2025年四季度机器人与物理人工智能风险投资趋势

EMERGINGTECHRESEARCH

Robotics&PhysicalAIVCTrends

VCactivityacrosstherobotics&physicalAIecosystem

Contents

RoboticsandphysicalAIlandscape3

Quarterlyanalysis4

Keytakeaways4

VCactivity5

Robotics&physicalAIVCdealsummary2

7

2Q42025ROBOTICS&PHYSICALAIVCTRENDS

InstitutionalResearchGroup

AliJavaheri

SeniorResearchAnalyst,EmergingSpaces

ali.javaheri@

pbinstitutionalresearch@

PublishedonMarch19,2026

CONFIDENTIAL.NOTFORREDISTRIBUTION.

RoboticsandphysicalAIlandscape

Industrialrobotics

Logistics&warehousingMedicine&healthcare

Agriculture&food

Consumerrobotics

Defense&security

Hardware&components

Software&AI

ForthecompleteRoboticstaxonomy

andcompanylist,

clickhere

toseethemarketmaponthePitchBookPlatform.

3Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

4Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

Quarterlyanalysis

Keytakeaways

•Roboticsventureinvestmentremainedstrongin2025despitebroaderVCmarketnormalization.Startupsinthesectorraisedapproximately$27.6billionacross1,009deals,withquarterlyactivityremainingstablethroughouttheyear(252dealsinQ1,263inQ2,245inQ3,and249inQ4).CapitaldeploymentpeakedinQ2with$11.9billioninvestedbeforestabilizinginthesecondhalfoftheyear,with$5.9billionraisedinQ3and$5.8billioninQ4.

•Defenseandindustrialroboticsarenowthedominantdestinationsforventurecapitalinthesector.Defense&securityroboticsattracted$8billionacross234deals,makingitthelargestsegmentbycapitalinvested,whileindustrialroboticsgenerated$5.9billionacross201deals.Withindefenserobotics,uncrewedaerialsystemsaccountedfor$6.2billionacross169deals,highlightingstronginvestordemandforautonomousISRanddronetechnologies.

•Industrialautomationcontinuestoscalerapidlyasroboticsmovesfromexperimentationto

deployment.Industrialroboticsinvestmentgrew70%YoY,ledbyassembly&manufacturingrobots($4.24billionacross82deals).Startupsbuildinghazardous-environmentrobotsalsoraised$681millionacross60deals,relectingrisingdemandforautomationinindustriessuchasenergy,

mining&heavymanufacturing,wheresafetyandlaborconstraintsremainpersistentchallenges.

•AIandautonomyplatformsareemergingasafoundationallayeracrosstheroboticsecosystem.RoboticssoftwareandAIstartupsraised$3.4billionacross124deals,including$2.5billion

investedinAIautonomyplatformsacross59deals.LargeinancingssuchasPhysicalIntelligence’s$600millionearly-stageroundhighlightinvestorconvictionthatsoftwareplatformscapableof

coordinatingroboticsystemsmaycapturesigniicantlong-termvalueacrossthesector.

•Largelate-stagefinancingsaresupportingthecommercializationandscalingofrobotics

platforms.SeveralQ4roundsillustratethescaleofcapitalrequiredtobringroboticssystems

tomarket.Hadrianraised$391milliontoexpandautomatedaerospacemanufacturing,Forterra

raised$238milliontodevelopautonomousgroundvehicles,andQuantumSystemsraised$209.8milliontoscaleitsproductionofuncrewedaerialsystems.Thesedealsrelectgrowingdemandforroboticsplatformscapableofsupportingindustrialanddefenseapplicationsatscale.

•Strategicacquisitionsareincreasingasroboticsstartupsreachcommercializationmaturity.

RoboticsM&Aactivityroseto20transactionsin2025,upfromfourdealsin2024,whileexit

activityreached21exitstotaling$156.6million.Althoughoveralldealvalueremainsmodest,the

increaseintransactionvolumesuggeststhatstrategicbuyers—includingindustrialtechnology

irmsanddefensecontractors—areincreasinglyacquiringroboticsstartupstointegrateautonomy,perception,andautomationcapabilitiesintotheirexistingplatforms.

5Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

VCactivity

Roboticsstartupsattractedapproximately$27.6billioninventurecapitalacross1,009dealsin2025,relectingcontinuedinvestorinterestinautomationtechnologiesdespitenormalizationacrossthe

broaderventuremarket.Capitaldeploymentluctuatedthroughouttheyear,butdealactivityremainedrelativelystable.Investorscompleted252dealsinQ1,263inQ2,245inQ3,and249dealsinQ42025,suggestingsustainedparticipationevenasfundingvaluesvaried.

