Humanoid robot developer Agibot has raised an undisclosed amount in an extended Series A financing participated by investors including Lanchi Ventures and GL Ventures.
The Series A2 round—the fifth financing of the company since its inception in February this year—also attracted Hong Kong’s real estate tycoon Adrian Cheng-backed C Capital.
China-focused investment firms including CAS Star, CoStone Capital, CDH Investments, and Yingxinggu Capital, as well as home appliance control components maker Sanhua Holding Group, were among the other investors, according to a release by C Capital on Tuesday.
The firm reportedly raised 600 million yuan ($84.5 million) at a pre-money valuation of 3.5 billion yuan ($492.7 million), according to an earlier report by local tech media 36kr. The report added that the firm is currently preparing for a new round of financing at a pre-money valuation of 7 billion yuan ($990.3 million).
The proceeds will help the Shanghai-incorporated firm to further its commercialisation and production iteration, per the release.
Co-founded by Peng Zhihui, a former star hire of Huawei’s young genius recruitment programme ‘Topminds’, the Shanghai-incorporated firm rolled out its first AI-powered humanoid product, dubbed Yuanzheng A1 in August. Yuanzheng translates to expedition in English.
Yuanzheng A1 is expected to be used in the intelligent manufacturing sector as soon as next year, per the release.
Peng joined the world’s biggest telecom equipment maker in 2020 to work on the development of Artificial Intelligence (AI) algorithms and chips. Also a well-known content creator on the Chinese video sharing platform Bilibili, some of Peng’s popular videos include turning a bicycle into a self-driving one.