{
  "_meta": {
    "schema_version": "3.0",
    "last_updated": "2026-06-13",
    "languages": [
      "en",
      "zh-CN"
    ],
    "default_language": "zh-CN",
    "sources": [
      "硅谷Top 20 Neo Labs深度研究报告（2026年6月，源报告）",
      "公开融资公告 + 公司官网 + TechCrunch + Crunchbase + Sacra + Sifted + PitchBook + Bloomberg（联网调研截至2026年6月13日）"
    ],
    "unit_note": "valuation_billion_usd / total_funding_billion_usd = 亿美元（1B = 1.0 in this unit）",
    "structure": "Top 20 主榜 + 5 Watchlist = 25 家",
    "v3_changes": [
      "数据补漏：SSI $300亿→$320亿、PI $56亿→$110亿（在谈）、World Labs $50亿（精确化）",
      "新增 5 项风险信号+1 项合作产品输出",
      "Edison Scientific 补充 FutureHouse 平台 2026.5 三大研究里程碑",
      "Language support：metadata.json 加 i18n 字段（en + zh-CN）"
    ]
  },
  "labs": [
    {
      "rank": 1,
      "list_section": "main",
      "name": "Project Prometheus",
      "slug": "project-prometheus",
      "valuation_billion_usd": 410,
      "total_funding_billion_usd": 182,
      "founded_year": 2025,
      "category": "Embodied AI & World Models",
      "hq": "San Francisco, CA",
      "founders": "Jeff Bezos + Vik Bajaj（前谷歌工程师）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "AI通过与物理世界互动学习物理规律，构建'人工通用工程师'在真实世界执行复杂任务",
      "achievements": "2026年6月完成$120亿B轮，估值$410亿；无公开产品",
      "investment_highlights": "Bezos个人领投+顶级机构跟投；机构锁定程度极高",
      "investor_signal": [
        "战略",
        "超级个人"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": null,
      "valuation_to_funding_leverage": 2.25,
      "last_round_growth_multiple": 1.4,
      "commercialization_stage_score": 1,
      "team_stability_score": 5,
      "last_round": {
        "type": "Series B",
        "amount_billion_usd": 120,
        "date": "2026-06",
        "valuation_billion_usd": 410
      },
      "next_expected_round": {
        "type": "Series C/D",
        "estimated_window_months": "12-18月",
        "expected_window": "2027-H1"
      },
      "risk_signals": [
        "无公开产品",
        "Bezos个人IP高度绑定",
        "物理AI商业化周期长",
        "Bezos 注意力被 Blue Origin 分流"
      ],
      "data_freshness": "2026-06",
      "data_freshness_days": 0
    },
    {
      "rank": 2,
      "list_section": "main",
      "name": "OpenAI",
      "slug": "openai",
      "valuation_billion_usd": 3000,
      "total_funding_billion_usd": 400,
      "founded_year": 2015,
      "category": "Corporate Lab",
      "hq": "San Francisco, CA",
      "founders": "Sam Altman、Greg Brockman、Ilya Sutskever（已离任）、Elon Musk（已离任）",
      "founder_openai_deepmind_alumni_count": 4,
      "theory_basis": "通用人工智能（AGI）全栈研究，2025年完成PBC重组，基金会持26%",
      "achievements": "ChatGPT（10亿+用户）/ o系列推理模型 / Sora / 2025 ARR $40亿",
      "investment_highlights": "软银约$400亿；Thrive Holdings'股权换服务'模式（零现金）",
      "investor_signal": [
        "主权",
        "战略"
      ],
      "status_emoji": "✅",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": 75,
      "estimated_runway_months": 120,
      "valuation_to_funding_leverage": 7.5,
      "last_round_growth_multiple": 2.3,
      "commercialization_stage_score": 5,
      "team_stability_score": 3,
      "last_round": {
        "type": "Private Placement",
        "amount_billion_usd": 400,
        "date": "2025-Q4",
        "valuation_billion_usd": 3000
      },
      "next_expected_round": {
        "type": "IPO / 战略轮",
        "estimated_window_months": "12-24月",
        "expected_window": "2027"
      },
      "risk_signals": [
        "估值/营收比极高（75x）",
        "PBC结构治理摩擦",
        "人才流出加速（SSI/Thinking Machines/Ami Labs均出自校友）",
        "NVIDIA 闭环融资争议"
      ],
      "data_freshness": "2026-01",
      "data_freshness_days": 154
    },
    {
      "rank": 3,
      "list_section": "main",
      "name": "Safe Superintelligence (SSI)",
      "slug": "ssi",
      "valuation_billion_usd": 320,
      "total_funding_billion_usd": 30,
      "founded_year": 2024,
      "category": "Pure Play Safety",
      "hq": "Palo Alto + Tel Aviv",
      "founders": "Ilya Sutskever（CEO，OpenAI前首席科学家）+ Daniel Levy（President，前OpenAI）；Daniel Gross 已离任转 Meta AI",
      "founder_openai_deepmind_alumni_count": 2,
      "theory_basis": "'Straight Shot'哲学：安全与能力必须同步推进，不发布API、不做产品；定位'后规模时代'——scaling playbook 已触顶",
      "achievements": "2024.9 Seed $10亿@$50亿 → 2025.4 $20亿@$320亿（Greenoaks $5亿领投）；与Google Cloud 签 TPU 算力大单；零营收、零产品",
      "investment_highlights": "Greenoaks Capital领投；Andreessen Horowitz、Lightspeed、DST Global、Sequoia、Alphabet（战略+算力）、NVIDIA（战略+算力）参投",
      "investor_signal": [
        "顶级VC",
        "战略"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 72,
      "valuation_to_funding_leverage": 10.67,
      "last_round_growth_multiple": 6.4,
