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Chinese startups embrace new opportunities for high-quality developmen

Oct 13, 2024

Founded here in May 2023, Galbot is a cutting-edge startup building robot with embodied artificial general intelligence. In just over a year, it has developed a globally leading grasping technology with a 95-percent success rate for objects of any material and stacking configuration.


Venture capital (VC) has significantly supported Galbot's rapid development. As of June, the company had completed an angel round of financing amounting to approximately 700 million yuan (99.75 million U.S. dollars), setting a record in the embodied intelligence sector in China this year. In July, Hong Kong Investment Corporation also became an investor.


The company is a microcosm of how VC has been accelerating the development of startups across China. Many of these startups leverage venture financing to achieve fast growth and success. With the Chinese government carrying out a raft of policies to promote entrepreneurship and innovation, startups in China are embracing new opportunities for high-quality development.

A robot poses during the 2024 China International Fair for Trade in Services (CIFTIS) at the China National Convention Center in Beijing, capital of China, Sept. 12, 2024. (Xinhua/Zou Guangping)


VC FUELING STARTUP GROWTH


Investing in early-stage projects comes with greater risks, especially for hi-tech startups, which often require high research and development investments and a prolonged period before receiving a return on investment. Nothing is guaranteed. However, startups like Galbot, which possess cutting-edge technologies, can still easily attract investors' attention in China.


"Our company has strong technical capabilities and has effectively integrated industry, university and research institute. The financing process has also gone smoothly, with many investors not only providing funds but also introducing valuable industry resources to us, which has greatly aided our growth. This gives us confidence in our future operations," said Wu Wentao, media cooperation manager of Galbot.


Galbot's angel round financing amount is impressive, with diverse investors, including well-known VC funds, industry investors, and private capital. The largest investment in the company's angel round came from Meituan, one of China's leading online services platforms known for its army of yellow-clad food delivery workers. By the end of this year, Galbot will begin application testing for a 24-hour unmanned operation scenario developed in collaboration with Meituan.


"This year, our company's products are primarily focused on two areas: first, creating unmanned commercial application scenarios, and second, expanding into the industrial sector, such as conducting tests in car factories and manufacturing plants," said Wu.



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