345 Billion Yuan Flows into Embodied AI: Capital Shifts from Complete Units to Full Industry Chain

Record-Breaking Funding Wave

According to incomplete statistics from The Paper, since 2026, financing in the domestic embodied intelligence field has exceeded 345 billion yuan. Capital is penetrating from complete robot units to the entire industry chain, with upstream financing in fields such as joint modules and sensors surging significantly, midstream embodied brain development enterprises receiving large injections, and downstream RaaS platforms also becoming hotspots for layout.

Behind the financing boom, the industry will also face an elimination tournament: leading enterprises are gathering resources, while enterprises lacking落地能力 and with poor financing are accelerating their exit. At the same time, accelerated overseas expansion opens up new space for the industry, with leasing formats becoming mainstream for overseas expansion.

From本体 to Full Industry Chain

When capital can bet on complete units, brains, core components, and even RaaS platforms, the industry structure is being redefined.

Since the beginning of this year, complete unit manufacturers have all set their targets on the 10,000-unit threshold. In the actual process of advancing mass production, the importance of the supply chain is self-evident.

Upstream: Core Components

From the 2026 financing structure, capital is migrating to the upstream of the industry chain. Financing in fields such as joint modules and dexterous hands has increased significantly, and the financing capacity of industry chain companies is no less than that of robot companies themselves:

Joint Modules:

• Quanzhi Bo completed a multi-hundred-million-yuan A++ round financing in April, currently having completed 6 rounds of financing, with joint module shipments exceeding 100,000 units in 2025, and the newly commissioned automated production line having an annual production capacity of one million units -小象电动 also completed over 100 million yuan Pre-A round financing in April, with funds focused on axial flux motor capacity expansion and robot joint module iteration

Sensors:

• Kepler Robotics launched the first domestically adapted force-torque full-stack data acquisition solution natively adapted to VTLA, and completed a hundred-million-yuan level A++ round financing in April
• Blue Dot Touch completed over 100 million yuan C+ round financing in April, jointly invested by CATL, Agibot, and Galaxy General -智子力控连续完成两轮融资，获中芯聚源等战略资本支持

Dexterous Hands:

• Linkerbot, with monthly shipments exceeding 4,000 units, firmly occupies over 80% market share in the global high-degree-of-freedom dexterous hand market. After completing nearly 15 billion yuan B round financing in February, it quickly completed B+ round financing at the end of April, further promoting monthly delivery capacity exceeding 10,000 units

Midstream: Embodied Brains

In less than three months of 2026, enterprises focusing on embodied brain development have raised a total of 104 billion yuan, approaching last year's full-year level:

• Qianxun Intelligence completed two rounds of financing within two months, totaling about 30 billion yuan. The latest round was a 10 billion yuan A round, jointly heavily invested by Shunwei Capital founded by Lei Jun and Yunfeng Fund founded by Jack Ma
• Itstone completed 455 million US dollars Pre-A round financing

Downstream: RaaS Platforms

Robot application landing and user-facing downstream RaaS platforms have also become a key link for commercial value realization: -擎天租平台在半年内从种子轮推进至Pre-A轮，目前提供服务的场景60%-70%集中在商旅文娱，超过4000台可调度机器人覆盖超百座城市网点

• 京东上线自营租赁业务，产品矩阵覆盖人形机器人、四足机器人、外骨骼机器人等
• 1月万机易租上线，次月便完成天使轮融资
• 3月机时租平台在上海上线，提出“硬件+平台运营+场景定制+本地化服务”一站式RaaS解决方案

Industry Differentiation Accelerates

According to the judgment of Zhang Chi, founder of Xinding Capital, by 2026 the industry will enter a reshuffle period, no longer like 2025 when almost all companies could obtain financing. Among hundreds of domestic humanoid robot companies, ultimately only 10 to 20 may remain.

Qichacha data shows that China currently has nearly a thousand humanoid robot enterprises. After nearly three years of market testing, leading enterprises have accumulated more financing and commercial orders, while enterprises lacking commercial landing capabilities and with unfavorable financing are or are accelerating their exit.

At the same time, the overall financial health of the industry is still in an unbalanced state. Although UBTECH achieved operating income of 2.001 billion yuan in 2025, a year-on-year increase of 53.3%, it still recorded a net loss of 790 million yuan for the whole year;卧安机器人2025年营收9亿元，年内亏损达到2726.3万元。

Overseas Expansion Accelerates

On the other hand, accelerated overseas expansion is also creating more imaginative growth space for industry development. For example, 擎天租 launched the SHAREBOT global network in April, with overseas business already covering key regions including Europe, North America, Asia-Pacific, Japan and South Korea, and the Middle East, with the first phase landing in 13 countries including Germany, France, the United States, Malaysia, Thailand, and the United Arab Emirates.

Renting robots is more common and more popular overseas, with higher customer acceptance. Originally planning to launch global布局 in June, business development is indeed forcing them to提前发布全球平台.

Competition Dimension Upgrade

It should be noted that the current competitive dimension of the robotics industry has upgraded from single product competition to comprehensive competition of ecosystem capabilities.

The focus of the industry chain race is no longer just who can build better robots, but who can build a complete after-sales service system including warehousing, transportation, maintenance, software iteration, and scenario operations.

Many in the industry define 2026 as the year when the industry transitions from laboratory success to factory deployment and large-scale commercialization.