      "commercialization_stage_score": 1,
      "team_stability_score": 4,
      "last_round": {
        "type": "Private",
        "amount_billion_usd": 20,
        "date": "2025-04",
        "valuation_billion_usd": 320
      },
      "next_expected_round": {
        "type": "Bridge / 战略",
        "estimated_window_months": "6-12月",
        "expected_window": "2026-H2"
      },
      "risk_signals": [
        "零收入",
        "AGI时间表不确定",
        "Daniel Gross 转 Meta AI（联合创始人流失）",
        "强依赖创始人个人IP",
        "Greenoaks 领投集中度高"
      ],
      "data_freshness": "2025-04",
      "data_freshness_days": 439
    },
    {
      "rank": 4,
      "list_section": "main",
      "name": "Google DeepMind",
      "slug": "google-deepmind",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 37,
      "founded_year": 2010,
      "category": "Corporate Lab",
      "hq": "London + Mountain View",
      "founders": "Demis Hassabis、Shane Legg、Mustafa Suleyman",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "嵌套学习（Nested Learning）新架构 + AI for Science + 世界模型多线推进AGI",
      "achievements": "C2S-Scale 27B验证抗癌新假说 / Co-Scientist / Project Genie / 2026英国全自动实验室 / Genie 3 接入谷歌街景",
      "investment_highlights": "Alphabet内部部门；2024年研发投入约$37亿；通过GOOGL间接参与",
      "investor_signal": [
        "公开市场"
      ],
      "status_emoji": "✅",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": null,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 5,
      "team_stability_score": 5,
      "last_round": {
        "type": "Corporate Budget",
        "amount_billion_usd": 37,
        "date": "2024",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "持续Corporate",
        "estimated_window_months": "ongoing",
        "expected_window": "2026+"
      },
      "risk_signals": [
        "非独立实体（私募无法直接投资）",
        "反垄断监管"
      ],
      "data_freshness": "2026-Q2",
      "data_freshness_days": 30
    },
    {
      "rank": 5,
      "list_section": "main",
      "name": "Skild AI",
      "slug": "skild-ai",
      "valuation_billion_usd": 15,
      "total_funding_billion_usd": 1.71,
      "founded_year": 2023,
      "category": "Embodied AI & World Models",
      "hq": "Pittsburgh, PA",
      "founders": "Deepak Pathak（CEO，CMU教授）+ Abhinav Gupta（CMU教授）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "通用机器人大脑Skild Brain——跨任意机器人形态（人形/四足/机械臂）的统一基础模型（Omni-Bodied）",
      "achievements": "2025年从零做到$3000万 ARR（Sacra实测）；2026.1 C轮$14亿@$150亿 post（CB Insights实测）；同模型控制人形/四足/机械臂",
      "investment_highlights": "SoftBank领投C轮；NVentures/三星/LG/Schneider/Salesforce Ventures/CommonSpirit/Coatue/Sequoia/Felicis多轮加注；2025 Davos CEO发声",
      "investor_signal": [
        "主权",
        "产业",
        "战略"
      ],
      "status_emoji": "🤝",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": 50,
      "estimated_runway_months": 84,
      "valuation_to_funding_leverage": 6.77,
      "last_round_growth_multiple": 3.75,
      "commercialization_stage_score": 4,
      "team_stability_score": 5,
      "last_round": {
        "type": "Series C",
        "amount_billion_usd": 14,
        "date": "2026-01",
        "valuation_billion_usd": 150
      },
      "next_expected_round": {
        "type": "Series D / 战投",
        "estimated_window_months": "9-12月",
        "expected_window": "2026-Q4 / 2027-Q1"
      },
      "risk_signals": [
        "估值/营收比50x偏高",
        "硬件供应链风险",
        "Tesla Optimus自研大脑威胁",
        "Pittsburgh 地理位置人才招聘挑战"
      ],
      "data_freshness": "2026-01",
      "data_freshness_days": 154
    },
    {
      "rank": 6,
      "list_section": "main",
      "name": "Thinking Machines Lab",
      "slug": "thinking-machines",
      "valuation_billion_usd": 120,
      "total_funding_billion_usd": 20,
      "founded_year": 2025,
      "category": "Multimodal Foundation Models",
      "hq": "San Francisco, CA",
      "founders": "Mira Murati（前OpenAI CTO）+ Barret Zoph（已离任返OpenAI）、John Schulman、Andrew Tulloch（已转Meta Superintelligence Labs）",
      "founder_openai_deepmind_alumni_count": 5,
      "theory_basis": "构建支持对话、视觉、协作的多模态AI系统",
      "achievements": "2025年10月发布Tinker（开源模型微调API）；2026年1月核心VP Barret Zoph/Luke Metz 返OpenAI、Andrew Tulloch 转 Meta Superintelligence Labs",
      "investment_highlights": "A16Z领投；英伟达/AMD/Accel/ServiceNow/Cisco/Jane Street参投；$20亿种子创纪录",
      "investor_signal": [
        "顶级VC",
        "战略",
        "产业"
      ],
      "status_emoji": "✅",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 60,
      "valuation_to_funding_leverage": 6.0,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 2,
      "team_stability_score": 2,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 20,
