Deep Robotics Secures Over 500 Million Yuan in Series C Funding, Sparking IPO Expectations
Hangzhou Deep Robotics, a leading Chinese developer of quadruped and humanoid robots, has raised more than RMB 500 million yuan (US$68.6 million) in a Series C financing round. The substantial capital injection positions the company, often referred to as one of the "Hangzhou Six Little Dragons," to accelerate its expansion in the rapidly evolving embodied intelligence sector.
The investment was co-led by CMB International and China Asset Management, with strategic backing from the investment arms of state-owned telecommunications giants China Telecom and China Unicom. The round also attracted a roster of existing shareholders, including China Central Television’s (CCTV) media fund, Shunwei Capital, and Matrix Partners China, signaling continued confidence from early backers.
The completion of this financing comes just weeks after the company restructured its corporate form, fueling speculation of an imminent initial public offering. On November 3, the entity officially changed its status to a joint-stock company, a standard preparatory step for listing. This move mirrors actions taken by domestic peers such as Unitree Robotics and Leju Robotics, which have also completed shareholding reforms and initiated IPO plans in 2025.
Zhu Qiuguo, founder and CEO of Deep Robotics, stated that the fresh capital will be deployed to increase research and development investment and attract top-tier talent. This year has marked a period of rapid product iteration for the firm, which recently launched both a wheel-legged quadruped robot and an industrial-grade humanoid robot, while establishing a dedicated pilot base for embodied intelligence.
Strategic Restructuring and Market Signals
The company's transition from a limited liability company to a joint-stock corporation is a significant marker for investors. According to filings, the name change to Hangzhou Deep Robotics was finalized in November, formally completing its shareholding reform.
This corporate restructuring is consistent with broader trends in China's robotics industry in 2025, where leading players are aggressively positioning themselves for public listing. The participation of state-backed entities like China Telecom and China Unicom in this round further suggests a tightening integration between advanced robotics hardware and national telecommunications infrastructure, potentially opening new avenues for 5G-enabled industrial applications.
Product Diversification and R&D Focus
Founded in 2017 by a team from Zhejiang University with over a decade of leg-footed robot research experience, Deep Robotics has focused on diversifying its portfolio beyond standard robotic dogs.
In April 2025, the company launched the Lynx M20, a wheel-legged robot designed for complex terrains. Weighing 33kg, the model combines the speed of wheeled movement with the obstacle-crossing flexibility of legged robots. Following this, in October 2025, the firm introduced the DR02, a global industrial-grade humanoid robot. The DR02 features an IP66 protection rating and is engineered to operate in extreme temperatures ranging from -20°C to 55°C, addressing the durability limitations that have historically restricted humanoid robots to controlled environments.
Industrial Applications and Supply Chain Links
Deep Robotics has established a strong foothold in B-side applications, particularly in power inspection and emergency rescue. Its quadruped robots are currently deployed in nearly 30 substations under China Southern Power Grid. The company reports that these automated inspections cover areas inaccessible to humans, reducing operational and maintenance costs by approximately 70% while boosting efficiency by over 50%.
Beyond industrial settings, the company is testing applications in extreme environments. In the unpopulated Kekexili region, at an altitude of 4,600 meters, its robots have been deployed for wildlife monitoring, tracking Tibetan antelope migration herds to provide data previously unattainable by human observers.
The financing news has also drawn attention to the company’s supply chain partners listed on the A-share market. Companies including Rockchip Electronics and Hangzhou Arcvideo Technology have disclosed business cooperations with Deep Robotics. Additionally, listed firms such as Zhejiang Zhaofeng Mechanical and Electronic and China-Singapore Suzhou Industrial Park Development Group hold indirect equity stakes in the robotics maker.