Paxini, a Chinese embodied intelligence company focused on robotic tactile perception, completed its regulatory tutoring registration in Beijing on September 20, moving toward an A-share listing. The filing, disclosed by the China Securities Regulatory Commission and handled by Guotai Haitong Securities, positions the company to become the first tactile perception specialist on the A-share market. Paxini has raised over RMB 4 billion and reached a post-money valuation above RMB 10 billion, making it one of the most capitalized players in its segment.
From Research Lab to Industrial Pioneer
Founded in Shenzhen in 2021, Paxini began as an early mover in a small and overlooked market for tactile sensors. Co-founder Xu Jincheng, who earned his doctorate at Waseda University's Sugano Robotics Laboratory, recognized that touch would be essential for robots performing physical work. In the early years the company faced repeated investor rejections, but it gradually expanded from tactile sensors into dexterous hands and full robot bodies.
Funding Momentum Reaches Historic Levels
Paxini's funding momentum accelerated sharply in 2025, beginning with a Series B round exceeding RMB 1 billion in March that lifted its post-money valuation above RMB 10 billion, followed by another RMB 1 billion strategic round in August. In September it announced a B++ round worth several hundred million yuan, shortly before the IPO tutoring registration became public. These rounds brought total disclosed financing to more than RMB 4 billion, the largest amount in the global tactile perception sector.
Industrial Investors Turn Customers Into Shareholders
Paxini's shareholder base is notable for its density of industrial capital rather than purely financial investors. It includes BYD, JD.com, TCL, SAIC, BAIC, ENN, SenseTime, Uni-Trend and Samsung, covering automotive, logistics and consumer electronics industries. Many of these partners first became customers and later invested, creating a direct link between capital and commercial demand.
BYD Cooperation Adds Industrial Validation
BYD has emerged as Paxini's largest external investor after completing a strategic investment worth over RMB 100 million in April 2025. In August the two companies signed a strategic cooperation agreement to deepen coordination in data collection and robotics for industrial manufacturing. BYD plans to provide real factory scenarios and high-quality operational data, while Paxini will supply tactile sensing and multi-dimensional perception capabilities that act as the robot's nerve endings.
A Customer-Led Path to Scale
For Paxini, industrial shareholders bring more than capital; they contribute real orders and operational scenarios where tactile feedback is essential. This model allows the company to deploy its sensors, dexterous hands and robots directly in manufacturing, logistics and automotive environments. According to company executives, the customer-led approach shortens the distance between technology iteration and commercial adoption.
Closing the Perception-to-Execution Loop
The company says its technology stack now spans tactile sensing chips, full-modal data collection, dexterous hands and robot bodies, forming a closed loop from perception to execution. Paxini has built large-scale data collection capacity in Tianjin, Suqian, Wuhan and Zigong, and its self-developed tactile sensing chips have surpassed one million units in cumulative shipments. This infrastructure supports both product development and data-driven model training for embodied intelligence applications.
With the IPO tutoring process underway, Paxini is moving from a startup backed by strategic industrial capital to a candidate for public market scrutiny. The company's ability to convert its large financing base and partner ecosystem into sustained revenue and profitability will now be closely watched. Its progress could set a benchmark for how embodied intelligence and tactile perception companies approach public listings in China.