XPENG has announced that it has secured over $900 million in funding, exceeding its valuation of $6.3 billion to scale its IRON humanoid robot platform. The Chinese electric vehicle maker made the announcement through a set of share purchase agreements with multiple investors. This deal represents the largest single-round private capital raise by XPENG's robotics business.
The fund has been allocated to support the development and deployment of XPENG's IRON humanoid robot, which is designed for various applications such as manufacturing, logistics, and healthcare. The company claims that its robotic platform can be integrated with existing infrastructure to enhance efficiency and productivity.
XPENG says that this funding round marks a major leap forward in its efforts to become a leading player in the robotics industry. With the support of investors who have a vested interest in the development of autonomous robots, XPENG is poised to accelerate its growth plans and make a significant impact on the market.