XPeng Robotics has raised US$100mn as part of its aim to commercialise household robotics in the next two years.
The round was led by IDG Capital, supported by the firms parent company XPeng Inc. and other long-time investors. According to the company, the Series A financing is the largest single-tranche fundraising for the bionic robot sector in China in the past two years.
"Development of the robotics sector is propelled by breakneck progress in science and technology. XPENG Robotics is committed to establishing a holistic ecosystem for intelligent robots. The completion of our Series A fundraising reflects the capital market's expectations, and is a vote of confidence in the prospects for this sector. It also represents the full recognition of our strength in R&D as well as our capability for future commercialisation,” said Xu Zhigen, CEO of XPENG Robotics.
Creating smarter technology
The company expects intelligent robots to enter households in the next two years, enriching the experience of daily routine and bringing changes to lifestyles. The funding will help XPENG Robotics to further strengthen its full-stack R&D investment in robotic hardware and software, talent acquisition, accelerating product development and iteration, to boost its technology and product competitiveness.
"Smart mobility and intelligent robotics are developing at a speed that’s exceeding expectations. We are a strong believer that the new technology-defined era will transform imagination into reality in our generation. I also believe that in the future, manufacturers of smart cars will also be manufacturers of smart robots, creating 1+1 >2 synergy,” said He Xiaopeng, Chairman and CEO of XPeng.
“As part of our mission as a technology innovator and explorer, we will continue to provide support to XPENG Robotics. This will generate more synergy as we build our mobility ecosystem through this strategic partnership,” Xiaopeng added.
Bringing robots into the household
As one of the earliest companies in the walking robot sector in China, XPENG Robotics was established in 2016. The company is headquartered in Shenzhen with its R&D centers in Guangzhou, Beijing, and Silicon Valley. As of the end of June 2022, XPENG Robotics has over 300 employees, 80% of which are R&D staff integrating expertise from key sectors including robotics, artificial intelligence, automotive design and manufacturing, and the Internet.
XPENG Robotics’ first product is a quadruped robot with superior autonomous navigation, able to deliver safe and agile motion performance with a multi-modal emotional interaction function. Equipped with the first household-use robotic arm, it can act as a companion with the ability to care, entertain and transport.
As one of the lead investors, Cui Guangfu, a partner at IDG Capital, noted: "The household robot market, still in its initial exploration phase, presents immense potential. Different entrepreneurial teams are innovating to create different products.”
Guangfu added: “The R&D development of XPENG Robotics and XPeng Inc. complement each other, creating a unique competitive advantage. We expect that XPENG Robotics will achieve innovative breakthrough through extensive R&D investment to open up the household robot market. We are privileged to join hands again with Mr. He Xiaopeng to develop the household robot market.”
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