Investment: “Xpeng raises more than $900 million”
Automaker Xpeng has raised more than $900 million in a funding round led by IDG Capital, a deal that pushes the company’s valuation above $6.3 billion.
Other investors in the round include Gaorong Ventures, Tencent and Alibaba.
Founded in 2014 by He Xiaopeng and based in China, Xpeng began work on humanoid robots in 2020. The company is developing robots capable of performing physical tasks by advancing robot hardware, artificial intelligence models and sensor technologies.
Xpeng’s first humanoid robot, named IRON, is intended for use cases such as helping customers in stores and performing various production tasks in factories. The company plans to test the robots in its own facilities and aims to offer them to customers in China and abroad in 2027. Xpeng is also working to ready the robots for mass production and seeks to transfer its automotive expertise in manufacturing, batteries, software and AI into robotics as a new growth area.
The company said it will use the new funding to develop IRON’s AI and hardware, move the robot into serial production, build the necessary manufacturing facilities and expand into global markets.
