Latest news with #WangXingxing
South China Morning Post
9 hours ago
- Business
- South China Morning Post
Unitree Robotics reaches unicorn status with ByteDance, Alibaba, Tencent funding
Unitree Robotics , a leading player in China's booming robotics industry, has completed a new round of financing, attracting investment from some of the country's biggest tech companies amid excitement surrounding this sector. The Hangzhou-based company, founded by Wang Xingxing , was valued at over 10 billion yuan (US$1.3 billion), according to investors and local media reports. Notable backers in the latest funding round included ByteDance-affiliated Jinqiu Capital, Alibaba Group Holding and affiliate Ant Group, Tencent Holdings, China Mobile and carmaker Geely Group. Alibaba owns the South China Morning Post. Jinqiu partner Zang Tianyu said in a statement that Unitree was the world's top producer of quadruped and humanoid robots. He stressed that the start-up had the potential to lead advances in humanoid robotics, leveraging its extensive expertise across hardware and software. 10:41 How Hangzhou's 'Six Little Dragons' built a new Chinese tech hub How Hangzhou's 'Six Little Dragons' built a new Chinese tech hub Unitree gained national fame when its humanoid robots showcased their dancing skills at the annual Lunar New Year's Eve gala on China Central Television. Wang, 35, has become a prominent figure among China's new generation of entrepreneurs after attending a high-profile symposium hosted by President Xi Jinping in February.
Forbes
13 hours ago
- Business
- Forbes
China's Robot Maker Unitree Valued At $1.7 Billion In Series C Round
A Unitree humanoid robot performs Thursday, the first day of the Mobile World Conference in Shanghai. Unitree Robotics, a Hangzhou-based maker of humanoid robots whose founder recently met with Chinese President Xi Jinping, completed series C funding this month that values the company at 12 billion yuan ($1.7 billion), according to people with knowledge of the matter. As investors, the company attracted Chinese auto maker Geely Automobile, fintech giant Ant Group and investment firm HongShan Capital Group (formerly known as Sequoia Capital China), people familiar with the matter told Forbes Asia. The valuation of 12 billion yuan was confirmed by two investors who participated in the deal but requested anonymity. A Unitree representative confirmed the company completed the series C funding but said it had no further information to provide. Chinese media Late Post reported the deal first Thursday, saying that Unitree raised an undisclosed amount from investors that also included tech giant Tencent, e-commerce behemoth Alibaba and a fund affiliated with the state-run telecommunications giant China Mobile at a valuation of 'over 10 billion yuan.' Founded in 2016, the company is now at the forefront of China's robotics industry. Its 35-year-old founder Wang Xingxing, who is CEO and CTO, landed in February a coveted front-row seat at a meeting with Chinese President Xi. That meeting in the Great Hall of the People in Beijing also included Alibaba cofounder Jack Ma, Tencent Chairman Ma Huateng and DeepSeek founder Liang Wenfeng. Xi held the meeting to send a message of support to China's private sector amid a plethora of economic challenges. Seated in the first row in front of Xi was Unitree's Wang, who later shook hands with the president. The bespectacled young entrepreneur is helping China's development of humanoid robots, an emerging industry the country is keen to dominate as it vies for tech supremacy with the U.S. Unitree has developed products including a series of robot dogs that start from $1,600 and humanoid models priced from $16,000, according to its website. That compares with the $20,000 to $30,000 Tesla intends to charge for each of its Optimus humanoid products. The bipedal product from the American electric vehicle pioneer can walk, dance and perform household chores such as cooking, cleaning up tables and dumping trash, according to video clips posted on its X social media account. Unitree's humanoids are shown performing similar tasks on clips posted on its website. They shot to national fame in China when the robots danced alongside real people during a performance at January's 2025 Spring Festival Gala. A huge audience watched the performance as China celebrated the start of the Year of the Snake. Unitree's humanoid robots have also participated in marathons and battled real fighters in boxing competitions. The Unitree representative says the company controls over two thirds of the global market for quadruped robotics dogs and leads worldwide sales of humanoid robots. However, the representative declines to provide specific sales figures. Founder Wang has traced his interest in robots to at least 2013. The young entrepreneur was pursuing a graduate degree in mechanical engineering at Shanghai University when he designed XDog, a quadruped robot that helped him win second prize in a local competition. Wang briefly worked for Chinese drone maker DJI before founding Unitree in 2016. In 2017, he raised an undisclosed amount in seed funding before progressing to complete a series B round last year. At the time, his company raised at at least 1 billion yuan from investors including Chinese food-delivery giant Meituan, investment firm Source Code Capital and the state-affiliated Shenzhen Capital Group, according to the Qichacha local regulatory filing system.
South China Morning Post
3 days ago
- Business
- South China Morning Post
Unitree Robotics boosts capital base, paving the way for new fundraising round
Hangzhou-based Unitree Robotics, a rising star in China's booming robotics industry, has increased its registered capital from 2.6 million yuan to 2.9 million yuan (US$400,000), a move that could signal preparations for a new fundraising round. The company fuelled speculation about a potential initial public offering (IPO) in May when it transitioned from a limited liability company to a joint-stock company. According to Chinese corporate database Tianyancha, this restructuring allowed Unitree to raise more capital as its operations continued to grow. Unitree has garnered significant attention, becoming a poster child for China's dynamic robotics sector. The company achieved nationwide fame after its H1 robots captivated audiences with a dancing performance at the country's televised Lunar New Year evening gala. In February, Unitree founder and CEO Wang Xingxing was one of the Chinese tech entrepreneurs invited to a high-profile symposium hosted by President Xi Jinping. Wang Xingxing, CEO of Unitree Robotics, poses with the company's H1 humanoids that danced at the Lunar New Year evening gala. Photo: Handout While Unitree has not yet formally disclosed any listing plans, Chinese digital media outlet Sohu Tech reported this month, citing sources, that the start-up could be valued between 10 billion yuan and 15 billion yuan in a pre-IPO financing round. The confirmed capital base increase is likely a preliminary step towards such a larger funding round. Unitree's last financing round in September attracted significant investment from entities like Beijing Robotics Industry Development Investment Fund, Meituan, and HongShan, valuing the company at 8 billion yuan at that time. Unitree is recognised as one of Hangzhou's Six Little Dragons, alongside China's artificial intelligence start-up DeepSeek. During a visit by Hong Kong Chief Executive John Lee Ka-chiu to Hangzhou in April, founder Wang indicated that a listing in Hong Kong was a possibility and that Unitree was actively expanding into the global market and had established a business base in the city.
