XPeng Robotics, the intelligent robotics-making arm of XPeng Motors, has reached agreement with a consortium of investors to raise more than $100 million for its Series A financing, it said on Tuesday, without disclosing its valuation.
The financing, led by IDG Capital and backed by XPeng and other long-term investors, is the largest single round of funding in China’s bionic robotics sector in the past two years.
The financing enables XPeng Robotics to further strengthen its full-stack R&D investment in robotics hardware and software, bring in top talent, and accelerate product development and iteration to improve its technology and product competitiveness, the company said.
“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.”