Paixini Starts A-Share IPO Counseling After Raising Over 4 Billion Yuan, Valuation Tops 10 Billion

On September 20, information on the China Securities Regulatory Commission (CSRC) website showed that Paixini Artificial Intelligence Technology (Beijing) Co., Ltd. had filed registration for IPO counseling with the Beijing bureau of the CSRC, with Guotai Haitong as the counseling institution. Paixini responded to the filing by saying that all information should be subject to official public disclosures and did not disclose further details.

Founded in June 2021, the company focuses on multi-dimensional tactile sensing technology and embodied AI robots. In July this year, Paixini completed a shareholding reform and moved its address to Beijing. Such a reform is usually seen as a preparatory step before launching a listing process, while moving to Beijing may be intended to get closer to regulators, capital markets, and industrial resources.

A few days ago, Paixini announced a B++ round of financing worth hundreds of millions of yuan. Its cumulative financing has exceeded 4 billion yuan, and its valuation has surpassed 10 billion yuan. Among embodied intelligence companies, this financing scale is at a top-tier level, drawing market attention to its listing moves.

Tactile sensing is Paixini's entry point, and its core technology direction is multi-dimensional tactile sensing. For robots to perform fine manipulation, they must have both vision and touch.

Vision tells a robot where an object is and what it looks like; touch tells the robot whether the grip force is sufficient, whether the object is slipping, and what material its surface is made of. Paixini's multi-dimensional tactile sensors can obtain information such as normal force, tangential force, and changes in contact force.

The application scenarios for these sensors include dexterous hands, humanoid robots, electronic skin, and embodied intelligence data collection. This technical direction overlaps with that of Yansheng Technology and Tashan Technology, mentioned earlier, and tactile sensing is becoming an independent segment in the embodied intelligence industry chain.

Paixini has raised more than 4 billion yuan cumulatively, and its valuation has exceeded 10 billion yuan, placing its financing scale among the top tier of embodied intelligence companies. In July this year, it completed a shareholding reform and moved to Beijing, an action that usually occurs before launching a listing process.

The shareholding reform turns a limited liability company into a joint-stock company, preparing for a subsequent IPO. Moving to Beijing may be intended to get closer to regulators, capital markets, and industrial resources.

Paixini's choice of A-share IPO counseling is consistent with the recent listing paths of several robotics companies. Unitree listed on the STAR Market, while Benmo Dynamics, UDI Robot, and Weiyi Zhizao chose Hong Kong stocks; Paixini is taking the A-share route.

The CSRC's recent focus in IPO reviews of humanoid robot companies includes sustainable revenue, loss improvement, and genuine innovation capability. Paixini's tactile sensing products have entered the stage of mass shipment, and this business structure may make it easier to meet review requirements than a pure robot-body company.

Paixini's IPO progress will be a window for observing how the capital market prices the tactile sensing niche. Its outcome may also offer a reference for other tactile sensing startups considering public listings.