20 robotics companies invested by Lei Jun

"This is not my personal investment, it is an investment from Shunwei Capital, and it is not a new share subscription, but an early angel investment."

During the live stream in September, Lei Jun responded to the online rumor that he earned more than 10 billion yuan from new share subscription in Unitree, and this comment brought Shunwei Capital back to the public spotlight once again.

If we look back at Lei Jun's business layout more than a decade ago, the relationship between Xiaomi and Shunwei can be described as "mutual achievement", collaborating with each other and moving forward hand in hand. When Xiaomi started its first financing round in 2012, Shunwei began to invest in Xiaomi. On July 9, 2018, after eight years of efforts, Xiaomi was officially listed on the Main Board of the Hong Kong Stock Exchange, ranking among the top three global tech stock IPOs at that time. Correspondingly, Shunwei reaped huge financial returns by holding a 3% stake in Xiaomi.

Shunwei is often labeled as "Xiaomi's elite guard" or "Xiaomi's strategic investment department". For Shunwei and its portfolio companies, Lei Jun is like a mentor figure.

The name "Shunwei" comes from Lei Jun's well-known concept of "following the trend", "follow the trend instead of going against it" is what Lei Jun said to his friends on his 40th birthday, meaning that in the future, they will follow the trend of smart hardware and Xiaomi, and work with Xiaomi to change the world.

At the time of Xiaomi's Series C financing, Lei Jun and Xu Dailai, the former investor of Kingsoft, co-founded Shunwei in 2011, and Shunwei became one of the main investors in Xiaomi's Series C round. After that, Lei Jun rarely made angel investments in his personal name. Therefore, since its inception, Shunwei Capital has dual attributes, it not only makes financial investments as a venture capital institution, but also makes strategic investments based on the Xiaomi ecosystem. Before 2013, except for investing in Xiaomi itself, the projects invested by Shunwei Capital were basically follow-up investments in Lei Jun's personal angel investment companies. Since Xiaomi announced the launch of its ecological chain plan in 2013, the synergy between Shunwei Capital's investments and Xiaomi Technology has significantly accelerated. After 2013, most of the projects invested by Shunwei Capital are related to the improvement of the Xiaomi ecosystem, including large companies such as ByteDance, Roborock, Huami, XPeng, and NIO, which have repeatedly achieved excellent results in the investment industry.

According to relevant data from Qichacha, Shunwei and Xiaomi have jointly invested more than 100 times in total. Shunwei focuses on financial investment and early business exploration, while Xiaomi makes strategic investments while complementing its own industrial chain, and the two jointly improve Xiaomi's industrial map. The 20 companies listed below have all received investments from Shunwei Capital, including but not limited to these 20 companies, and Xiaomi's strategic investment figure also appears in a large number of them.

01 Unitree

Strictly speaking, Lei Jun did not directly take shares in Unitree in his personal name. The one that has continuously supported the company is Shunwei Capital, which Lei Jun co-founded and serves as chairman of.

Shunwei Capital led the Series A financing of Unitree in 2021, and continued to support it in the subsequent Series B round, making it one of the company's long-term institutional investors. Lei Jun has publicly stated that the support for Unitree is Shunwei's corporate investment behavior, not his personal "new share subscription". On August 19, 2026, Unitree was listed on the Sci-Tech Innovation Board with the stock code 688836, becoming the "first humanoid robot stock" on the A-share market.

The core business of Unitree covers high-performance general humanoid robots, quadruped robots, robot components and embodied intelligence models. The company started with cost-effective, publicly available robots and core components such as joints and motors, and formed productization and scenario-based capabilities in the global high-performance quadruped robot market at an early stage. In recent years, it has further shifted its business focus to humanoid robots and "robot brains". According to Unitree's prospectus, the sales proportion of humanoid robots has exceeded 50% in 2025. The company achieved an operating revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335.36%, and the non-net profit after deduction was 600 million yuan, an increase of 674.29%. This means that in addition to performance demonstrations such as running, jumping and dancing, Unitree has been fully able to generate large-scale revenue relying entirely on hardware sales.

Judging from the recent remarks of Wang Xingxing, breakthroughs in AI capabilities will continue to push the humanoid robot market forward, and the critical point of embodied intelligence is approaching. On October 21, Unitree released the H2-X "Kung Fu Legend Guardian" promotional video, which presented a series of actions such as the robot's knee hitting the car door, bending over to lift the car bumper, and guarding the family at night in a situational interpretation way, which has received widespread attention from public opinion at home and abroad.

It is worth noting that although Unitree's stock price has been controversial in public opinion in recent months, on October 23, Unitree's stock price rose sharply, quickly breaking through the 600 yuan per share mark, achieving its first 20cm daily limit since listing, with a total market value of 252.386 billion yuan at close.

02 Qianxun Intelligence

Shunwei Capital is one of the most important early supporters of Qianxun Intelligence.

Public information shows that Shunwei Capital participated in the seed round financing of Qianxun Intelligence in 2024, and then accompanied the company to complete the angel round, Pre-A round, A round and A+ round. In April 2026, Shunwei Capital and Yunfeng Capital jointly led the new 1 billion yuan financing of Qianxun Intelligence, and the old shareholders also continued to subscribe for large amounts of shares.

