Agile Robots valued at $8.5bn after SoftBank-led round

German AI robotics start-up Agile Robots said Thursday that a new funding round valued the company at $8.5 billion, giving it more money for global expansion.

The Munich-based company raised $500 million in the round, which was led by Japanese technology investment group SoftBank. Other participants included Nvidia and Hitachi.

Agile Robots, founded in 2018, makes humanoid robots and robotic arms used to automate factory work. A company spokesman told AFP it was now Europe's most valuable “physical AI” robotics firm.

Founder and CEO Zhaopeng Chen said the funding would support expansion in the United States, more production capacity in Germany and entry into new markets.

The company says it has deployed about 20,000 robots in industries including automotive, consumer electronics and logistics. Earlier this year it opened a factory outside Munich that it says can produce up to 10,000 humanoid robots a year.