1X Secures $100 Million in Series B Funding
1X, a company specializing in AI and robotics for creating androids to address societal needs and meet global labor demands, has secured $100 million in Series B funding. Existing investor Sandwater increased its stake significantly. Other participants like new investor Samsung NEXT and existing investors Skagerak Capital and the Nistad group joined in a significant secondary transaction.
The company plans to use the fresh funding to launch its second-gen android, NEO. NEO is a humanoid robot built for home assistance, helping with various everyday tasks. The funds will also aid 1X in supporting its enterprise clients in logistics and security. With 1X ensuring safe android interaction and a unique approach to learning for data collection, the company is a leader in AI robotics.
1X CEO Bernt Øivind Børnich said in a statement:
“We are thrilled that these leading investors are supporting 1X’s mission of safely deploying Androids with Smart Behavior into new markets. Our next milestone will be scaling our data collection strategy for Embodied AI and offering NEO to consumers.”
After a successful Series A funding round led by OpenAI and Tiger Global in March 2023, 1X has raised over $125 million in less than a year. The $100 million received in the Series B funding round will help them produce safe and advanced androids on a larger scale. Furthermore, their goal is to meet global labor demands and contribute to building a thriving society.
Ted Persson, Partner, EQT Ventures, commented:
“From Leonardo da Vinci, to today’s sci-fi, humans have dreamt of humanoid robots for more than 500 years. It’s a privilege to witness the enabling technologies form in front of our eyes, in real-time. 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.”
