Beijing-based Galaxea AI has closed a 2 billion yuan ($290 million) Series B+ funding round, more than doubling its valuation to over 20 billion yuan ($2.9 billion). The round drew nearly 20 investors, including hardware partner Lens Technology and multiple state-backed funds.

The raise is remarkable for its speed. Galaxea closed a 1 billion yuan Series B just two months ago in February, valued at 10 billion yuan. The company has effectively tripled its war chest in under 60 days.

What Galaxea Builds

Founded in 2023, Galaxea develops "embodied AI" - technology that lets robots perceive, reason, and act in physical environments. Its core platform combines Vision-Language-Action (VLA) models with robotic hardware like the R1 series, targeting manufacturing, logistics, and commercial services. The company is co-founded by two embodied intelligence professors from Tsinghua University.

A Crowded Race

Galaxea is far from alone. At least nine other Chinese robotics startups have each raised over 1 billion yuan in the past six months, including Galbot (2.5 billion yuan), PaXini Tech, Spirit AI, and LimX Dynamics. Unitree Robotics had its IPO application accepted by the Shanghai Stock Exchange in March.

The frenzy has cooled slightly for public companies. Hong Kong-listed UBTech Robotics has retreated from its November peak of HK$161 to around HK$102, and AgiBot parent Swancor fell from 170 yuan to 118 yuan per share.

The broader pattern is clear: capital is concentrating in a handful of top-tier embodied AI firms as investors bet that robots capable of real-world autonomy represent the next major platform shift after software-based AI.