        "date": "2025-07",
        "valuation_billion_usd": 120
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "3位关键人员6月内流失（人才流失严重）",
        "PBC治理（Murati单一投票权）",
        "收入未披露",
        "与 OpenAI/Meta 直接人才战"
      ],
      "data_freshness": "2026-01",
      "data_freshness_days": 154
    },
    {
      "rank": 7,
      "list_section": "main",
      "name": "Periodic Labs",
      "slug": "periodic-labs",
      "valuation_billion_usd": 15,
      "total_funding_billion_usd": 6.05,
      "founded_year": 2025,
      "category": "AI for Science",
      "hq": "San Francisco, CA",
      "founders": "Liam Fedus（CEO，前OpenAI VP of Research Post-Training，物理学家背景）+ Ekin Dogus Cubuk（联创，前Google Brain/DeepMind Research Scientist）",
      "founder_openai_deepmind_alumni_count": 2,
      "theory_basis": "AI科学家+自主机器人实验室——AI 自动化从假设生成、实验设计、机器人执行到结果分析的完整科研循环（AI for Materials/Chemistry/Biology）",
      "achievements": "2025.9 种子 $3亿 @ $13亿（Andreessen Horowitz 领投 + NVIDIA/Jeff Bezos/Eric Schmidt 参投）；**2026 H1 累计融资达 $6.05亿**（StartupHub 实测），估值 $15亿（半年内估值 +15%）；网站 periodic.com 已上线",
      "investment_highlights": "Andreessen Horowitz 领投种子 + 后续加注；NVIDIA/Jeff Bezos/Eric Schmidt/Schmidt Futures 参投；与 OpenAI 战略合作关系（CEO 出身 OpenAI）；GNoME/MatterGen/MatterSim 是直接竞品",
      "investor_signal": [
        "顶级VC",
        "战略",
        "天使"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 60,
      "valuation_to_funding_leverage": 2.48,
      "last_round_growth_multiple": 1.15,
      "commercialization_stage_score": 2,
      "team_stability_score": 5,
      "last_round": {
        "type": "扩展轮",
        "amount_billion_usd": 3.05,
        "date": "2026-Q1",
        "valuation_billion_usd": 15
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "3-6月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "材料科学商业化周期长（5-10年）",
        "GNoME/MatterGen/MatterSim 三大科技巨头竞品",
        "CEO 物理学背景 + AI 产品商业化能力待验证",
        "融资速度极快（半年翻倍）"
      ],
      "data_freshness": "2026-06",
      "data_freshness_days": 0
    },
    {
      "rank": 8,
      "list_section": "main",
      "name": "Physical Intelligence (PI)",
      "slug": "physical-intelligence",
      "valuation_billion_usd": 110,
      "total_funding_billion_usd": 11,
      "founded_year": 2024,
      "category": "Embodied AI & World Models",
      "hq": "San Francisco, CA",
      "founders": "Lachy Groom（CEO，前Stripe）+ 核心团队含前DeepMind/Stanford/UC Berkeley",
      "founder_openai_deepmind_alumni_count": 1,
      "theory_basis": "跨实体机器人数据训练通用基础模型；π0 系列（π0/π0.5/π0-FAST）",
      "achievements": "π0（2024.10）/ π0.5 移动机械臂 / openpi 开源（GitHub）2025.2 / CapitalG 领投 B 轮 / 2026.3 在谈 $10亿 @ $110亿+ post",
      "investment_highlights": "2025.11 B轮 $6亿 @ $56亿（CapitalG 领投；Bezos/Thrive/Lux）；2026.3 在谈 $10亿 @ $110亿（Bloomberg/TC 报道）",
      "investor_signal": [
        "顶级VC",
        "战略"
      ],
      "status_emoji": "✅",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 48,
      "valuation_to_funding_leverage": 10.0,
      "last_round_growth_multiple": 1.96,
      "commercialization_stage_score": 3,
      "team_stability_score": 4,
      "last_round": {
        "type": "Series B（在谈）",
        "amount_billion_usd": 10,
        "date": "2026-03",
        "valuation_billion_usd": 110
      },
      "next_expected_round": {
        "type": "Series B 正式close",
        "estimated_window_months": "1-3月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "估值/产品不匹配",
        "商业化路径未明",
        "Groom 公开承认'无营收计划'",
        "与 Skild AI 估值差距收窄（$110亿 vs $150亿）",
        "依赖 Stripe 资金链"
      ],
      "data_freshness": "2026-03",
      "data_freshness_days": 105
    },
    {
      "rank": 9,
      "list_section": "main",
      "name": "World Labs",
      "slug": "world-labs",
      "valuation_billion_usd": 50,
      "total_funding_billion_usd": 23,
      "founded_year": 2024,
      "category": "Embodied AI & World Models",
      "hq": "San Francisco, CA",
      "founders": "李飞飞（CEO/创始人）+ Justin Johnson + Christoph Lassner + Ben Mildenhall",
      "founder_openai_deepmind_alumni_count": 1,
      "theory_basis": "空间智能（Spatial Intelligence）——世界模型让AI感知/生成/推理/交互3D世界；产品 Marble 支持从单图/视频/文本生成可编辑3D环境",
      "achievements": "Marble（2025.11 首个商业产品）；2026.2 完成$10亿（Autodesk $2亿 + AMD/Emerson/Fidelity/NVIDIA）；估值从$10亿→$50亿（5x）",
      "investment_highlights": "Autodesk 领投$2亿（产品-客户深度绑定）；AMD/Emerson Collective/Fidelity/NVIDIA 参投；'李飞飞 IP + Autodesk 应用场景' = 强协同",
      "investor_signal": [
        "战略",
        "顶级VC",
        "产业"
      ],
      "status_emoji": "✅",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 60,
      "valuation_to_funding_leverage": 2.17,
      "last_round_growth_multiple": 5.0,
