2021-2025年机器人产业发展态势研究报告 State of Robotics 2021-2025

FSPRIME

StateofRobotics

2021-2025

2

Theroboticsindustryishittinganinflectionpoint

Companiesarescalingrapidly

33%

MarketcapgrowthofUSpublicroboticscompanies

24%

Medianrevenuegrowthofpublicroboticscompanies

87%

Enterprisevaluegrowthofprivateroboticsunicorns

Exitsarerampingup

6

$250M+acquisitionsin2024&2025

9

Newpublicroboticscompaniesworth$500M+in2024&2025

Massivemarkettailwindsfuelinginvestmentgrowth

$20B

Investmentintoroboticsthisyear,reachinganall-timehigh

3x

GrowthinGeneralPurpose

Robotics,fueledbyAIdisruption

2x

GrowthinDefenserobotics,

fueledbygovernmentdemand

InvestmentinRoboticsin2025hasreachedall-timehighs

RoboticsInvestmentByGeography,$B

srae

80%

ofinvestments gotocompaniesintheAmericas

Total

Americas

Europe

Il

$13.0B

$10.1B

$2.4B

$0.4B2022

$16.3B

$3.9B

$0.2B2025

$16.5B

$2.5B

$0.2B2024

$15.3B

$2.9B

$0.7B

2021

$8.5B

$5.7B

$2.5B

$0.3B2023

$19.9B$20.4B

$18.9B

Source:Pitchbook,F-Primeteamanalysis;Cruiseexclfrom2024figures3

Source:Pitchbook,F-Primeteamanalysis;Cruiseexclfrom2024figures4

Investmentpacein2025isdrivenbyVerticalandGeneralPurposeRobotics

AnnualventurefundingforUS,EuropeanandIsraeliroboticscompanies

$19.9B$20.4B

$18.9B

$2.0B

$0.1B

$2.2B

$1.4B

$8.3B

$8.4B

$6.9B

$13.0B

$0.2B

$1.5B

$7.2B

$4.0B

$9.6B

$8.5B

$0.3B

$0.7B

$6.0B

$1.5B

$0.9B

$6.1B

$1.5B

$11.9B

20212022202320242025

Total

GeneralPurposeRobotics

CompaniesbuildingroboticsleveraginggenerativeAI,eitherinhumanoidformfactorsorasfoundationalmodels

EnablingSystems

Companiesbuildingsolutions

toenablethedevelopmentofAVandRobotics,includingsensors,LiDar,Drones,andhardware/

softwarecomponents

VerticalRobotics

Companiesbuildingvertical-specific

roboticsacrossindustriesincluding

logistics,medical,defenseandsecurity,manufacturing,agriculture,construction,andmining

AutonomousVehicles(AV)

Companiesbuildingsolutionsforpublicroaddeploymentsacrosspassenger

vehicles,trucking,anddelivery

Allofthefundinggainsofthelast2yearshavebeenformegaroundsof$50M+;earlyandmid-stageroundsareflatforthelast5years

$.M–$M

Totals

Greaterthan$150Million$50M-$150M

$15M–$50M

2515

$6.2B(11)

$3.0B(36)

$2.4B (92)$1.2B(185)

2022

$8.4B

$3.6B(10)

$2.0B(26)

$1.7B (63)$1.2B(171)

2023

$20.3B

$13.5B(29)

$19.8B

$13.9B(18)

$18.7B

$12.0B(20)

Investmentdollarsbydealsize,$B(DealCount)

$3.5B(42)

$1.8B (73)$1.4B(200)

2021

$4.1B(48)

$1.8B (70)$1.1B(164)

2025

$2.9B(37)

$1.9B (68)$1.2B(170)

2024

$12.8B

Note:analysisexcludesrounds<$2.5M,andhencenumbersdonotmatchtopreviouspages

Source:Pitchbook,F-Primeteamanalysis5

Source:Pitchbook,F-Primeteamanalysis6

InvestmentsinHumanoidsandFoundationModelshavebeenthefastestgrowingsectorofrobotics,withahandfulofcompaniesraisingsignificantcapitalin2025

Humanoids&RoboticFoundationModels-Americas,Europe,andIsrael

$0.22022

$0.12021

TotalInvestment,$B

$6.1

$2.0

$0.3

202320242025

physicalIntelligeace(r)

