Dialogue with PhotonLeap CEO Yuan Qian: AI rewrites the imaging war, how will PhotonLeap break through?

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Author | Huang Yu

Over the past decade or so, the imaging industry has experienced two major revolutions. The first was the smartphone, which used computational photography to reshape the traditional camera industry. The second was handheld gimbal cameras, action cameras, and drones, bringing Chinese companies like DJI and Insta360 to the global stage.

Today, the advent of large AI models is pushing the imaging industry into a third transformation, with “AI+Imaging” becoming a hot track.

More and more startups are hoping to seize the opportunity to redefine the "camera", and LeapTic, a Dreame ecosystem company, is one such player.

Recently, LeapTic President Yuan Qian elaborated in detail on LeapTic’s product strategy and underlying business logic in an interview with Wallstreetcn, revealing that the company has completed two rounds of financing and has now started a third—the series A round.

This company, founded just over a year ago, released its first product—the LEAPTIC Cube 8K AI thumb action camera—just over two months ago.

The launch of this product was somewhat later than Yuan Qian had originally anticipated. Yuan said, the company had intended to launch earlier, but as a new brand wanted to avoid negative product feedback, so more time was allocated to thorough internal and external testing.

Whether LeapTic can make a market breakthrough with its first product is very important. However, in terms of pricing, the LEAPTIC Cube starts at 2,599 yuan in China, higher than similar products from DJI.

For a newcomer aiming to challenge DJI and Insta360, why would a new brand’s first product be priced higher? Where does Yuan’s confidence come from?

In response, Yuan explained that in the imaging track, brand influence is crucial—once users adapt to a brand, they develop strong loyalty, even more apparent than in other consumer electronics. As a new brand, we chose a more difficult but healthier path for the future: establish our technology and brand first, before talking about market share.

Reportedly, just over two months after launch, the LEAPTIC Cube is mainly distributed domestically. “Our greatest pressure now is to supply overseas orders quickly. There are 30,000 overseas orders in hand, and we are speeding up production.”

Another much-discussed question—facing giants in the action camera market, why did LeapTic choose a thumb action camera as its debut product?

Yuan told Wallstreetcn that this is because its form factor fits the lightweight, essential need for a “first-person perspective,” with strong ecosystem expandability, such as better compatibility with AI rings. In addition, this form factor is an intermediate value in R&D—not extremely difficult, but not overly simple either.

In Yuan’s view, compared to “thumb,” “modular” is more in line with the LEAPTIC Cube’s positioning. “We are the industry’s first to achieve three modules (host + expansion display + battery pack) in a camera, and in future, there could be even more modules.”

Yuan pointed out that modular action camera development is more difficult than non-modular, as you need to stack functions in a smaller space. Therefore, after making this product, going back to traditional action cameras is very simple; but it’s still simpler than handheld gimbal cameras, preparing the company technologically for more complex future imaging products with improved development efficiency.

In terms of market channel strategy, LeapTic launched its first product domestically, then plans to expand internationally after receiving market feedback and iterating on the product.

However, Yuan also revealed that the company will focus more on overseas markets. “70 to 75% of the market in this track is overseas; the user base and business are there.” He also candidly stated that overall profits overseas are much better than in China right now.

Reportedly, LeapTic’s overall revenue target is 300 million RMB in 2026 and 1 billion RMB in 2027.

“With our initial shipment plus current orders, we have already completed 30% to 40% of this year's revenue target.” Yuan said that as more new products come to market next year, he is optimistic about achieving the set goals.

A business blueprint around a single action camera is obviously not enough; LeapTic’s plan is to define the next era of imaging products.

At the end of June, LeapTic held an imaging technology launch event in Shenzhen themed “Defining a New Era of Imaging,” unveiling a grand vision of a “personal smart imaging ecosystem” covering a product matrix of action cameras, AI rings, AI glasses, and gimbal mirrorless cameras.

Yuan says, in the past, imaging was just a single device. In the future, LeapTic wants to build an ecosystem centered around imaging. The core logic is to transform imaging from an “island-style recorder” to the future “resonance of all things.”

The advancement of AI technology is the premise that makes LeapTic’s vision possible. Yuan notes that without powerful AI and agent connectivity, imaging is always fragmented and it’s tough to interact with other ecosystem hardware.

LeapTic plans to officially launch its second product in late July or early August—an AI emotional ring, which will be the key link in the ecosystem interconnection.

According to Yuan, this AI emotional ring has a touch screen and can instantly control a worn action camera via double-tap to shoot or long-press to record video, as users’ hands are often occupied when shooting. Using a ring for control can better enable quick capturing.

Looking ahead to future product launches, LeapTic also aims to win more market with differentiated strategies.

Yuan revealed that the company will simultaneously layout both mature categories like action cameras and handheld gimbals, as well as innovative niche categories not yet covered by DJI or Insta360, reusing existing imaging and AI technology. All products will connect to a unified app for integrated functionality.