      "commercialization_stage_score": 4,
      "team_stability_score": 5,
      "last_round": {
        "type": "Private",
        "amount_billion_usd": 10,
        "date": "2026-02",
        "valuation_billion_usd": 50
      },
      "next_expected_round": {
        "type": "Series B",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q4"
      },
      "risk_signals": [
        "估值/产品不匹配",
        "DeepMind Genie 3 强竞争",
        "李飞飞个人IP绑定",
        "CAD 行业渗透速度不确定"
      ],
      "data_freshness": "2026-02",
      "data_freshness_days": 136
    },
    {
      "rank": 10,
      "list_section": "main",
      "name": "Edison Scientific",
      "slug": "edison-scientific",
      "valuation_billion_usd": 2.5,
      "total_funding_billion_usd": 0.7,
      "founded_year": 2025,
      "category": "AI for Science",
      "hq": "San Francisco, CA",
      "founders": "Sam Rodriques（CEO，FutureHouse 联合创始人，物理学家+生物工程师，ExSeq 空间基因组学论文作者）+ Andrew White（Head of Science，FutureHouse 联合创始人，化学 AI 专家）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "Kosmos 自主科学家系统——24h 读完 1500 篇论文 + 执行 4.2 万行代码 + 80% 可复现率；面向 biology/chemistry 的全自动化科学发现",
      "achievements": "2025.5 FutureHouse Platform 首发 4 个 agent（Crow/Falcon/Owl/Phoenix，被 PhD-level 研究人员在 literature search 任务上击败）；2025.12 Edison 拆分 + $7000万种子@$2.5亿（Spark Capital + Triatomic 联合领投 + Jeff Dean 天使）；2026 H1 三大研究里程碑：Robin multi-agent（5.19）/ DISCO 酶设计（4.8）/ OXtal 晶体结构预测（12.10.2025）；6家Top10药企VP/C-level 主动接洽",
      "investment_highlights": "Spark Capital、Triatomic Capital 联合领投；天使：Google 首席科学家 Jeff Dean；Kosmos 产品已商业化，6家 Top10 药企 C-level 接洽",
      "investor_signal": [
        "顶级VC",
        "产业",
        "天使"
      ],
      "status_emoji": "🤝",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 24,
      "valuation_to_funding_leverage": 3.57,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 3,
      "team_stability_score": 5,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 0.7,
        "date": "2025-12",
        "valuation_billion_usd": 2.5
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "母体 FutureHouse 501(c)(3) 慈善属性影响技术资源分配（Sam+Andrew 双线管理）",
        "Pharma CRO 竞争激烈",
        "Kosmos 商业化早期",
        "估值 $2.5亿 / 累计 $7000万 = 杠杆 3.57x"
      ],
      "data_freshness": "2026-05",
      "data_freshness_days": 43
    },
    {
      "rank": 11,
      "list_section": "main",
      "name": "AMI Labs",
      "slug": "ami-labs",
      "valuation_billion_usd": 35,
      "total_funding_billion_usd": 10.3,
      "founded_year": 2026,
      "category": "Pure Play Safety",
      "hq": "Paris + New York + Montreal + Singapore",
      "founders": "Yann LeCun（图灵奖得主、前Meta首席AI科学家）+ Alexandre LeBrun（CEO，VirtuOz/Wit.ai创始人，前Meta FAIR/Nabla）+ 团队含 Pascale Fung/Saining Xie/Mike Rabbat/Min Lin",
      "founder_openai_deepmind_alumni_count": 1,
      "theory_basis": "JEPA（非生成式）世界模型路线——理解真实世界+持久记忆+推理规划+安全可控",
      "achievements": "2026.3完成$10.3亿种子（欧洲史上最大种子），pre-money $35亿；首个合作伙伴Nabla（数字健康）",
      "investment_highlights": "Cathay Innovation/Greycroft/Hiro Capital/HV Capital/Bezos Expeditions 联合领投；Temasek+NVIDIA 参投",
      "investor_signal": [
        "顶级VC",
        "战略",
        "主权"
      ],
      "status_emoji": "🔬",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 48,
      "valuation_to_funding_leverage": 3.4,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 1,
      "team_stability_score": 4,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 10.3,
        "date": "2026-03",
        "valuation_billion_usd": 35
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "9-12月",
        "expected_window": "2026-Q4 / 2027-Q1"
      },
      "risk_signals": [
        "与LLM主流路线对赌",
        "LeCun个人IP绑定",
        "四洲分布管理复杂度",
        "Meta 内部对 JEPA 路线有公开分歧"
      ],
      "data_freshness": "2026-03",
      "data_freshness_days": 105
    },
    {
      "rank": 12,
      "list_section": "main",
      "name": "Ricursive Intelligence",
      "slug": "ricursive-intelligence",
      "valuation_billion_usd": 40,
      "total_funding_billion_usd": 3.35,
      "founded_year": 2025,
      "category": "AI for Chip Design",
      "hq": "Palo Alto, CA",
      "founders": "Anna Goldie（CEO，前DeepMind，AlphaChip联合作者）+ Azalia Mirhoseini（CTO，前DeepMind，AlphaChip联合作者）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "递归自改进——AI设计芯片→芯片加速AI→AI设计更好芯片（ASI闭环）",
      "achievements": "AlphaChip（Nature 2021）/ RL-CCD/Insta/C3PO 四篇顶会；成立2月$40亿估值",
      "investment_highlights": "Sequoia领投种子+A轮；Lightspeed/DST/NVentures/Felicis参投",
      "investor_signal": [
        "顶级VC",
        "战略"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 36,
