Artificial intelligence and robotics startup UBTECH expected its revenue to jump roughly threefold by next year as the firm unveiled its latest humanoid robot Wu Kong in late September.

During a launch ceremony in Shanghai, company CEO Zhou Jian said he is looking to have the company's estimated value hit $50 billion in three years, amid the vast market demand for robotics that are designed for both business and consumer purposes.

Unlike many humanoid robotics that are mainly used in the education sphere, Wu Kong is able to perform a variety of tasks like taking pictures, checking weather reports and playing music, all powered by algorithms through voice control commands.

The company also unveiled its latest operating system called ROSA, which it claims is the world's first system for service robots put into massive commercial use.

Fueled by such momentum, UBTECH's 2019 revenue is projected to surge to 6 billion to 8 billion yuan ($872 million to $1.2 billion) from an expected 2 billion to 2.5 billion yuan this year, Zhou noted.

Humanoid robots refer to those with a body shape built to resemble humans that can walk in an upright position for functional or experimental purposes.

UBTECH has an advantage with its technological development of humanoid robot servos and motion-controlled gait algorithms. As a global leader in robotic joint and body structure manufacturing, it is currently valued at around $5 billion after ratcheting up Series C funding totaling $820 million in May.