“Chinese robot maker Flexiv has closed a series B round north of US$100 million from investors such as on-demand services giant Meituan”.
Meta Capital, New Hope Group, Longwood, Jack Ma’s YF Capital, Gaorong Capital, GSR Ventures, and Plug and Play’s China and US ventures also participated in the funding round.
The latest financing brings the company’s total capital raised so far to over US$120 million.
Founded in 2016, Flexiv focuses on developing and manufacturing adaptive robots that integrate force control, computer vision, and artificial intelligence. Its technology claims to automate complex tasks that require the hand-eye coordination of human beings.
Flexiv’s clients can also use the robots in the fields of automotive electronics, extra energy, home appliances, and high-speed trains, among others. It aims to use the funds raised to adapt its robots in other areas such as services, agriculture, logistics, and medical care.
Flexiv could also deploy its technology into Meituan’s core food delivery business through this investment, the report noted.
The Chinese robot maker began mass production its robots in the second half of the year and has produced about 100 units till date. The company also intends to monetize its service by selling robots, licensing software, and providing after-sale services.
“Conventional robotic arms can safely perform tasks when there are no barriers around, but they are less capable of operating in complicated environments… Many seemingly simple tasks such as washing dishes actually require a lot of AI-based recognition and decision-making power,” said Wang Shiquan, founder of Flexiv.
The company operates out of California and major Chinese cities with two-thirds of its staff in China.
Originally published at Tech in asia