 2021.09: Series A, became DPU unicorn, 2023: Launched first domestic 400Gbps full-function DPU SoC "Yunxiao 1.0", 2024: Launched world's first GSE-standard DPU "Zhisuan Zhuoguang", 2025.12: Post-money valuation ¥142.73B, 2026.04: IPO辅导验收 completed (CITIC Securities), 2026.06.30: ChiNext IPO application accepted by Shenzhen Stock Exchange, 2026.07: Filing for "China's first public DPU company"
Growth metrics
Revenue: ¥17万 (2023) → ¥3,635万 (2024) → ¥3.70亿 (2025) — 900%+ YoY growth in 2025; Net loss: ¥6.67亿 (2023), ¥6.10亿 (2024), ¥11.89亿 (2025); 8万+ DPU units shipped cumulatively as of Mar 2026; 460+ employees, 90% R&D, 75%+ with master's degree or higher; Post-money valuation ¥142.73亿 (~$2B) as of Dec 2025
Market positioning
Positioned as China's leading domestic DPU chip company and the "first publicly-listed DPU stock" (国产DPU第一股). Ranked #1 among domestic independent DPU vendors by 2025 revenue with ~15.3% domestic market share. Competing against NVIDIA (global leader, >60% share) and Intel in the global market, while leading the Chinese domestic DPU ecosystem.
Geographic focus
China (primary), with expansion into Greater Bay Area/Hong Kong ecosystem. Global DPU market dominated by NVIDIA and Intel.
Patents and IP
72 invention patents, 22 integrated circuit layout design copyrights, 61 software copyrights, 23 core technologies as of IPO filing; participated in 2 MIIT key projects
About 萧启阳 (Sunny Siu)
Ex-Broadcom (GM, Processor & Wireless Infrastructure, Greater China 2012-2015); Ex-NetLogic (APAC President & GM 2009-2012, led to $3.7B Broadcom acquisition); Co-founder RMI (2002-2009, acquired by NetLogic); MIT Endowed Chair Associate Professor; Stanford PhD (EE, age 24); NYU BS Math/CS (Summa Cum Laude); Cooper Union BS EE (Summa Cum Laude)
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Official website: https://www.jaguarmicro.com
