The growing use of smart machinery to perform tedious and repetitive tasks traditionally done by human workers has created tremendous opportunities for robot-makers to attract venture capital. XYZ Robotics is the latest beneficiary of this trend.
On Monday, the Shanghai-based startup, which specializes in robotic hand-eye coordination technology, announced that it had raised $35 million in a series B funding round courtesy of multiple investors including Gaorong Capital, 5Y Capital and Source Code Capital.
The company said that it plans to use the fresh capital to boost its R&D capabilities and expand its sales and delivery systems.
Founded in 2018, XYZ Robotics develops a robotic pick-and-place system powered by its 3D computer vision and movement control algorithms, with the system able to pick 1,800 pieces per hour at peak efficiency, according to its website.
The startup said that the buyers of its technology are mainly from the e-commerce, logistics, consumer goods, everyday chemical and pharmaceutical industries.
Gaorong Capital, 5Y Capital and Source Code Capital are active investors in China’s tech startups involved in artificial intelligence, mobile operating systems, communications satellites, chatbots and microchips.
Contact reporter Ding Yi (firstname.lastname@example.org) and editor Heather Mowbray (email@example.com)