Developer of automated guided vehicles raises $80 million
CChina’s VisionNav Robotics, the developer of industrial logistics robots, has closed its latest C+ funding round raising more than $80 million.
The round was led by Chinese e-commerce platform Meituan, and 5Y Capital.
The group, which develops automated guided vehicles (AGVs) for industrial use, said the funding will be used to research new technology and “innovative forms of product development”, as well as optimize product performance and promote large-scale implementation and localized delivery for global customers.
Founded in 2016 by a team from the Chinese University of Hong Kong and the University of Tokyo, VisionNav Robotics has a product line of nine series of autonomous industrial vehicles and robot control systems that include forklifts, indoor and outdoor tractors, and BrightEye, its smart AGV system.
“VisionNav Robotics has made exceptional progress in taking its innovative driverless industrial vehicles to market since graduating from our incubation program,” said Oscar Wong, head of business development of Hong Kong Science and Technology Parks Corp. “Its success in securing a sizable investment in the latest C+ round is a testament to how it has won trust beyond Hong Kong.”
Since its last funding round, VisionNav Robotics has accelerated its globalization and set up marketing centers in more than 30 countries and regions to deliver more than 350 projects.