&Generalist

FundingRoundsabove$100M,2025

Company

Segment

RoundSize

Humanoid

$1.5B

Humanoid

$1.0B

Humanoid

$734M

Humanoid

$400M

Humanoid

$124M

Humanoid

$100M

Segment

RoundSize

Company

$600M

$500M

$315M

$163M

$144M

$128M

$105M

RFM

RFM

RFM

RFM

RFM

RFM

RFM

Source:F-Primeteamanalysis7

Humanoidcompaniesareactivelypilotingandplanningforscale-up

Figure02BMWpilot:1,250hrs,

90K+partsloaded,30Kvehiclesproduced.

Digitmoved100K+totesatGXOwarehouse.Firsthumanoidathigh-volumeindustrialthroughput.

Atlasenteringproduction;2026deploymentscommittedtoHyundaiandDeepMind.

ConvertingFremontlinestoOptimusproduction.Gen3unveiled;targeting1Munits/yr.

Home-focusedhumanoidsdeployedtofactories,bridgingresidentialandindustrialviapartnerEQT.

PartneredwithJabiltomanufactureApolloatscale;DeepMinddeployingAIintegration.

Source:PitchBook,F-Primeteamanalysis8

VerticalroboticsisincreasinglydrivenbyDefense,with6xgrowthoverthelast2years

VerticalRobotics-Americas,Europe,Israel

20212022202320242025

OtherLogisticsDefense

$3.4

$1.2

$6.3

$3.4

$1.5

$3.3

$3.0

$1.7

$2.5

$4.0

$1.8

$1.1

$2.5

$1.8

$1.0

TotalInvestment,$B

FundingRoundsabove$100M,2025

CompanySegmentRoundSize

恐ANDURIL

HHelsing

Defense

Defense

Defense

Defense

Defense

Logistics

Manufacturing

Defense

$2.5B

$683M

$600M

$500M

$390M

over2rounds

$375M

$260M

$250M

Segment

RoundSize

Company

DEXORY

ANybotics

⃞Distalmotion

zipline

Defense

Medical

Medical

Logistics

Other

Consumer

Medical

Logistics

$240M

$230M

$200M

$165M

$161M

$150M

$150M

$150M

Other:Otherincludesmedical,manufacturing,consumer,agriculture,food,lab/pharma,construction&mining,inspection/survey,landscaping,recycling,retail,cleaning/maintenanceandmarineusecases,amongstothers

Source:PitchBook,F-PrimeteamanalysisShutdown/acquired9

Inadditiontoestablishedverticals,agriculturehasstartedtoattractmoreinvestment

Establishedsegments

>$500M

invested/yr

Highestfunded

privatecompanies,2021-2025

Emergingsegments

<$500M

invested/yr

Highestfunded

privatecompanies,2021-2025

Defense/Security

3,348

955

6,293

202320242025

恐ANDURILHHelsing

Consumer

(Newlyincludedin2025)

171

50

330

202320242025

Logistics

1,490

1,189

1,819

2023

2024

2025

zipline

Agriculture

549

358

287

202320242025

g⃞ecorobotix

2023

2024

2025

HADRIAN

R.pathRobotics

Construction

&Mining

370

Medical

1,028

708

973

20232024

2025

⃞Distalmotion

125

Lab/Pharma

385

158

2023

2024

2025

Manufacturing

638

198

764

267

226

202320242025

Terabase

10

Source:Pitchbook,F-Primeteamanalysis

TheAVmarketisconcentratedamongstafewplayersthathaveraisedsignificantcapital

AutonomousVehicles-Americas,Europe,Israel

TotalInvestment,$B

20212022202320242025

$9.7

$8.4

$1.3

$4.1

$2.2

TopTotalFunding2021–2025

CompanySegmentRoundSize

cruise

nuro

Passenger

Passenger

Passenger

Passenger

Trucking

Passenger

Trucking

$8.1B

$7.3B

$1.9B

$1.3B

$1.0B

$901M

$739M

CompanySegmentRoundSize

Passenger$467M

Trucking$387MNAymobilityPassenger$338MPassenger$305M Trucking$283M

少GatikTrucking$252MTrucking$200M

Shutdown

Source:Gatik,Kodiak,SimplyWall,CNBC,Waymo,Zoox,Tesla,Baidu,Pitchbook,F-Primeteamanalysis

