Haivivi has completed a Series A financing of 200 million yuan and is about to release the industry's first end-to-end AI toy.

On August 25th, Haivivi, a leading enterprise in AI toys, announced the completion of a Series A financing round worth 200 million yuan. This financing round was led by funds under CICC Capital, Sequoia China Seed Fund, WestSummit Capital, and Joy Capital, with participation from China Merchants Bank International and others. Existing shareholders such as Brizan Ventures continued to increase their investments. Qualitative Change Capital served as the exclusive financial advisor. The raised funds will be used for the R & D of the company's new product series, the construction of a talent pipeline, and the expansion of market channels.

Haivivi integrates innovative technology and high - quality IPs, aiming to create a world like Toy Story and bring toys to "life". In June 2024, it was the first to introduce large - language models into the toy field and launched BubblePal, the world's first AI toy, defining the AI toy category. This product supports a series of functions such as role - playing, multilingual conversations, co - creation of AI stories, and long - term memory. It also uses the latest AI technology to restore dozens of classic IP characters from aspects such as voice tone, worldview, and personality traits. Technologically, Haivivi pioneered the use of multi - agent interaction design, enabling AI toys to have long - term memory, adaptive learning ability, emotion recognition, and interaction capabilities. While responding to children's wild imaginations, it can also provide them with intimate emotional companionship.

Thanks to its keen user insights and innovative product design, BubblePal was widely pursued by the market as soon as it was launched, with over 10,000 units sold in the first month after its launch. As of now, the total sales volume of the product has exceeded 200,000 units. Recently, Haivivi was officially recognized as the "brand with the highest online sales of AI toys in China" by iResearch, an authoritative data institution.

In addition to its market - scale advantage, Haivivi's IP ecosystem layout has also achieved initial results. It is reported that currently, it has obtained AI toy licenses for many well - known IPs such as Ultraman, Peppa Pig, and Nailong, and has reached strategic cooperation with multiple well - known IP holders at home and abroad.

Li Yong, the founder of Haivivi, believes that IP, as the soul of toys, plays a crucial role in the user's purchasing decision - making process: "We will implement Haivivi's IP strategy through a dual - mode of 'cooperation with top - tier IP licenses + signing with artists'. On the one hand, we will seek cooperation with top - tier IPs to expand brand awareness and consolidate our leading market position. On the other hand, we will sign with artists, co - create, and cultivate emerging IPs. With patient operation and continuous investment, we aim to build the 'Haivivi and Its Friends' IP ecosystem."

As a pioneer in the AI toy industry, Haivivi has completed financing worth hundreds of millions of yuan since its establishment. Its shareholder lineup is star - studded. It has the strong support of leading investment institutions such as CICC Capital, China Merchants Bank International, and Hong Kong Science and Technology Fund, and has also received continuous multi - round investments from first - tier dual - currency funds like Sequoia China, WestSummit Capital, Joy Capital, and BlueRun Ventures. In addition, it was once favored by Professor Gao Bingqiang from the Hong Kong University of Science and Technology, known as the "Father of Chinese Chips".

Tong Xuanzi, the managing director of CICC Capital, said: "Based on in - depth research on global cutting - edge technology and China's industrial upgrading, we believe that AI technology is deeply penetrating from empowering the 'production end' to reshaping the 'consumption end', and the emotional companionship market is a highly valuable implementation scenario. Our investment in Haivivi is not only because we are optimistic about the company's 'AI + IP' dual - wheel drive to accurately meet the demand for emotional companionship, but also a strategic choice for our layout in the AI + consumption track. The 'generative AI intelligent partner' it has created has built technological and data barriers in terms of the naturalness of human - machine interaction and the personalization of content. As an investor with comprehensive service capabilities, CICC Capital will not only provide capital support but also rely on our ecological resources in the fields of technology, consumption, and the capital market to fully empower the company, help Haivivi accelerate technology commercialization and market penetration, accelerate the upgrading of the traditional toy industry, and share the dividends of the AI toy blue - ocean market."

