Chinese robotics startup raises 1 billion yuan in financing led by Alibaba cloud

Chinese robotics startup X Square Robot has raised 1 billion yuan (HK$1.09 billion) in its latest Series A+ funding round, co-led by Alibaba’s (9988) cloud unit and state-backed CAS Investment Management, with mainland media reporting that the company is planning an initial public offering next year.

Other investors in the round included HongShan Capital, alongside existing backers Meituan (3690) and Legend Star.

Co-founder Yang Qian confirmed that an IPO is scheduled for next year, though the listing venue has not yet been finalized.

Founded in late 2023 and based in Shenzhen, the company has already completed at least eight funding rounds, raising a total of nearly 2 billion yuan, according to mainland media reports.

Yang mentioned that X Square Robot has already generated revenue from clients in sectors such as education, hospitality and elderly care, and is currently in talks with potential customers in Japan and Singapore.

She also emphasized that for robots to enter the consumer market, prices must drop to around US$10,000 (HK$78,000) – a goal that hinges on lower hardware costs. Yang expects this price point could be achieved within the next three to five years.

STAFF REPORTER