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XPENG Robotics announced that it raised $100 million in Series A funding. The company is an affiliate of XPeng Inc, and is a key part of the company’s mobility ecosystem.
XPENG plans to use the funding to strengthen its full-stack research and development investment in robotic hardware and software. The company’s first product will be a quadruped robot with autonomous navigation, and equipped with a robotic arm.
Unlike other quadruped robots on the market, XPENG isn’t intended for industrial inspection tasks or entering dangerous areas. The company’s quadruped is intended to act as a companion with the ability to give care, entertain and transport.
The pony-like robot has a front knee and rear elbow, which gives it its pony-like gait. The robot will be equipped with visually-aided voice control, intelligent driving, target tracking and is able to handle a range of different kinds of terrains.
“Development of the robotics sector is propelled by breakneck progress in science and technology. XPENG Robotics is committed to establishing a holistic ecosystem for intelligent robots. The completion of our Series A fundraising reflects the capital market’s expectations, and is a vote of confidence in the prospects for this sector. It also represents the full recognition of our strength in R&D as well as our capability for future commercialization,” Xu Zhigen, CEO of XPENG Robotics, said.
The company also hopes to use the funding to acquire new, top-tier talent, accelerate product development and boost its technology and product competitiveness.
IDG Capital led the funding round, which also included participation from XPeng Inc. and other long-time investors, according to the company.
“The household robot market, still in its initial exploration phase, presents immense potential. Different entrepreneurial teams are innovating to create different products,” Cui Guangfu, partner at IDG Capital, said.
XPENG began in 2016 and is headquartered in Shenzhen. The company also has R&D centers in Guangzhou, Beijing and Silicon Valley. The company specializes in developing robot powertrains, locomotion control, robot autonomy, robot interaction and artificial intelligence. As of June 2022, it had over 300 employees.