XYZ Robotics Raises USD 20 Million in Gaorong and Morningside-Led Series A+
...as industrial robots are replacing manual labor in the logistics industry.
XYZ Robotics (Chinese: 星猿哲), a technology company developing robotic hand-eye coordination application, has closed its Series A+, raising nearly USD 20 million. The funding was led by Source Code Capital, Gaorong Capital and Morningside Venture Capital. XYZ Robotics will spend the capital on R&D, sales expansion and day-to-day operations in order to achieve economies of scale and to keep its technological superiority.
XYZ Robotics combines deep learning, 3D geometric visual effects, optimal motion planning algorithms and magic warehouse truck systems to realize the automatic sorting of the categorized warehouse. The company uses the advanced algorithm to reduce its dependence on hardware performance, providing cost-effective products and solutions. Besides, XYZ Robotics exhibits quick adaptability to different contexts through technology accumulation. On the basis of understating the standardization of production lines and logistics scenarios, the company provides brand-new customer experience, offering solutions to scenarios that were believed to be highly complicated.
In the seed round, Sinovation Ventures and Eudaimonia Capital invested an undisclosed amount of capital in the company in 2018.
"Thanks to the support from Source Code Capital, Morningside and Gaorong, the company will continue exploring logistics scenarios and production lines," said Jiaji Zhou, the co-founder and CEO of XYZ Robotics. "XYZ Robotics will transfer capital support from the market into a better talent team. Technological superiority and talents are the keys to keep a market-leading position."