Lin Junyang, the former technical lead of Alibaba's Qwen, has formally unveiled Shanghai-based Pragmatik Labs, a new AI lab also known in Chinese as Yuyong Tech, focused on next-generation agents that can operate across digital environments and the physical world. Lin said the company's core mission is to build general-purpose AI agents that can work in both virtual and real-world settings, using the slogan "Agents for digital and physical worlds." Multiple reports previously cited by the source said the company was valued at more than $2 billion before its public debut, with HongShan, formerly Sequoia China, and Gaorong Ventures co-leading the round and Tencent plus the Shanghai Future Industry Fund also participating. People familiar with the matter, as cited by multiple media outlets, said the financing reached hundreds of millions of dollars, with HongShan and Gaorong each investing about $100 million and Tencent around $20 million. Pragmatik Labs is positioning itself away from the race to build ever-larger foundation models and toward agent systems that can reason, use tools, learn from feedback and coordinate actions over long time horizons. Its strategy spans digital agents for knowledge work and enterprise operations, and physical agents for robots working in real-world settings, reflecting Lin's view that AI must act in uncertain environments rather than simply generate answers inside a closed context.