Post-1995s developing AI 3D models raised approximately 5 billion yuan in financing within half a year.

Games, film and television, automotive, and e-commerce sectors are all placing big bets on this track.

Reported by Zhidx on September 1, today, VAST (Sanchi Wanwu), an AI 3D unicorn company, announced that it has recently completed Series B and Series B+ financing, totaling approximately RMB 30 billion. On July 2, VAST just completed a Series A3 strategic financing of over RMB 10 billion. In less than half a year, the company has raised a total of approximately RMB 50 billion, setting a new record for financing amount in the 3D native intelligence field.

Founded in Beijing in November 2022, VAST focuses on the R&D of AI 3D large models and general world models.

Song Yachen, co-founder and CEO of VAST, was born in 1997 and graduated from Johns Hopkins University in the United States with a bachelor's degree. In 2019, he was mainly engaged in AIGC 3D related technology research at SenseTime, which laid the foundation for his entrepreneurship. In 2021, Song Yachen joined the AI Gaming Division of SenseTime, and later participated in the founding of MiniMax as its No. 001 employee.

Liang Ding, co-founder and CTO obtained his bachelor's, master's and doctoral degrees all from Tsinghua University, under the supervision of Academician Dai Qionghai and Professor Zhou Jie. He used to be the initiator of general vision and language large models and the head of vertical domain language large models at SenseTime. During his tenure, he led the implementation of the country's first products including mobile phone face unlock, face recognition door locks, and city-level face-scanning subway payment systems.

Cao Yanpei, co-founder and chief scientist is a post-85s talent, graduated from the Department of Computer Science of Tsinghua University with bachelor's and doctoral degrees. He co-founded 3D holographic company Owlii. After the company was acquired by Kuaishou, he served as a senior researcher in Kuaishou Y-tech, and later led the generative 3D work at Tencent ARC Lab and AI Lab.

From left to right: Song Yachen, Liang Ding, Cao Yanpei

While announcing the financing, VAST also released the latest version of its flagship 3D native base model Tripo P series: Tripo P2.0.

Tripo P2.0 is a 3D native base model that supports native quadrilateral topology meshes, which can directly generate 3D objects dominated by quadrilateral faces with more accurate shape restoration, controllable face count and more reasonable split parts in a few seconds.

01. Existing shareholders continue to increase their holdings, the investor portfolio covers first-tier industries including gaming, automotive, and film & television

According to VAST's official disclosure, since its establishment, the company has completed 7 rounds of financing, totaling nearly RMB 60 billion. The details are as follows:

On September 1, 2026, completed Series B and Series B+ financing of RMB 30 billion;

On July 2, 2026, completed Series A3 financing of over RMB 10 billion;

On June 1, 2026, completed Series A+ and Series A++ financing of approximately USD 200 million;

On March 5, 2026, completed Series A financing of USD 50 million;

On June 10, 2025, completed Pre-A+ round financing of tens of millions of US dollars;

On September 19, 2024, completed Pre-A round financing of several billion RMB;

On September 18, 2024, completed angel round financing.

VAST's financing rounds (Source: Qichacha)

According to Matrix Partners China, the lead investor of this round of financing, the funds raised in this round will be continuously invested in the iteration of 3D native models and data capabilities, the expansion of training and inference infrastructure, and the acceleration of product development and commercial implementation.

From the perspective of the investor portfolio, the strategic investors of VAST's two rounds of financing this time cover a wide range of industries that have practical demands for 3D native base models and world models, such as gaming, automotive, e-commerce, smart terminals, XR, film and television, cultural tourism, and advertising:

• Industrial capital:

Perfect World, BlueFocus, Core Dynamic Investment, Yanqu Games, Thundersoft, CITIC Radio & TV Investment, 37 Interactive Entertainment, etc.;

• First-tier financial investment institutions:

Dinghui VGC, CICC Capital, CMC Capital, Hongtai Fund, Sanzheng Healthcare Investment, Zhongping Capital, Fujian Industrial Investment Fund, Fujian Venture Capital, Zhuoyuan Asia, Jiangxi Financial Control, etc.;

• Existing shareholders:

Dachen Tsing Capital, Chunhua Capital, 4399, Muhua Kechuang, Oasis Capital, Inception Capital, Huakong Fund.

02. Driving 3D modeling with natural language, Tripo P2.0 released

In the past six months, VAST has successively released 3D large models Tripo H3.1 and Tripo P1.0. Today, VAST officially launches Tripo P2.0.

This model can achieve "engine-compatible, animatable, and editable", which can serve the professional pipelines of gaming, film and television and real-time interactive content, and also provide creators in the Vibe Coding era with a 3D native base that can be directly programmed, bound, and iterated.

Users can put forward creation requirements and verify output results through natural language, the agents in the model undertake solution planning, coding and debugging work, and Tripo P2.0 outputs recognizable and secondary operable 3D objects and structures.

For example, Tripo P2.0 can generate a mechanical spider, and on the basis of natural semantic part splitting, let LLM name the independent parts, write and debug motion logic, and finally realize part-level animation control of the entire mechanical spider.

In the field of 3D modeling, Tripo P2.0 can encode any topology, including quadrilateral faces and non-manifold structures, into continuous features, which is the industry's first 3D native base model that unlocks native quadrilateral topology.

For example, Tripo P2.0 can generate a complete, structurally clear quad-face 3D character model based on a 2D design drawing.

03. Conclusion: Industrial capital enters the market, 3D native base models move to real implementation scenarios

It is worth noting that the investors of this round cover multiple vertical fields such as gaming, film and television, XR, automotive, and e-commerce. The entry of industrial capital means that 3D native intelligence is no longer in the laboratory technology verification stage, and is moving to the real commercial production chain.

First-tier industrial institutions are close to downstream demands, understand the pain points of real production pipelines, and have high requirements for technology implementation. This participation in investment also reflects the recognition and expectation of first-tier industries for VAST's technology implementation from the side.

The large-scale increase of capital has further confirmed that 3D native base models are becoming an important infrastructure for industries such as gaming, film and television, and real-time interactive applications.

This article is from the WeChat Official Account "ZhiDongXi" (ID: zhidcom), author: Wang Han, editor: Xin Yuan, released by 36Kr with authorization.