BOT-09: Strategic Allocation in NEURA

TLDR

This proposal seeks DAO authorization to allocate €1,500,000 (funded in USDC) to obtain common equity exposure to NEURA Robotics, a leading German cognitive robotics and humanoid company, at an implied pre-money valuation of approximately €4.7 billion, subject to final round terms.

NEURA has emerged as Europe’s answer to the global humanoid robotics race, unveiling its third-generation 4NE-1 humanoid and MiPA household robot at Automatica 2025, while disclosing a €1B order book across industrial, logistics, and service applications.

Following this, the acquisition of ek robotics significantly expanded NEURA’s mobile robotics capabilities and enterprise footprint, positioning the company as a comprehensive cognitive robotics platform spanning humanoids, service robots, cobots, and intralogistics automation.

More recently, public reporting in November 2025 indicated that Tether is in advanced discussions to lead the ongoing primary financing round. This allocation provides the DAO with strategic European exposure to embodied AI as humanoid robotics transitions from research and demos toward early commercial deployment.

Executive Summary

NEURA Robotics, founded in 2019 by David Reger and headquartered in Metzingen, Germany, develops “cognitive robots” that perceive, understand and act safely around humans. Its portfolio includes humanoids (4NE1), household and service robots (MiPA), cobots (MAiRA), and, following the October 2025 acquisition of ek robotics, a full line of AGV/AMR mobile robots.

NEURA has publicly disclosed strong commercial momentum, including 10× revenue growth and a €1 billion order book as of its January 2025 Series B, alongside a rapid expansion of its workforce. During this period, the company also confirmed a strategic shift to Made in Germany manufacturing, relocating production from China to its Metzingen facility to support quality control, supply-chain resilience, and long-term scalability.

At Automatica 2025, NEURA unveiled the third generation of its 4NE-1 humanoid, launched MiPA, and introduced Neuraverse, an operating system and skills marketplace designed to connect and scale capabilities across all NEURA robots. MiPA pre-orders have opened, with initial deliveries expected in 2025, marking a step toward broader commercial deployment beyond industrial settings.

Strategic partnerships with SAP, NVIDIA, Vorwerk, and industrial players such as Kawasaki, Omron, and Delta reinforce NEURA’s positioning across industrial automation, consumer robotics, and embodied AI.

Overview

NEURA’s operations are organized around a multi-product cognitive robotics platform spanning humanoids, service robots, collaborative robots, and mobile automation. Rather than focusing on a single form factor, the company develops shared software, sensing, and control systems that can be deployed across multiple robot classes and use cases.

Product Portfolio

1. 4NE-1 Humanoid: A general-purpose humanoid designed for industrial and service environments, emphasizing safe human interaction, dexterous manipulation, and modular sensing.

2. MiPA: A cognitive household and service robot targeting retail, healthcare, hospitality, and consumer-adjacent applications.

3. MAiRA and Collaborative Robots: Cognitive cobots intended for manufacturing and logistics workflows requiring close human–robot collaboration.

4. Mobile Robotics (AGV/AMR): Following the acquisition of ek robotics, NEURA offers a full suite of mobile robots for intralogistics, warehouse automation, and industrial material handling.

Technology Stack -Cognitive AI Architecture: Layered models supporting real-time perception and reaction, higher-level task planning, and learning across deployments.

-Advanced Sensing and Safety Systems: Proprietary sensing technologies enable reliable human detection, adaptive behavior, and safe operation in shared environments.

-Neuraverse: An operating system and skills marketplace designed to allow capabilities developed for one robot to be reused across NEURA’s fleet.

-Manufacturing Infrastructure: Investments in vertically integrated production and automated assembly concepts to support scalability and quality control.

Together, these systems position NEURA as a platform company, with hardware diversity supported by a shared cognitive and software foundation.

Market Positioning

NEURA Robotics is the clear leader in humanoid and cognitive robotics in Europe, operating at a scale and level of integration unmatched by other regional players. While the global market is currently led by U.S. and Chinese companies, NEURA represents Europe’s most credible domestically rooted platform for humanoid and Physical AI deployment.

The company differentiates itself through a multi-product platform spanning humanoids, service robots, cobots, and mobile automation, supported by shared software and AI infrastructure. Its emphasis on European manufacturing, enterprise integration, and regulatory alignment positions NEURA as a strategic alternative to non-European robotics platforms as geopolitical and industrial considerations become increasingly important.

Strategic Rationale

NEURA Robotics provides the DAO with important European exposure to humanoid and cognitive robotics as Physical AI becomes increasingly relevant to industrial resilience and labor continuity.