However, LeapTic knows its own boundaries; for highly competitive and capital-intensive smart glasses, the company will cooperate with third-party smart glass manufacturers for ecosystem integration.

“In the future, we will focus on AI imaging as the main axis and develop suitable hardware based on technology. Some will overlap with large-scale peers, some may be similar to small companies—these are all unavoidable. But the core is building a next-gen imaging ecosystem through AI imaging,” Yuan said.

In the past decade or so, the logic of competition in the imaging industry has undergone several transformations: initially it was about hardware like CMOS, lenses, and ISPs. Later in the era of computational photography, it was algorithms and chip synergy that mattered. In the AI era, competition has further moved towards software and intelligent experience.

Whichever company can truly make devices understand users will be more likely to define the next generation of imaging products.

For LeapTic, launching its first product is just the first step; the real test has only just begun.

The full text of Wallstreetcn’s interview with LeapTic President Yuan Qian (edited):

Wallstreetcn: In your early years you worked at P&G, vivo, and started a business of your own. Why did you later choose to join LeapTic? Has your previous work experience influenced your strategic thinking at LeapTic?

Yuan Qian: It has had a big impact. I graduated from Sun Yat-sen University. The business vibe in Guangdong is strong; I was president of the university’s entrepreneurship club. My logic at the time was: if you want to build a “60-point” company in the future, you must first go to a “100-point” company to figure out how it's done.

So I didn’t start a business right after graduation. Every step in my career was preparation for future entrepreneurship. P&G taught me about user insight, and vivo gave me a lot of imaging experience in the most complex consumer electronic products, as well as access to many supply chain partners and photographers.

Back to imaging—every experience was preparation for doing it well. Dreame (parent ecosystem) was looking for a second growth point, including the imaging segment. After discussion with Yu Hao, we agreed it was a good avenue, so I built the company from scratch, found co-founder and CTO Yang Sheng—he was Dreame’s 23rd employee.

Wallstreetcn: The imaging industry is highly competitive, with many companies entering. Why do you still believe there’s an opportunity to carve out your own market space?

Yuan Qian: To answer directly—Imaging’s space is huge. Before 2010, imaging was dominated by Japan, South Korea, Europe and the US, heavily dependent on hardware, with lens module plant investment 50 to 100 times higher than a clothing line. China could not make core imaging components at all.

In the second era, we caught the mobile phone boom: Chinese engineers retained a lot of technology domestically and built up strength. In the past 10 years, whether a global high-end phone is “high-end” depends entirely on its imaging prowess. This built formidable Chinese imaging capabilities but devastated the camera industry.

As DJI, Insta360 and similar companies grew, one feature of the imaging category is—hardware is similar, but imaging style varies; results depend on human aesthetic, and with varied cultures, there’s no unification. So imaging can never be a monopoly—top companies have always been four to six players.

Unlike hardware, which relies on a long-term supply chain, AI foundation models are thoroughly reconstructing imaging system development. Previously, people wrote code; now with AI Agents we rapidly build “understanding” systems, letting us focus on making OS "read the user" and "understand scenarios"—that’s the real moat of MemoryOS. We aren’t afraid of intelligence and efficiency competition; it’s our edge for this era.

Wallstreetcn: The company released its first product in May, about a year after being founded. Was this speed due to team or organizational structure, allowing such a rapid launch?

Yuan Qian: First, we stood on the giants’ shoulders by referencing many mobile industry technical paths. Second, both I and Yang Sheng are experienced in building from scratch; we’re much more efficient than a new startup that’s just getting started.

Third, our internal processes are clear, decisions are quick, we’re not afraid of trial and error, and we iterate fast. Last, recruiting: the core team must be truly passionate about imaging—passion and belief fuel infinite problem-solving amid difficulties. These four reasons made us fast.

Wallstreetcn: How big is your team now? How many are in technical R&D or specifically in imaging?

Yuan Qian: Right now, about 200 people, over 60% are in R&D; we are very technology-oriented. Adding supply chain support etc., technical-related roles are an even higher percentage.

Wallstreetcn: Releasing a new product within a year, was that per your plan, or ahead/behind schedule?

Yuan Qian: We chose a more rigorous launch pace. For a new brand, the first battle is decisive—no room for error. Action cameras are very quality-dependent; competitors’ launches often have flaws like fogging or overheating. Big brands can tolerate negative feedback, but as a new brand, a single negative can lose a user forever. So we proactively extended extreme testing cycles—slower but steadier, to ensure users receive flawless products.

Wallstreetcn: The first product is a thumb action camera—why choose this type as your debut?

Yuan Qian: Overseas, we’ll rebrand as “modular camera” rather than “thumb," since “modular” fits us better. We’re the first in the industry to have three modules in a camera.

Why choose this form for launch? First, we believe it could replace traditional small block action cameras. Seventy percent of action camera use is wearable, for first-person perspective. Wearable requires lightness, but also great image quality and endurance.

