Lin Junyang, former Alibaba Qwen technical lead and one of the youngest P10-level engineers at the company, has founded Pragmatik Labs in Shanghai with a 2 billion dollar angel-round valuation. Gaorong and HongShan co-led with 100 million dollars each, Tencent added 20 million, and the Shanghai Future Industry Fund participated. The valuation was reached without any product, user base, or revenue disclosure. Pragmatik Labs, whose Chinese name is Yuyong Technology, is positioned as a next-generation agent company spanning digital and physical worlds, with two business lines: digital agents for knowledge work and physical agents for real-world environments. No product has been announced. Lin personally controls most of the equity through related entities, with external investors holding 12 percent of the domestic operating company. Lin joined Alibaba's DAMO Academy in 2019, worked on M6 and OFA pre-training models, and became Qwen's technical lead in late 2022. Qwen launched its first open-source model in August 2023. By January 2026, more than 200,000 Qwen-derived models existed globally with cumulative downloads above one billion. Lin resigned on March 4 and published an essay on March 26 titled From Reasoning Thinking to Agentic Thinking, setting the conceptual direction for Pragmatik Labs. While at Qwen, he had set up a robotics and embodied intelligence team in October 2025. Investors cite Thinking Machines Lab,