Robot-maker UBTECH secures $820m investment in largest ever AI funding

In what is possibly the largest funding round ever in an artificial intelligence company, Shenzhen-based intelligent humanoid robots maker UBTECH Robotics has announced the closing of a Series C investment of an $820-million round led by Tencent Holdings. The round, which values UBTECH at $5 billion, was also joined by the company's lead investor in its Series B round, CDH Investments, as well as a host of other new backers including Telstra, China Film and TV Capital, Green Pine Capital Partners and Whale Capital, according to an official release. UBTECH develops consumer humanoid robots and claims to be pioneering a future populated by affordable and intuitive robots. The company says its products are currently sold in more than 40 countries and regions, including China, North America, Europe, and Southeast Asia, at over 7,000 retail outlets around the globe, including nearly 500 Apple stores worldwide. The proceeds from the new funding round, UBTECH founder and CEO James Zhou said, will mainly be used to improve research and development by increasing investment in tech innovations, and to expand the company's market and brand by accelerating its deployment and branding in the global market.