Chainfir Capital flags shift in China embodied-AI funding focus from tech pitch to customer deliveries
QQQ•Chainfir Capital said investors in China’s embodied-AI sector are shifting their focus from technology pitches to revenue and deliveries. The sector recorded 322 deals in the first half of 2026, including 202 disclosed rounds that raised RMB 93.4 billion, up 350% year on year.
1. Funding and shakeout risks
Chainfir Capital said investors are increasingly asking robotics firms who they have shipped products to. It sees rising shakeout risk from the second half of 2026 through 2027, with the market likely to support 20 to 30 robotics firms out of nearly 300. Companies without a product loop, mass-production capability or revenue-driven business models are expected to face pressure.
2. Revenue and valuations
The brief said valuations remain ahead of revenue for many companies valued at more than RMB 10 billion. Unitree disclosed that domestic revenue accounted for 56.35% of its revenue in 2025.
