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Chinese humanoid robot maker Ubtech Robotics is raising a US$400 million series C round led by tech giant Tencent Holdings Ltd. with participation from investors whose identities are unknown at this moment. The Shenzhen-headquartered company has been raising this round at least from six months ago, and the final numbers may still change, according to people familiar with the matter.
James Zhou, founder of China’s biggest robot maker Ubtech Robotics, was fascinated by the Transformers show as a young boy in Shanghai during the 1980s. A few decades later, he’s turned his childhood passion into Ubtech, a US$5 billion technology powerhouse based in Shenzhen.
Over 19,000 domestically made robots were sold during the first half of 2016, up 70.8% year-on-year. Aggregate sales totaled RMB2.6 billion (US$384 million) during the period, up 40% year-on-year, according to data released by China Robot Industry Alliance.