YouiBot, a Chinese industrial mobile robot manufacturer, revealed on Tuesday that it has raised more than RMB 300 million ($47 million) in two new Series B fundraising rounds led by FG Venture and Xicheng Jinrui, respectively.
WHY IT MATTERS
The investment reflects a growing trend of funding for industrial robotics companies, which are a key component of smart manufacturing and are seen as critical to China's goal of becoming a global leader in core technologies by 2025.
DETAILS
The investments are a follow-up to a $15 million Series B that the company obtained in May of this year. IDG, as well as returning investors Pine Venture, SIG, BlueRun Venture, SoftBank, and SOSV's HAX Accelerator, are among the current funds' investors.
🔸According to YouiBot, the funds will be used for R&D, team building, and market expansion.
🔸The funding will bring the total amount raised by the company to more than RMB 500 million.
🔸 The five-year-old business operates in 26 Chinese provinces and cities, with products sold to over 30 countries including Japan, South Korea, Singapore, Spain, and Germany.
Source: TECHNODE
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