BRIEF: Humanoid robot maker Galbot raises $362 million in fresh funds
Beijing Galbot Co. Ltd. raised 2.5 billion yuan ($362 million) in a new funding round that it said makes it the most valuable unlisted manufacturer of embodied robots, Caixin reported on Tuesday. No valuation was given for the latest funding round, but the company was worth at $3 billion after another $300 million fundraising last December.
Backers in the latest funding round include major Chinese investors like China Petroleum and Chemical Corp., as well as investment units of Citic Group, Bank of China and SAIC Motor. The December funding was led by leading wireless carrier China Mobile.
Galbot is one of several embodied robot makers that have raised major funds since the start of the year. It recently completed a shareholding restructuring to become a joint stock company ahead of a planned Hong Kong IPO, people familiar with the matter told Caixin.
The company raised its profile among the general public on Feb. 16 when one of its robots performed on the Spring Festival Gala, China’s most-watched annual TV show broadcast every Lunar New Year’s Eve. In the filmed performance, the robot displayed dexterity by rolling walnuts in its hands and passing water bottles.
By Doug Young
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