XPENG Robotics, an affiliate of XPeng Inc., today announced that it has signed a definitive agreement with a consortium of investors to raise over $100 million (U.S.) for its Series A capital funding.
XPENG Robotics was established in 2016 and claims to be one of the earliest companies in the walking robot sector in China. The company is headquartered in Shenzhen, China, and has research and development centers in Guangzhou, Beijing, and Silicon Valley.
XPENG Robotics’ first product was a quadruped robot with autonomous navigation, able to deliver safe and agile motion performance with a multi-modal emotional interaction function, the company said. Equipped with the first household-use robotic arm, it can act as a companion with the ability to care, entertain, and transport.
“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,” said Xu Zhigen, CEO of XPENG Robotics. “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.”
The company is trying to build intelligent home robots
XPENG Robotics said the Series A financing enables it 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.
Dedicated to consumer-oriented technology, the company expects intelligent robots to enter households in the next two years.
“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,” said He Xiaopeng, chairman and CEO of Xpeng. “I also believe that in the future, manufacturers of smart cars will also be manufacturers of smart robots, creating 1+1 >2 synergy.”
“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.
Household robot market could be big
“The household robot market, still in its initial exploration phase, presents immense potential, said Cui Guangfu, who was one of the lead investors of the funding round as a partner at IDG Capital. “Different entrepreneurial teams are innovating to create different products.”
“The R&D development of XPENG Robotics and XPeng Inc. complement each other, creating a unique competitive advantage,” Cui added. “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.”
As of the end of June 2022, XPENG Robotics had 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.
The company said it complements its parent company in autonomous driving, powertrain systems and intelligent interaction.
The funding round was led by IDG Capital, supported by XPeng Inc., and other long-time investors.
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