Norwegian AI and robotics company 1X has secured $100m (Nkr1.07bn) in its Series B funding round to accelerate the development and deployment of its second-generation humanoid, NEO.
The funding round saw participation from EQT Ventures and other global investors.
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This capital injection will be pivotal in bringing NEO, a bipedal humanoid designed for domestic assistance, to the consumer market.
According to 1X, NEO has been engineered with muscle-like anatomy, which makes it strong and gentle unlike rigid hydraulics.
In addition, 1X will also use the proceeds to its existing enterprise clients in logistics and guarding.
Following a $25m Series A funding round in March 2023, 1X’s total funding has now reached to approximately $125m in under a year.
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By GlobalData1X noted that the new investment is also in line with its mission to produce advanced and safe androids at a commercial scale, addressing the global labour shortage.
Apart from raising $100m in the latest round, the company also finalised a key secondary transaction, as part of which Sandwater, an existing investor, increased its stake with the third-largest contribution to the round.
Other companies to take part in this round included existing investors Skagerak Capital and the Nistad group along with a new investor Samsung NEXT.
The company, which is backed by OpenAI, said its approach to AI robotics mainly includes developing safe androids, capable of working alongside humans, and advanced data collection techniques.
1X CEO Bernt Øivind Børnich said: “We are thrilled that these leading investors are supporting 1X’s mission of safely deploying Androids with Smart Behaviour into new markets.
“Our next milestone will be scaling our data collection strategy for Embodied AI and offering NEO to consumers.”
EQT Ventures partner Ted Persson said: “The impact of androids joining our human workforce, on our terms will be transformative (to say the least). We are convinced 1X with their NEO androids will play a crucial role in the pioneering steps towards the first forays of our technological and human future.”
