Exclusive: Atomrobot Raises ‘Tens of Millions’ of CNY in Extended Series B Funding
Exclusive News: Chinese leading parallel robot company Atomrobot completed a Series B+ round of funding today.
Chinese parallel robot manufacturer Atomrobot closed a Series B+ round of funding on August 9, sources from Atomrobot’s founder and CEO Song Tao (宋涛). TEDA Venture Capital (泰达科技投资) led this round, followed by Y&R Capital (雅瑞资本) which is an existing shareholder of Atomrobot.
The company was founded in 2013, aiming to liberate China’s 300 million blue-collar workers with its high-end parallel robots. The unparalleled advantages in terms of machine performance, operational reliability and field experience turned Atomrobot into a leading parallel robot maker in China that serves more than 300 clients from varied industries such as food and beverage, healthcare, electronics and so on.
Sales of the company’s parallel robots drew near 1,000 units in 2018, which outperform competitors in Chinese market. It has also taken the lead in achieving exports to the UK and Russian and set a precedent for the export of domestic robots.
Early on March 1, Y&R Capital solely invested in Atomrobot’s Series B round of financing. So far, the robot maker has raised ‘tens of millions’ of CNY in the extended B financing round. On August 3 in 2017, it announced a Series A round of financing totaling USD 4.6 million, invested by Shenzhen Capital Group (深创投) and Hidea Capital (海达投资).
Proceeds from the new round will be used for iterative upgrade of existing products, business expansion and product diversity enrichment, all in preparation for future deployment.
“The round of fundraising means a lot to Atomrobot as investment environment is exacerbating in 2019. Grappling funds in such a tough period will help the company sustain rapid growth in terms of R&D and marketing,” said Song Tao, “With new funds injected, we are able to see further and differentiate from competitors.”
The growth rate of Atomrobot’s parallel robot sales remained over 200% in the past half year, given sluggish growth of industrial robot market in China. Sales are expected to reach 800 to 1,000 units this years, of which 20% to 30% are sold to overseas markets such as Vietnam, Thailand and Malaysia.