Led · Equity · Feb 2024

1X Holding develops humanoid robots and is preparing to enter the Chinese market through a partnership with two Chinese firms. Zhejiang Zhongjian Technology and Shenzhen Sunrise New Energy intend to invest a combined USD6 million into 1X Holding AS via an overseas special-purpose vehicle. The parties have signed a document of intent but say payment terms and any shareholding ratios for the 1X investment remain subject to further negotiation. The two Chinese partners will also form a joint venture, Shanghai Zhike Robotics, to handle smart-robot sales and operations on the Chinese mainland. The JV has a registered capital of CNY60 million and will be controlled by Zhongjian Tech. Zhongjian will pay CNY36 million for a 60% stake in the JV while Sunrise will invest CNY24 million for the remainder. The arrangement is preliminary and contingent on further negotiation and completion of definitive agreements. 1X develops NEO, a humanoid robot designed to operate in environments built for humans and address global labor shortages. The company emphasizes an Embodied AI offering to give NEO more general-purpose capabilities. 1X has faced skepticism that humanoid systems are over-engineered and that true general-purpose functionality remains further off. CEO Bernt Øivind Børnich said the latest funding will allow the company to offer payouts to its team. The funds will also be used to enhance its Embodied AI product and to execute go-to-market plans for NEO. Total fundraising now stands at $125 million. 1X (previously Halodi Robotics) develops androids designed to perform human-like movements and behaviors for practical, real-world labor augmentation. Its first commercially available model, EVE, is in production with manufacturing scale-up planned in Norway and North America. The company is also developing an upcoming bipedal android model called NEO. Leadership is headed by CEO and founder Bernt Øyvind Børnich. 1X was founded in 2014 and now employs over 60 people globally. Recently announced fundraising indicates the company is securing capital to accelerate product development and manufacturing expansion.