X Square Funding, Investors & Competitors

X Square has raised $589M across 5 funding rounds, most recently a Series C in June 2026.

Last X Square funding round

Series C

Amount undisclosed · Jun 2026

Cumulative funding X Square raised

$589M

across 5 funding rounds

Key investors in X Square

X Square Overview

About X Square

X Square is a Hangzhou-based robotics firm developing embodied AI models for humanoid robots. Established in 2023, it trains large vision-language-action models on 1 million hours of manipulation data, powering Unitree H1 dexterous tasks. The platform unifies perception, planning, and control for warehouse automation. X Square collaborates with Alibaba Cloud for GPU training clusters.


Founded

2023

HQ

ChinaShenzhen

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

X Square Funding History

X Square has raised a total of $589M across 5 funding rounds.

X Square's first fundraising round was a $14M seed round in November 2024. The most recent completed round was a Series C in June 2026.

X Square funding rounds

X Square funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2026Series CByteDance; Xiaomi; IDG Capital; China Mobile Chain Builder Fund; Meituan; CICC Capital; Alibaba Cloud; Fortune Venture Capital; HSG; Source Code Capital--
Apr 2026Series BHongShan (lead); Xiaomi (lead)$291MX Square Robot raised nearly RMB 2 billion (USD 292.8 million) in a Series B funding round co-led by Xiaomi and HongShan on April 28, 2026. The round builds on prior financings including a January 2026 Series A++ of RMB 1 billion backed by HongShan, ByteDance, and Shenzhen Capital Group, a February 2026 round of hundreds of millions yuan, a September 2025 Series A+ of nearly RMB 1 billion, and an earlier Series A++ equivalent to about USD 140 million with ByteDance and HongShan. X Square Robot, founded in December 2023, develops embodied intelligence foundation models fully in-house, including the Wall-B and WALL-A AI models for physics-aware tasks in general-purpose humanoid robotics. The funding supports near-term productization, data collection for real-world use cases, and household robot testing starting May 25, 2026, with registrations opened. Previous backers include Meituan, Alibaba, ByteDance, SAIC, and now all four major Chinese tech giants with Xiaomi's participation. Post-funding valuation exceeds RMB 10 billion.
Jan 2026Series AWuxi Innovation Investment Group; ByteDance; Nanshan War Xintou; Beijing Information Industry Development Investment Fund; Shenzhen Capital Group; HSG$144M-
Sep 2025Series AAlibaba Cloud (lead); CAS Investment Management (lead); China Development Bank Capital; Meituan; Sequoia Capital; Legend Capital; Legend Star; INCE Capital$140MX Square Robot, a Shenzhen-based Chinese startup founded in late 2023, develops humanoid robots and embodied AI technologies, including the Quanta X2 dual-arm wheeled humanoid robot launched in August 2025, the WALL-A Vision-Language-Action model with zero-shot task generalization, an embodied chain-of-thought framework, and the open-sourced WALL-OSS foundation model. The company raised nearly 1 billion yuan (approximately $140 million) in a Series A+ funding round announced around September 8-9, 2025, co-led by Alibaba Cloud and CAS Investment Management, with participation from China Development Bank Capital, INCE Capital (or HSG), Hongshan Capital Group, and existing investors Meituan, Legend Capital, and Legend Star. This marked Alibaba Cloud's first investment in embodied AI, with funds allocated to advance training of large embodied intelligence foundation models, iterate hardware products like the Quanta series, and expand real-world deployments in industrial and service applications. By May 2025, X Square had already raised over 1 billion yuan across seven prior funding rounds, bringing total funding to around 2 billion yuan post this round, though one source approximated ~$280M total. The startup showcased its Quanta 2 robot at the 2025 World Robot Conference in Beijing on August 9, 2025, highlighting progress in China's surging embodied AI and humanoid robotics sector, where startups are entering mass production amid a maturing supply chain for factory and home applications. Investor interest reflects China's national push in robotics, aligned with Alibaba's $53 billion three-year AI infrastructure plan, amid projections like Citigroup's estimate of a $7 trillion global robotics market by 2050. X Square positions itself as a pioneer in end-to-end unified large-model pathways for general embodied intelligence, one of the first in China to achieve such breakthroughs.
Nov 2024SeedUnityVC; Delian Capital; Nanshan War Xintou; Co-Stone Venture Capital; QF Capital$14M-

Who has invested in X Square?

25 investors have backed X Square across its funding rounds, including HSG, Xiaomi, Meituan, ByteDance, Nanshan War Xintou and Alibaba Cloud.

