Norwegian robotics company 1X bags €91 million Series B to produce androids to meet the world’s labor demand | EU-Startups

Moss-based 1X, an AI and robotics company producing androids to benefit society and meet the world’s labor demand, announced it has raised €91 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 a 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,” said 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.

Founded in 2014, 1X also facilitated a significant secondary transaction as part of the round, where existing shareholders Sandwater and Skagerak Capital participated. New investors in the secondary transaction consist of Samsung NEXT and the Nistad group, to ensure the liquidity of stock options for its long-term employees.

“This is the first time we are able to offer a payout to our dedicated team. Their contributions have been pivotal to our success. As we embark on this exciting new chapter, we look forward to continuing to recognize and reward the efforts of our team, both past and future. Let’s continue to innovate and lead our industry,” added Bernt.

“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,” commented Ted Persson, Partner, EQT Ventures.

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• Source: https://www.eu-startups.com/2024/01/norwegian-robotics-company-1x-bags-e91-million-series-b-to-produce-androids-to-meet-the-worlds-labor-demand/