Humanoid robot development company 1X has raised $100 million in investment

1X, a Norwegian company specialising in humanoid robots, has announced that it has raised $100 million in a Series B funding round. The main investor was venture capital fund EQT Ventures.

Here's What We Know

The raised funds will be used to refine NEO, a humanoid robot designed to address labour shortages by navigating and performing tasks in environments originally designed for humans.

Tiger Global and OpenAI have previously invested in 1X's development, but their names are not included in the current round. At the same time, the total amount of investments raised by the company reached $125 million.

According to 1X CEO Bernt Øivind Børnich, part of the new funds will be used to reward the development team, whose contribution has played a key role in the company's current success.

Source: TechCrunch