## Chinese Startup X Square Robot Secures $100M in Funding for Humanoid Robots
X Square Robot, a Chinese humanoid robot startup, has just secured a significant $100 million in funding led by Alibaba Cloud. This investment marks the company’s eighth funding round since its launch in late 2023, bringing the total investment to approximately $280 million. Here’s a breakdown of the key takeaways:
- **Funding and Investors:** The latest round was led by Alibaba Cloud, with participation from HongShan (formerly Sequoia Capital China), Meituan, Legend Star, Legend Capital, and INCE Capital.
- **Total Investment:** X Square Robot has raised around 2 billion yuan ($280 million) in total.
- **Open-Source AI Model:** The company released an open-source foundation model for embodied AI called Wall-OSS, aiming to accelerate robotics development.
- **Robot Capabilities:** X Square Robot launched its Quanta X2 robot, which can mop and has hands capable of perceiving pressure changes.
- **Market Entry:** The company is targeting schools, hotels, and retirement homes, with plans to prepare for an IPO next year.
- **Future Goals:** X Square Robot aims to bring down the price of its robots to around $10,000 within three to five years to enter the consumer market.
- **AI Advancement:** The company acknowledges that AI for robots still lags behind generative AI, but expects significant progress in the next year.
For more details, you can read the original article on CNBC: [https://www.cnbc.com/2024/05/20/chinese-humanoid-robot-startup-x-square-robot-raises-100-million.html](https://www.cnbc.com/2024/05/20/chinese-humanoid-robot-startup-x-square-robot-raises-100-million.html)