Capitalinvestedacrossthesectorpeakedmidyear.Roboticsstartupsraisedapproximately$4billioninQ1,$11.9billioninQ2,$5.9billioninQ3,and$5.8billioninQ4.ThespikeinQ2wasdrivenbyseverallargelater-stageinancings,whilecapitaldeploymentmoderatedduringthesecondhalfoftheyear.

Despitethisnormalization,investmentlevelsremainedelevatedrelativetohistoricalaverages.InQ4alone,roboticsstartupsraisedroughly$5.8billionacross249deals,implyinganaveragedealvalueofapproximately$23million.

Dealdistributionacrossstageshighlightsthecontinuedmaturationoftheroboticsecosystem.In

2025,investorscompletedapproximately352later-stagedeals,329early-stagedeals,194seed

deals,and134venture-growthtransactions.Therelativelylargeshareoflater-stageactivityrelectsagrowingcohortofroboticscompaniestransitioningfromR&Dtowardcommercializationand

productionscaling.

Segment-levelactivityinQ42025illustrateswhereventurecapitalisconcentratingwithintheroboticslandscape.Industrialroboticsledthequarterwith63dealstotalingapproximately$1.7billion,followedcloselybydefense&securityroboticswith62dealsandroughly$1.7billioninvested.Together,thesetwosegmentsaccountedforthemajorityofcapitaldeployedduringthequarter.

Thesetrendsaligncloselywithbroadertrailing-twelve-month(TTM)investmentpatternsacrossthe

roboticsmarket.Defense&securityroboticsattracted$8billionacross233deals,makingitthelargestsegmentbycapitalinvested.Industrialroboticsfollowedwith$5.9billionacross201deals,while

consumerroboticsgenerated$5.3billionacross94deals.

Investmentgrowthindefenseroboticshasbeenparticularlypronounced,with138.8%YoYgrowthindealvalueand41%growthindealcount.Themajorityofthisactivitywasconcentratedin

uncrewedaerialsystems,whichattracted$6.2billionacross169deals.Othercategories—includinguncrewedmaritimesystems($944million)anduncrewedgroundvehicles($512million)—alsosawrisinginvestment,relectingacceleratingdemandforautonomoussystemsacrossmilitaryand

securityapplications.

Industrialroboticsalsorecordedstronginvestmentmomentum,with$5.9billiondeployedacross201dealsand70%YoYgrowthincapitalinvested.Withinthesegment,assembly&manufacturingrobots

generated$4.2billionacross82deals,relectingincreasingadoptionofroboticsinfactoryautomation.Startupsdevelopinghazardous-environmentroboticsraised$681millionacross60deals,growing

nearly128%YoYasindustriessuchasmining,energy&heavymanufacturingadoptautomationtoimprovesafetyandoperationaleiciency.

Beyondthesedominantsegments,severaladditionalareasofroboticssawmeaningfulventureactivity.Roboticssoftware&AIattracted$3.4billionacross123deals,drivenlargelybyinvestmentinAI

autonomyplatforms($2.5billionacross59deals)androboticsmiddlewaresystems.Ventureinvestorsincreasinglyviewthesesoftwarelayersascriticalinfrastructurecapableofcoordinatingroboticleetsacrossmultipleindustries.

6Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Medical&healthcareroboticsgenerated$1.9billionacross83deals,ledbysurgicalroboticsplatforms,whichaloneaccountedfor$1.1billionacross47deals.Meanwhile,roboticshardware&components

recorded$1.5billionacross134deals,withsensors&visionsystemsrepresentingthelargestshareofinvestment.

Notallroboticssegmentsexperiencedcomparablemomentum.Logistics&warehousingroboticsrecorded$1.2billionacross81deals,representinga28.5%YoYdeclineindealvalue.Investmentincategoriessuchasautonomousmobilerobotsandautomatedguidedvehiclesslowedasventurecapitalshiftedtowardsegmentswithstrongerdifferentiationorstrategicdemand.

SeveralnotableinancingsduringQ4illustratewhereventurecapitalisconcentrating.Attheseed

stage,RLWRLDraised$15milliontodevelopAIautonomyplatformsforroboticssystems,LangyongWeilairaised$14milliontobuildrobotsdesignedforhazardousindustrialenvironments,andBoneraised$12milliontodeveloproboticinspectionsystemsformanufacturingqualitycontrol.

