UBtech, a China-based robotics developer backed by voice recognition software producer Anhui USTC iFlytek, has raised $100m from a consortium led by CDH Investments, China Money Network reported today.
Citic Securities and a range of undisclosed investors also contributed capital. UBtech has achieved a valuation of $1bn following the transaction.
UBtech manufactures family-friendly, humanoid robots dubbed Alpha 1S and Alpha 2 (pictured). The robots are programmable, able to perform tasks in sync with each other and capable of completing complex movements.
The company will use the capital to invest in research and development, and to broaden its focus to include opportunities in the education and entertainment sectors. It reportedly also plans to construct research centres in Beijing and in the US.
Qiming Venture Partners previously provided $20m in a series A+ round in 2015, before Anhui USTC iFlytek and assorted angel investors provided an undisclosed amount of funding towards the end of the year.
– Image courtesy of UBtech