• Facebook
    Twitter
    LInkedIn
    YouTube
    Weibo

Tencent Leads $400M Round In Chinese Robot Maker Ubtech At $4B Valuation

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.

China Robotics Industry Records Rapid Sales Growth

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.

Alibaba, Foxconn To Invest $240M In SoftBank Robotics

Alibaba Group Holdings and Foxconn Technology Group have agreed to each invest 14.5 billion Japanese Yen (US$120 million) in SoftBank Corp’s robotic subsidiary, according to a joint announcement. Upon completion of the deal, Alibaba and Foxconn will each hold 20% of SoftBank Robotics Holdings Corp, while parent SoftBank will own the other 60%. Alibaba and Foxconn say they plan to help bring SoftBank Robotics’ products to the global markets.