Lead investors include HongShan, Xiaomi, Alibaba Cloud and CAS Investment Management.


X Square Investors

Investors in X Square by funding rounds participated
InvestorHQRoundsRoleFirst check
ByteDanceChinaBeijing2ParticipantJan 2026
XiaomiChinaBeijing2LeadApr 2026
MeituanChinaBeijing2ParticipantSep 2025
Nanshan War XintouChinaShenzhen2ParticipantNov 2024
Alibaba CloudChinaHangzhou2LeadSep 2025
HSGHong KongHong Kong2ParticipantJan 2026
Wuxi Innovation Investment GroupChinaWuxi1ParticipantJan 2026
UnityVCChinaBeijing1ParticipantNov 2024
China Development Bank CapitalChinaBeijing1ParticipantSep 2025
IDG CapitalChinaBeijing1ParticipantJun 2026
Delian CapitalChinaBeijing1ParticipantNov 2024
China Mobile Chain Builder FundChinaChina1ParticipantJun 2026
CICC CapitalChinaShanghai1ParticipantJun 2026

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by X Square

X Square has invested in 2 companies to date.

Latest investment by X Square was on August 4th 2026. X Square invested in Kaiwang Data in their $15M Undisclosed stage round.


Latest Investments by X Square

Kaiwang Data
CloudSquirrel
Description
Kaiwang Data is a data services provider specializing in annotation and labeling for vehicle manufacturers pursuing self-driving technology.
CloudSquirrel Intelligent is a technology firm dedicated to advancing robotics through research and development of intelligent systems tailored for diverse real-world scenarios.
HQ CountryChinaUnited Kingdom
HQ City
Beijing
-
Deal Date4 Aug 20269 Jan 2026
RoundUndisclosed stageSeed
Raised$15Mundisclosed
InvestorsMifeng Technology; FutureX Capital; Xinghua Dingli; Huazhang Touzi; Rongrui Ziguan; Yizhuang Industrial Upgrading Fund; Plug and Play China; Xin Ding Capital; Merit Asset Management; Lunda Chuanrun; Beijing Huafang InvestmentZGC Group
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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X Square Competitors

X Square competitors include listed companies like UBtech Robotics, Reconova Technologies and IonQ, and private ones like Skild AI, Automation Anywhere and Figure.

Public and private companies comparable to X Square
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Skild AIUnited StatesPittsburgh, PAPrivate$30M-$14B-
Automation AnywhereUnited StatesSan Jose, CAPrivate$243M-$6.8B-
UBtech RoboticsChinaChinaPublicly listed$298M($108M)$5.1B9.5x
Reconova TechnologiesChinaChinaPublicly listed$66M($8M)$635M-
FigureUnited StatesSan Jose, CAPrivate--$39B-
IonQUnited StatesUnited StatesPublicly listed$130M($531M)$16B40.3x

X Square Public Comps

X Square is still privately-owned, but its public comps include Tesla, Palantir, Snowflake, Stryker, Z.ai, Unitree Robotics, Zebra, IonQ, Aurora Innovation and MiniMax Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tesla$95B$10B15.0x13.8x140.8x97.4x
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Stryker$25B$6.3B4.7x4.5x18.8x15.6x
Z.ai$108M($658M)422.9x65.9x(69.4x)(73.0x)
Unitree Robotics$253M$55M118.8x-548.5x-
Zebra$5.4B$853M3.6x3.2x22.6x13.8x
IonQ$130M($531M)109.9x40.3x(26.9x)(39.1x)

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Common questions about X Square

When was X Square founded?X Square was founded in 2023.
Where is X Square headquartered?X Square is headquartered in Shenzhen, China.
Is X Square publicly listed?No, X Square is a private, VC-backed company.
How much funding has X Square raised?X Square has raised $589M across 5 funding rounds.
What was X Square's last funding round?X Square's last funding round was a Series C in June 2026.
Who are X Square's investors?X Square's investors include ByteDance, Xiaomi, Meituan, Nanshan War Xintou, Alibaba Cloud, HSG, Wuxi Innovation Investment Group, UnityVC, China Development Bank Capital, IDG Capital and 15 others.
Which companies are comparable to X Square?Companies comparable to X Square include Skild AI, Automation Anywhere, UBtech Robotics, Reconova Technologies, Figure and IonQ.
How many companies has X Square invested in?X Square has invested in 2 companies, including Kaiwang Data and CloudSquirrel.
What was X Square's last investment?In August 2026, X Square invested in Kaiwang Data's $15M undisclosed-stage round alongside Mifeng Technology, FutureX Capital, Xinghua Dingli and 8 other investors.

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