半年烧百亿：311起融资拆出机器人赛道明牌与暗流

2026年07月29日 17:29

本文共计6906个字，预计阅读时长24分钟。

来源/具身研习社责编/Zhuangdian 妆点人生

机器人与具身智能赛道在2026年上半年创投领域几乎逆着整体分化的风向狂奔不止。

六个月内，311起融资项目顺利落地，百亿级资金大量涌入其中。借助从单月72起确立的3月拐点，到银河通用、智平方、千寻智能等超级独角兽相继获得数十亿巨款的6月高潮，这条硬科技赛道已经成功成为眼下最拥挤、最昂贵的投资选择。

机器人大讲堂独家梳理了上半年311起机器人融资的明细，使用六组核心数据，将这场百亿资本局背后的底牌与暗流进行拆解。

01.

赛道折叠：大脑仰望星空，关节死磕泥土。

In the table of embodied intelligence, capital ultimately prefers which one, the “interesting soul” or the “strong physique”? The answer from the first half of the year is a clear bimodal curve.

人形机器人与具身智能是最大的吸金黑洞。115起融资项目，占比接近37%，稳坐冠军位置。银河通用获得25亿人民币的B+轮融资，智平方、它石智航、苏度科技等数亿美元级的超级独角兽陆续现身——资本正在为“AGI的物理载体”支付高昂溢价。

在聚光灯之外，资金流向了另一个方向。核心零部件以68起融资、21.8%的占比，压过特种、服务和工业机器人，悄然成为第二大赛道。这本身就是一个明确的产业信号：没有灵巧手、力矩传感器、行星滚柱丝杠这些底层硬件的国产化与降本，再聪明的大脑也走不出实验室。

一边是仰望星空的“大脑”，一边是死磕泥土的“关节”。上半年机器人赛道，就在这种极致折叠里完成了产业链上下游的全面卡位。

02.

资本审美巨变：不爱“老故事”，重仓“新物种”

看清了赛道，更尖锐的问题是：钱究竟流向了什么阶段的公司？

融资轮次分布呈现出头部极窄、底部极宽的早期主导结构。种子与天使轮总计84起融资项目，A轮系列则达到138起，两者加起来达到222起，占了全市场超过72%的份额。而C轮、D轮以及E轮的中后期项目骤降至个位数。

这背后所反映的事实在于，机器人赛道目前依然处于技术范式转移所引发的爆发式增长的早期阶段。资本已不太愿意为传统机器人周期里历经多年摸爬滚打所形成的“老故事”买单，转而借助放大镜，在高校实验室以及大厂离职高管的圈子里深入挖掘那些带着AI原生思维的早期团队。

So how new are these new faces that have been heavily funded by capital?

获投企业的成立年份构成了一幅清晰的代际画像。2025年成立的“一年级新生”成功拿下了全场最高的68起融资；2023年、2024年以及2026年上半年成立的公司，分别获得了51起、43起和30起。成立不到四年的“新物种”，合计卷走了市场上超过60%的融资事件。反观2022年及以前成立并经历过传统周期的老公司，除了少数成功转型的，大多很难再拿到新一轮入场券。

这张牌桌上，年轻本身就是一种资产。

03.

谁在买单？牌桌上的“三股力量”

The funders who sit opposite are clear in what they fund, what type of entrepreneurs they choose, and the billion dollar pie they are backing.

答案有点反直觉。财务VC并没有退场，而是依然坐在牌桌中心。真正改变格局的，是另外两股力量：产业CVC和国家队，它们正从边缘挤向主桌。上半年的机器人创投圈，已经不是单一资本说了算，而是财务VC产业巨头国资基金三方重新划分话语权。

第一极，财务VC守住了中心位置，但不再独占。红杉中国出手13次，高瓴创投11次，以绝对优势占据前两名。身后还有线性资本、普华资本、达晨财智、东方富海、蓝驰创投等一长串本土和美元老牌机构。七家合计56起，撑起了Top15的半壁江山。

In the robotics track, which features the highest level of certainty in hard technology, the notion that financial VCs have stepped back is a misnomer. Head financial VCs have not withdrawn and have continued to make investments to secure positions. The change lies in the fact that in the past they could exclusively obtain pricing power, but now Term Sheets for each good project simultaneously feature industrial entities and state capital funds, requiring financial VCs to accept the dilution of their voice.

第二极，产业CVC楔入中段。它们买的不是单纯的财务回报，而是对未来场景、订单和供应链卡位的布局。中芯聚源出手9次，顺为资本出手8次，联想创投出手7次，美团龙珠出手5次，还有一个特殊玩家——智元机器人，同样出手5次。

它们逻辑保持高度一致：中芯聚源代表半导体产业链核心，投向的是机器人芯片与感知领域的国产替代项目；顺为资本与联想创投这类消费电子巨头，将机器人视为“下一代智能终端”的关键入口；美团龙珠代表的互联网大厂，专注的是配送与仓储场景中“廉价劳动力”的替代应用。

Here is a common misconception that needs correction. The notion that internet giants are aggressively acquiring assets in large numbers is incorrect, as only Meituan Longzhu appears in the Top 15, with most others remaining in a stage of observation and small-scale testing. In fact, the capital that is deeply committed tends to be from semiconductor and consumer electronics chain leaders, rather than internet platforms.

更值得关注的是“链主CVC”的出现：以智元机器人为代表的头部本体厂商，在自身完成融资之后，随即转身对上下游的零部件以及算法公司进行投资，借助资本的力量把供应商锁定在自身的生态护城河之中。“今天的被投方，明天就是投资方”，由此成了机器人圈所特有的资本结构。

第三极，国家队全面下场。深创投出手了10次，华控基金出手了9次，中金资本出手了6次，这构成了国资和政府系阵营。在更宏观的叙事里，人形机器人和具身智能已经被视为继新能源汽车之后大国博弈的新筹码和新质生产力的终极载体。

For state-owned capital, financial returns serve merely as a secondary product. The primary objective lies in seizing strategic high ground over the next decade and ensuring chain industry security. Shen Chuangtou advanced to third place on the list with 10 investments, which stands as a vivid example of local state-owned capital casting its votes in genuine gold. Funds such as Huakong and Zhongjin, which carry backgrounds in military industry or central enterprises, entering the field equates to placing robots on the list of safe assets.

04.

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趋势一：大盘成功走出“M型双峰”形态，五月则经历了“深蹲”式调整过程。

趋势二：两条主线，两种“性格”

核心零部件则是一条“窗口脉冲型”的暗线。3月和4月那波21起以及15起的集中爆发，本质上是产业资本在政策和技术节点上的集中补课——抢减速器、抢灵巧手、抢行星滚柱丝杠。课补完之后，5月和6月迅速回落到9起至10起的消化期。它的增长是事件驱动的：窗口打开，资金蜂拥而入；窗口关上，立刻归于平静。

趋势三：被“挤出”的旧世界

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