XPEV - XPeng affiliate company aims to make big break into the household robotics market

XPeng Robotics said it raised $100M in a Series A funding round to help strengthen its research and development investment in robotic hardware and software, recruit talent, accelerate product development and boost technology and product competitiveness.

The funding round was led by IDG Capital, supported by XPeng Inc. ( NYSE: XPEV ) and other long-time investors.

"The R&D development of XPENG Robotics and XPeng Inc. complement each other, creating a unique competitive advantage. We expect that XPeng Robotics will achieve innovative breakthrough through extensive R&D investment to open up the household robot market," noted lead investor IDG Capital.

Shenzhen-based XPeng Robotics launched a ridable four-legged robot unicorn as its first project last year.

The XPeng ( XPEV ) ecosystem company said it expects its first robots to enter households in the next two years.

Shares of XPEV fell 0.96% premarket to $28.97 vs. the 52-week trading range of $18.01 to $56.45.

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