Shunwei Capital continuously chased investments from the seed round to joint leading investment, which indeed shows that Shunwei attaches great importance to the long-standing unsolved brain problem in embodied intelligence, and also shows that the capital market gives a very considerable valuation to teams that can truly apply models to industrial scenarios.

Qianxun Intelligence does not take selling general-purpose humanoid robots as its sole purpose, but deploys around general-purpose humanoid robots, embodied base models and data infrastructure. The company's goal is to enable robots to understand tasks, perform operations and continue learning in the real physical environment. In January 2026, Qianxun Intelligence open-sourced the Spirit v1.5 model, which has zero-shot generalization capability and can complete tasks such as wiping objects, operating hinges and flexible objects without additional sample training. As of February 2026, the company has accumulated more than 200,000 hours of multi-type real interaction data, covering sources such as Internet videos, teleoperation and wearable device collection, and it is expected that the total data volume will exceed 1 million hours in 2026.

In terms of commercialization, Qianxun Intelligence adopts the promotion rhythm of "industry first, then commercial service, then family". In the fourth quarter of 2025, the company started commercialization, with the order scale reaching tens of millions of yuan; its first humanoid embodied intelligent production line has been put into operation in CATL Zhongzhou Base, and the "Xiao Mo" robot has become the core equipment of the production line, realizing zero-fault mass production of nearly a thousand batteries. In March 2026, Qianxun Intelligence signed a strategic cooperation agreement with JD, and the Moz robot entered the JD MALL store to undertake retail scenario operations such as coffee making. In April, the company cooperated with Bosch China to build a closed loop around data collection, model training, industrial scenario deployment and core component supply.

03 Shelling Robotics

According to public financing information, Shunwei Capital participated in the angel round financing of Shelling Robotics in April 2026, and continued to support it in the subsequent US dollar-level Pre-A round. This round was led by Yunqi Capital, followed by institutions such as Shunwei Capital, Xiaomi Strategic Investment, Honghui Fund, Starseas, BV Baidu Venture Capital, and Innoangel Fund, with a financing scale of tens of millions of US dollars. The fact that Xiaomi Strategic Investment and Shunwei Capital both participated in this round of investment also reflects Xiaomi's own characteristics, that it attaches great importance to the application of robots in family scenarios.

Shelling Robotics is positioned as an embodied intelligent robot for family scenarios. The company was established in April 2026, and the meaning of "Shelling" in its name refers to the transition from conceptual products to household robots. That is to say, Shelling Robotics chooses the C-end family scenario as its long-term goal, which means that the products must meet consumer-grade standards in terms of cost, safety, reliability and continuous service capabilities.

In June 2026, Shelling Robotics released a real machine demonstration of making Mapo Tofu fully autonomously in 9 minutes, which fully tested millimeter-level fine force control, multi-tool collaboration and dynamic environment adaptation capabilities; in the same period, it also showed high-difficulty housework tasks such as folding clothes, threading cable ties, and tying sachets. In July 2026, the company completed the on-site signing as a representative of key Shanghai artificial intelligence projects at the closing ceremony of the WAIC 2026 conference. On August 3, 2026, Shelling Robotics completed the hundred-million-dollar Pre-A round of financing, jointly led by Shunwei Capital and Matrix Partners China, with participation from Jiukun Venture Capital, Junshan Capital, SEE Fund, etc. Old shareholders such as Yunqi Capital, Xiaomi Strategic Investment, and Honghui Fund continued to increase their positions, and the total financing of the two rounds exceeded 140 million US dollars.

04 RoboParty

Xiaomi Strategic Investment and Shunwei Capital have participated in the company's investments on multiple occasions.

In November 2025, RoboParty completed the tens of millions of US dollar-level seed round financing, led by Xiaomi Strategic Investment and Matrix Partners China, followed by Galaxy General Robotics, Lighthouse Capital, etc.; in December, it completed the seed+ round, with old shareholders such as Xiaomi Strategic Investment and Matrix Partners China continuing to increase their positions. In March 2026, it completed the 20 million US dollar angel round, jointly led by Guoxiang Capital and Matrix Partners China. In May 2026, it completed the tens of millions of US dollar angel+ round, led by Shunwei Capital, with additional investment from Xiaomi Strategic Investment. In July 2026, it successively completed nearly 500 million yuan of angel++ round and Pre-A round financing, among which the angel++ round was added by old shareholders such as Shunwei Capital, Matrix Partners China, Xiaomi Strategic Investment, and SenseTime Guoxiang, and the Pre-A round was exclusively invested by CATL.

It completed 6 rounds of financing in one and a half years since its establishment, and its valuation has risen by more than 20 times.

