XPENG's physical AI unit has secured over $900 million at a valuation of $6.3 billion to scale its IRON humanoid robot platform. The Chinese electric vehicle maker announced the funding round for its robotics business through a set of share purchase agreements with multiple investors.
The deal represents the largest single-round private capital raise by XPENG, according to reports. XPENG has been making significant strides in developing its IRON humanoid robot platform, which is designed to operate independently and perform complex tasks such as assembly, manufacturing, and even service delivery.
With this new investment, XPENG plans to further develop and refine its IRON technology. The company aims to use the funding to accelerate the production of its robots and expand into new markets. The deal is seen as a significant milestone for XPENG's robotics business, which has been gaining attention in recent years due to its unique approach to artificial intelligence and robotic design.