YouiBot, a Chinese industrial mobile robot maker, announced Tuesday that it has received more than RMB 300 million ($47 million) in two additional funding rounds of Series B, led by venture capital firm FG Venture and private equity company Xicheng Jinrui respectively.
Why it matters: The investment highlights the funding trend for industrial robotics manufacturers, a crucial ingredient in smart manufacturing, which is regarded as an essential part of China’s initiative to become a global leader in core technologies by 2025.
READ MORE: Robotics is facilitating China’s digital transformation in manufacturing and construction
Details: The deals are follow-up investments for a $15 million Series B the company received in May this year. Other investors of the current funds are IDG, and returning investors, including Pine Venture, SIG, BlueRun Venture, SoftBank, and SOSV’s HAX Accelerator.
- YouiBot said the proceeds will be used for research and development, team building, and market expansion.
- The financing will boost the company’s total fund raised to more than RMB 500 million to date.
- The five-year-old company offers services in 26 provinces and cities in China, with products exported to more than 30 countries, including Japan, South Korea, Singapore, Spain, and Germany.
- YouiBot claims to be one of the few companies that can realize a high positioning accuracy of ± 2mm for mobile robots. The company’s software-hardware integrated solution has been used by semiconductors, 3C, and electric power manufacturers.
Context: YouiBot was founded by Zhang Zhaohui and Bian Xu, alumni of China’s prestigious Xi’an Jiaotong University, in 2017. The company develops solutions for factory automation and logistics management, as well as inspection and maintenance for various industries.
- The company’s early-stage investors include ZhenFund, C&I Capital, Innoangel Fund, and XJTU 1896.
- To achieve the shift from a low-end manufacturer to a high-end producer, China released the ‘Made in China 2025’ plan in 2015, targeting local robot manufacturers to supply half of the domestic market by 2020 and 70% by 2025.