Borneo Post
04-06-2025
- Business
- Borneo Post
Demand for AI talent surges in China amid tech boom
Students learn about employment information at a job fair held at Harbin Institute of Technology in Harbin, northeast China's Heilongjiang Province, March 26, 2025. – Xinhua photo BEIJING (June 4): China's artificial intelligence (AI) boom is fueling a fierce talent crunch, with tech companies — from robotics pioneers to cloud giants — scrambling to fill millions of roles amid soaring demand. 'We are critically short of people. All the positions are understaffed,' Wang Xingxing, founder and CEO of Unitree Robotics, a leading humanoid robotics firm, said at a recent forum on innovation and entrepreneurship in Shanghai. Seizing the moment to 'recruit on the spot,' the Chinese entrepreneur said that the Hangzhou-based company has already established a Shanghai branch and is actively seeking young professionals. He attributed the hiring frenzy to surging market demand and supportive national policies, noting that Unitree and other robotics firms are experiencing robust growth. The race for talent is intensifying across the country. At a recent job fair in east China's Hangzhou, a hub of innovative enterprises, 830 companies offered 21,000 positions, with half focused on AI algorithms and large model development. Similarly, a recruitment event in the southern metropolis of Guangzhou announced over 50,000 openings, with many roles in electronics, advanced manufacturing, and AI-related fields. 'Our company started to launch projects in domain-specific large models and humanoid robots last year, and we urgently need high-level AI talent,' said Liu Ziyin, operations director of a tech firm in north China's Tianjin, adding that he is frequently visiting recruitment events recently to seek skilled candidates. At present, China is home to over 4,500 AI companies, with its core AI industries valued at nearly 600 billion yuan (about 83.41 billion U.S. dollars), the China Internet Network Information Center said in a report on generative AI. With an industrial chain spanning chips, algorithms, data, platforms and applications in the country, AI has emerged as a key driver of new industrialization, generating an enormous and ever-increasing talent demand, according to the report. AI-related positions are currently the most talent-starved in China, with a supply-demand ratio well below 1.0, according to professional networking platform Maimai. For specialized roles in cloud computing and deep learning, the ratio drops as low as 0.27. McKinsey & Company forecasts that China will require 6 million AI professionals by 2030, but could face a shortfall of 4 million. Wang Liang, a researcher at the Institute of Automation under the Chinese Academy of Sciences, said fundamental research-oriented and cross-disciplinary experts are needed to help pioneer original algorithms and accelerate AI integration across industries. To address the widening talent gap, China's educational institutions and industry leaders are stepping up their efforts. More than 500 universities now offer AI-related majors or have launched dedicated schools related to the field. Tsinghua University and Renmin University of China included AI into their 2025 enrollment expansion plans, and Nankai University introduced over 130 specialized courses under its AI talent development initiative last year. As the talent pool expands, optimizing the structure and quality of training becomes even more critical, Wang said, noting that future demand for AI professionals will be more segmented and universities must tailor their programs to keep pace with the evolving landscape. Tech firms are also stepping in to cultivate more talent. Peking University and ByteDance established a joint lab in December 2024, and Nanjing University and Alibaba Cloud signed a comprehensive agreement to collaborate on AI talent development in March this year. Tencent has also pledged to deepen partnerships with universities to advance technical innovation and nurture talent. Experts believe that these efforts will help foster a fair, open and sustainable ecosystem for AI talent development, bolstering the country's AI workforce and powering its continuous technological advancement. artificial intelligence China talent
South China Morning Post
30-05-2025
- Business
- South China Morning Post
Unitree Robotics changes to joint stock limited company, fanning IPO speculation
China's top humanoid robot start-up Unitree Robotics has converted into a company limited by shares, a move that has fanned speculation around its public listing plans, as Chinese robotics firms rapidly expand amid the country's fervour for the artificial intelligence (AI)-enabled machines. Advertisement Unitree has changed from a limited liability company into a joint stock limited company, an equivalent to a company limited by shares, according to records on Chinese corporate database Qichacha published on Thursday. In a letter to business partners, the company said the move was 'due to company development needs', according to a report by the state-run Chinese news outlet Securities Times. A robot dog from Unitree is seen at Zhejiang Overseas Talent Innovation Park in Hangzhou, China, April 23, 2025. Photo: Dickson Lee A joint stock limited structure lets a company issue and transfer shares, allowing it to raise more capital as it scales up its operations. Chinese media outlets have called Unitree's restructuring a move that paved the way for its initial public offering. Hangzhou-based Unitree did not immediately respond to a request for comment. During Hong Kong chief executive John Lee Ka-chiu's visit to Hangzhou in April, Unitree founder and CEO Wang Xingxing reportedly told him that a listing in Hong Kong was a possibility. Advertisement