Note:MileageforBaiduApolloand

Pony.ai

isprimarilyinChina11

Despitethesignificantcapital,WaymoistheonlyAVproviderintheWestwithmeaningfuldeployments

Trucking

DriverlessMiles

250,000

10,0000

Aurora

外Gatik

DriverlessHours

5,200

1,700

AutonomousTraction

RoboTaxiDriverlessMilesPrivateAVFunding

(MMiles)

2024$8.4B

$5.6BWaymoSeriesCaloneWaymovaluedat$45B

2025$0.9B

Minimalprivatefundingascompaniesworkedthroughcapitalraised

$16B

Waymoraisesat$126BvaluationLargestsingleAVroundinhistory

200

186

2.4

1

0.8

Privateunicornvalueskyrocketedthisyear,withGeneralPurposeRoboticsandDefensebecomingthehighestvaluedsegments

Privatemarketvalueofunicornssplitbyusecase,$B

Defense/Security

Enablingsystems

+87%

$70.2

$39.5

$30.7

$233

$124

20242025TotalGeneralPurpose

Robotics

$15.0

AVLogistics

$4.7

$2.7

$2.0

Medical

$58.9

$45

$13.9

$62.5

$30.5

$32

$7.9

$2.5

$5.4Other

$13.8

$5.2

$8.7

Note:ExcludescompanieswithvaluationnotlistedinPitchbook

Source:Pitchbook,F-Primeteamanalysis

Highestvaluedcompanyinsector12

Source:Pitchbook;F-Primeteamanalysis13

Alongwiththeexcitement,therehavebeenseveralhigh-profileshutdownsin2025,severalofwhichwerefocusedonagriculture

PrivateCompanies

TotalRaised

Public/Corporate

EVbatteryswapstartup

filedforbankruptcy

$300M+

GMdiscontinuedrobotaxidevelopmentprogram

GMSubsidiary

Autonomoustractorcompany

shutdownoperations

$250M+

RoombamakercollapsedafterfailedAmazondeal

Public

Warehouseroboticscompany

filedforbankruptcy

$170M+

Lidarmakerfiledforbankruptcyprotection

Public

Agriculturalroboticsfirm

ceasedoperations

$80M+

ZebrawounddownFetch-basedmobilerobotgroup

Zebra

Agricultureroboticscompany

enteredadministration

$60M+

Cloudroboticsserviceshutdownafterlowadoption

Amazon

Assetsacquiredby

Robcoaftershutdown

$50M+

Agriculturaldrone

startupshutdown

$45M+

Note:Includesonlytransactions>$25M,excl.Motional&BearRobotics

Source:Pitchbook,F-Primeteamanalysis14

Thelackofexitsthelasttwoyearshasbeenanindustryheadwind

Exittransactioncountbyyear

DealCount

14

1

8

7

5

25

20

15

10

5

0

25

4

13

8

20212022202320242025

5

1

4

4

1

3

Exittransactionvaluationbyyear,$B

Post-moneyvaluation($B)

$46.1

$21.8

$3.2

$21.1

2021

$27.4

$16.7

$2.2

$8.5

2022

IPO

Merger/AcquisitionSPAC

50

45

40

35

30

25

20

15

10

5

0

$5.7

$4.5

$1.2

2024

$5.7

$0.3

$5.4

2025

$1.92023

M&AisslowlyrecoveringwithDefensedrivingmanyoftherecentexits

M&Abysize(count)

$500M<$1B

$250M<$500M

$25M<$250M

36

9

10

17

2021-2025

M&Aexitsabove$250M,2024-2025VentureBackedExits

Company

AcquisitionValue

Date

Acquirer

Segment

$4.1B

May2025

Defense

$925M

January2025

Defense

$600M*

January2025

Food

$500M

July2024

Defense

$400M

April2024

Defense

$300M

October2024

fyocksafety

Security

OtherNotableExits(Excludedfromtotals)

