COOWA酷哇机器人
LatestQuiet new round over $600M; preparing a HKEX IPO (disclosed Jun 2026)
Over $3B post-money (~RMB 20.3B, reported Jun 2026)
COOWA Technology Co., Ltd.
A world-model-driven full-stack urban embodied AI solution provider: normalized operations in 50+ cities, an order backlog over RMB 5B, 2025 revenue breaking RMB 1B, and EBITDA turning positive
数据截至2026-08-19
About
COOWA was founded in Shanghai in 2015; founder He Tao holds master's and doctoral degrees in mechanical and space engineering from Tokyo Institute of Technology and studied under robotics master Hirose Shigeo. The company entered the unmanned sanitation track via L4 low-speed autonomous driving, forming three business pillars — smart city steward (sanitation robots, 70%+ of shipments), smart property (the wheeled-leg R0 and quadruped D0), and smart mobility (the L4 minibus CooBus) — with normalized deployment in 50+ cities worldwide and over 10,000 units cumulatively deployed. 2025 revenue broke RMB 1B (a 17x increase in operating scale over five years); in February 2026 it became EBITDA-positive on an annual basis for the first time, with an order backlog above RMB 5B and about 80% share of scaled orders above RMB 10M. In May 2026 it released CooWAIM 2.0, the industry's first interactive world action model (PDMS of 89.1 on the NAVSIM benchmark), and it has accumulated over 50 PB of data across 45 million km of operations. In June 2026 it was reported to have quietly completed over $600M at a post-money valuation above $3B while preparing a HKEX IPO (co-sponsored by Huatai Securities and Deutsche Bank).
Technical Approach
End-to-end foundation model: a one-stage, vision-only, fully mapless solution with 1,600 TOPS of compute; General Moving + General Working, with one model controlling 10 DoF including the vehicle body and fans. Data flywheel: 50+ cities and 45 million km of real operations have accumulated over 50 PB of 'robot-view' video data. 80-90% of core components are self-developed (machined from raw aluminum ingots; 30+ motors self-developed). The business logic follows the three-circle theory of autonomous driving: 10 km (sanitation) < 100 km (logistics) < 500 km (taxis) — the smaller the circle, the easier the landing.
Commercialization（6）
- Domestic coverage: present in 50+ cities nationwide, covering the four first-tier cities Beijing, Shanghai, Guangzhou and Shenzhen
- Cumulative deployments exceed 10,000 units (as of Jun 2026); has won over 40 public municipal sanitation tenders since 2023
- China's smart sanitation demand broke RMB 7.4B per year in 2025 (about 4x the 2023 level)
- Business has expanded to the Middle East (Abu Dhabi, Dubai, Riyadh) and Southeast Asia (Singapore); go-global strategy: Singapore → Middle East → first-tier Asian markets
- OEM partnerships: 中联环境, Jiangling Motors, BAIC and Chery; strategic LiDAR partnership with RoboSense (since 2017)
- Reached a strategic partnership with 辉羲智能 in June 2026 to build a domestic 'world model + edge compute' industry benchmark
Position & Strengths（6）
- A rare commercial closed loop: one of very few embodied AI companies to have fully closed the commercial loop and achieved large-scale cross-scenario commercialization (2025 revenue above RMB 1B, EBITDA-positive)
- RaaS business model: road sections contracted by results — 'pay docked if not swept clean' — earning customer trust through outcome delivery
- Data moat: 50 PB of real-world data and 45 million km of operations — the industry's scarcest open urban road data
- Fully in-house manufacturing: 80-90% of core components self-developed, with controllable costs
- First-mover and share advantages: about 80% share of RMB 10M+ unmanned intelligent sanitation orders, a near monopoly
- World model strategy: Coowa WAM 2.0 enables cross-scenario, low-cost, rapid scaled deployment