Early-stageroundsincludedseveralunusuallylargeinancings.PhysicalIntelligenceraised$600

milliontodevelopfoundationalAImodelscapableofcontrollingrobotsacrossmultipleenvironments.IndustrialroboticsstartupGalbotraised$300milliontoscaleassemblyandmanufacturingrobots,

whileRoboteraraised$140.5milliontodevelopcompanion&socialroboticsplatforms.

Later-stagedealsweredominatedbycompaniesscalingindustrialautomationanddefense

technologies.Hadrianraised$391.3milliontoexpanditsautomatedmanufacturingplatformforaerospace&defensesupplychains.JuxieIntelligentraised$281.4milliontoscalehazardous-environmentroboticssystems,whileForterraraised$238milliontoacceleratedevelopmentofautonomousgroundvehiclesfordefenseandlogisticsapplications.

Growth-stageinvestmentsimilarlyconcentratedonroboticsplatformsapproachinglarge-scale

deployment.QuantumSystemsraised$209.8milliontoexpandproductionofuncrewedaerialsystemsusedforsurveillanceandreconnaissance.SurgicalroboticscompanyDistalmotionraised$150milliontoscaleitsroboticsurgeryplatform,whileagriculturalroboticscompanyEcoRobotixraised$105.6

milliontoexpandautonomouscroptreatmentsystems.

Exitactivityremainedrelativelymodestcomparedwithventureinvestmentlevels,relectingthe

longercommercializationtimelinesassociatedwithroboticsstartups.Roboticscompaniesgeneratedapproximately$156.6millioninexitvalueacross21exitsin2025comparedwith$131.2millionacrossthreeexitsin2024.Strategicacquisitionsremainthedominantexitpathwayasindustrialtechnology

irmsandautomationprovidersincreasinglyacquireroboticsstartupstointegratenewcapabilitiesintoexistingproductportfolios.

Strategicacquisitionactivityincreasedmeaningfullyduringtheyear.ThenumberofroboticsM&Atransactionsroseto20in2025comparedwithfourtransactionsin2024,markingthehighest

transactionvolumeinthedataset.Totaldiscloseddealvaluereachedapproximately$0.2billion,

suggestingthatmostacquisitionsinvolvedearlier-stageroboticscompaniesortargetedtechnologytuck-insratherthanlargeplatformtransactions.

Theinvestmentpatternsobservedin2025indicatethatroboticsismovingdecisivelyfrom

experimentationtowardlarge-scaledeployment.Venturecapitalisincreasinglylowinginto

technologiescapableofdeliveringimmediateoperationalvalueorstrategicadvantage.Industrialautomationanddefenseroboticsnowrepresentthelargestdestinationsforcapital,whileAI-drivenautonomyplatformsareemergingastheconnectivelayerthatenablesrobotstooperateacross

increasinglycomplexreal-worldenvironments.

7Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Robotics&physicalAIVCdealactivity

1,009

907

866846

851

614

542

$4.2

$4.7

$13.3$9.9

$10.3

$13.7

$27.7

2019

2020

20212022Dealvalue($B)

2023Dealcount

2024

2025

Source:PitchBook•Geography:Global•AsofDecember31,2025

Robotics&physicalAIVCexitactivity

21

5

3

1

3

2

$0.1

2019

1

2020

$0.0

$0.1

2023Exitcount

$0.1$0.2

2021

2022

20242025

Exitvalue($B)

Source:PitchBook•Geography:Global•AsofDecember31,2025

8Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Q42025robotics&physicalAIVCdealactivitybysegment

62

●

63

●

30

●

22

20

22

14

16

$210.5$231.0$1,659.1$1,730.2$306.4$515.3$321.8$840.5

Agricultural&ConsumerroboticsDefense&securityroboticsIndustrialroboticsLogistics&Medical&RoboticshardwareRoboticssoftware&AI

foodroboticswarehousingroboticshealthcarerobotics&components

Dealvalue($M).Dealcount

Source:PitchBook•Geography:Global•AsofDecember31,2025

20Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Keyrobotics&physicalAIpre-seed/seedVCdealsinQ42025

Company

RLWRLD

Closedate(2025)

November23

Dealsize($M)

$15.0

Post-money

valuation($M)

N/A

Segment

Roboticssoftware&AI

Category

AI&autonomyplatforms

Leadinvestor(s)

Hashed

Valuationstepup(posttopre)

