Flexiv Chinese ai Series Meituanliaotechcrunch
All around the nation, businesses aim to automate production lines and supply chains Corporation. That is to develop reboots to attract investor interest. Today they are many Ai powered machine platforms the flexiv is the leading platform in the adaption of the robot to the undertrained by automating challenges in the platform. In this post, you will gather about the fundraisers of the flexiv and are other investors in the fund, and much more, so to gather as if you need to read the page still to end.
Pan across the globe, there is a race for doing business in innovative ways that should attract more and more investors to invest into their respective firms. Flexiv is the latest name to join this ever-growing list, a leading general-purpose robotics company focused on developing and manufacturing adaptive and modern which can integrate industrial-grade force control, AI technologies and computer vision globally.
Flexiv has two-thirds of its staff stationed in China- a plan formed by Chinese founders who have worked or studied in the United States. It just was able to close funding of $100 million from investors such as Meituan. As a result, it has contributed to boosting the start-up capital to over $120 million with the help of some vital Chinese venture and agricultural companies such as Meta Capital, New Hope Group- a private equity firm owned by Longwood, Jack Maa’s YF Capital and other US ventures. In 2016, a core team from robotics and AI laboratories which includes Wang Shiquan, a former alumnus of Stanford’s Biomimetics and Dexterous Manipulation Lab, founded Flexiv with the primary focus of building adaptive robots for the manufacturing industry, since then it has grown over the years and is now producing robots for other spheres, such as agriculture, services, medical aid and logistics.
The company already has its office in Silicon Valley, but apart from that it has opened its offices in Shanghai, Beijing, Shenzhen, Foshan, Taiwan, and Singapore.
To date, Flexiv has raised a total of $196.5M in funding over four rounds which consists of their latest funding on June 29, 2022, from a Series B round plays a vital role in taking businesses to the next level. Flexiv is currently ranked 4,033,847 globally, and much of its traffic is from the United States. As much as funding is concerned, Flexiv gets its funds from ten investors, with YF Capital and Meta Capital being the recent ones to join them. These ten investors include innovative groups such as Plug and Play, Gaorong Capital, and others.
Statement of the Founder, Wang Shiquan
“Consumer electronics especially require high-precision, delicate manufacturing processes, which means the production line often needs to be revamped for a new product before launching it. Robots of Flexiv are equipped with force feedback and computer vision systems so that it can easily adjust with the new circumstances and potentially save time and money”
Wang added that one aspect that makes the company stand out against their competitors is its flexibility, as it’s much needed when there are barriers around it. He also gave an example of washing dishes which is pretty much simple if we do it but becomes a tad difficult if it is to be performed by machines as it will require a lot of AI-based recognition and decision-making power.
As you all know that China was the epicenter of the pandemic that struck the world in 2019, the production came to a halt too. The company has just begun mass production of robots in the second half of this year only and that is the primary reason why it has produced around 100 robots. It also has planned to monetize the selling of the robots, licensing software, and providing after-sales service which becomes a crucial aspect if you want to gain the trust of the customers. The company’s largest market remains to be China, while North America plays a crucial part in expanding its products. Wang hinted in his interview with TechCrunch that China still has the advantage in manufacturing, supply chains, and even low labor costs despite being the epicenter of the pandemic.
The gap between the countries is narrowing because innovation is the need of the hour and because of that the future of Robotics will really be an impressive one. The major impact of the company comes from its increase in sustainability, creating a more flexible production environment, and reducing the impact of irregularity in the markets worldwide. To achieve that, it has raised $100M in Series B+ to continue development of its robots which will be used generally. This funding will be helpful in refining the hardware and software products. As of June 28, 2022, the company has announced that since it has now reached unicorn status, it will close the funding round. Remarkably the Rizon 4, the Rizon 4s, and the Rizon 10 were awarded the Red Dot Design award, which happens to be one of the most prestigious awards in the design industry. According to market insights, it’s estimated that it will reach $8.6 billion by 2029
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