Former Qwen Tech Chief Lin Junyang Launches Pragmatik Labs with a Two-Billion-Dollar Valuation — and Pivots from Foundation Models to Agents

Lin Junyang, the 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 company is positioning itself around digital and physical agents rather than another foundation model.