EngineAI Targets $1 Billion Valuation as Chinese Robots Heat Up

EngineAI is targeting a round of financing later this year at a $1 billion valuation, seeking capital to join a global race to develop humanoid robots.

The Chinese startup is hoping to raise 1 billion yuan ($139 million) around the fourth quarter, co-founder Ren Guowen told Bloomberg News. It aims to become a unicorn through that funding, he said.