A Chinese electric vehicle maker called XPENG has secured over $900 million in funding at a valuation of $6.3 billion to scale its ironscale robotics business. The company announced the deal through a set of share purchase agreements with multiple investors, which represents the largest single-round private capital raise in the technology industry.
XPENG's physical AI unit is part of its IRON humanoid robot platform, which has been gaining attention for its potential in industries ranging from healthcare to manufacturing. The company has been developing the robots over the past several years, and has already made significant progress in scaling up production.
The funding round marks a major milestone for XPENG, which had previously sought partnerships with other investors to help take its business to the next level. With this new investment, XPENG is now better positioned to scale its operations and expand into new markets.