What happened in China In the span of a single month, D-Robotics — the embodied AI chip subsidiary spun out of Horizon Robotics — raised $180M, closing a $120M B1 round on March 16, 2026 and completing a Series B that now totals $270M. This is not a generalist AI bet. The capital is explicitly earmarked for purpose-built silicon: chips designed from the ground up to run the inference workloads that embodied AI systems — humanoid robots, industrial arms, autonomous vehicles — demand in real time, at the edge, with constrained power budgets. The fundraise lands against a backdrop of genuine commercial momentum. Horizon Robotics, D-Robotics' parent, reported full-year 2025 revenue of $546 million — or CNY 3.8 billion (≈$532 million) in its Hong Kong-listed earnings — up 57.7% year-over-year. That growth rate is not a startup projection. It is audited revenue from a company already embedded in China's…