Chinese humanoid company X Square Robot secured $100 million in an A+ round of funding led by Alibaba Cloud and CAS Investment on Monday. The firm’s Chief Operating Officer, Yang Qian, said the initiative is the company’s eighth round of financing since it launched less than two years ago in December 2023.
Qian also revealed that X Square Robot’s latest financing round brings its total investment to roughly 2 billion yuan ($280 million). Other startups also participated in the funding round, including HongShan, Meituan, Legend Star, Legend Capital, and INCE Capital.
X Square releases Wall-OSS’s open-source foundation model
X Square Robot aims to use the funds for the ongoing training of its robot’s self-developed general intelligence foundation model and the development of hardware products. The company’s initiative also comes as the race for household robots heats up globally. Venture capitalists are investing in the humanoid robot industry on the expectation that their integration with generative artificial intelligence will transform how machines interact with human beings.
Qian believes the industry needs robots that operate and complete complex tasks autonomously. She said the robotics industry has now realized that AI is required to enable humanoid robots to expand their capabilities beyond the mere function of performing limited tasks such as grasping objects.
The Chinese humanoid firm also released an open-source foundation model for embodied AI named WALL-OSS. The initiative means that developers and the general public can access the underlying code and use it for free. The firm’s previous WALL-A model was pre-trained and fine-tuned for multitasking, allowing it to generalize to new tasks.
According to the startup, the model is for use cases of tech integrated with hardware, such as robots. The firm said it was the first to open-source an AI model of its kind in the robotics space. X Square Robot also expects robotic butlers to become a reality within five years.
Qian also acknowledged that advancements in generative AI for chatting or code generation had surpassed those of robots. She also believes that generative AI for robots won’t achieve ChatGPT 3.5-type capabilities for at least 12 months. The company’s COO added that the startup may require less powerful semiconductor chips that can be sourced domestically, despite using Nvidia chips for computing.
X Square launches Quanta X2 robot
X Square Robots also released its Quanta X2 robot in addition to its open-source software. The company said the robot can attach mop heads for 360-degree cleaning. The self-developed wheeled humanoid robot is designed for diverse scenarios such as service, household, and industrial applications. According to the firm, the robot will also come with hands capable of perceiving subtle pressure changes as it advances its human-like functionalities.
Despite the launch of the new Quanta X2 robot, the company said it doesn’t have any products for mass market delivery. The firm also said specific prices are determined by the robot use case, while research firm Humanoid Guide priced the humanoid robot at $80,000.
A company like Unitree sells its humanoid robots for $16,000, although it’s unclear how advanced its functions are. Robotic companies need to price their products at around $10,000 to enter the consumer market. X Square Robots will have to largely cut hardware costs – an achievement Qian expects is possible in three to five years.
Qian revealed that X Square Robot is planning an initial public offering next year. She also highlighted that the startup had not yet decided on where the listing would be. The COO added the firm was already generating revenue from sales to schools, hotels, and retirement homes, and expects to grow next year.
X Square Robot CEO and founder, Wang Qian, sees potential in the prospects of AI in the robotics sector. He revealed that the company aims to integrate both hardware and software technologies while promoting the innovation and development of embodied intelligence.
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Source: https://www.cryptopolitan.com/alibaba-backs-100m-x-square/
