XPENG Robotics (or the Company), an affiliate of XPeng Inc. and a key part of its mobility ecosystem dedicated to creating smart robots, today announced that it has completed signing of a definitive agreement with a consortium of investors to raise over US$100 million for its Series A capital funding. The funding round is led by IDG Capital, supported by XPeng Inc. and other long-time investors.
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 commercialization,” said Mr. Xu Zhigen, CEO of XPENG Robotics.
The Series A financing enables XPENG Robotics to further strengthen its full-stack R&D investment in robotic hardware and software, top-tier talent acquisition, accelerating product development and iteration, to boost its technology and product competitiveness.
Dedicated to consumer-oriented technology, the Company expects intelligent robots to enter households in the next two years, enriching the experience of our daily routine and bringing profound changes to our lifestyle.
“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 Mr. 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,” Mr. He commented.
As one of the lead investors, Mr. 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.”
Mr. Cui 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.”
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 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. The Company is highly technology-oriented, specializing in robot powertrains, locomotion control, robot autonomy, robot interaction and artificial intelligence.
As of the end of June 2022, XPENG Robotics has over 300 employees, 80% of whom are R&D staff integrating expertise from key sectors including robotics, artificial intelligence, automotive design and manufacturing, and the Internet.
Benefiting from XPENG’s ecosystem, the Company boosts its R&D advantages, complementing its parent company in autonomous driving, powertrain systems and intelligent interaction. The resulting product line is expected to define and lead the consumer-grade robot market, as a home essential in the AI era.
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