Our selling points: At 55.9g, it’s the first in form factor to shoot 8K; it has its own battery module, first in the industry to shoot non-stop for 500-600 minutes; first in the industry for AI voice control; first dual-screen “dynamic island.”

Second, this form has strong expandability. Last month, we released the first “AI emotional ring” that connects with the camera—first in the industry. Finally, we chose a product whose R&D challenge is moderate, to accumulate technology for more complex future products.

Wallstreetcn: From real user feedback, have you had requests for improvements to features or functions?

Yuan Qian: Absolutely—Chinese users are demanding. For example, our “dynamic quick screen” originally used a long press to move, but users suggested double tap would be better. We’ve iterated twice. Some influencers keep in touch, helping us optimize quickly. Users also want first-person “pet” accessories—for pets to wear the camera. We’ll enrich our accessories going forward.

Wallstreetcn: Will the domestic and overseas markets proceed simultaneously? Or will you focus more overseas?

Yuan Qian: Given our current size and resources, our main effort will be overseas. In this track, 70–75% of the market is abroad; both user base and business are there. Also, honestly, overall profit overseas is much higher than domestically.

Wallstreetcn: The imaging market is fiercely competitive, what is LeapTic’s solution to breaking through?

Yuan Qian: Our biggest approach is using AI. We’re industry leaders in AI functionality; many firsts are ours. Specs aside, what really benefits users is features and software experience, so we use AI as our differentiator.

For example, AI active recording, quick capture with the ring, synergized operation between ring and camera; our Memory OS uploads user footage to the cloud, then with OS and agents, users can highlight-edit movies hands-free by just speaking.

This difference means overseas, there’s important recurring revenue—subscriptions. Our software brings extra income, so in price wars, we can use this as “ammunition” to support profit and margins.

Wallstreetcn: Were you conflicted about LEAPTIC Cube’s pricing?

Yuan Qian: We discussed it a lot and made a hard decision. The imaging track is all about brand—once users adapt, loyalty follows. But for a new brand, it’s nearly impossible to start as low- or mid-end then be recognized as high-end later.

So we chose a harder but healthier way: make products top-tier in specs and tech first, set high pricing to create a high-end image. Once established, we can cut the price via promotions, but the benchmark must be high-end first.

Wallstreetcn: At the end of June, you held the personal smart imaging ecosystem conference. Can you elaborate on the hardware ecosystem you’re building and its core logic?

Yuan Qian: The ecosystem’s core logic is transforming imaging from an “island-style recording” to the “resonance of all things." The premise is AI. Without powerful AI and agent connectivity, imaging is always fragmented.

Imaging used to be single devices, but we want to build an ecosystem centered on imaging. For example, connect the ring, which has a great touch screen for double tap shoot, long press for video. When biking, wind noise reduces accuracy, but the ring lets you capture moments better.

We also have “heartbeat capture”: when your heart rate is high during sports—often the most exciting moments—the camera automatically starts. High heart rate marks moments, so highlight editing later can select based on HR peaks. For glasses, we’ll partner with smart glass firms so you can temporarily project footage onto glasses, and use voice commands to retrieve images completely hands-free.

In the future, you won’t just carry a camera, but also wear glasses and a ring, for a better interaction experience.

Wallstreetcn: How has fundraising been since founding? Any plans to go public?

Yuan Qian: We’ve had two rounds of financing; A round is in process. We’re very independent; endgame is definitely independent listing. We’ll plan the timing, but for now, we’re focused on revenue and product progress.

Wallstreetcn: What's the biggest challenge after launching your first product? How do you address it?

Yuan Qian: We’ve done many new features. The biggest challenge is getting rapid user feedback, making especially AI-related features truly meet urgent user needs, and create differentiation with other brands. Solution-wise, we need to sell to thousands, connect with users in communities, and optimize based on what we learn.

Wallstreetcn: How do you position LeapTic in the market?

Yuan Qian: From start to finish, we never aimed for a head-on fight with the giants. In some forms, like different types of action cameras, we do our best and take our share. For others—like rings and ecosystems, we are first and the others haven’t even started; there, we’ll keep building our lead. In the future AI imaging remains our core, hardware will revolve around the technology.

Wallstreetcn: Have you set sales or revenue targets for this year or next?

Yuan Qian: Yes. This year’s target is 300 million yuan, next year 1 billion yuan. Our initial shipments plus current orders have already completed 30–40% of this year’s goal. As more new products are launched next year, we are optimistic about hitting our targets step by step.

Wallstreetcn: In the long run, what kind of company do you want LeapTic to become?

Yuan Qian: I don’t aim for us to be a monopoly or a super-large imaging company, since we believe imaging can never be unified, and ultimately depends on individual aesthetics. LeapTic should focus on being an AI imaging company. We hope to be the company combining AI and imaging best, and to become the definer of “personal smart imaging ecosystem.”

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