China’s Flexiv Received over $100M Series B for Future of Robotics

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Every business of today’s world is searching to modernize their working and for that most of them are switching towards robots as a result, robot making companies are becoming the center of attraction for several reasons. Likewise, one of the robotics giants, Flexiv raised over $100M for the robot ecosystem improvement.

One of the adaptive robot giants of China, Flexiv, founded in 2016 by Stanford Alumnus Wang Shiquan is running fast to innovate highly engineered robots that can be used for manufacturing industries.

The adaptive robots made by the company has a number of features like-

  • High sufference power regarding position variance
  • Avoidance of Disturbance
  • Intelligent transportability
  • High adaptability
  • More diligent to perform complex tasks.

The California, US headquartered Flexiv has announced the raising of its Series B which was of more than $100 million. This leads to the total raised value since the company’s inception to $120 million. 

The round was headed by the shopping giant platform of China, Meituan.

The company did not specify the valuation. However they are in a greatly profitable state as suggested by the adaptive robotics enterprise.

The imaginative and prescient tech enterprise along with the AI-powered system received support from several other high profile investors as well including Meta Capital(Mega venture capital firm of China), New Hope Group(Agricultural company of China), Longwood, YF Capital, highly reputed venture capital firm of China, GaorongCapital, GSR Capital, US Ventures and Plug and Plays. 

The CEO and Co-founder of Flexiv, Wang Shiuang said that with the new business opportunity that arrived from new investors and tends to occupy almost every industry that will help their company to refine and develop their robot AI products in a real application scenario of diversity, which in turn highly benefit the development of their most advanced robotics tech and general intelligence. 

As per Flexiv, their main focus is on the development of the best human inspired robotics and Artificial Intelligence technologies and they want to deploy it in every industry. 

Wang Shiquan told techcrunch in an interview that for now, there is an abundant and copious room for automation in traditional manufacturing.

Especially consumer electronics, which requires a delicate manufacturing process and high precision, which indicates the need of revamping of the production line for a new product. 

He further claimed that the robots, developed by Flexiv, are equipped with a computer vision system and force feedback that can smoothly adjust to new circumstances and conditions and potentially saves some time for the bosses of the factory and also some money as well. 

And from many existing players of robotics, Flexiv’s products are distinguishable because of their flexible and adaptable robotic products, added by Wang.

Non-hindrance and less complicated environments are suited for conventional robots but when it comes to complicated surroundings and abodes, they are less capable to handle them, Shiquan claimed. 

The founder added that they are bridging the gap between adaptive robotics and traditional areas. 

The innovative and revamped robotics developer platform claims to deploy the fresh capital in the following ways-

  • To implement their AI driven robots in every industry including agriculture, logistics, medical, healthcare, etc.
  • In Meiutuan’s food delivery business.
  • Expand their business globally.

Shiquan said that strategic funding that came from leading companies and various industries’ funds will be used for marketing and mass production, cutting edge R&D and in development of new markets. 

He further added that they will continue to focus on the transformation of the automation of the manufacturing industry along with reconnoitering new applications in a wide range of industries like services, medical, agriculture, logistics, etc. 

Over 100 of adaptive robots were built by the enterprise along with a reliable and unique number of industrial applications that were developed after dedicating the huge amount of time and resources in iterative optimization and product verification in the fields. 

The largest investor of this round, the ‘supper app’ of China, Meituan, the best shopping platform of China aims to deploy the adaptive robotics in their food delivery works, that needs high-volume and repetitive tasks and Flexiv robots are highly advanced to do that comfortably. 

The company was founded by Wang Xing in 2010 with its main office in Beijing, China. 

Conclusion

China’s general purpose robot developer, Flexiv has raised over $100 million series B led by China’s Supper App, Meiutuan along with several high profile investors. The company aims to use the fresh capital in marketing and mass production, cutting edge R&D and in development of new markets and also to implement their AI driven robots in every industry including agriculture, logistics, medical, healthcare, etc.

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