Faraday Future Intelligent Electric Inc. secured $45 million in new funding, the company announced on Monday.

The El Segundo-based electric vehicle and hardware manufacturer signed a financing agreement with an unnamed U.S. institutional investor, receiving an influx in cash that will go toward developing Faraday’s artificial intelligence ecosystem. The company received $15 million immediately from the transaction, and the other $30 million was put into a controlled deposit account that will be available in installments pursuant to certain conditions.

“What is important to emphasize is that, for both our stockholders and the company, this is our lowest-cost – that is, less potential dilution and most favorable financing transaction in recent years,” YT Jia, Faraday Future’s founder and global co-chief executive, said in a statement.

Sights on Embodied AI

Founded in 2014, Faraday Future was known for developing high-tech smart cars that ran on electric power. Today, the company has significantly expanded its sights by working on Embodied AI (EAI), a type of artificial intelligence housed in physical machines like a car or a robot that can boost their abilities to sense, navigate through and interact with the world.

EAI, which underpins Faraday Future’s strategy, is integrated into the firm’s FX Super One, a luxury vehicle that is expected to make driving more intuitive. In March, the company also launched its first iteration of humanoid EAI robots meant to service the retail, security and industrial sectors.

The firm announced its first partnership with an educational institution on Tuesday. Faraday Future, along with Triple I, developed a summer camp curriculum around AI robotics that touches on robotic operations and programming for students in middle and high school.

“EAI robots are not just products. They are intelligent carriers connecting AI with the real world,” Chris Chen, co-chief executive of Faraday Future AI-Robotics, said in a statement.