walmart*

$5.4B

Roboticsdivisiononly

*51%acquisition

$186M

$51M

Note:OnlyincludesAmericas,Europe,andIsrael,andM&Aexits>$250M,excl.Motional

Source:Pitchbook,F-Primeteamanalysis15

PublicmarketRoboticscompanieshaveseenstrongstockperformanceinthelast12months

EV/LTM

REVENUE

MARKETCAP

12/31/2025

LTM

REVENUE2

REVENUE

GROWTH2

LTMEBITDA

MARGIN2

12MONTHSTOCK

COMPANY

SEGMENTIPODATE

PERFORMANCE

$201B

$9.6B

22%

20.3x

35%

1.1x

Medical

June-00

$33.0B

$2.2B

25%

14.0x

-2%

2.5x

Logistics

June-22

$12.0B

$890M

17%

13.8x

9%

1.6x

Defense

January-07

$7.4B

$2.0M

NA

3120x

NA

0.6x

Trucking

November-21

$3.9B

$524M

-15%

7.9x

32%

1.2x

Logistics

October-21

$1.9B

$16M

1020%

123x

NA

1.4x1

Trucking

September-25

$1.8B

$300M

50%

5.2x

-29%

0.4x

MedicalSeptember-21

$1.3B

$137M

31%

8.1x

-72%

1.8x

LiDar

March-21

$947M

$16M

-1%

46.5x

NA

0.6x

Defense

April-21

AEVA

$798M

$15M

90%

51.2x

NA

2.8x

LiDar

March-21

Gserve$773M$1.9M14%291xNA0.8xDeliveryApril-24

Median:24%Median:20.3xAverage:1.3x

Note:OnlyincludesAmericas,Europe&Israel;companieswithmarketcap>$500M.

Source:CapIQ,YahooFinance,F-Primeteamanalysis

1PerformancevsIPOdate

2TTMfromQ32025toconsiderinformationavailableatthetimeofvaluation

16

China’spublicmarketRoboticscompanieshaveseenevenstrongermarketperformance

12MONTHSTOCK

PERFORMANCE

MARKETCAP

12/31/2025

LTM

REVENUE2

REVENUE

GROWTH2

LTMEBITDA

MARGIN2

EV/LTM

COMPANY

SEGMENTIPODATE

REVENUE

$16.3B

$400M

41%

38.9x

-81%

2.4x

AV

October-24

$8.2B

$210M

12%

39.2x

-67%

2.3x

Humanoid

December-23

$6.7B

$2.8B

19%

2.2x

10%

1.8x

Cleaning

May-18

$6.3B

$96M

7%

60.9x

NA

1.0x

AV

November-24

$5.6B

$2.5B

74%

1.8x

8%

1.0x

Cleaning

December-19

$3.8B

$387M

22%

9.7x

-2%

1.2x1

Logistics

July-25

$3.5B

$400M

43%

6.5x

12%

1.6x

LiDar

June-23

$3.0B

$73M

73%

31.0x

NA

0.6x

AV

October-24

$2.2B

$249M

3%

7.4x

-20%

1.2x

LiDar

January-24

$1.7B

$160M

32%

10.6x

-49%

0.8x1

LiDarDecember-25

$1.0B

$34M

69%29.3x

-23%

0.9x1

HospitalityOctober-25

Median:32%Median:10.6xAverage:1.5x

Source:CapIQ,F-Primeteamanalysis17

1PerformancevsIPOdate

2TTMfromQ32025toconsiderinformationavailableatthetimeofvaluation;SeyondandYunjidatathrough2024only

18

WhereistheRoboticsmarketheaded?

Technologydisruption

ThenextwaveofAI-ledtechnologydisruptionisfuelinginvestmentintotransformational,generalpurposeroboticsopportunities

Defensetakesoff

Moderndefensestrategiesare

beingtransformedbyinvestmentintoautonomoussystems

"Riseofthemega-rounds

Investorappetiteformassiveroundsfueledbyproofpointsof

commercialscale,oftencoupledwithsuccessinthepublicmarkets

"Successisuneven

Despitethesuccessstories,

therecontinuetobehigh-profileshutdownsthatserveasarealitycheckforinvestmentexcitementinrobotics

19

StateofRoboticsteam

SanjayAggarwalBetsyMulé

VenturePartnerPrincipal

LearnmoreaboutF-Prime

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Reports&Research

StateofRobotics

RoboticsRoundup

Email

stateofrobotics@

Note:AbovelistingisasampleofroboticsportfoliocompaniesintheF-Primeand

EightRoads

funds.20

AboutF-Prime

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