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Two Shenzhen embodied-AI robotics startups hit ~US$2.8bn valuations on the same day, funded by China's tech giants

X Square Robot closes four straight rounds past RMB 20bn (~US$2.8bn) backed by Meituan, Alibaba, ByteDance and Xiaomi; AI² Robotics raises ~RMB 5bn (~US$736m)

스타트업·AI· active 누구의 돈인가·장기전 ·6 시각 · ·rbtfl 업데이트 2026년 7월 2일

Summary

Two Shenzhen embodied-AI robotics firms, both founded in 2023, disclosed fresh capital on 29 June 2026. X Square Robot said it closed four consecutive rounds culminating in a Series C, pushing its valuation past US$2.8bn (about RMB 20bn), and called itself the only Chinese embodied-AI company to win lead-round backing at different stages from four domestic giants: Meituan, Alibaba, ByteDance and Xiaomi, with HongShan and IDG also in. Separately, AI² Robotics raised nearly RMB 5bn (about US$736m) at roughly a US$2.9bn valuation. Chinese trade press put 2026 robotics investment above RMB 46bn already, past the full prior-year total.

The split

Chinese independent and trade outlets stress the funders: Meituan, Alibaba, ByteDance and Xiaomi bankrolling humanoids as a strategic race, with almost no Western venture money involved. US coverage measures the two firms against American peers like Skild and Generalist AI, reading the pace as a competitive signal. The contrast is the point: China's embodied-AI capital comes from its own platform champions, not the global VC pool.

By the numbers

  • US$2.8bn, X Square Robot valuation (RMB 20bn).

  • ~US$736m, AI² Robotics raise (RMB 5bn), at ~US$2.9bn.
  • 4, Chinese tech giants backing X Square across stages.

  • RMB 46bn, 2026 Chinese robotics investment to date.

  • June 29, 2026, both disclosed.

Why it matters

China is capitalising embodied-AI foundation models through its consumer-tech giants rather than foreign venture, insulating the sector from US export politics and pairing model work with domestic manufacturing. Two US$2.8bn valuations minted in a day, against a Western field still at single-billion marks, signals how fast Chinese humanoid ambitions are scaling.

What to watch

  • Whether X Square and AI² ship commercial humanoids or stay in research.
  • Chinese-giant strategics consolidating the robotics field into two or three champions.
  • US-China divergence in how embodied-AI is funded and export-controlled.