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具身人工智能初创企业云深处科技距离在上海上市更近一步 2026-05-20
Deep Robotics Technology, a developer of embodied artificial intelligence and one of Hangzhou’s so-called “Six Little Dragons,” has had its application for a Shanghai initial public offering accepted. The IPO prospectus shows overseas revenue accounting for almost a fifth of the firm’s income last year.
Deep Robotics plans to raise CNY2.5 billion (USD367.4 million) from listing shares on the Shanghai Stock Exchange’s Nasdaq-like Star Market, according to a filing released on May 18. China Securities is the IPO’s sponsor.
The company, founded in 2017 by Zhejiang University professor Zhu Qiuguo and PhD graduate Li Chao, develops robots that can move, perceive their surroundings, make decisions, and act autonomously. Its robot dogs and humanoids are used for tasks such as power grid inspections, factory maintenance, security patrols, and emergency response, especially in environments that are hazardous, remote, or hard for humans to access.
Following multiple funding rounds, the most recent raising over CNY500 million (USD70 million) last December, Deep Robotics is valued at more than CNY10 billion (USD1.5 billion).
Four of Hangzhou’s “Six Little Dragons” -- a collective term used to describe the city’s six fast-rising technology startups -- have filed to go public or are preparing to do so. Manycore Tech, a spatial design company, was the first to list, debuting on the Hong Kong Stock Exchange in April. Unitree Robotics filed an application in March to list on the Star Market, and a media report in January said BrainCo, a brain-computer interface developer, had filed confidentially for a Hong Kong IPO.
The proceeds of Deep Robotics’ IPO will mainly be used for the research and development of embodied AI algorithms and large models, robot bodies and integrated solutions, as well as investment in manufacturing capacity and expansion into industry-specific applications, according to its prospectus.
Deep Robotics turned profitable for the first time last year, with a net profit of CNY28.7 million (USD4.2 million) on operating revenue of CNY337 million (USD49.6 million), seven times more than in 2023, per the prospectus. Its gross margin widened to 52.8 percent in 2025 from 33.5 percent.
Revenue at the company’s embodied AI business surged almost fourfold to CNY322 million from the prior year, accounting for more than 95 percent of core business income. Overseas revenue reached about CNY61 million, representing a little over 18 percent of total revenue.
Deep Robotics spent CNY84.3 million on research and development last year, equivalent to 25 percent of revenue. By the end of 2025, it had almost 430 employees, including 172 R&D staff, accounting for 40 percent of the workforce.
Zhu has a 15.6 percent stake in the company and controls 31.1 percent of voting rights through a concerted action agreement. Among the top 10 shareholders are Hangzhou Yunqi Venture Capital Equity Investment Partnership Enterprise, which owns 5.4 percent, and China's National Artificial Intelligence Industry Investment Fund, which holds 3.8 percent.
Source: Yicai Global
