Dexmal, a Chinese AI robotics startup, is seeking a valuation of roughly 20 billion yuan ($3 billion) in an ongoing financing round, according to a Bloomberg report published Friday.
The funding comes after previous rounds led by Chinese e-commerce giant Alibaba Group, which has been actively expanding into AI, as well as investments from NIO Capital.
Dexmal focuses on embodied artificial intelligence for robots that can be used in settings such as factories and households. Its subsidiary Atomix is one of the major providers of AI-native flexible warehousing solutions in China, according to the company's website.
AI robotics firms have attracted growing investor interest in China, raising billions of dollars in recent months. Unitree Robotics, for example, raised $904 million in its debut on the Shanghai Stock Exchange's STAR Market earlier this week.
China has emerged as a major player in making humanoid robots. According to a report from Chinese state-run newspaper Global Times, the country shipped more than 40,000 humanoid robots in the first half of this year, accounting for roughly 97% of global shipments.
Dexmal founder Tang Wenbin told Bloomberg that the Chinese humanoid robotics industry could hit a consolidation stage in the next 12 months. "Companies would find themselves in a very dangerous situation by this time next year if they haven’t scaled up deployment," said Tang.