Gasgoo Munich-Gasgoo reported the establishment of a new entity, Jinzhi X Square Robot (Shenyang) Co., Ltd., according to data from the Qichacha app. The company has a registered capital of 15 million yuan.
Its business scope includes the sales and R&D of intelligent robots, artificial intelligence hardware, and AI public data platforms. Ownership data shows the venture is jointly held by Jinbei Auto (600609) and X Square Robo (Shenzhen) Co., Ltd.
Image source: Variable X Robotics
Variable X Robotics secured funding of several hundred million yuan this February, according to Gasgoo. The round was led by industrial investors including SAIC Capital and the CICC SAIC Fund, with follow-on investments from existing shareholders including Meituan Longzhu, Sequoia China, the Beijing Information Industry Development Investment Fund, CDB Financial, Qifu Capital, Ince Capital, and GF Xinde.
This marks the second round Variable X has closed in 2026. Previously, the company announced the completion of a 1 billion yuan A++ financing round in mid-January, backed by investment firms and local platforms including ByteDance, Sequoia China, the Beijing Information Industry Development Investment Fund, SCGC, Nanshan Strategic Emerging Industries Investment, and Wuxi Innovation Investment.
Since its inception in late 2023, Variable X has completed a total of 10 financing rounds, according to Qichacha data. These include two rounds worth nearly 1 billion yuan each, with other investors including Legend Star, the Shuimu Tsinghua Alumni Seed Fund, Alibaba, and CAS Investment.
