Humanoid robotics-based Chinese startup raises $820 mn

UBTECH, the startup that developed and launched the Stormtrooper robot, has raised a fresh round of funding for its products based in robotics.

Funds from the $820 million round will be put toward global expansion, products and team growth among other aspects of the company, as reported by TechCrunch.

The startup, which was founded by Zhou Jian in 2012 and is based in Shenzhen, has a focus on humanoid robots and wants to adapt robotics for businesses and homes.

“While trends in robots and robotics are developing, no company has yet stepped forward with the resources, vision and products ecosystem to transform robot fantasy and fiction into robot reality,” CEO of UBTECH James Zhou said, as reported by TechCrunch. “UBTECH is bringing this reality to life by expanding the possibilities for innovation.”

This Series C round of funding follows a previous Series C round raised by the Chinese company, which was worth $20 million. The startup also recently unveiled a new product at the 2018 Consumer Electronic Show (CES).

“As technology evolves to include more voice and touch capabilities, people need new devices that communicate and interact more naturally and intuitively at home, at school and at work,” Zhou said.

Tencent Holdings, a Shenzhen based major investment company was one of the bigger participants in the funding raised.

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