OpenAI-Backed 1X Raises $100 Million to Develop Next-Gen Humanoid Robots
1X Technologies, a Norwegian robotics startup backed by OpenAI, has secured $100 million in its Series B funding round, led by EQT Ventures. In addition to the primary funding, 1X conducted a substantial secondary transaction, where existing investor Sandwater increased its stake significantly and became the third-largest contributor to the round. Other participants in the secondary transaction included new investor Samsung NEXT, along with existing investors Skagerak Capital and the Nistad group, as mentioned in the company's statement.
1X Technologies plans to utilize the newly secured capital to launch its second-generation android, named 'NEO.' NEO is designed as a bipedal humanoid specifically tailored for everyday home assistance. The funds will also be directed towards supporting 1X's existing enterprise clients in logistics and security services. Bernt Oivind Bornich, CEO of 1X, expressed enthusiasm, stating, "We are thrilled that these leading investors are supporting 1X’s mission of safely deploying Androids with Smart Behaviour into new markets. Our next milestone will be scaling our data collection strategy for Embodied AI and offering NEO to consumers". The company had previously completed a Series A funding round led by OpenAI and Tiger Global in March of the previous year.
Within less than 12 months, 1X has now raised over $125 million. According to 1X, "This funding will support their mission to produce safe and advanced androids at a commercial scale, aiming to meet global labor demands and build an abundant society". Ted Persson, Partner at EQT Ventures, emphasized the transformative potential of androids joining the human workforce, stating, "The impact of androids joining our human workforce, on our terms will be transformative (to say the least). We’re convinced 1X with their NEO androids will play a crucial role in the pioneering steps towards the first forays of our technological and human future".