NEURA is uniquely positioned within European manufacturing, regulatory, and enterprise ecosystems, making it a credible regional platform for mission-critical deployments at a time when automation technologies are becoming geopolitically sensitive. This positioning is not otherwise represented in the DAO’s portfolio.

The company’s platform-based approach, spanning humanoids, service robots, cobots, mobile robotics, and a shared operating system, aligns with the DAO’s thesis that scalable robotic deployment will favor integrated systems over single-product solutions. From a portfolio perspective, this allocation complements existing U.S.-based exposure by adding geographic and operational diversification as the sector moves toward early commercial deployment.

The Deal

The DAO seeks authorization to participate in NEURA Robotics’s ongoing Series C primary financing through a single-layer SPV structure. The allocation is intended to provide common equity exposure on terms aligned with institutional participants in the round.

The proposed allocation is €1.500,000, representing the total intended commitment, inclusive of a one-time 2.5% broker fee and 4.5% SPV management fee. No carried interest applies.

Transaction Details -Allocation: €1,5M (approximately ~1.75M USDC, with final conversion determined at the time of wiring) -Round: Series C primary -Implied Pre-Money Valuation: Approximately €4.7 billion, subject to final round terms -Instrument: Single-layer SPV -Share Class: Common stock

Fee Structure -Broker Fee: 2.5%, applied upfront and paid to the independent broker -SPV Management Fee: 4.5%, applied upfront and paid to the independent SPV manager -Carried Interest: None -Additional Transaction Costs: USDC to USD conversion, off-ramping, and wire transfer fees, expected to remain under $5,000 USDC in total

No portion of these fees are retained by the DAO, its members, or any internal working unit.

Potential Liquidity Events The following outlines potential outcomes that may occur over time, subject to company performance, market conditions, and applicable approvals. No liquidity event is guaranteed.

1. Strategic Acquisition As humanoid and cognitive robotics mature, large technology and industrial players may seek to acquire NEURA to secure capabilities across Physical AI, automation, and human-centric robotics. Potential acquirers could include major technology companies such as Google, Amazon, Microsoft, or Apple, as well as industrial automation and robotics leaders including ABB, KUKA, or FANUC.

2. Initial Public Offering (IPO) If NEURA continues to scale deployments, convert its order book into revenue, and demonstrate sustainable manufacturing and unit economics, a public listing on a European exchange or U.S. market could become viable over the medium to long term, subject to market conditions.

3. Secondary Liquidity Limited secondary liquidity may emerge in future funding rounds, depending on company performance, investor demand, and market conditions.

Any liquidity event would be subject to DAO governance processes and community approval.

Key Risks & Considerations

-Execution Risk: NEURA faces execution risk related to manufacturing scale-up, validation of automated production systems, real-world deployment complexity, and the integration of acquired operations. The company operates in a highly competitive environment alongside well-capitalized global technology and industrial firms.

-Market and Adoption Risk: The pace of adoption for humanoid and service robotics remains uncertain and may be affected by regulatory requirements, safety validation processes, customer procurement cycles, cost considerations, and broader macroeconomic conditions.

-Company-Specific Risk: Risks include reliance on key personnel, uncertainty around the conversion of disclosed order backlog into revenue, ongoing capital requirements to support growth, and dependence on external partners for certain technology and enterprise integrations.

-Allocation Risk: This allocation represents exposure to a late-stage private company and is expected to be illiquid for an extended period. Future financing rounds may result in dilution, information rights may be limited relative to larger institutional investors, and the timing or availability of liquidity cannot be predicted.

Mitigating Factors NEURA operates as a vertically integrated European robotics platform with established enterprise relationships and local manufacturing, which may reduce regulatory, deployment, and supply-chain friction relative to non-European competitors.

The company’s platform approach, spanning multiple robot form factors under a shared software and operating system, reduces dependence on a single product or market and supports incremental deployment across different use cases.

These factors do not eliminate execution or market risk, but provide structural context that may support NEURA’s transition toward broader commercial deployment.

Governance Execution

If approved, the DAO’s Execution Engine will:

1. Finalize terms and compliance with the intermediary.
2. Coordinate legal and treasury operations for the transaction.
3. Document the full transaction flow with a transparent paper trail for auditability.
4. Disclose final participation details to the DAO following closing, including confirmation of equity exposure and material terms, subject to applicable confidentiality constraints.

All treasury activity will be trackable on dao.xmaquina.io for transparency and accountability.

– The Northstar Council