      "valuation_to_funding_leverage": 11.94,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 1,
      "team_stability_score": 5,
      "last_round": {
        "type": "Series A",
        "amount_billion_usd": 3.0,
        "date": "2026-01",
        "valuation_billion_usd": 40
      },
      "next_expected_round": {
        "type": "Series B",
        "estimated_window_months": "9-12月",
        "expected_window": "2026-Q4 / 2027-Q1"
      },
      "risk_signals": [
        "成立2月估值$40亿，融资速度极快——下一轮倒挂风险",
        "ASI概念股溢价",
        "芯片设计周期3-5年与VC窗口错位",
        "依赖Cadence/Synopsys",
        "NVIDIA战略+投资人双重身份"
      ],
      "data_freshness": "2026-02",
      "data_freshness_days": 136
    },
    {
      "rank": 13,
      "list_section": "main",
      "name": "Latent Labs",
      "slug": "latent-labs",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 0.5,
      "founded_year": 2024,
      "category": "AI for Science",
      "hq": "London + San Francisco",
      "founders": "Simon Kohl（CEO，DeepMind AlphaFold2 前联合负责人、蛋白设计团队联合负责人、AlphaFold2 主流不确定性预测 pLDDT 发明者；后于 Francis Crick Institute 建湿实验室）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "用生成式AI从头设计治疗性蛋白质（抗体、酶）——AlphaFold 解决了'结构预测'，Latent Labs 解决'从头设计'；'push a button, get candidates' 愿景",
      "achievements": "2025.2 隐身结束 + $5000万 Series A；约 15 人核心团队（多位前 DeepMind/Microsoft/剑桥 PhD）；公司**明确不开发药物**（与客户不竞争），定位 service provider",
      "investment_highlights": "Radical Ventures、Sofinnova Partners 联合领投 A 轮；天使含 Google 首席科学家 Jeff Dean + Cohere 创始人 Aidan Gomez + ElevenLabs 创始人 Mati Staniszewski；8VC/Kindred/Pillar VC/Isomer Capital/Flying Fish 跟投",
      "investor_signal": [
        "顶级VC",
        "天使"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 24,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 2,
      "team_stability_score": 5,
      "last_round": {
        "type": "Series A",
        "amount_billion_usd": 0.5,
        "date": "2025-02",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "Series B",
        "estimated_window_months": "9-12月",
        "expected_window": "2026-Q4 / 2027-Q1"
      },
      "risk_signals": [
        "蛋白设计商业化未明",
        "Pharma 大客户依赖（service provider 模式）",
        "估值未披露",
        "B 轮前数据时效性 500+ 天",
        "竞品激烈：Generate Biomedicines / Isomorphic Labs（DeepMind 母公司体系）"
      ],
      "data_freshness": "2025-02",
      "data_freshness_days": 500
    },
    {
      "rank": 14,
      "list_section": "main",
      "name": "Earendil Labs",
      "slug": "earendil-labs",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 7.87,
      "founded_year": 2024,
      "category": "AI for Science",
      "hq": "Wilmington, DE",
      "founders": "Jian Peng（生命科学领域，Helixon Group 高管；与关联公司 Helixon Therapeutics 联合运营）；其他核心团队细节未公开",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "AI原生生物制剂平台——蛋白质/抗体基础模型 + AI+实验室闭环，覆盖从靶点发现到临床前开发的全流程",
      "achievements": "已生成40+治疗项目；HXN-1001（抗TL1A半衰期延长抗体）Phase II 准备；2025年与赛诺菲达成双特异性抗体全球独家许可（多个 IND-enabling 阶段项目）",
      "investment_highlights": "2026.3$7.87亿私募（2026 AI生物制药最大单笔之一）；Dimension Capital、DST Global、Sanofi（战略+算力级合作）、辉瑞+高瓴生物医药基金（Hillhouse/Pfizer 联合基金）",
      "investor_signal": [
        "战略",
        "主权",
        "产业"
      ],
      "status_emoji": "🤝",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 60,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 4,
      "team_stability_score": 3,
      "last_round": {
        "type": "Private Placement",
        "amount_billion_usd": 7.87,
        "date": "2026-03",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "IPO准备",
        "estimated_window_months": "12-18月",
        "expected_window": "2027"
      },
      "risk_signals": [
        "临床试验高风险",
        "估值/阶段不匹配（$7.87亿但未披露估值）",
        "Pharma合作主导权",
        "Wilmington 注册地选择原因不明（避税+匿名）"
      ],
      "data_freshness": "2026-03",
      "data_freshness_days": 105
    },
    {
      "rank": 15,
      "list_section": "main",
      "name": "Lila Sciences",
      "slug": "lila-sciences",
      "valuation_billion_usd": 13,
      "total_funding_billion_usd": 5.5,
      "founded_year": 2023,
      "category": "AI for Science",
      "hq": "Cambridge, MA + Boston + London + San Francisco",
      "founders": "Geoffrey von Maltzahn（CEO，Flagship Pioneering GP，5家独角兽创始CEO）+ **George Church（Chief Scientist，CRISPR/Cas9 共同发明人，Harvard 医学院）** + Molly Gibson + Noubar Afeyan",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "Scientific Superintelligence + AI Science Factories™——AI+软件+机器人一体的端到端平台，自动化科学方法全流程（生命科学/化学/材料/能源/航防/生物）",
      "achievements": "首个 AI Science Factory 已运行数十万次 AI 驱动实验；2026 Fast Company AI 创新榜 Top 10；ARIA（英国 AI 安全研究所）2026 多笔 Grant 资助；2025.3 种子$2亿 + 2025.9-10 A 轮 $3.5亿两关 = 累计 $5.5亿",
