Xpeng Inc (NYSE:XPEV), the Chinese electric vehicle maker, is raising more than $900 million for its robotics business, valuing the unit at more than $6.3 billion.
The EV maker claims this is the largest single-round private financing ever recorded in China's embodied AI industry.
The funding round is led by IDG Capital and includes Gaorong Ventures, while Alibaba and Tencent are participating as strategic investors, giving the unit substantial backing from China's technology industry.
Bloomberg reported that XPeng itself will invest $200 million in the robotics business, while external investors will provide $600 million and senior executives will contribute $100 million.
XPeng described the transaction as the largest single-round private capital raise to date in China's embodied artificial intelligence industry, which covers systems that use artificial intelligence to perceive and act in the physical world.
#robotics
The EV maker claims this is the largest single-round private financing ever recorded in China's embodied AI industry.
The funding round is led by IDG Capital and includes Gaorong Ventures, while Alibaba and Tencent are participating as strategic investors, giving the unit substantial backing from China's technology industry.
Bloomberg reported that XPeng itself will invest $200 million in the robotics business, while external investors will provide $600 million and senior executives will contribute $100 million.
XPeng described the transaction as the largest single-round private capital raise to date in China's embodied artificial intelligence industry, which covers systems that use artificial intelligence to perceive and act in the physical world.
#robotics
3 hours ago
