The robotics industry in China remains red-hot. According to incomplete statistics, since October 20th, four domestic companies in embodied AI and its upstream/downstream sectors have disclosed funding rounds, totaling over RMB 2 billion. These investments cover the entire chain – from core components like high-degree-of-freedom dexterous hands, to humanoid robot, and embodied AI platforms – indicating capital is rapidly betting across the entire ecosystem.
This year, the embodied intelligence robotics sector has undoubtedly been a highly sought-after investment filed. Looking at the investment structure, participation from state-backed capital has significantly increased, with industrial funds and local government platforms frequently appearing. From the perspective of invested companies, investors are increasingly focusing on commercial viability, mass production progress, and unit economics, while the price point is also rapidly dropping to the ten-thousand-yuan level.
Capital and industry are jointly pushing embodied intelligence from the “lab” to the “factory floor.” However, whether the path can be fully connected and whether commercialization can be self-sustaining remain key tests for the market.
On the track of embodied intelligence, more “National Team” players are assembling.
On October 27th, “58 Intelligent,” a central state-owned enterprise (CSE) representative in the embodied AI field, announced the recent completion of a approximately RMB 500 million first strategic funding round, making it one of the most notable recent state-backed bets. This relatively new company, belonging to the Ordnance Industry group, saw the round co-led by Guoxin Fund and Zhejiang Industrial Investment, with backing from several other state capital forces including the China SOE Mixed Ownership Reform Fund and the Zhejiang Provincial Science and Technology Innovation Mother Fund. The funds will primarily accelerate the construction of pilot-scale production bases,conque key core technologies for embodied robots, and expand applications in major security and industrial scenarios.
Among private enterprises, state capital has also become one of the most active “capital drivers” in the robotics field currently.
Songyan Power announced on October 26th the completion of a nearly RMB 300 million Pre-B round, with state-backed players like the CRRC Transformation and Upgrading Fund and the China Media Group Integrated Media Fund prominently featured. Founded in September 2023 in Beijing by a team with backgrounds from Tsinghua University and the Chinese Academy of Sciences, the company is dedicated to R&D in areas like general artificial intelligence本体, robot biomimetics, and embodied operating systems.
On October 22nd, Leju Robotics completed a nearly RMB 1.5 billion Pre-IPO round. The investor list included not only local state-owned platforms like Shenzhen Invested Capital and Shenzhen Longhua Capital, but also financial giants with central enterprise backgrounds like CITIC Capital and China Securities Investment. This pattern of combined investment from state capital, industrial capital, and market-oriented funds is becoming the dominant theme in current robotics industry investment.
Within just one week, state capital strategically deployed investments core links of the embodied AI industry chain, connecting the “brain” to the “hand.”
In the upstream dexterous hand segment of embodied AI, Lingxin Qiaoshou also secured hundreds of millions of RMB in a Series A round on October 24th, led again by investors including state-backed entities. The round was co-led by Beijing Guorui Capital Management and Boge Capital, with joint investment from Guozhong Capital, Dio Micro, Zifeng Capital, Shanzheng Investment, Jiangjin Excellence Fund, Hongyi Fund, and others. Existing shareholder Ant Group continued its investment.
The frequent moves by state capital are underpinned by strong policy support. In the March 2025 Government Work Report, “Embodied Intelligence” was mentioned for the first time and included in the future industry cultivation system, explicitly proposing the “AI+” initiative and establishing mechanisms for increased investment to build long-term mechanisms for industrial development. Clearly, state capital, with its formidable strength, has become the preferred choice for most companies.
As leading companies progress to later funding rounds, the list of financial investors capable of providing single investments exceeding hundreds of millions has shrunk drastically. Industrial partners and state capital have become the main targets for corporate financing. These investors offer more than just money; the former can help robotics companies secure orders, while the latter can assist with capitalization, accessing government resources, and obtaining industry connections.
Large Orders Emerge, Prices Drop Below Ten Thousand Yuan
From the corporate perspective, the embodied intelligence industry is entering a critical phase moving from technology verification to commercial validation. Since the second half of the year, many companies have progressively entered Series B and C stages where they need to demonstrate revenue and profitability models. The capital market has also started focusing on those enterprises that can truly achieve mass production and delivery, and establish a viable commercial closed-loop.
For instance, in just half a year, Songyan Power completed its fourth funding round. Coinciding with the latest funding announcement, Songyan Power also launched the world’s first humanoid robot priced below ten thousand yuan – the “Bumi Xiaobumi,” retailing for just RMB 9,998.
Officially described as a home companion offering both emotional value and educational enlightenment, Xiaobumi aims to accompany child development, stimulate creativity, and serve as a tech bridge connecting the emotional bonds between generations. Songyan Power founder Jiang Zheyuan stated plainly in a recent media briefing that humanoid robots aren’t inherently expensive. “A humanoid robot is essentially plastic, aluminum, iron, copper wire, magnets, and chips,” he said. “It shouldn’t be that expensive by nature.”
2025 is widely regarded within the industry as the first year of production for humanoid robots. Companies like Unitree, Astribot, Figure, 1X, and Ubtech have made frequent progress, with leading manufacturers achieving annual shipments surpassing a thousand units. The industry is transitioning from the lab demonstration phase towards real-world scenario deployment and batch delivery.
