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UK Startups and Innovation
14JUN

Humanoid's buyers wrote the $152m cheque

4 min read
16:35UTC

Humanoid raised $152m at a $1.35bn valuation on 21 July. Schaeffler and Bosch signed as investors, customer and factory at the same time.

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TechnologyDeveloping
Key takeaway

Humanoid's valuation rests on a signed customer and a contracted factory, not on a demonstration.

Humanoid, a two-year-old London robotics company, raised $152 million on Tuesday 21 July at a $1.35 billion valuation 1. Prime Movers Lab led the Series A, with Schaeffler, Bosch, Fubon Financial and Aglae Ventures alongside it. One of those new investors had already contracted to deploy the robots it was buying into.

Schaeffler and Bosch each hold three positions at once. Schaeffler holds equity and has signed what Humanoid calls the industry's largest publicly announced commercial agreement, covering deployment of thousands of the wheeled HMND 01 platform in manufacturing environments 2. Bosch holds equity and is the contract manufacturer, supplying production capability alongside strategic and technical consulting. Investor, customer and factory, carried by the same two signatures.

Forbes puts Bosch's potential output at 100,000 units over five years, which is forward-looking rather than a booked reservation, and Humanoid's own announcement gives no unit figure for either partner 3 4. Read the mechanism, not the ceiling.

That combination is why a company founded in 2024 prices above $1 billion on a Series A, the first priced institutional round. A demo reel supports a valuation until somebody asks who is buying and who is building. Humanoid can name both.

The HMND 01 rolls on wheels rather than legs, and the choice is regulatory as much as engineering. A wheeled machine clears European safety certification faster than a bipedal one, so Humanoid trades capability for a shorter route to a factory floor. The robots run a proprietary control system the company calls KinetIQ, and the first beta units reach customers from the fourth quarter of 2026 5.

Bosch and Schaeffler have taken this position before, and recently. Both back Neura Robotics, the German Humanoid company that reached roughly $7 billion in June, a month before Humanoid's round 6. Two industrial groups holding the same triple position across two Humanoid companies looks like a sector strategy rather than a quirk of one cap table.

British hardware has reached this scale on investor money before. Oxford Quantum Circuits raised £260 million in June, though the British Business Bank co-invested rather than leading it . Only one precedent in our record has the same shape: SAP took a strategic stake in Conduct's $60 million round in June and embedded the product inside its own software , hedging its own customer base rather than backing a market.

UKTN reported the round at £114m the following day. The two figures reconcile as the same money converted, and we use the fuller account's dollar terms and its 21 July date 7 8.

Deep Analysis

In plain English

Humanoid is a British company building HMND 01, a robot on wheels rather than legs, meant to do physical tasks in factories. It raised $152m from investors including a fund called Prime Movers Lab. Two large German companies, Bosch and Schaeffler, are involved in three different ways at once: they put money in as investors, Schaeffler has agreed to buy and use robots on its own factory floors, and Bosch will be the factory that actually builds the robots for Humanoid. That three-way arrangement, customer and investor and manufacturer combined, is unusual and is why this round drew attention beyond its size.

Deep Analysis
Root Causes

Bosch and Schaeffler both sell components into a combustion-engine supply chain that is shrinking as European carmakers cut output; contract-manufacturing a robot for a new customer fills capacity that a shrinking automotive order book has freed up, without either company having to build a dedicated robotics factory from scratch.

Humanoid needed a manufacturing partner because building a wheeled platform like HMND 01 at the volumes Schaeffler's factories would require exceeds what a five-year-old startup can finance or engineer alone; Bosch's existing precision-manufacturing lines, built for automotive tolerances, transfer directly to actuator and joint production without new tooling.

What could happen next?
  • Precedent

    An industrial buyer acting as investor, customer and manufacturer in one deal may become the template UK hardware startups pitch to European conglomerates next, rather than pitching pure financial VCs.

  • Risk

    If Schaeffler's deployment underperforms on its own factory floor, the reputational damage falls on both the customer and the contract manufacturer, who are also equity holders with no arm's-length distance from the outcome.

Sources:Forbes·UKTN·Humanoid
Mentions:Humanoid →Prime Movers Lab →Schaeffler →Bosch →Fubon Financial →AMD Ventures →HMND 01 →KinetIQ →ARX Robotics →Oxford Quantum Circuits →SAP →Conduct →UKTN →China →Forbes →London →British Business Bank →Fisker →Foxconn →
First Reported In

Update #13 · Humanoid hit $1.35bn on a customer order

Forbes· 31 Jul 2026
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Causes and effects
Caused by
OQC raises £260m in Europe's biggest quantum round
OQC's £260m raise set the last British hardware valuation precedent Humanoid's round now exceeds.
Occurred 2 Jun 2026
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Conduct takes $60m as SAP buys in
Conduct's SAP-backed round is the closest prior precedent for an industrial investor embedding inside a UK cap table.
Occurred 17 Jun 2026
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This Event
Humanoid's buyers wrote the $152m cheque
Two German industrial groups took equity, contracted for deployment and reserved manufacturing capacity in one transaction, which is how a two-year-old London company priced above a billion dollars on its first institutional round.
Different Perspectives
Fubon Financial
Fubon Financial
Fubon Financial joined Humanoid's Series A on 21 July as a minority financial investor alongside Schaeffler and Bosch, who also hold the customer and manufacturer roles. A pure-play investor from Taipei is pricing a London robot maker on terms two German industrial groups effectively set.
NATO Innovation Fund
NATO Innovation Fund
The Fund joined Greenjets' £30m Series A on 21 July alongside NSSIF, betting on ducted electric propulsion's civil market to fund a technology with an obvious defence application. It is backing a company that took twenty-one years to reach this stage, on the expectation that certification-cycle timelines reward patient capital over a quick return.
Prime Movers Lab
Prime Movers Lab
Prime Movers Lab led Humanoid's Series A on 21 July as the round's only pure financial investor, sharing the cap table with two co-investors who are also the anchor customer and the factory. That leaves the fund's usual arm's-length pricing role diluted by partners with a direct commercial stake in the valuation holding up.
Bosch and Schaeffler
Bosch and Schaeffler
Schaeffler signed what Humanoid calls the industry's largest publicly announced commercial agreement, while Bosch took equity and became contract manufacturer, filling capacity a shrinking combustion supply chain freed. Neither company has disclosed a unit count or an invoice, so their public commitment stops well short of Forbes' 100,000-unit projection.
UK founders raising seed through Series A
UK founders raising seed through Series A
A London robotics founder raised $152m this week against a signed industrial customer and a reserved factory, while a Cornwall founder more typically draws a £25,000 loan from a regional fund manager. Both call it British venture funding, but one route runs through Bosch's production line and the other through diligence built for businesses too small for any VC's attention.
EQT
EQT
EQT was reported on 3 July to be in advanced talks for a further CuspAI stake on behalf of the EU's Scaleup Europe Fund, but does not appear on the round CuspAI closed. Whether Europe's own sovereign vehicle secured a position, was outbid, or withdrew is unresolved.