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.
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.
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.