HKIC Partners with Galbot to Boost AI Industry in Hong Kong

Hong Kong Investment Corporation (HKIC) has made a groundbreaking move by partnering with Beijing-based humanoid robot start-up, Galbot, in a HK$62 billion deal to bolster the city’s artificial intelligence (AI) industry.

The partnership will see the establishment of HK-Galbot Embodied AI Lab in Hong Kong, where Galbot will explore the applications of humanoid robots in industries such as retail and tourism. CEO Clara Chan highlighted the potential benefits of embodied AI, including the ability to replace humans in performing dangerous and tedious tasks.

Galbot will also collaborate with local schools to set up training programs for embodied AI, aiming to train over 100 teenagers annually. The start-up, chosen by HKIC to enhance Hong Kong’s technology sector, plans to prioritize the city for its future initial public offering.

Financial Secretary Paul Chan expressed confidence that collaborations with companies like Galbot, SmartMore, and Biomap will attract more tech firms and investment to Hong Kong. He emphasized the importance of building a robotics ecosystem in the city.

Galbot, founded by He Wang, recently raised 700 million yuan in funding and showcased its humanoid robot, Galbot G1, at the World Artificial Intelligence Conference in Shanghai. The robot impressed visitors by successfully completing tasks such as picking up and placing objects.

Wang explained that Galbot’s focus on human-shaped machines is to enable AI to perform physical tasks effectively. He believes that in the future, humanoid robots could become as common as cars in households, thanks to the supply chain advantage in the Greater Bay Area.

Galbot’s products are expected to be used in retail initially, with plans for deployment in Hong Kong shops within the next few years. The company aims for large-scale implementation within five years, revolutionizing the way physical tasks are performed in various industries.