China Robot Startup Wujingdongli Shuts Down After Eight Months
Wujingdongli, a Chinese robot startup founded in February, shut down after eight months and left about 30 to 40 employees owed roughly RMB 8 million, according to ChosunBiz. The company had stopped paying wages, while its former CEO and controlling shareholder reportedly cut off contact.
In June, Wujingdongli said it had secured contracts and expected orders worth about RMB 1 billion. It also reported raising RMB 110 million before running into financial trouble and halting operations.
Investment deals in China’s physical AI sector fell from 60 in September to 33 in October. Total investment declined from RMB 11.028 billion to RMB 10.105 billion. Other robot companies facing insolvency include Yinghe Robot, which entered liquidation in August, and Shanghai Shenlan Robot, which entered liquidation in May.
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