The core positioning of RoboParty is a full-stack open-source biped humanoid robot platform. The company officially open-sourced the "RoboHead Prototype" RPO on GitHub in January this year, making all hardware structure diagrams, EBOM material lists, supplier lists, AMP motion control algorithms and debugging experiences public. At present, the GitHub project has received more than 2,500 stars, the global developer community has exceeded 5,000 people, and more than 100 RPO units have been delivered in total. The company also launched the R&D base Party OS, which precipitates links such as data collection, motion processing, training framework, strategy deployment to real machines into a complete system. The company's team has expanded from the initial 13 people to 150 people, with a valuation of about 4-5 billion yuan.

On October 14 this year, RoboParty officially released the RP1 on the X platform, which the company calls a humanoid robot built for developers. It open-sources all mechanical CAD, engineering drawings, BOM, circuit boards, wiring harness materials, self-developed ROMOMO joint design files, firmware, underlying drivers, motion control, simulation models and SDK, and plans to achieve 2,000 units of sales in 2027. Founder Huang Yi once said frankly, "The significance of 100 units now is not great, and the significance of 100 high-quality developers is higher."

05 FirstForm Tech

Shunwei Capital under Lei Jun has made multiple rounds of investment in FirstForm Tech, and Shunwei has continued to increase its investment throughout the whole process of the company's advancement from R&D and productization to standardized mass production. Shunwei Capital led the Series A financing of FirstForm Tech in 2025, and continued to support it in the subsequent A+ round. In April this year, Shunwei also participated in its hundreds of millions of yuan A1 round. On July 22, FirstForm Tech completed another hundreds of millions of yuan A2 round of financing, jointly led by CITIC Goldstone and Geely Capital, with old shareholders China Internet Investment Fund and Shunwei Capital over-subscribing.

FirstForm Tech focuses on super-bionic emotional interaction robots, focusing on facial structure, skin material, expression control and emotional interaction. The company forms a product matrix around desktop interaction, store display, film and television IP linkage and customized images, and develops the multi-modal emotion base model CharacterMind, which enables robots to dynamically generate facial expressions and movements according to conversation content, environmental atmosphere and user status, so that robots can have affinity at the interaction level first, and then gradually transition to companionship, service and content consumption scenarios.

In 2026, FirstForm Tech entered a period of rapid financing and mass production preparation. The funds from the A2 round will be mainly used for the expansion of the full series of bionic product matrix, the construction of standardized mass production production lines and the iteration of bionic embodied intelligent algorithms. Completing two consecutive rounds of hundreds of millions of yuan of financing within three months shows that the capital market still recognizes this relatively differentiated entry point of bionic interaction.

06 DeepPurity Intelligence

Shunwei Capital has continuously invested in DeepPurity Intelligence since its early stage. The company's seed round was jointly led by Shunwei Capital and Creation Ventures, and then Shunwei participated in the seed+ round; in June 2026, Shunwei continued to increase its position in the Pre-A round. It is worth noting that Shunwei Capital clearly pointed out in its review that it led the seed round of DeepPurity Intelligence and continued to help in subsequent financings, which shows that Shunwei was once very optimistic about the company's potential.

DeepPurity Intelligence is mainly positioned as an AI-native embodied intelligent system service provider. The company obtains data through real scenarios, optimizes models with data, and then uses the improved robots to enter more scenarios to form an iterative closed loop. Its exhibits at the 2026 World Robot Conference include the new generation service robot "Xiao Pu" and the HiFi UMI data production engine. In terms of commercial implementation, DeepPurity Intelligence first chooses scenarios such as hotels and families as the entry point to gradually migrate from high-frequency tasks such as hotel delivery, cleaning, and inspection to the general family environment.

The financing and productization speed of DeepPurity Intelligence is relatively fast. The company was established in 2025, completed the angel round in October 2025, successively completed the seed round and seed+ round in November, and obtained the Pre-A round led by Didi in June 2026; completed the hundreds of millions of yuan Pre-A+ round in September 2026, with investors including Kexi Capital, the intellectual property fund under Shanghai Science and Technology Innovation, GBP Capital, Bozhou Industrial Investment, Shangcheng Capital and Qianrong Capital, and old shareholder Linear Capital continued to follow the investment.

The company plans to truly complete mass delivery in 2026, and launch overseas versions and trial versions for health care and family seed customers in 2027.

07 Flexiv

Shunwei Capital invested in Flexiv very early, and participated in the company's Series A financing in 2017, but that was all.

The core business of Flexiv is adaptive robots. Different from traditional industrial robots that only rely on preset trajectories and visual positioning, its products emphasize force perception control, compliant operation and adaptability to environmental disturbances. Its main products include the Rizon series of adaptive robots and related software and solutions, which are applied to industrial tasks requiring fine force control such as assembly, surface treatment, plugging and unplugging, and polishing.

In March this year, Flexiv held the "FLEXIVERSE 2026" annual strategic new product launch conference in Shanghai, launching products such as the Enlight series of full-perception adaptive robots, the Orion new generation architecture controller, the integrated humanoid intelligent platform MICO, and the enhanced gecko material gripper, forming an overall capability system covering "ontology - control - system".

In the same period, it announced the completion of a new round of financing, led by long-term capital Invus, with participation from institutions and industrial investors such as Atma Capital and Aofei Group, and existing old shareholders continued to follow the investment. The funds will