China's robotics start-ups emerge as new venture-capital darlings
China's robotics market is witnessing an investment boom, as start-ups in the field obtain increased venture- capital funding, raising the sector's potential to become as important as the country's electric-vehicle (EV) industry.
In the first two months of the year, nearly 2 billion yuan (US$276 million) in new funding went to humanoid robot developers across 20 deals, up from 1.2 billion yuan generated from 4 transactions a year earlier, according to data from ITJuzi, which tracks China's venture-capital market.
That development reflects China's position as a leading player in building humanoid robots; the domestic industry predicted to be on the cusp of achieving mass production and commercialisation in 2025.
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Of the 100 publicly-traded companies worldwide that Morgan Stanley "confirmed to be involved" in developing humanoid robots, 56 per cent were based in China, according to a research paper published last month.
China is also home to 45 per cent of the world's integrators, which are firms that customise robots to match end-user needs, according to the report.
A Chinese-made humanoid robot interacts with visitors at a booth during this week's 2025 MWC Barcelona trade show in Spain. Photo: Xinhua alt=A Chinese-made humanoid robot interacts with visitors at a booth during this week's 2025 MWC Barcelona trade show in Spain. Photo: Xinhua>
At least three Chinese robotics start-ups on Thursday announced new financing, including LimX Dynamics, AI2Robotics and Eyoubot.
LimX Dynamics said it completed a series A+ funding round, several months after its series A financing in July. The firm said it raised 500 million yuan from the two fundraising events. Its investors include China Merchants Group, EV maker Nio and Alibaba Group Holding, owner of the Post.
Founded in 2022, LimX Dynamics develops humanoid robots that can lift heavy loads and be deployed in factories and warehouses.
AI2Robotics said its latest funding round collected more than 100 million yuan from institutions such as Dunhong Capital and Yunqi Capital. Dunhong is known for its early investment in Unitree Robotics.
Two months ago, AI2Robotics said it completed a fundraising that raised "hundreds of millions of yuan" from Dunhong Capital, Fortune Capital and CoStone Capital. The start-up said it has signed up a number of first-tier domestic and international automotive companies as clients, and recorded sales worth "tens of millions of yuan" in 2024.
Both LimX Dynamics and AI2Robotics are based in Shenzhen, in southern Guangdong province. They form part of the city's "magnificent eight" robot enterprises, which includes Hong Kong-listed UBTech Robotics and EngineAI, which last month showed off the world's first front-flip by a humanoid robot.
Meanwhile, Eyoubot said it completed a series-A funding round that raised 50 million yuan. Founded in Wuxi, a city in eastern Jiangsu province, the start-up said it would relocate to an industrial estate in Shanghai.
The firm, which develops and manufactures robotic joints, said it expects to ship around 180,000 units this year, up from around 30,000 units in 2024.
The increased investor interest in these start-ups comes amid Unitree's high-profile showcase of its humanoid robots since they were first unveiled in 2023. The firm showed off the dancing skills of its general-purpose H1 humanoid robots at this year's Spring Festival Gala, China's most-watched television show, to the delight of more than 1 billion viewers.
Unitree, however, last month issued a warning about scams that aimed to exploit growing interest from investors seeking to acquire shares of the privately held company.
Company founder Wang Xingxing last month was seen seated in the front row of a high-profile business symposium hosted by Chinese President Xi Jinping.
Beijing has attached greater importance to the robotics sector. In the latest government work report presented this week at the annual meetings of China's top legislature and main advisory body - together known as the "two sessions" - mentioned the term "embodied intelligence" for the first time. It refers to the application of artificial intelligence in physical systems, such as robots.
The state will "establish a mechanism for the growth of investment in futuristic industries", which include embodied intelligence, according to the report.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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