XPENG Robotics Raises $100M In Funding

Xpeng Inc XPEV said its affiliate, XPENG Robotics, has signed a definitive agreement with a consortium of investors to raise over $100 million for its Series A capital funding.
The funding round is led by IDG Capital, supported by XPeng and other long-time investors.
Xpeng noted that Series A financing is the largest single-tranche fundraising for the bionic robot sector in China in the past two years.
The funding enables XPENG Robotics to strengthen further its full-stack R&D investment in robotic hardware and software, talent acquisition, and accelerating product development and iteration.
"The household robot market, still in its initial exploration phase, presents immense potential," said IDG capital partner Cui Guangfu.
XPENG Robotics was established in 2016, and its first product is a quadruped robot with superior autonomous navigation, able to deliver safe and agile motion performance with a multi-modal emotional interaction function.
Price Action: XPEV shares are trading lower by 0.96% at $28.97 in premarket on the last check Tuesday.