Exclusive | Chinese maker of Star Wars robot close to raising US$400m in largest funding round
Investments continue to pour into the AI sector as companies seek to imbue consumer products with smart features such as facial and voice recognition
UBTech Robotics, the Chinese maker of Star Wars Stormtrooper robots that can respond to voice commands and recognise faces, is close to raising US$400 million in a funding round led by Tencent, according to people familiar with the matter.
If completed, the series C funding round could value the Shenzhen-based company at about US$4 billion, according to one of the people, who asked not to be identified as the information is private. The funding is still being finalised and details could still change.
It would also be among the biggest rounds of fundraising by a consumer robotics firm, underscoring investor interest in backing companies that are marrying hardware with advanced technologies like artificial intelligence, voice and facial recognition.
UBTech declined to comment, while Tencent didn’t immediately respond to a query.
Companies are raising funds to boost research and development into AI systems that will enhance everything from companion robots to education to autonomous cars. The sector has also attracted interest from overseas companies, with US mobile chip giant Qualcomm Technologies investing an undisclosed sum in Hong Kong-based AI start-up SenseTime Group, which specialises in facial recognition.
Known for its humanoid robots, UBTech’s latest product is the US$300 Star Wars First Order Stormtrooper Robot – created in partnership with Disney, which owns Lucasfilm, the production company behind the Star Wars franchise. The Stormtrooper robot comes with an app for an augmented reality game that allows the user to look through its eyes and command it to launch “raids” by voice command. The company has begun taking orders for the robot and will begin deliveries later this month.
