Innova Robotics enters bankruptcy proceedings, burning through over 600 million yuan in funding in 6 years

Innova Robotics has been announced by the Shenzhen Intermediate People's Court as entering bankruptcy proceedings, with the first creditors' meeting to be held on October 19. The company was incubated in 2020 under the control of He Jianfeng's Infore Group, with founder Shen Gang, a former vice president of Country Garden; strategic investors included Meituan and ByteDance. It reached a valuation of $500 million 10 months after founding and raised over 600 million yuan in cumulative funding; in 2025 its full-year revenue was only 4.33 million yuan, with a net loss of 67 million yuan.