China's Embodied AI Investment Cools as IPO Prospects Weaken
36Kr reports that Chinese embodied AI financing cooled sharply, citing a 40% month-over-month decline in September, fewer projects reaching investment committees and tighter funding criteria. The report attributes the shift to weaker public-market returns, stalled IPO expectations, concerns that general-purpose models could reduce the value of specialized robot models and signs of speculative valuation practices. Some startups are restructuring or seeking smaller rounds, while investors are placing greater emphasis on proven demand, commercial deployment and industrial resources.
The reported pullback marks a material change in the funding environment for China’s embodied AI sector, with investors shifting from broad technology narratives toward demonstrated orders and commercial use cases.
作者 | 邱晓芬
编辑 | 袁斯来
具身赛道里，那个有些疯狂的投资人，开始收手了。
很少有人会质疑他的地位。他出现在某机器人上市公司早期投资人名单中、又是另一家具身智能头部企业的幕后人。在很多年中，他和公众视野保持着谨慎的距离。但在一级市场，他以风格凌厉和激进著名。
“他的判断很疯狂，没有前面那堆乱七八糟的（调研），就是我要投你，就投了，一个礼拜钱到账。”一位熟悉的投资人告诉硬氪。
如今，这个很少犹豫的人，忽然冷淡下来。他会告诉一些创始人：“这个项目要给董事会看一下。”接着，再也没有实际的回复。
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