Databeyond, an intelligent solid waste sorting equipment provider, received hundreds of millions of CNY from Series A led by Fortune Capital.
Guangdong Databeyond Technology (Databeyond, Chinese:弓叶科技), a leading provider of high-performance sorting facilities with artificial intelligence, completed a Series A funding round worth hundreds of millions of CNY on July 11. Fortune Capital led the Series A financing and the existing shareholder Matrix Venture continued to increase its investment.
The financing funds will be mainly used for the construction of a new factory to promote the R&D and production of intelligent equipment. It is expected that the firm can produce 1,000 sets of intelligent sorting equipment after the new factory can be put into operation, with the factory already put into operation in 2021, news portal 36kr.com reported.
China's recycling industry is developing rapidly. The central government has issued a set of policies to support the industry. Meanwhile, it has also started to build a standard system with more standardized and higher requirements where all the players have to consider a more sustainable development model and the direction of industry change.
Databeyond, founded in 2018, is artificial intelligence and big data company focusing on the solid waste recycling and sorting industry and providing customers with standardized turnkey solutions. It integrates AI and optoelectronics to identify broken and deformed waste through 2D/3D cameras combined with AI algorithms. A series of optical technologies including spectral sensing, laser sensing, X-ray, and fluorescence sensing are used to identify the material, internal defects, and flaws of objects.
Databeyond’s international competitors include Republic Services(America) and Enevo(Finland) and domestic ones include Grandblue Environment(Chinese:瀚蓝环境), Sanfeng Environment(Chinese:三峰环境) and Weiming Environment(Chinese:伟明环保)