N/A

LangyongWeilai

November10

$14.0

N/A

Industrialrobotics

Hazardous-environmentrobots

N/A

N/A

Bone

November17

$12.0

N/A

Industrialrobotics

Inspection&qualitycontrolrobots

ThirdPrime

N/A

Umiaile

October16

$10.6

N/A

Defense&securityrobotics

Security&patrolrobots

GrowthEnjinPartners

N/A

StirlingX

November27

$10.5

N/A

Defense&securityrobotics

Unmannedaerialsystems(UAS)

RokosCapitalManagement

N/A

Airbound

October14

$8.7

N/A

Logistics&warehousingrobotics

Last-miledeliveryrobots&drones

LachyGroom

N/A

BeagleTechnology

November14

$8.2

$20.2

Agricultural&foodrobotics

Autonomousfarmingvehicles&drones

N/A

N/A

Voltrac

November18

$8.1

N/A

Defense&securityrobotics

Unmannedgroundvehicles(UGVS)

ExtantiaCapital

N/A

KodamaSystems

October8

$7.0

$14.0

Agricultural&foodrobotics

Autonomousfarmingvehicles&drones

BreakwaterVenturesManagement,KonvoyVentures

0.5x

CDDS

November28

$6.2

$27.4

Defense&securityrobotics

Unmannedaerialsystems(UAS)

N/A

3.9x

Source:PitchBook•Geography:Global•AsofDecember31,2025

21Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Keyrobotics&physicalAIearly-stageVCdealsinQ42025

Company

Closedate(2025)

Dealsize($M)

Post-money

valuation($M)

Segment

Category

Leadinvestor(s)

Valuationstepup(posttopre)

PhysicalIntelligence

November20

$600.0

$5,400.0

Roboticssoftware&AI

AI&autonomyplatforms

CapitalG

2.0x

GalBot

December19

$300.0

$3,000.0

Industrialrobotics

Assembly&manufacturingrobots

N/A

N/A

Robotera

November20

$140.5

N/A

Consumerrobotics

Companion&socialrobots

GeelyCapital

N/A

NestAI

November20

$115.8

N/A

Defense&securityrobotics

Unmannedaerialsystems(UAS)

N/A

N/A

ZelosTech

October13

$100.0

N/A

Logistics&warehousingrobotics

Last-miledeliveryrobots&drones

AntGroup

N/A

HavocAI

October1

$85.0

N/A

Defense&securityrobotics

Unmannedaerialsystems(UAS)

N/A

N/A

GenerativeBionics

December8

$81.1

N/A

Defense&securityrobotics

Unmannedaerialsystems(UAS)

CDPVentureCapital

N/A

Neros

November10

$75.0

$839.5

Defense&securityrobotics

Unmannedaerialsystems(UAS)

SequoiaCapital

2.4x

STARK

October16

$62.0

$500.0

Defense&securityrobotics

Unmannedaerialsystems(UAS)

FoundersFund,SequoiaCapital

N/A

VatnSystems

December10

$60.0

$255.0

Defense&securityrobotics

Unmannedmaritimesystems

BVVC

3.9x

Source:PitchBook•Geography:Global•AsofDecember31,2025

24Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

QUARTERLYANALYSIS

Keyrobotics&physicalAIVCexitsinQ42025

Company

Pointivo

Closedate(2025)

December31

Exittype

Acquisition

Segment

Roboticssoftware&AI

Category

Computervision&perception

Acquirers(s)

BentleySystems

FirstAutomation

December24

Acquisition

Industrialrobotics

Assembly&manufacturingrobots

NewInnovations

Roboteam

December17

Acquisition

Defense&securityrobotics

Unmannedgroundvehicles(UGVS)

Ondas

SpearUAV

November26

Acquisition

Defense&securityrobotics

Unmannedaerialsystems(UAS)

UVision(Israel)

ServiceRobotics

November10

Acquisition

Consumerrobotics

Companion&socialrobots

CeraCare

ElectricSheep

October22

Acquisition

Consumerrobotics

Domesticservicerobots

N/A

YunjiTechnology

October16

Publiclisting

Consumerrobotics

Companion&socialrobots

N/A

Source:PitchBook•Geography:Global•AsofDecember31,2025

27Q42025ROBOTICS&PHYSICALAIVCTRENDSCONFIDENTIAL.NOTFORREDISTRIBUTION.

Robotics&physicalAIVCdealsummary

Quarterlyactivity

Q42024

234

18.8%

2