Lam Chun-yang officially announced that Sequoia, Gao Rong, Tencent, etc. will start businesses with a valuation of 2 billion US dollars

The Zhitong Finance App learned that Lin Junyang, the former head of the Alibaba (09988) Tongyi Qianwen Model, left his job in March of this year and recently officially founded Pragmatik (p7k) Labs (Pragmatik Technology) in Shanghai to focus on the next generation of AI agents. The company was co-led by Gao Rong Venture Capital and Sequoia China, followed by Tencent and the Shanghai Future Industry Fund. The post-investment valuation reached 2 billion US dollars.

According to reports, Pragmatic Technology's domestic operating entity is Pragmatic (Shanghai) Technology Co., Ltd., which was founded on May 13 and underwent a series of commercial and commercial changes on July 1. Currently, Gao Rong Venture Capital holds 4.25% of the shares through its Gaorong DAI Holding Limited, Sequoia China holds 5% of the shares in total with multiple entities, 1% each of the shares related to Shanghai Future Industry Fund and Tencent, and another organization called Vantage Clean Energy International holds 0.75% of the shares. Lin Junyang, on the other hand, controlled a total of about 88% of the shares through direct and indirect methods, and the founding team maintained absolute dominance.

Lin Junyang, 33, was once Ali's youngest P10 technical executive. He studied at Peking University for both his undergraduate and master's degrees. Joined the Alidamo Institute in 2019, and at the end of 2022, he was appointed to lead the research and development of the Tongyi Qianwen series model, and became the core external representative of the Qwen Project. On March 4 of this year, he officially announced his departure from Ali on social networking platform X.