DEEP Robotics

The world's #1 in quadruped robot industrial revenue — profitable at $50M, IPO filed on China's STAR Market, and one of Hangzhou's "Six Tech Dragons."

1. Core Product / Service

DEEP Robotics (云深处科技) designs and manufactures quadruped and wheeled robots for industrial applications. Founded in 2017 and headquartered in Hangzhou, it is one of the city's "Six Tech Dragons" alongside unitree.

Product lines by 2025 revenue share:

• Jueying X series (industrial quadruped): RMB 195.8M (58% of revenue), average unit price ~RMB 288K. Used for power inspection, emergency rescue, and industrial patrol [1].
• Shanmao M series (wheeled robot): RMB 74.5M (22%), average ~RMB 198K/unit.
• Jueying Lite series (lightweight quadruped): RMB 51.3M (15%), average ~RMB 27.7K/unit — the consumer/education-facing line.
• DR series (humanoid): RMB 0.82M (0.2%), only 4 units sold cumulatively — very early stage [1].

Unlike unitree which is education-heavy (74% of humanoid revenue from universities), DEEP Robotics focuses on industrial applications — 80% of revenue comes from industry customers, making it the global #1 in quadruped robot industrial application revenue (per Frost & Sullivan) [1].

2. Target Users & Pain Points

DEEP Robotics targets industrial operators in power utilities, emergency response, mining, and infrastructure inspection. The core pain: hazardous or hard-to-reach environments (power substations, tunnels, disaster zones) where sending a human is dangerous, expensive, or both.

With 500+ customers across 45+ countries, DEEP Robotics has the broadest industrial quadruped deployment globally. Its robots are used by State Grid in China and exported to utilities and industrial firms in Europe, the Middle East, and Southeast Asia [1].

3. Competitive Landscape

DEEP Robotics' differentiation: industrial-first, not research-first. Higher average selling prices (RMB 288K for the X series vs Unitree Go2 at ~$2K) reflect deployment-ready, ruggedized hardware rather than lab platforms. The 52.8% gross margin (2025) validates the industrial pricing premium [1].

4. Unique Observations

• Profitable before IPO — the industrial focus pays off. DEEP Robotics turned profitable in 2025 (RMB 28.68M net profit) on RMB 337.5M revenue, with gross margins climbing from 33.5% (2023) to 52.8% (2025). In a sector where most companies are deeply loss-making (see figure-ai at $3.68B raised with near-zero revenue), profitability at a sub-$2B valuation is a genuine differentiator.
• "State team" backing signals strategic industry status. Key investors include China's National AI Industry Fund, China Reform Fund, and telecom SOEs (China Telecom, China Unicom). This is not just venture capital — it's state-directed industrial policy backing a company seen as strategically important for infrastructure inspection (power grid, telecom towers).
• Humanoid is a footnote, not the story. Only 4 humanoid units sold ever, generating RMB 820K. DEEP Robotics' IPO narrative is built on quadruped industrial revenue growth, not humanoid hype — a contrarian positioning that may appeal to public-market investors tired of pre-revenue robotics valuations.

5. Financials / Funding

• IPO: STAR Market (科创板) filing accepted May 18, 2026, aiming to raise RMB 2.503B (~$340M); CITIC Securities as underwriter [1]
• Estimated IPO valuation: RMB 13.9B ($1.9B) [1]
• 2025 revenue: RMB 337.5M (~$46M), +227% YoY [1]
• 2025 net profit: RMB 28.68M (~$4M) — first profitable year [1]
• Gross margin: 52.8% (2025), up from 33.5% (2023) [1]
• 2025 unit sales: 2,908 robots (3× growth YoY); production: 3,936 units [1]
• R&D: RMB 84.3M (25% of revenue); 172 R&D staff (40% of 430 total headcount) [1]
• Total private funding: ¥2B+ across 10 rounds
• Key investors: National AI Industry Fund (¥200M, Dec 2025), China Reform Fund, JD.com, China Telecom, China Unicom, SMIC C-Source, Da Chen Capital, CMB International

6. People & Relationships

• Headquarters: Hangzhou, China — one of "Hangzhou's Six Tech Dragons" alongside unitree
• IPO underwriter: CITIC Securities
• Key state-backed investors: National AI Industry Fund, China Reform Fund, Beijing Robot Industry Development Fund, CCTV Media Investment Fund
• Strategic/Corporate investors: JD.com, China Telecom, China Unicom, SMIC C-Source
• Financial investors: Da Chen Capital, CMB International, Qianhai Ark, Yuanhe Pivot
• Global reach: 500+ customers across 45+ countries
• Main competitors: unitree, Boston Dynamics, Ghost Robotics, ANYbotics