Chinese artificial intelligence (AI)-based robotics solutions provider XYZ Robotics has pocketed almost $40 million in a Series B+ round of financing following the rapid commercialisation of its products across various industries in the past year.
China-focused private equity (PE) firm Capital Today led the Series B+ round, with participation from Gaorong Capital, 5Y Capital and Source Code Capital, the startup said in a statement on Monday.
XYZ did not disclose its valuation after the investment, but the startup said it is now “unicorn-bound”, indicating a valuation close to $1 billion. With the completion of the Series B+ round, XYZ has so far raised more than $100 million from venture investors.
In July 2021, the startup closed $35 million in a Series B round that was also led by Capital Today. Across the two transactions, the lead investor has injected a total of close to $50 million into XYZ as it expects the firm’s robotics products to “help address challenges caused by China’s aging population and increasing labour shortage”, Capital Today founding partner Kathy Xu said in the statement.
XYZ was founded in 2018 in Shanghai with a target to provide turnkey solutions based on technologies such as 3D computer vision algorithms, motion planning and no-code user interface to automate logistics and manufacturing for clients in areas including automobile, 3C, e-commerce, pharmaceuticals, apparel, consumer products and electronics.
XYZ co-founder and CEO Jiaji Zhou said XYZ will focus on product R&D and market expansion to offer more intelligent, flexible, and agile machine vision robotics solutions.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from June 16-20, 2022.
