Unitree Robotics, a Chinese robotics company founded in 2016 by Wang Xingxing and based in Hangzhou, has reached a valuation of US$1.3 billion after its latest funding round.

It is now classified as a unicorn in China’s growing robotics sector.

Investors in this round include Jinqiu Capital (affiliated with ByteDance), Alibaba Group, Tencent Holdings, China Mobile, and Geely Group.

Following the investment, the company’s registered capital increased to 364 million yuan (US$50.7 million), according to the National Enterprise Credit Information Publicity System.

Unitree Robotics is known for producing humanoid and quadruped robots. It gained public attention when its robots performed at China’s Lunar New Year’s Eve gala.

🔗 Source: South China Morning Post

🧠 Food for thought

1️⃣ China’s strategic robotics push mirrors historical industrial policy success

Unitree’s rise to unicorn status with major Chinese tech giants as backers exemplifies China’s deliberate strategy to develop domestic robotics champions.

This pattern of coordinated investment in strategic sectors has been a hallmark of China’s industrial development since the 1990s, when similar approaches helped establish world-leading manufacturers in sectors like solar panels and telecommunications equipment.

The simultaneous investment from ByteDance, Alibaba, Tencent, and China Mobile into Unitree reflects China’s documented strategy of mobilizing multiple state-affiliated and private companies to support emerging technologies deemed nationally strategic.

Wang’s participation in President Xi’s high-profile symposium in February further highlights robotics as a priority sector in China’s industrial policy, similar to how semiconductor and EV companies have received state endorsement.

China’s robotics market is projected to grow at 23% annually to reach US$108 billion by 2028, more than doubling from US$47 billion last year, according to Morgan Stanley research.

2️⃣ Successful hardware robotics requires the right price-to-value balance

Unitree’s profitable business model contrasts sharply with earlier consumer robotics failures that plagued the industry in 2018, when companies like Mayfield Robotics and Jibo shut down despite significant investment.

Those earlier social robots like Jibo ($900) and Kuri ($700) failed largely because they couldn’t justify their high price points compared to simpler smart home devices like Amazon Echo, as consumers found limited utility in their capabilities.

Recent Unitree Robotics developments