Produced by Zhineng Technology

As we've previously discussed, Hangzhou has evolved into a major robotics hub, largely thanks to the influence of Unitree. Analyzing these industrial clusters from a financing perspective offers valuable insights.

According to the Development Plan for the Humanoid Robot Industry in Hangzhou (2024 - 2029) issued by the Hangzhou municipal government, the industrial output value of the robot industry chain reached 15 billion yuan in 2023. There are 10 specialized and sophisticated "little giant" enterprises covering various links in the industry chain, including robot component production, complete machine manufacturing, and system integration. Enterprises such as those affiliated with Zhejiang University, Unitree Robotics, and 58 Robotics have emerged with capabilities in the research and development, manufacturing, and distribution of humanoid robots.

Today, we'll delve deeper into the financing capabilities and reserve funds of these companies based in Hangzhou.

● Unitree Robotics

Unitree Robotics has garnered significant attention in recent years and has become a new symbol of Hangzhou's tech sector.

Hangzhou Unitree Robotics Co., Ltd. was founded in August 2016. Its founder and CEO, Wang Xingxing, focuses on the independent research and development of high - performance quadruped robots (such as the Go series), general - purpose humanoid robots (such as the H1 and G1), and core components.

Starting with quadruped robots, the company made a significant push into the humanoid robot sector in 2023 and has achieved large - scale deliveries (accounting for over 60% of global quadruped robot shipments). With projected revenue exceeding 1 billion yuan in 2025, it has become a representative of Hangzhou's "Six Little Dragons" and a unicorn in the humanoid robot industry.

The company has an intense financing schedule, with over 10 rounds of public disclosures, accumulating a total financing amount exceeding several billion yuan. It has attracted numerous top - tier venture capital firms, state - owned assets, and industry giants.

Note: Unitree is also on track to be the first company to list on the Science and Technology Innovation Board. However, since the robot sector is a strategic direction, the sudden emergence of too many companies has led to adjustments in guidance, which may slow down the listing process.

● DEEP Robotics

DEEP Robotics, with Hangzhou Yunshenchu Technology Co., Ltd. being one of the "Six Little Dragons" in Hangzhou, has a long - standing and well - established reputation.

Founded in November 2017, Yunshenchu's founder and CEO, Zhu Qiuguo, leads a core team with roots at Zhejiang University. The company focuses on the research and development and industry applications (such as power grid inspections, fire rescue, security, and emergency response) of quadruped robots (such as the Jueying series X20/X30), wheeled/wheeled - legged robots, and humanoid robots (such as the Dr.01). It has achieved batch deliveries and overseas deployments (such as the Singapore National Grid project) and entered the humanoid robot sector in 2024.

The company has a consistent financing schedule, with about 7 rounds of public disclosures. It remained low - key in the early stages but later capitalized on the embodied intelligence boom to enter large - scale financing stages. It has accumulated a total financing amount exceeding 1 billion yuan (with nearly 500 million yuan in the latest round in 2025 plus earlier rounds), attracting well - known venture capital firms, state - owned assets, and industry funds.

● Bluecore Robotics

Bluecore Robotics is a well - established company that has successfully transitioned into the humanoid robot sector.

Founded in 2016, Hangzhou Bluecore Technology Co., Ltd.'s founder and CEO, Gao Yong, focuses on 3D visual perception technology for mobile robots (the core LX - MRDVS system), intelligent logistics solutions, and humanoid robots (such as the VersaBot).

Starting with visual sensors for mobile robots, the company later expanded into complete machines, composite robots, and humanoid robots, achieving large - scale deliveries (with clients including Huawei, Foxconn, and BYD). It has been awarded the titles of national - level specialized and sophisticated "little giant" and Hangzhou's quasi - unicorn.

The company has made steady progress through financing rounds, with about 7 - 8 rounds of public disclosures, accumulating a total financing amount exceeding 1 billion yuan (with several hundred million yuan in the C + round in 2025 plus earlier rounds). It began with early - stage angel/Pre - A rounds and later entered large - scale B/C rounds, attracting well - known venture capital firms and industry capital.

● Spirit AI

Spirit AI is also highly adept at financing, raising funds quickly with a clear and focused direction.

Founded in January 2024, the company's founder and CEO, Han Fengtao (formerly the co - founder and CTO of Luoxi Robotics), and co - founder Gao Yang (a PhD from UC Berkeley, mentored by Pieter Abbeel), focus on embodied intelligence large models (VLA Spirit v1), general - purpose humanoid robots (such as the Moz1), and full - stack software and hardware technologies. It is hailed as the "Chinese version of Figure AI" and has an extremely rapid financing pace.

In less than two years since its establishment, the company has completed multiple rounds (from seed to Pre - A +), accumulating a total financing amount exceeding 1.5 billion yuan (with some early - stage amounts disclosed collectively), attracting top - tier international/industry/state - owned investment parties.

● Zhicheng AI

Zhicheng AI, with Zhicheng Yingda (Hangzhou) Technology Co., Ltd. established on March 28, 2024, is led by founder and CEO Hu Luhui (formerly a senior executive at Microsoft, Amazon, Huawei, Meta, and Yonghui Cloud Computing). It focuses on large - model general artificial intelligence robots, physical world large models, and embodied intelligence (such as the TR series robots: TR1/TR2/TR4/TR5, emphasizing physical intelligence and generalization capabilities). Located in the Future Science and Technology City (Cainiao Zhigu) in Yuhang District, Hangzhou, its core team members come from international technology giants and top universities.

Only one round of financing has been disclosed. The company has maintained an overall low - key approach, with a cumulative financing amount of several tens of millions of yuan.

● 58 Robotics

Founded in 2022, 58 Robotics is a core embodied intelligence enterprise under China North Industries Group Corporation, headquartered in Hangzhou. It focuses on humanoid robots (such as the "Dasheng" series), industrial - grade quadruped robots, special robots, and robot intelligence businesses, targeting scenarios such as large - scale security, large - scale industry, and emergency rescue. The company has undertaken multiple national - level research and development tasks and has achieved batch deliveries and exports exceeding 100 million yuan.

Only one round of financing history has been disclosed (the first external financing round). The company has mainly relied on its central enterprise background and internal resources, maintaining a low - key style, with a financing amount of approximately 500 million yuan.

Summary

We will continue to gradually sort out and refine the situation in Hangzhou. For now, let's explore it from the perspective of financing windows and discuss the industrial layout needed for a city in the future from this angle.