Today it was announced that Alliance VC, together with OpenAI, Tiger Global and others, has invested in Norwegian 1X. 1X makes androids (humanoid robots), which is a more futuristic business than most startups we invest in.
My colleague Arne Tonning has written a Medium post about how Alliance got to the investment in 1X. Go read it!
In addition to the specific story there are some more general takeaways:
- Arne and Alliance first met 1X in 2017, and got to know the founders over several years before making the investment.
- 1X always had a very ambitious vision, which was attractive already in 2017.
- There was a true innovation in the electric motor the company had developed.
- Over the years 1X solved many hard problems and added additional solutions in e.g. software and other to the electric motor innovation. This took the technology to a level where customers have put in significant initial orders.
- It is easier to succeed with the right investor mix, and we believe 1X has created a strong alliance of institutional and individual investors.
