Home Business Flexiv Chinese AI Series Raises $100M in Series Round B Funding

Flexiv Chinese AI Series Raises $100M in Series Round B Funding

31
0
flexiv chinese 100m series meituanliaotechcrunch

The Flexiv Chinese AI robot manufacturer declared that it had achieved a $100 million Series B investment round to be executed in December 2020.

Flexiv was founded with operations in Beijing, Shanghai, Shenzhen, and Foshan, Silicon Valley, in 2016. In 2020, the company will have verified its primary business model, finished developing its core software and hardware products, and granted over 100 technical patents. Flexiv Ltd., regulated by CEO and co-founder Shiquan Wang, is a multipurpose Chinese AI robotics business with an emphasis on creating AI technologies and human-inspired robots and implementing them across all industries containing services, medical care, agriculture, warehouses, logistics, and more. Flexiv plans to utilize the money for R&D, new market evolution, mass production, and marketing.

Rizon, Flexiv’s first robot, was presented in April 2019. Unlike less “smart” industrial robots, Rizon’s robotic arm can reliably accomplish jobs on the manufacturing line even in uncertainty or positional disruptions. Wang believes traditional robotic arms can complete tasks more safely. However, they are limited in their capabilities while operating in complicated environments. Dishwashing, for example, requires a lot of AI-backed decision-making and recognition capabilities.

The business has delivered about 100 robots to its clients and intends to generate revenue by offering after-sale services, software licensing, and the sale of robots. Finding partners and clients in various industries who will trust its developing technologies becomes a difficult task. It gained repurchase orders from notable clients in the 3C electronics, automotive, and Internet industries across South Korea, China, Europe, and North America, thanks to its cutting-edge technology and relatively affordable solutions. In late 2019, it received a $22 million Series A investment.

Flexiv, the Chinese’s robot manufacturer, declared that it had achieved a $100 million B investment round to be executed in December 2020. On-demand service Gaorong Capital, Meituan, Meta Capital, Yunfeng Capital, Plug & Play Ventures, Hanhai Plug and Play China, New Hope Group Co. Ltd., GSR Ventures Management Co. Ltd., Meituan as per meituanliaotechcrunch were a group of investors that participated in the round.

The most significant market for It remains China, but its expansion plan is the North American market. “Each country has its own competitive edge in robotics,” Wang suggested.Manufacturing, supply networks, and labour prices are where China benefits the most. According to the creator, “the gap between different nations is definitely closing in the field of classical and adaptive robotics.”

As businesses worldwide prepare to automate their production lines and supply networks, the automation industry has been expanding and drawing new investors regularly. It is not unexpected that Flexiv has received such a sizable amount of investment because it is one of the well-known companies in this industry. The company has now raised more than US$120 million in total funding with its most recent fundraising.

Two-thirds of its employees are based in China, but it operates out of numerous significant China cities and California. This is a typical tactic used by AI businesses led by China’s entrepreneurs with significant US experience, either for jobs or research. The California-based company recently introduced the Rizon 4s, the most recent model of their adaptive robots, which is believed to have improved disturbance rejection, multi-contact force control, and force control performance. It will keep innovating and examining new product innovations to enable industrial automation for the next generation. It will allow more agile, intelligent, universal, flexible, and powerful robots.

The most recent version of Flexiv’s adaptable robots is called the Rizon-10. The intelligent arm achieved the “Best of the Best” Red Dot Award for 2022 out of over 20,000 entries for its innovation, usability, and design. “You can notice that it is stronger than Rizon 4.” This robot has a maximum output of more than 300 newtons, or 30 kilos. “10 kg is the nominal payload as well.”

Also Read about –  HOW TO APPLY AADHAAR CARD ONLINE FOR THE KIDS OF BELOW 5 YEARS

Previous articleAquaman actor Jason Momoa Biography – Age, Height, Wife, Girlfriend, kids, Net Worth, Recent News & More
Next articleBig Meech and Southwest  younger sister: Nicole Flenory Bio, Recent News, Age, Family, wiki & more