      "investment_highlights": "Flagship Pioneering 孵化 + 种子 $2亿；Braidwell/Collective Global 领投 A 轮；NVentures（NVIDIA）+ Analog Devices + IQT + ADIA（阿布扎比投资局）+ Dauntless Ventures/Catalio/Pennant/Altitude/ARK/March Capital/Mathers Foundation/Modi Ventures/NGS Super/Michigan Retirement System 等顶级机构跟投；管理资产 $2万亿+ 的'机构+主权'组合",
      "investor_signal": [
        "顶级VC",
        "主权",
        "战略"
      ],
      "status_emoji": "🤝",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 60,
      "valuation_to_funding_leverage": 2.36,
      "last_round_growth_multiple": 10.0,
      "commercialization_stage_score": 3,
      "team_stability_score": 4,
      "last_round": {
        "type": "Series A extension",
        "amount_billion_usd": 1.15,
        "date": "2025-10",
        "valuation_billion_usd": 13
      },
      "next_expected_round": {
        "type": "Series B",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "CEO 精力分散（同时 5 家公司）",
        "技术声明未公开数据支撑",
        "Pharma 客户合同未披露",
        "ARIA Grant 收入 vs 商业收入需区分"
      ],
      "data_freshness": "2025-10",
      "data_freshness_days": 256
    },
    {
      "rank": 16,
      "list_section": "main",
      "name": "Mirendil",
      "slug": "mirendil",
      "valuation_billion_usd": 10,
      "total_funding_billion_usd": 1.75,
      "founded_year": 2026,
      "category": "AI for Science",
      "hq": "San Francisco, CA",
      "founders": "Behnam Neyshabur（CEO，TTI-Chicago 博士/NYU 博士后/前 Google DeepMind 5年 Gemini 团队 lead + 前 Anthropic 科学 AI 推理团队 lead）+ Harsh Mehta（CTO，前 Anthropic Senior Research Scientist）+ Shayan Salehian（前 xAI）+ Tara Rezaei（前 OpenAI 实习生）",
      "founder_openai_deepmind_alumni_count": 3,
      "theory_basis": "AI发现引擎——执行长时推理的 AI 系统，模拟分子相互作用 + 导航化学空间，连接计算模拟与机器人湿实验（针对生物/材料科学）",
      "achievements": "成立即在谈 $1.75亿 @ $10亿（2026.3 The Information 报道，截至 2026.4 terms 仍未 finalize）；无公开模型发布；研究焦点：AI for biology + materials science 的长期科学推理",
      "investment_highlights": "Andreessen Horowitz + Kleiner Perkins 联合领投（在谈）；Anthropic 系集体出走创业潮代表（Neyshabur 5 年 DeepMind + 1 年 Anthropic 双重经历）",
      "investor_signal": [
        "顶级VC"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 36,
      "valuation_to_funding_leverage": 5.71,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 1,
      "team_stability_score": 5,
      "last_round": {
        "type": "Seed (在谈)",
        "amount_billion_usd": 1.75,
        "date": "2026-03",
        "valuation_billion_usd": 10
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "成立即 $10亿估值（无产品）",
        "Anthropic 人才流出引发 IP 争议",
        "Pharma CRO 竞争",
        "在谈轮次 3 月未 close（融资执行风险）"
      ],
      "data_freshness": "2026-04",
      "data_freshness_days": 65
    },
    {
      "rank": 17,
      "list_section": "main",
      "name": "Inception Labs",
      "slug": "inception-labs",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 0.5,
      "founded_year": 2024,
      "category": "Foundation Models (Diffusion LLMs)",
      "hq": "Palo Alto, CA",
      "founders": "Stefano Ermon（斯坦福CS教授）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "基于扩散技术的新一代LLM——dLLM（token并行生成，速度快5-10x）",
      "achievements": "Mercury（2025.2首个商业级dLLM）/ Mercury 2（2026.6，1009 tokens/sec）",
      "investment_highlights": "2025.11$5000万种子；NVIDIA在Mercury 2发布时公开背书；多家Fortune 500生产部署",
      "investor_signal": [
        "战略",
        "顶级VC"
      ],
      "status_emoji": "✅",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 24,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 4,
      "team_stability_score": 5,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 0.5,
        "date": "2025-11",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "与主流Autoregressive路线对赌",
        "小模型（dLLM）长期天花板",
        "估值未披露"
      ],
      "data_freshness": "2026-06",
      "data_freshness_days": 0
    },
    {
      "rank": 18,
      "list_section": "main",
      "name": "General Intuition",
      "slug": "general-intuition",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 1.337,
      "founded_year": 2025,
      "category": "Embodied AI & World Models",
      "hq": "San Francisco, CA",
      "founders": "Pim de Witte（CEO，Medal B.V创始人，10M+ MAU 游戏视频平台；从 Medal 拆出）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "用Medal平台年$20亿+ 玩家上传的2B+ 游戏视频训练空间-时序推理模型",
      "achievements": "模型已能理解未训练环境并正确预测动作；OpenAI曾出价$5亿收购 Medal（被拒）",
      "investment_highlights": "Khosla Ventures、General Catalyst联合领投；Raine参投；2025.10$1.337亿种子",
      "investor_signal": [
        "顶级VC"
      ],
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 36,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 1,
