36Kr Exclusive | Fengrui Capital Invests in an Intelligent Hardware Company Focused on Spatial 3D Reconstruction, with the Founder Being the Former Vice President of Qunhe Technology

Author: Ou Xue

Editor: Yuan Silai

Yingke learned that Hangzhou Zhuma Innovation Technology Co., Ltd. (hereinafter referred to as "Zhuma Innovation"), a company focusing on 3D reconstruction and spatial intelligence, recently completed tens of millions of yuan in angel - round financing. This round of financing was led by Fengrui Capital, followed by Hongtai Fund. Guangzhi Capital served as the exclusive financial advisor for this round. The funds will be mainly used for the recruitment of R & D teams, preparations for product mass production, and initial marketing and promotion.

Zhuma Innovation was founded in November 2025, focusing on consumer - grade 3D reconstruction and spatial intelligence products. Zhang Ji, the founder and CEO of the company, graduated from the Department of Computer Science at Xi'an Jiaotong University and has more than 20 years of experience in the 3D graphics industry. He once served as the vice - president of Qunhe Technology, responsible for promoting the company's strategic transformation from the home - furnishing industry to the full - space strategy. He was the first executive at Qunhe Technology to be in charge of both products and business. During this period, he reached strategic cooperation with new industry brands such as Mixue Bingcheng, Cha Yan Yue Se, and Sheng Ao. Earlier, he grew from a programmer to the general manager of the International Business Unit at Glodon, responsible for international products and markets. He witnessed the company's growth from scratch to going public, led and incubated many core best - selling products, and was the technical person - in - charge of Glodon's first graphics platform engine and the strategic upgrade from 2D to 3D.

The birth of Zhuma Innovation stems from the founder's judgment of three major trends: First, the explosion of the intelligent automobile industry has led to a sharp drop in the cost of sensors such as lidar and inertial navigation; Second, the breakthrough in 3D Gaussian Splatting (3DGS) technology has made real - time high - quality 3D reconstruction possible; Third, the integration of spatial intelligence and generative AI is opening up a wide range of application scenarios from 3D content generation to embodied intelligence.

Currently, the consumer - grade 3D reconstruction market is still blank. Industrial - grade equipment is expensive and complex to operate, making it difficult to penetrate into the consumer market; functions such as AR measurement on mobile phones only stay at a shallow level of application. Zhuma Innovation's entry point is precisely this market vacuum where "industrial - grade is too expensive and consumer - grade is non - existent".

Zhuma Innovation takes 3D Gaussian Splatting (3DGS) technology as the core to build the next - generation spatial imaging terminal. 3D Gaussian Splatting (3DGS) is an important breakthrough in the field of computer graphics in recent years. 3DGS fits the scene through tens of thousands of 3D Gaussian functions, enabling high - fidelity reconstruction and real - time rendering, taking into account both accuracy and speed. At the same time, it supports lightweight storage and cloud computing, significantly reducing the hardware threshold.

Currently, Zhuma Innovation's product planning is divided into two steps. The first - generation product, codenamed "Pebble", is positioned as a professional - grade 3DGS camera. The target users are overseas home designers, spatial designers, video producers, and independent game developers.

Compared with traditional industrial - grade equipment (with an average price of over 50,000 yuan and requiring professional operation), Pebble is positioned at a consumer - grade hardware price, is easy to operate, does not require a high - performance computer, and allows real - time preview of the results. The product focuses on indoor scenes and has a compact and portable structural design.

The second - generation product will be targeted at ordinary consumers and is positioned as a "spatial memory camera" - users can record family gatherings, travel scenes, etc., and generate 3D memories that can be played back from any perspective. Zhang Ji showed Yingke a demo: During this year's Winter Olympics, 3DGS technology was used for the first time to achieve a 360 - degree live - broadcast animation of athletes from any perspective.

Regarding the company's development path, Zhang Ji has a clear plan: In the short term, fully promote the R & D and mass production of the first - generation product Pebble, and establish a seed - user community by targeting professional designers; In the medium term, expand to the mainstream markets in Europe and the United States, extend the product line from professional - grade to consumer - grade, with the goal of making the 3DGS camera as affordable as an ordinary camera; In the long term, build a closed - loop business of "hardware + software + community", create a user community around 3DGS technology, and form an ecological barrier.

"What we want to create is not just a hardware product, but a new content category," Zhang Ji said.

Investors' views:

Ma Rui, a partner at Fengrui Capital, said: We believe that the next step for AI is the world model and physical AI, and one of the key points is the acquisition of 3D data, 3D reconstruction, and real - time rendering, as well as the understanding of 3D space. We are very optimistic about Zhuma's team launching a consumer - grade 3DGS camera. First, the team has a strong technology stack combining hardware and software, with deep technical accumulation in multi - sensor fusion, 3DGS algorithms, and cloud optimization; Second, the team has more than 20 years of experience in commercial spaces, 3D rendering, and overseas markets, and has a deep understanding of spatial design scenarios. We are very much looking forward to Zhuma's spatial intelligence camera becoming a hit in fields such as spatial design, games, AR/VR, 3D content generation, embodied intelligence simulation, spatial intelligence, and world models.

Yu Yang, the managing director of Hongtai Fund, said: We believe that 3DGS technology has the opportunity to become an infrastructure - level general technology paradigm, allowing the 3D space modeling ability to expand to the consumer - grade market for the first time. Zhuma's team has defined the new category of "3DGS camera". Through the team's strong cloud - based distributed 3D data processing ability, it fully liberates the end - side devices, with extremely low usage thresholds and a fast experience, efficiently collecting offline context and generating high - quality 3D content. In the future, we expect Zhuma to start from the professional consumer (proC) group and gradually penetrate into the general consumer entertainment scenarios and the field of physical AI, and create epoch - making products globally.