China’s humanoid gold rush just minted another contender. LimX Dynamics has raised $200m at a $2.21bn valuation. And its founder says the race to list has become do-or-die.
A Shenzhen humanoid startup has become the latest name in China’s robot boom to command a giant valuation. On Tuesday, LimX Dynamics said it had closed a pre-IPO round at 15 billion yuan, or about $2.21bn, The Information reported. The round raised $200m.
Its backers are unusually global. IDG Capital, the Apple-device supplier Lens Technology and Abu Dhabi’s Stone Venture led the deal. Italy’s GGG and Germany’s Redstone VC also took part, alongside Nio Capital and WestSummit Capital.
The money comes with urgency. LimX is already preparing an IPO, likely in Hong Kong, and is in a confidential review phase. Founder Will Zhang did not hedge about why.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!“Listing is a must”, he told reporters, as CNBC reported. He compared the moment to China’s EV startups Nio, Xpeng and Li Auto. All three listed in the US between 2018 and 2020. Once the technology matures, he argued, a company that fails to list risks vanishing, like the collapsed EV maker WM Motor.
