Hypershell raises $120M to put exoskeletons on everyday consumers
What's the deal? Hypershell, a Chinese consumer exoskeleton startup, has closed a $50M B+ round led by Ant Group and Meituan Dragon Pearl, with Sofina and Granite Asia following. The round brings its total B-series funding to $120M.
Founded in 2021 by Sun Kuan, a 30-something engineer inspired by Ghost in the Shell and Iron Man , Hypershell builds lightweight, AI-powered exoskeletons for hiking, travel, and daily mobility. It claims to be the world's top-selling consumer exoskeleton brand, shipping tens of thousands of units across 70+ countries.
Its investor roster reads like a who's who of Chinese venture capital: IDG Capital, Sequoia China, 5Y Capital, Monolith, and others.
Why now? The timing tracks with several converging trends. Advances in AI motion algorithms, lightweight composites, and high-density motors have finally made sub-2kg exoskeletons viable at price points under $1,500.
Hypershell's flagship X Carbon won a CES Best Innovation award in early 2025, and it X Ultra earned the same honour at Berlin's IFA. It also became the first exoskeleton to earn SGS third-party certification — setting an industry benchmark where none existed. A new X-series product with end-to-end AI motion control is set to launch on May 20.
The broader market is heating up fast. Analysts project the global exoskeleton market will grow roughly 50% annually, driven by ageing populations, outdoor recreation, and demand for physical augmentation.
What could go wrong? Consumer exoskeletons remain a nascent category. When Sun was fundraising in 2022, nearly 100 investors turned him down; one called it "an unrealistic sci-fi product." The entire exoskeleton industry sold fewer than 1,000 units that year.
Even now, challenges loom. Regulatory standards are still being established, and copycat competitors could flood the market as the category grows. Sustaining consumer demand beyond early adopters and outdoor enthusiasts will be the real test.
The signal: Ant Group's co-lead on this round is notable — the fintech giant rarely backs hardware startups, suggesting it sees consumer exoskeletons as a platform-scale category rather than a niche gadget. With Hypershell now at "late growth" stage according to Dealroom and analysts projecting roughly 50% annual growth for the global exoskeleton market, the race to define this category's DJI-style winner is accelerating fast.
Read more: 36kr.com
