Xpeng Robotics, an affiliate of Chinese electric carmaker Xpeng Motors, has raised more than USD100 million, the most in two years for a Chinese company in the field.
IDG Capital was one of the leading investors in the Series A fundraiser, with Xpeng and other existing shareholders chipping in, the Guangzhou-based automaker said on its website yesterday.
Xpeng Robotics will spend more on researching and developing hardware and machine intelligence, Chief Executive Xu Zhigen said. It will speed up product development and updates, while its smart bionic robots are expected to enter homes in the next two years, he added.
Xpeng Robotics will continue to strengthen synergies with Xpeng to accelerate the integration of industrial chains, Xu added. For its part, Xpeng Chairman He Xiaopeng said the carmaker will continue to support its affiliate and work with it closely.
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