Tencent leads $40m round for China's Ubtech Robotics
Tencent Holdings has led a $40 million Series C round of funding for Shenzhen-based Ubtech Robotics, a humanoid robot maker backed by CDH Investments and Goldstone Investment.
Ubtech, established in 2012, focuses on artificial intelligence and home robotics development. It has launched two models, Alpha and Alpha II, which can be used as personal assistants or for entertainment and education purposes. This year the company teamed up with Amazon to create Lynx, a robotic device that plays music, makes video calls, and takes photos.
Ubtech cooperates with several research institutions and universities including the China Academy of Sciences and the University of Sydney to develop new technology.
According to AVCJ Research, the company raised a Series A round from Shenzhen Leaguer Finance in 2014. Last year, it received $100 million in Series B funding led by CDH, with participation from CITIC Securities and Goldstone. The company was valued at about $1 billion at the time.
The new funding will be used to develop software and hardware, with a view to establishing an ecosystem around robotics technology.
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