      "team_stability_score": 5,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 1.337,
        "date": "2025-10",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "数据飞轮依赖Medal平台",
        "游戏→现实迁移未验证",
        "OpenAI潜在竞争"
      ],
      "data_freshness": "2025-10",
      "data_freshness_days": 256
    },
    {
      "rank": 19,
      "list_section": "main",
      "name": "dmodel.ai",
      "slug": "dmodel-ai",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": null,
      "founded_year": 2025,
      "category": "Pure Play Safety",
      "hq": "未披露（推断硅谷）",
      "founders": "Anish Athayle（联创，前Stripe/inference.net）+ Dmoon Moon（联创）+ 核心团队约15人",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "为前沿实验室构建可解释性与对齐研究agent——让模型成为对齐研究者本身",
      "achievements": "已与多家前沿实验室签约；其RL环境训练的LLM已被广泛使用",
      "investment_highlights": "种子轮（金额未披露）；'interpretability-as-a-service'定位",
      "investor_signal": [
        "未披露"
      ],
      "status_emoji": "🤝",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": null,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 3,
      "team_stability_score": 4,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": null,
        "date": "2025-Q4",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "融资未披露",
        "团队规模小",
        "依赖大实验室合作"
      ],
      "data_freshness": "2025-Q4",
      "data_freshness_days": 180
    },
    {
      "rank": 20,
      "list_section": "main",
      "name": "Boltz",
      "slug": "boltz",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 0.28,
      "founded_year": 2026,
      "category": "AI for Science",
      "hq": "Cambridge, MA",
      "founders": "Gabriele Corso + Jeremy Wohlwend + Saro Passaro（MIT Jameel Clinic 研究员）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "Boltz-1/2/Gen 开源基础模型——蛋白结构预测+小分子亲和力+生物制剂设计；PBC坚持开放科学",
      "achievements": "开源模型已被10万+ 科学家使用（每家Top20药企+数千biotech）；GitHub 4K+ stars；1M+ downloads；2026.1与Pfizer合作",
      "investment_highlights": "2026.1$2800万种子：A16Z、Amplify Partners、Zetta Venture Partners；天使：Hugging Face CEO Clement Delangue、Factorial Capital、Obvious Ventures",
      "investor_signal": [
        "顶级VC",
        "天使",
        "战略"
      ],
      "status_emoji": "🤝",
      "open_source": true,
      "estimated_valuation_to_revenue_ratio": null,
      "estimated_runway_months": 24,
      "valuation_to_funding_leverage": null,
      "last_round_growth_multiple": null,
      "commercialization_stage_score": 3,
      "team_stability_score": 5,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 0.28,
        "date": "2026-01",
        "valuation_billion_usd": null
      },
      "next_expected_round": {
        "type": "Series A",
        "estimated_window_months": "6-9月",
        "expected_window": "2026-Q3"
      },
      "risk_signals": [
        "PBC非盈利属性",
        "不开发药物的商业模式依赖",
        "Pharma大客户依赖"
      ],
      "data_freshness": "2026-01",
      "data_freshness_days": 154
    },
    {
      "rank": "W1",
      "list_section": "watchlist",
      "name": "Figure AI",
      "slug": "figure-ai",
      "valuation_billion_usd": 390,
      "total_funding_billion_usd": 19,
      "founded_year": 2022,
      "category": "Embodied AI",
      "hq": "San Jose, CA",
      "founders": "Brett Adcock（连续创业者，Vettery/Archer Aviation创始人）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "通用人形机器人——无需改造现有产线即可承担体力、重复性工业任务",
      "achievements": "Figure 02在BMW工厂11个月/1250+小时/9万+零件/贡献3万辆X3；Figure 03已发布；估值18个月涨15倍",
      "investment_highlights": "Microsoft/NVentures/OpenAI Startup Fund/Bezos Expeditions/Intel Capital/ARK Invest；Brookfield/Macquarie领投$10亿C轮",
      "watchlist_reason": "产品化进度最实证（BMW工厂实操），但'非实验室'定位明显",
      "status_emoji": "✅",
      "open_source": false,
      "estimated_runway_months": 36,
      "data_freshness": "2025-09",
      "data_freshness_days": 277,
      "last_round": {
        "type": "Series C (已 close 2025-09)",
        "amount_billion_usd": 10,
        "date": "2025-09",
        "valuation_billion_usd": 39
      },
      "next_expected_round": {
        "type": "A 轮",
        "estimated_window_months": "6-9月",
        "expected_window": "2026 Q3-Q4"
      },
      "risk_signals": [
        "估值杠杆 20.5x（25 家中最高）",
        "2025 营收 $100M = 估值/营收比 39x",
        "人形机器人量产难度 + 监管 + 安全",
        "Drop OpenAI = 失去顶级 AI 协同",
        "BotQ 产能 12K/年 vs 目标 200K/年"
      ]
    },
    {
      "rank": "W2",
      "list_section": "watchlist",
      "name": "Apptronik",
      "slug": "apptronik",
      "valuation_billion_usd": 55,
      "total_funding_billion_usd": 14.5,
      "founded_year": 2016,
      "category": "Embodied AI",
      "hq": "Austin, TX",
