Insider Brief
- 1X, an AI and robotics company, has raised $100 million in Series B funding, with participation from EQT Ventures and other global investors, to develop its second-generation android, NEO, designed for home assistance and various domestic tasks.
- The funding will also support 1X’s enterprise clients in logistics and guarding, with a focus on producing androids that are safe to work alongside humans and advancing embodied learning for data collection.
- This latest funding round, following a successful Series A led by OpenAI and Tiger Global, brings 1X’s total raised capital to over $125 million in less than a year, with the goal of meeting global labor demands and contributing to an abundant society.
PRESS RELEASE —Moss, Norway/January 11, 2024 — 1X, an AI and robotics company producing androids to benefit society and meet the world’s labor demand, is pleased to announce it has raised $100 million in Series B funding with participation from EQT Ventures and other notable global investors.
The company intends to utilize the new capital to bring to market its second generation android NEO. Designed as a bipedal humanoid, NEO is tailored for everyday home assistance, offering versatile support for a wide range of domestic tasks in the consumer market. The funds will also support 1X’s existing enterprise clients in logistics and guarding. With 1X offering an android safe to work among people and a new approach to embodied learning for data collection, the company stands at the forefront of AI robotics.
“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,” says Bernt Øivind Børnich, CEO of 1X.
After successfully completing a Series A funding round led by OpenAI and Tiger Global in March 2023, 1X has now raised over $125 million in less than 12 months. 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. As part of the round, 1X also facilitated a significant secondary transaction in which existing investor Sandwater increased its stake with the third largest contribution to the round. Other secondary participants included new investor Samsung NEXT, and existing investors Skagerak Capital and the Nistad group.
“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,” says Ted Persson, Partner, EQT Ventures.
Key Participants
EQT Ventures
Samsung NEXT
Skagerak Capital
Nistad group
Featured image: Android Neo. Credit: 1X
