The first large-scale funding in the field of embodied intelligence in the Year of the Horse! A hundred-billion-level embodied intelligence unicorn is coming

[Introduction] Zhihui Square’s Series B funding valuation exceeds 10 billion yuan, and relevant personnel reveal preparations for an IPO

China Fund Reporter Qiu Dekun

On February 23, general intelligent robot company Zhihui Square announced the completion of Series B funding, with a financing scale of over 1 billion yuan. As a result, Zhihui Square’s valuation exceeds 100 billion yuan.

This is the first large-scale financing in the embodied intelligence field in the Year of the Horse. At the same time, Zhihui Square is the first embodied intelligence unicorn enterprise in Shenzhen with a valuation exceeding 100 billion yuan, and also the fastest-growing embodied intelligence company globally in terms of funding pace.

An insider close to Zhihui Square told China Fund Reporter that Zhihui Square is preparing for an IPO. An important signal is that the current financing includes brokerage fund investors.

Last year completed 12 rounds of financing, some investors signal potential listing

Over the past year, Zhihui Square completed a total of 12 rounds of financing, making it the fastest-growing embodied intelligence company in terms of funding pace worldwide.

Tianyancha shows that Zhihui Square has completed 5 rounds of financing so far, including Pre-A, A, and A+ rounds in January, March, and September 2025, respectively, with each round raising several hundred million yuan.

Now, Zhihui Square has completed Series B financing, with investors including CRRC Capital, Baidu Strategic Investment, Yunbai Capital, Guotai Haitong, and several Tesla ecosystem leading companies.

Zhihui Square stated that compared to the current embodied intelligence field, the investors in this Series B round have advantages in hierarchy, background, and industry synergy.

For example, Baidu Strategic Investment is Baidu’s investment platform, which, as one of China’s internet and AI giants, has long been engaged in deep learning, large models, and foundational algorithm architecture.

Zhihui Square’s large embodied intelligence model GOVLA has been deeply validated in real scenarios, and many metrics in third-party evaluations within open-source communities have ranked first globally.

The funds from Series B financing will be focused on maintaining the leading edge of GOVLA, the embodied intelligence large model.

In addition, investors in Series B include Yunbai Capital, a “deep-pocketed” PE fund, and Guotai Haitong, a leading brokerage fund. An insider close to Zhihui Square said that such investment institutions’ participation is generally seen as an important signal of the company’s move toward the public market.

The “most Tesla-like” robot company accelerates mass production of general-purpose intelligent robots

Why are capital so aggressively betting on Zhihui Square?

According to its official website, Zhihui Square was founded in April 2023. It is an AGI (Artificial General Intelligence)-native general intelligent robot company, with a core team possessing the genes of “AI innovation + terminal intelligent transformation.”

Zhihui Square states that, like Tesla, the company focuses on productivity-oriented general intelligent robots (not performance) as intelligent terminals, and from the beginning, it has adhered to an end-to-end large model technological paradigm.

In early 2023, among global embodied intelligence companies adopting the end-to-end large model paradigm, only Tesla and Zhihui Square.

Therefore, the outside world evaluates Zhihui Square as the “most Tesla-like” Chinese robot startup. It is also one of the reasons why many Tesla ecosystem leading companies have strategically invested in Zhihui Square.

Through Series B funding, Zhihui Square will drive the iteration and production line expansion of the AlphaBot series robots, consolidating the advantages of the “model × hardware × scene” system, and accelerating the development of productivity-oriented general intelligent robots.

Currently, Zhihui Square has built a complete closed loop from hardware mass production to commercial deployment. After its own production line starts operation in September 2025, it will have an annual capacity of 1,000 robots, with plans to expand to 10,000 robots in 2026.

Source: Zhihui Square Official Website

The mass production capability of embodied intelligence companies supports their large-scale application.

Zhihui Square’s Series B funding involved CRRC Capital, the investment platform of China CRRC. As one of China’s leading state-owned enterprises specializing in high-end equipment, CRRC has accumulated rich manufacturing experience over long-term development.

Zhihui Square states that China CRRC’s extensive manufacturing system is becoming the most ideal testing ground and landing platform for the company’s robots.