Shanghai-headquartered XYZ Robotics has raised nearly USD 20 million in a Series A+ round led by Source Code Capital, the financial adviser of the deal Lighthouse Capital told KrASIA on Monday.
The funds from this round, in which also participated Gaorong Capital and Morningside Venture Capital, will be used for R&D, sales expansion, and daily operations.
The financing comes one year after the startup, which was founded in April 2018 in Boston with the mission of “pick anything, place anywhere,” closed a USD 8 million Series A round.
XYZ Robotics, which focuses on developing technologies that allow better coordination of robotic arms and vision systems, has built automated stations capable of picking various items such as cosmetics, consumer electronics, and medical goods. One of these stations is able to pick every hour 900 pieces weighing less than 350 grams, compared with a maximum of 600 pieces for a human.
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This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.