Unitree Robotics, a leading player in China’s booming robotics industry, has completed a new round of financing, attracting investment from some of the country’s biggest tech companies amid excitement surrounding this sector.
The Hangzhou-based company, founded by Wang Xingxing, was valued at over 10 billion yuan (US$1.3 billion), according to investors and local media reports.
Notable backers in the latest funding round included ByteDance-affiliated Jinqiu Capital, Alibaba Group Holding and affiliate Ant Group, Tencent Holdings, China Mobile and carmaker Geely Group. Alibaba owns the South China Morning Post.
Jinqiu partner Zang Tianyu said in a statement that Unitree was the world’s top producer of quadruped and humanoid robots. He stressed that the start-up had the potential to lead advances in humanoid robotics, leveraging its extensive expertise across hardware and software.
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How Hangzhou’s ‘Six Little Dragons’ built a new Chinese tech hub
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Unitree gained national fame when its humanoid robots showcased their dancing skills at the annual Lunar New Year’s Eve gala on China Central Television. Wang, 35, has become a prominent figure among China’s new generation of entrepreneurs after attending a high-profile symposium hosted by President Xi Jinping in February.
