Service Robot Startup XYG Secures 10 Billion KRW Series A Funding

[Asia Economy Reporter Kwak Minjae] Service robot startup XYG announced on the 21st that it has completed a Series A investment round worth 10 billion KRW.

This investment round saw new participation from Magna Investment, Korea Investment Partners, Hyundai Motor Group Zero One, Villans Investment, and Samsung Venture Investment through a multiple closing method, along with follow-up investment from existing investor Humax, totaling six institutions. XYG's cumulative investment raised amounts to 14 billion KRW.

XYG is a service robot startup developing AI robot technology applicable across various fields, from the food retail market to everyday spaces. They have introduced automated food robots that reduce workload, such as barista robots and ice cream robots, as well as unmanned food robots that can operate without human assistance. In October, they opened the first store of the open-type unmanned robot cafe "XY Express," which features no partitions between robots and people, in Seongsu-dong, Seoul.

Focusing on developing F&B service robots utilizing robotic arms, XYG plans to unveil its first autonomous delivery robot at the "2022 Seoul Cafe Show" held at COEX in Samseong-dong on the 23rd. The new robot is a highly scalable ultra-compact delivery robot that will provide delivery services within buildings by moving between floors using elevators.

Based on this investment, XYG intends to advance its AI robotics technology and expand its services. In particular, through the "Robot Building Solution," which offers comprehensive services from food and beverage preparation to delivery within buildings, they plan to broaden the application spaces of robot automation technology.

Lee Sangwoo, investment manager at Magna Investment, said, "XYG is leading service robot technology through a demonstrable business structure, and rapid growth is expected in a market environment where continuous labor cost increases and worsening labor shortages are anticipated."

A representative from Hyundai Motor Zero One stated, "In the era of collaborative robots and fully unmanned robot service businesses, technology must provide differentiated experiences that penetrate customers' lives, and only when recognized as a valuable brand will technology evolve into a sustainable business. We expect XYG to provide new ideas and create synergy in Hyundai Motor Group's robotics and other business areas."

Hwang Seongjae, CEO of XYG, said, "We plan to continue advancing our technology to create robot services that deliver meaningful experiences in everyday life."

This content was produced with the assistance of AI translation services.