Liu Mingyu, a partner at WestSummit Capital, said: "We are very optimistic about the in - depth application of AI technology in the consumer field. Haivivi has taken the lead in implementing large - language models in terminal toys around the emotional companionship scenario, leading the new track of AI toys with technological and product innovation. As investors deeply involved in the AI field, WestSummit Capital has previously invested in multiple projects from AI infrastructure to AI applications. Our continuous multi - round investment in Haivivi also represents our optimism about the AI companionship track and the company's development. In the future, we will continue to empower the company, give full play to our rich experience and resources accumulated in global market expansion, and help Haivivi accelerate its entry into overseas markets, enabling China's original AI innovation products to enter the global mainstream consumer market."

Li Xiao, the founding partner of Joy Capital, believes: "AI is an area we have been continuously focusing on. Toys are not only companions for users and carriers of emotions but also boosters for opening up the mind and releasing imagination and creativity. AI - empowered toys transform from being 'passive' to 'active', opening up infinite possibilities for this 'traditional' field. Our investment in Haivivi reflects Joy Capital's firm belief in innovative technology and our commitment to intelligent products with emotional appeal. We look forward to the company's continuous breakthroughs."

Professor Gao Bingqiang of Brizan Ventures said: "As an angel investor in Haivivi, we have witnessed the entire process of Haivivi's growth from scratch. Haivivi has truly made AI enter people's lives in a relaxed way. It is a 'company that makes technology fun'. Now that we see Haivivi growing stronger, we hope to continuously inject international resources from Hong Kong into the company, help it maintain its leading position in subsequent product innovation and sales growth, and support the educational and technological attributes of its AI products."

Li Jiawei, a partner at Qualitative Change Capital, said: "As an FA partner growing alongside Haivivi, we were fortunate to accompany the team from the moment they sketched the first product blueprint. We have witnessed this team grow from a startup with just two desks to a benchmark in the AI toy industry. The core value of AI toys lies in building warm emotional connections through intelligent agents. From the first day we met the Haivivi team, we deeply resonated with this concept. More importantly, during countless late - night discussions, we truly felt the team's extreme dedication to product details, sincere response to user needs, and honest respect for partners. In the future, Qualitative Change Capital will also, with the same professionalism, accompany this warm - hearted team through thick and thin and explore more possibilities beyond the technological level."

Li Yong, the founder of Haivivi, said: "We are extremely grateful for the successful completion of this financing round. First of all, we would like to thank more than 200,000 users for their support. We also sincerely thank all new and old shareholders for their valuable trust in the current market environment. A company's growth cannot be achieved without excellent partners. Investors are not only financial supporters but also indispensable strategic partners in our business blueprint. The AI toy industry is just in its infancy, and we are aware that there are still many challenges ahead. However, it is precisely because of this group of top - notch investors who understand both China and the world that we have more confidence and courage to put every commitment into practice, grow together with our investors and partners, explore the world of 'Toy Story', and embrace the magnificent AGI era."

It is worth noting that this week, Haivivi will officially launch its second - generation AI toy product, the CocoMate series. It is reported that the new product adopts a detachable form that can be embedded in the doll body, greatly improving its flexibility. Meanwhile, as the world's first AI toy equipped with an end - to - end voice model, CocoMate will have more expressive power in interaction, stronger anthropomorphic emotional capabilities, and support multiple modes such as multiple wake - up methods, theme card games, and chat rooms, which is expected to re - define the new technological paradigm of the AI toy industry. The initial lineup of the new product includes the heavy - weight IP Ultraman and Haivivi's first original IP "Bubble", which will be officially on sale on August 27th.

Industry insiders point out that with the continuous iteration of AI technology and the growth of emotional consumption demand, the AI toy industry is entering a stage of rapid development. From the core dimensions of market share, financing scale, and IP ecosystem, Haivivi has taken the lead. In the future, with the intensification of market competition, driven by the head - gathering effect, the AI toy industry may become more concentrated.