1X, an AI and robotics company, has announced raising $100 million in Series B funding. The funding round included contributions from EQT Ventures and other global investors. This investment follows a successful Series A funding round in March 2023, which was led by OpenAI and Tiger Global. In total, 1X has raised over $125 million in the past 12 months.
The company plans to use the new funds to launch its second-generation android, NEO. NEO is designed as a bipedal humanoid robot, intended for use in domestic environments to assist with various household tasks. Additionally, the funding will aid in supporting 1X’s enterprise clients in the logistics and guarding sectors.
Bernt Øivind Børnich, CEO of 1X, expressed enthusiasm about the investment, highlighting the company’s plans to expand its data collection strategy for Embodied AI and to make NEO available to consumers.
The recent funding round also included a significant secondary transaction. Existing investor Sandwater increased its stake, making the third-largest contribution to the round. New investor Samsung NEXT and existing investors Skagerak Capital and the Nistad group were also part of this secondary transaction.
Ted Persson, Partner at EQT Ventures, commented on the historical human interest in humanoid robots and the potential transformative impact of androids in the workforce. Persson expressed confidence in 1X’s role in advancing this field with their NEO androids.