South Korean VCs back US humanoid robot developer Apptronik

Apptronik’s co-founder and CEO Jeff Cardenas (left) shakes hands with Jörg Burzer, a board member of Mercedes-Benz Group (Courtesy of Apptronik)

South Korean venture capital firms invested undisclosed tens of billions of won, equivalent to tens of millions of dollars, in US humanoid-developing startup Apptronik in a $403 million Series A funding round, which exceeded its original $350 million target.

The Austin, Texas-based robotics company announced on Tuesday that it has completed its Series A funding round led by B Capital and Capital Factory, with participation from major global investors, including Google, Mercedes-Benz, Japan Post Capital, ARK Invest, Helium-3, Magnetar and RyderVentures.

The round was initially planned to raise $350 million but closed with an additional $53 million on sizzling demand from global investors, underscoring growing worldwide interest in humanoid robots as automation becomes increasingly integral to global supply chains.

A group of Korean investors led by Korea Investment Partners Co.’s US operation was said to have persuaded the Apptronik funding’s lead investors to allow them to join the round for several months.

Other Korean VCs include Atinum Investment Co., Kyobo Life Insurance Co., Shinhan Venture Investment Co. and Otium Capital Ltd.

Apprtonik’s Apollo (Courtesy of Apptronik)

The influx of Korean capital reflects their active move to seize opportunities in advanced technology sectors, particularly in artificial intelligence and robotics.

The Korean investors also hope their latest investment in Apptronik can foster collaboration between the US robotics startup and Korean startups.

EMERGING AI HUMANOID STAR

Founded in 2016, Apptronik develops its flagship AI-powered humanoid robot, Apollo, designed to perform repetitive tasks in industries, ranging from manufacturing to logistics.

It has so far developed 15 robots, including NASA’s Valkyrie humanoid robot.

With a fast migration toward automation, investors see Apptronik as well-positioned to capitalize on the rising demand for humanoid robots.

Apprtonik’s Apollo in a Mercedes-Benz plant (Courtesy of Apptronik)

The latest investment follows a year of significant growth for Apptronik, marked by its strategic partnerships with industry leaders such as Mercedes-Benz and GXO Logistics, as well as collaborations with technology innovators like Google DeepMind and Nvidia.

These alliances aim to enhance Apollo’s capabilities and expand its applications across various sectors.

“Our work with Apptronik has given us a front-row seat to the incredible pace of progress in humanoid robotics and AI, and the transformative potential these technologies hold for modern manufacturing,” Jörg Burzer, a board member of Mercedes-Benz Group AG, said in an Apptronik’s news release.

“We are proud to support Apptronik as they pioneer new ways to bring intelligent, adaptable robots onto the factory floor.”

The fresh capital will be used to scale up Apollo’s production and deployment to commercialize the robot.

As competition in the humanoid robotics sector heats up – with companies such as Tesla and Agility Robotics also pushing forward – Apptronik’s latest funding round positions it to accelerate development and maintain a competitive edge, the US robotics startup said in a statement.

Korean companies such as Hyundai and Samsung have also joined a global humanoid race.   

By Hanjong Choi

onebell@hankyung.com

Sookyung Seo edited this article.

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