Chinese AI startup Galaxea raises nearly $290 million in investment

Galaxea AI, a Beijing-based artificial intelligence startup working on Vision-Language-Action models, announced that it has raised about 2 billion yuan ($290.4 million) in a B+ investment round. The round brings the company’s total valuation to about 200 billion yuan ($29 billion). The company said investors include industry partners, long-term funds and state-backed capital. Galaxea AI previously raised about 1 billion yuan ($145 million) in a B round in February. The company will use the new funds to research fundamental models, develop models based on real-world data, accelerate commercial applications and expand its global ecosystem. Chief Financial Officer Luo Tianqi said that he expects more than half of the top 10 embodied AI companies to emerge in China in the future to emerge from the current wave of startups.