A new funding round of $100 million has been announced by Chinese robotics startup Flexiv. The company’s investors include Meituan, Plug and Play, Jack Ma’s YF Capital, and Meta Capital. The company plans to use the money to implement AI-based general-purpose robots in various industries. The startup has already delivered over 100 robots to customers in China. It also plans to generate additional revenue from software licensing and after-sales services. It previously raised $22 million in Series A funding in late 2019.
The Chinese company is targeting a new wave of automation in agriculture and healthcare. Its success in these fields will enable the company to expand its product line. It has been experimenting with robotics technology for five years. It supplies custom-designed intelligent robots to a variety of industrial sectors across China.
Integration in Multiple Industries
The company has attracted investors from various industries, including agriculture. The New Hope Group has a presence in animal husbandry, feed, and farm automation. It has also invested in Meituan, a super app that offers food delivery, restaurant reservations, and online grocery shopping. Other investors in the company include GGV Capital, Plug and Play, and YF Capital, founded by Alibaba founder Jack Ma.
READ MORE: Smart Cric Live Stream
Flexiv has formed alliances with more than 50 manufacturing companies in China. The Chinese market is expected to become its largest market shortly. Flexiv has also formed alliances with some of the biggest manufacturing companies in the country.
While Flexiv has offices in California and China, most of its staff is in China. The company’s founder, Wang Shiquan, studied biomimetics at Stanford University before founding the company in 2016. He aims to build robots that can adapt to various industrial settings. With the new capital, the company plans to expand its services and expand into other industries.
The company’s robots are extremely flexible, saving factory bosses time and money. Moreover, the Chinese government is eager to invest in robotic companies that can revolutionize traditional industries. Flexiv has also formed strategic alliances with more than 50 manufacturing companies in China.
READ MORE: How Do You Use Picuki?
Flexiv Flex Over Chinese Robotics Industry
Flexiv is a Chinese robotics startup that focuses on AI and human-inspired robots. Its robotics systems integrate computer vision and industrial-grade force control. The company has completed the development of its core hardware products and filed for over 100$ technical patents. As of now, the company employs about 300 people. The company is headquartered in Beijing.