Deep Robotics Files for IPO — A Main Competitor for Unitree Robotics

A Chinese Robotics Company Moves Toward Public Listing

Deep Robotics, the Hangzhou-based developer of quadruped, humanoid, and hybrid wheeled-legged robots, has officially launched its IPO process, becoming the third member of China’s so-called “Hangzhou Six Dragons” to pursue a public listing—following Many Core (preparing for HKEX) and Unitree Robotics (completing A-share counseling).

Founded in 2017 by Zhu Qiuguo (CEO) and Li Chao (CTO)—both PhDs from Zhejiang University—Deep Robotics has raised eight rounds of funding and is now backed by a coalition of national strategic funds, telecom giants, and top-tier financial investors, including:

• China National AI Industry Fund (Pre-IPO lead)
• China Telecom and China Unicom (strategic investors)
• CMB International, ChinaAMC, CCTV Fusion Media Fund, Beijing Robotics Industry Development Investment Fund
• JD Group (most recent Pre-IPO round)

The company completed its shareholding reform in November 2025, changing its legal status to “Hangzhou Yunshenchu Technology Co., Ltd. (Joint-Stock Company)”—a mandatory step for A-share listing in China.

From Lab to Grid: The Power Sector as Launchpad

Unlike peers that began with consumer or research bots, Deep Robotics found early validation in industrial infrastructure:

• 2020: Partnered with China Southern Power Grid to deploy Jueying X1 for substation inspection—its first real-world use case
• 2021: Launched Jueying X20, the first China-made quadruped robot with IP66 rating, capable of operating in rain, dust, and extreme temperatures
• Cost advantage: Priced at 1/3 to 1/2 the cost of Boston Dynamics’ Spot, while matching core performance

This utility-first strategy enabled 600+ commercial deployments across:

• Power & energy
• Emergency response & firefighting
• Security patrols in tunnels, airports, and urban complexes
• Construction mapping and rail inspection

The company now claims industry-leading reliability, with robots operating 24/7 in unstructured, hazardous environments—a critical differentiator in a market flooded with demo-only platforms.

Product Diversification: Beyond the Dog

While quadrupeds remain its core, Deep Robotics has expanded into new form factors:

This “multi-mobility” strategy allows the company to match robot morphology to task requirements—avoiding the “humanoid-for-everything” trap.

The Zhejiang University Effect: A Hard Tech Incubator

The “Hangzhou Six Dragons”—a group of high-value hard tech startups—include:

• Unitree Robotics (Wang Xingxing, ZJU alumnus)
• Many Core (Huang Xiaohuang, ZJU)
• Deep Robotics (Zhu Qiuguo & Li Chao, ZJU PhDs)
• DeepSeek (Liang Wenfeng, ZJU)
• Moore Threads (Zhang Yubo, ZJU)
• Metax (Yang Jian, ZJU PhD)

ZJU with its “2+2” cross-disciplinary model and Innovation & Entrepreneurship Training Program (ITP)—has systematically produced founders who combine technical depth with product pragmatism.

Support structures amplify this:

• 140+ regional alumni networks
• ZJU Education Foundation: One of China’s wealthiest university endowments
• 12 ZJU-affiliated funds have invested RMB 12B+ in alumni ventures

As one investor noted:

“ZJU may not produce the most theoretical scientists—but it produces the most ship-it CEOs.”

Investment Takeaway:

Deep Robotics stands out in a frothy market for three reasons:

1. Real deployments: 600+ industrial projects, not demos
2. Multi-form versatility: Quadruped, wheeled-leg, and humanoid—all in production
3. ZJU-engineered discipline: No hype, just incremental engineering and customer delivery

While Unitree captured headlines with humanoid dance routines, Deep Robotics built quiet, revenue-generating dominance in infrastructure.

Its IPO is not a bet on future potential.
It is a reward for proven execution in the hardest environments on earth.

And with national funds and industrial giants now on its cap table,
Deep Robotics is positioned not just to list—but to lead.