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XPENG Robotics has quite a number of competitors who are also exploring this new niche while developing functional products that can be deployed and utilized by households every day.
XPENG Robotics has announced the completion of a new Series A funding round where it pulled $100 million from investors led by IDG Capital with support from its parent company, Xpeng Inc (NYSE: XPEV). According to the Xpeng offshoot, the accrued funding is undoubtedly the highest received by any startup within the Chinese robotics ecosystem in the past 2 years.
XPENG Robotics is working relentlessly to pioneer innovations in the household robotics sector. It is working with the ultimate aim that in the mid-term, it will float a number of robotics products for household use within the next two years. The funding it has secured will be notably deployed into achieving this feat.
The startup said it will also deploy the funding towards its full-stack R&D investment in robotic hardware and software, top-tier talent acquisition, and accelerating product development and iteration, to boost its technology and product competitiveness.
“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.
Noting that smart mobility and intelligent robotics are becoming a central innovative growth across the board, the startup’s biggest supporters are optimistic that the robotics offshoot will be able to match up to the demands. XPENG Robotics will build on its flagship household product, a quadruped robot with superior autonomous navigation, able to deliver safe and agile motion performance with a multi-modal emotional interaction function.
Expectations on XPENG Robotics to Lead Household Robot Market
As a region where related innovations thrive, XPENG Robotics has quite a number of competitors who are also exploring this new niche while developing functional products that can be deployed and utilized by households every day.
Xpeng is particularly known to back some of these projects, joining a host of investors to inject $500 million into HT Aero, an automobile startup building vehicles that can be used both on land and in the air.
While all these startups utilize advanced Artificial Intelligence to champion their innovations, XPENG Robotics has chosen a niche that will notably position it as one of the most relevant startups in the near term, a future that IDG Capital is tagging along with.
“The household robot market, still in its initial exploration phase, presents immense potential. Different entrepreneurial teams are innovating to create different products,” said Cui Guangfu, a partner at IDG Capital, adding that, “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.”