Robot-Maker UBTECH Secures $820m In Largest Ever AI Funding
Big moves in the world of AI.
In what could be a record-breaking funding of an artificial intelligence, Shenzen-based intelligent humanoid robot maker, UBTECH Robotics, have closed an investment round of $820Million, led by Tencent Holdings.
Based in China, Tencent Holdings is a leading multinational investment company specialising in internet entertainment, AI and technology. Their most high profile deal came recently with the investment of song recognition programme, SoundHound, with subsequent investments being with Chinese TV maker, New Keshi Zhixin, Beijing-based analysis solutions provides, MiningLamp and another robotics company, Marble, just last month.
Thanks to this latest round of funding, of which companies including Telstra, China Film and TV Capital also placed investments, UBTECH is now valued at $5 Billion.
With its primary focus being developing consumer humanoid robots, the firm state their goal as being to provide a future that is populated by affordable and intuitive robots. Currently their products are sold in China, North America, Europe and South East Asia, as well as being in around 500 Apple stores around the world.
Talking of the new round of funding, UBTECH founder and CEO, James Zhou said that the money will be used to continue their research in the field of affordable robotics, as well as to continue to hire talent from around the world.