China-based robotics technology producer UBtech Robotics is set to close a $400m series C round led by internet group Tencent, the South China Morning Post reported yesterday.
The deal would value UBtech at approximately $4bn, an unnamed source told the Post, though the company itself has declined to comment. The round has not yet closed and details may change.
Founded in 2012, UBtech produces family-friendly, humanoid robots for a range of applications. Its products include educational kits that enable children to build and program their own robot, and a services robot that provides information in hotels and airports.
The company has also built a Stormtrooper robot (pictured) based on the Star Wars franchise that features voice and facial recognition as well as augmented reality technology that enables a user to adopt the robot’s point-of-view through an app.
Asset management firm CDH Investments led a $100m series B round for UBtech in July 2016 that also featured Citic Securities and undisclosed additional investors.
Qiming Venture Partners had supplied $20m in series A+ funding for UBtech in a 2015 round that was followed by an investment of undisclosed size provided by voice recognition software producer Anhui USTC iFlytek and assorted private investors later that year.
– Image courtesy of UBtech Robotics