Orcauboat, China's leading provider of unmanned surface driving core systems and an enabler of water environmental protection, received funds from several state-run investment institutions.
Orca Electronic Intelligent Technology Corporation Co., Ltd. (Orcauboat, Chinese: 欧卡智舶), a leading unmanned boat technology company in China, announced its CNY 50 million (USD 7.50 million) Series A+ financing round today, led by Edge Ventures, with participation by China Capital Management, Zhongguancun Zhongnuo Fund, Forebright, TusStar, and other state-run investment institutions.
The funds from this round will be mainly used for the R&D of unmanned environmental protection boats, cruise ships and the “Zhibo” unmanned system.
Moreover, the proceeds will also go to further construction and promotion of domestic and overseas sales networks and brands, formulation of industry standards, and layout of upstream and downstream industrial chains, according to Orcauboat.
Cao Hui, founding partner of Edge Ventures, said that Orcauboat’s surface unmanned driving technology is standardized, intelligent, and cost-effective. Orcauboat’s products have the longest unmanned surface driving mileage in China.
The company has built barriers to entry in the area of technology, data, and product, and it will continue to expand the applications of its technology, opening the era of intelligent driving on water surface, Cao added.
Established in 2017, Orcauboat’s product line covers driverless environmental protection boats, intelligent manned cruises and an unmanned driving system. At present, the firm’s unmanned environmental protection boat products have been deployed to hundreds of bodies of water in 10 countries.
With the development of unmanned aerial vehicles and unmanned vehicles, the unmanned ship industry has accelerated its growth in recent years. Giants such as General Motors, Toyota, Rolls-Royce, Hyundai Heavy Industries, and IBM have successively branched out into surface unmanned driving.
Blending the characteristics of the application scenarios and the strength of its technology, Orcauboat will set itself on a fast and stable course, Orcauboat claimed.