Amid the influx of capital, the industry’s competitive focus is shifting from “storytelling” to “competing on mass production,” with various “large order” phenomena frequently appearing. On September 3rd, Ubtech announced it secured a RMB 250 million procurement contract for embodied AI humanoid robot products and solutions from a well-known domestic enterprise, considered the largest global humanoid robot order to date. Just two months prior, Ubtech also won a RMB 90.51 million robot equipment procurement project from MiYi (Shanghai) Automotive Technology Co., Ltd., indicating its accelerating deployment in industrial application scenarios.
However, behind the impressive numbers, rational voices persist within the industry. Several insiders pointed out that certain “mega-orders” might contain some “virtual hype” or inflated reporting.
One individual stated that robots fulfilling demand is a gradual process; it’s impossible to suddenly have so many massive orders and such huge market demand. Furthermore, current robot capabilities aren’t sufficient to meet this level of demand. There might be exaggerations involved, though each company has its own strategy. Yao Maoqing, Partner & SVP at Astribot and President of its Embodied Business Division, expressed similar views. He believes the authenticity of some current large orders is “perhaps a mix of real and inflated.”
“Judging from the current industry development stage, having full-size humanoid robots perform high-load, long-endurance, high-cycle tasks involves more conceptual elements,” Yao Maoqing cited an example: several months ago, bipedal robots moving boxes in car factories were trendy. However,research and understanding client needs would reveal this as a rather unsuitable solution, as its battery life stability, speed, etc., struggle to meet factory intensity requirements. Additionally, for some outdoor scenarios, the IP protection rating poses challenges for humanoid robots. Currently, they are still more suited for specific tasks in indoor environments.”
Against this backdrop of simultaneous industry enthusiasm and skepticism, embodied intelligence, despite gaining new commercial space through accelerated production and price drops, still faces the crucial test of whether technological maturity and scenario fit can truly enable the industry to “take root.”
Multiple Dexterous Hand Companies Announce Funding, Reaching the “Last Centimeter”
As the key executive unit for robot interaction with the physical world, dexterous hands are considered the “last centimeter” for embodied AI. Their technological maturity directly determines the intelligent agent’s adaptability and fine motor skills in real-world environments.
“Creating a hand as dexterous and skilled as a human hand is an extremely difficult task,” Tesla CEO Elon Musk once remarked. Tesla basically finalized its dexterous hand technical route half a month ago but still faces numerous engineering challenges. Taking its Optimus humanoid robot as an example, its current dexterous hand is among the most sophisticated in the industry, but during training for parcel sorting tasks, a single hand’s lifespan is only about six weeks, costing up to $6,000. Combined with other wearable parts, excluding electricity costs, the annual parts replacement cost for a single robot running year-round could approach $100,000 – enough to hire two auto assembly workers in the U.S.
Unlike Tesla’s ongoing stage, domestic dexterous hand companies recently experienced a intensive wave of funding.
Around the same time as Lingxin Qiaoshou’s funding news, Shenzhen XJGN Technology Co., Ltd. announced the completion of a Pre-A round, led by Saina Capital and Pu Capital, with Kexi Chuang Capital following the investment, and Shendu Capital acting as the financial advisor. The funds will be used to underlying dexterous manipulation technology R&D, dexterous hand operating system (cerebellum model) development, and core team expansion.
As a leading player in the domestic dexterous hand field, Lingxin Qiaoshou, after completing its millions of Series A round on October 24th, also disclosed more detailed commercialization progress. According to CVWorld’s information from the company, its products have achieved mass production and market application, with orders from industrial, research institution, and embodied AI companies exceeding one thousand units, making it currently the world’s only company achieving mass production of high-degree-of-freedom dexterous hands on a thousand-unit scale.
Lingxin Qiaoshou has established a complete product spectrum for different application scenarios. Its latest model, the Linker Hand O6, dubbed the “world’s lightest mass-produced dexterous hand” at just 370 grams, can seamlessly adapt to mainstream humanoid robots and robotic arms. The company has even purchased multiple robots, including Unitree models, for in-house scenario-based testing, validating product stability and compatibility in practical applications.
Technically, Lingxin Qiaoshou’s high-degree-of-freedom dexterous hands cover all major actuation design routes – linkage, tendon-driven, direct-drive, etc. – suitable for various scenarios. The company starts from the most fundamental materials, widely using novel materials that are lightweight, high-performance, and long-lasting, and fully self-develops key components like micro-motors, electric cylinders, reducers, and phalange modules. This ensures the optimal balance between mass production efficiency, performance, and lifespan for their high-DoF dexterous hands. Lingxin Qiaoshou revealed its products have passed multi-dimensional performance, lifespan, and resistance tests, with overall performance leading the industry. This funding round will push Lingxin Qiaoshou to further enhance its mass production capabilities, accelerate full-scenario technology R&D, and global expansion. Future efforts will last focus on R&D for new technologies, materials, and products, continually climbing the technical peaks of the embodied AI industry.
From upstream dexterous hands to midstream manufacturers, and downstream scenario applications, the embodied AI industry chain is gradually clarifying. However, the industry remains in its early stages, with technological maturity, application scenario fit, and cost control remaining key challenges. The business models and authenticity of orders for some projects still require time for verification. What is certain is that embodied intelligence is moving from concept to engineering, from the laboratory towards industrialization. Its development speed and sustainability will become one of the most closely watched indicators in the coming year.
