Humanoid robot funding report: November 2025

November 2025: $715M Raised Across 2 Rounds

Total raised in November 2025 reached $715M across 2 rounds, bringing YTD totals to $4,861M across 23 rounds. Physical Intelligence secured the month's largest deal with a $600M Series B led by Google CapitalG, accounting for 84% of November's total. Mind Robotics closed a $115M Seed round led by Eclipse.

November showed extreme stage concentration, with a single Series B capturing the bulk of capital. All activity remained in the USA, continuing a trend of geographic consolidation. The $600M raise significantly exceeds Physical Intelligence's prior $400M round, suggesting a substantial valuation step-up—though the company has not disclosed post-money figures. Compared to the $8.8B peak in October, November marked a notable pullback in deal count and total volume.