Andrew Kang Shareholder Letter: Robotics Investment Enters Inflection Point, Private Valuations Still Severely Lag
- RoboStrategy's NAV grew 85% from April 30 to July 31, with a 54% increase in NAV per share.
- The letter highlights a disconnect between private valuations and fair value, with examples like Unitree's IPO.
- RoboStrategy has invested an additional $124 million across 6 companies since going public.
- Standard Bots is set to deliver 10% of new U.S. industrial robot deployments next year.
- Figure AI ramped up production of humanoid robots, exceeding 1,000 units in July.
Andrew Kang's shareholder letter outlines significant progress in the robotics sector, indicating a shift from concept to actual orders and shipments. RoboStrategy, Inc. has seen its net asset value (NAV) grow by 85% from April 30 to July 31, with NAV per share increasing by 54%. The letter emphasizes a disconnect between private market valuations and fair value, suggesting that current private financing rounds may not accurately reflect the true value of companies in the sector.
The letter also notes that RoboStrategy has invested an additional $124 million across six companies since its public listing, focusing on leading investment rounds in firms where they have high conviction. Among the portfolio highlights, Standard Bots is expected to deliver 10% of new U.S. industrial robot deployments next year, and Figure AI has ramped up production of humanoid robots, exceeding 1,000 units in July.
The robotics industry is experiencing major changes, including regulatory shifts and advancements in technology, which are seen as favorable for portfolio companies. The letter concludes with optimism about the future growth potential of the robotics market, despite current valuation discrepancies.
安德鲁·康股东信：机器人投资进入拐点，私人估值仍严重滞后
安德鲁·康的股东信概述了机器人行业的重要进展，表明从概念转向实际订单和发货。RoboStrategy, Inc.的净资产价值（NAV）在4月30日至7月31日期间增长了85%，每股NAV增长了54%。信中强调私人市场估值与公允价值之间的脱节，暗示当前的私人融资轮可能无法准确反映该行业公司的真实价值。
信中还指出，自上市以来，RoboStrategy在六家公司中投资了额外的1.24亿美元，专注于在他们有高度信心的公司中主导投资轮。在投资组合亮点中，Standard Bots预计明年将交付10%的新美国工业机器人部署，而Figure AI提高了人形机器人的生产，7月份超过了1000个单位的生产量。
机器人行业正在经历重大变化，包括监管变化和技术进步，这些变化被视为对投资组合公司的有利因素。信的结尾对机器人市场未来的增长潜力表示乐观，尽管当前存在估值差异。