      "founders": "源自University of Texas Human-Centered Robotics Lab",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "通用人形机器人Apollo——工业制造/物流场景的'具身AI'",
      "achievements": "Google、Mercedes-Benz、ARK Invest背书；2026.2$5.2亿A轮",
      "watchlist_reason": "成立较早（2016），但具身AI叙事下与Neo Labs形成'老兵+新军'对照",
      "status_emoji": "✅",
      "open_source": false,
      "estimated_runway_months": 36,
      "data_freshness": "2026-02",
      "data_freshness_days": 136,
      "last_round": {
        "type": "估值跃升（Q1→Q2 11x）",
        "amount_billion_usd": null,
        "date": "2026-Q1",
        "valuation_billion_usd": 5
      },
      "next_expected_round": {
        "type": "A 轮",
        "estimated_window_months": "6-9月",
        "expected_window": "2026 Q3-Q4"
      },
      "risk_signals": [
        "估值 11x 跃迁 = 短期估值倒挂风险",
        "无 ARR 公开数据",
        "人形机器人量产难度",
        "依赖外部 AI 模型（DeepMind Gemini）"
      ]
    },
    {
      "rank": "W3",
      "list_section": "watchlist",
      "name": "Modal Labs",
      "slug": "modal-labs",
      "valuation_billion_usd": 25,
      "total_funding_billion_usd": 1.11,
      "founded_year": 2021,
      "category": "AI Infrastructure",
      "hq": "New York + San Francisco + Stockholm",
      "founders": "Erik Bernhardsson（前Spotify ML lead、Better.com CTO）+ Akshat Bubna（前Scale AI）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "Serverless AI计算平台——亚秒级冷启动、自动弹性GPU",
      "achievements": "ARR约$5000万（2025）；2025.9$1.1亿B轮达独角兽；2026.2在谈$25亿新轮",
      "watchlist_reason": "服务对象100%为AI研究/初创团队，被Menlo视作Neo Lab生态基础设施层",
      "status_emoji": "✅",
      "open_source": false,
      "estimated_valuation_to_revenue_ratio": 5,
      "estimated_runway_months": 36,
      "data_freshness": "2026-02",
      "data_freshness_days": 136,
      "last_round": {
        "type": "A 轮 (在谈)",
        "amount_billion_usd": null,
        "date": "2026-Q2",
        "valuation_billion_usd": 25
      },
      "next_expected_round": {
        "type": "A 轮",
        "estimated_window_months": "6-9月",
        "expected_window": "2026 Q3-Q4"
      },
      "risk_signals": [
        "估值 10x 跃迁 = 短期估值倒挂",
        "基础设施赛道竞争激烈",
        "GPU 算力依赖",
        "ARR $50M 但利润未披露"
      ]
    },
    {
      "rank": "W4",
      "list_section": "watchlist",
      "name": "Merge Labs",
      "slug": "merge-labs",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 2.52,
      "founded_year": 2025,
      "category": "BCI (Brain-Computer Interface)",
      "hq": "San Francisco, CA",
      "founders": "Sam Altman（个人投资项目）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "脑机接口（BCI）——把人类大脑与AI直接连接",
      "achievements": "2026年1月完成$2.52亿种子（OpenAI领投）",
      "watchlist_reason": "Altman个人IP + OpenAI资金背书；与Neuralink形成BCI双子星",
      "status_emoji": "🔬",
      "open_source": false,
      "estimated_runway_months": 48,
      "data_freshness": "2026-01",
      "data_freshness_days": 154,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 2.52,
        "date": "2026-01",
        "valuation_billion_usd": 8.5
      },
      "next_expected_round": {
        "type": "A 轮",
        "estimated_window_months": "6-9月",
        "expected_window": "2026 Q3-Q4"
      },
      "risk_signals": [
        "Stage 1 研究（无商业化产品）",
        "超声波技术风险（细胞分辨率需大量验证）",
        "Forest Neurotech 公益端 vs Merge 商业端 IP 划分",
        "Sam Altman 精力分散",
        "若 B 轮 6 月内未 close = 私募必访谈"
      ]
    },
    {
      "rank": "W5",
      "list_section": "watchlist",
      "name": "Living Models",
      "slug": "living-models",
      "valuation_billion_usd": null,
      "total_funding_billion_usd": 0.07,
      "founded_year": 2025,
      "category": "AI for Science",
      "hq": "Paris + Berkeley",
      "founders": "Cyril Veran（CEO，背景含Huawei Noah's Ark Lab/Owkin/Datadog/Institut Pasteur）",
      "founder_openai_deepmind_alumni_count": 0,
      "theory_basis": "为活体系统（植物界起步）构建基础模型——BOTANIC-0（1B参数DNA语言模型）",
      "achievements": "$700万种子；120块B200+1600+植物基因组；bioRxiv论文已发布",
      "watchlist_reason": "小而美的科学基础模型代表",
      "status_emoji": "🔬",
      "open_source": true,
      "estimated_runway_months": 18,
      "data_freshness": "2026-Q1",
      "data_freshness_days": 100,
      "last_round": {
        "type": "Seed",
        "amount_billion_usd": 0.3,
        "date": "2025-Q4",
        "valuation_billion_usd": 0.3
      },
      "next_expected_round": {
        "type": "A 轮",
        "estimated_window_months": "6-9月",
        "expected_window": "2026 Q3-Q4"
      },
      "risk_signals": [
        "极早期（pre-seed 之后）",
        "生发+蛋白质组学 跨学科复杂度高",
        "团队规模小（<20人）",
        "无 ARR 数据",
        "数据时效 200+ 天"
      ]
    }
  ]
}