Thursday, February 22, 2024
HomeFunding Moss-based Robotics Company 1X Secures €91 Million in Series B Round...

[Funding alert] Moss-based Robotics Company 1X Secures €91 Million in Series B Round Funding

Moss-based robotics company 1X secures €91 million in series B round funding involving participation from EQT Ventures and other prominent international investors.

Moss-based robotics company 1X secures €91 million in series B round funding involving participation from EQT Ventures and other prominent international investors.

With the additional funds, the business plans to launch its second-generation Android NEO product. NEO, a bipedal humanoid designed for common home assistance, offers consumers with adaptable support for a variety of household duties.

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The money will also help 1X’s current business clients with protection and logistics. 1X is leading the way in AI robots with its approach to embodied learning for gathering data and its Android device that is safe to use in public spaces.

Bernt Øivind Børnich, CEO of 1X said, “We are thrilled that these leading investors are supporting 1X’s mission of safely deploying Androids with Smart Behavior into new markets. Our next milestone will be scaling our data collection strategy for Embodied AI and offering NEO to consumers,”.

First raised in March 2023 by OpenAI and Tiger Global, 1X has already raised over $125 million in less than a year after closing a successful Series A investment round. With the support of this investment, they hope to meet the need for labour around the world while building a prosperous society by producing safe and sophisticated androids on a commercial scale.

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Bernt said, “This is the first time we are able to offer a payout to our dedicated team. Their contributions have been pivotal to our success. As we embark on this exciting new chapter, we look forward to continuing to recognize and reward the efforts of our team, both past and future. Let’s continue to innovate and lead our industry,”.

Ted Persson, Partner, EQT Ventures said, “From Leonardo da Vinci, to today’s sci-fi, humans have dreamt of humanoid robots for more than 500 years. It’s a privilege to witness the enabling technologies form in front of our eyes, in real time. The impact of androids joining our human workforce, on our terms will be transformative (to say the least). We’re 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,”.

About 1X

During the round, 1X, which was founded in 2014, also arranged a sizable secondary transaction in which Sandwater and Skagerak Capital, two of the round’s current owners, took part. In order to guarantee the liquidity of stock options for its long-term employees, Samsung NEXT and the Nistad company are among the new investors in the secondary transaction.

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