Agibot nets US$84m in Series A3 from investors including CDH, Lanchi and Hillhouse

Valuation of the company in advance of the latest fundraising stood at 3.5 billion yuan. It is looking to close another funding round at a pre-money valuation of 7 billion yuan.

Agibot (智元机器人), a Chinese startup specializing in humanoid robotics, has completed the Series A3 round of funding worth reportedly 600 million yuan (US$84.12 million), PE Daily, a VC/PE-focused media outlet reported today.

According to Tianyancha, a business registry information portal, the Shanghai-based startup bagged the funds from a consortium of investors.

They include Lanchi Ventures, CAS Star, CDH Investments, YOFC Fund, CVentures, Hillhouse Capital, Luxvisions Innovation Limited, Sanhua Group, Costone Capital, Lingang Special Area Fund and Yinxinggu Capital.

This is the fifth known cash injection into the young venture since its inception in February this year.

It managed to rope in investors like China’s top EV maker BYD (比亚迪) in previous funding rounds.

Valuation of the company in advance of the latest fundraising stood at 3.5 billion yuan. It is looking to close another funding round at a pre-money valuation of 7 billion yuan.

If successful, it will join the club of startups that achieve the coveted unicorn status within the shortest period of time.

cnrobopedia reported earlier that Agibot rose to prominence largely thanks to one of its architects Peng Zhihui, who is affectionately nicknamed “Zhi Hui Jun,” his online alias, or Huawei prodigy.

Prior to the entrepreneurial endeavor, he used to be with Huawei’s research arm, involved in designing Ascend AI chips and related AI algorithms.

In August, Agibot released its first-generation humanoid prototype A1, as well as its self-built joint motor series PowerFlow — one of the core underlying technologies essential to the robot’s movement.

Commercial delivery

According to media reports, Agibot plans to start commercial delivery in mid 2024. R&D work is also underway on the second-generation prototype, which is forecast to make its debut in 2024.

Details of the R&D work have been kept under wraps. Agibot did not reply to cnrobopedia’s emailed queries for comment as of press time.

Like a host of players keen on monetizing humanoid robotics, a bustling yet still fledgling sector, Agibot has set sights on applying its models in real-world business scenarios.

Its primary application is in corporate-oriented use cases, such as industrial production and auto making, to be followed by consumer-facing scenarios when the technology becomes mature and affordable enough to attain mass adoption.

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Ni Tao

Ni Tao is the founder and editor-in-chief of cnrobopedia. Prior to cnrobopedia, he had a full decade of experience with a major state-run English-language newspaper as a tech reporter and opinion writer. He is also a communications specialist, having provided consultancy services to established firms like Siemens, Philips, ABinBev, Diageo, Trip.com Group (Nasdaq: TCOM, HK: 9961), Jianpu Technology (NYSE: JT) and a handful of domestic startups. A graduate of Fudan University, he writes widely about China's business and tech scenes and other topics for global publications including South China Morning Post, SupChina, The Diplomat, CGTN, Banking Technology, among others, and tries to impart his experience to students at Fudan University Journalism School, where he is a part-time lecturer. When he's not writing about robotics, you can expect him to be on his beloved Yanagisawa saxophones, trying to play some jazz riffs, often in vain and occasionally against the protests of an angry neighbor. Get in touch with him by dropping a line at nitao0927@gmail.com.

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