The top businesses around the world are automating the supply chains and different companies are attracting investors; one such company is Flexiv.
Flexiv recently got huge funding in a Series B round of $100 million from different investors, like China’s on-demand services giant Meituan.
Some other top investors in the funding round include the Chinese Venture Capital firm, Metta Capital, private equity firm Longwood, Jack Ma’s YF Capital, the prominent venture capital firms GSR Ventures and Gaoarong Capital, as well as Plug and Play’s U.S. and China Ventures. This new round has increased the total capital raised by the startup to over $120 million. However, this amount is way less than that raised by other startups, like Flash Express.
The company operates from California and several major Chinese cities. It also has around two-thirds of the staff present in China, a common strategy for AI startups.
Back in 2016, Wang Shiquan, the alumnus of Dexterous Manipulation Lab Stanford’s Biomemetics, founded the company. Its main focus is on building robots for the manufacturing industry. With the help of this new capital, the company plans to use its AI robots in several other areas, like logistics, agriculture, and medical care.
According to the founder of Flexiv, the robots of the company are what distinguishes it from the market players.
“The conventional robotic arms can do the tasks where there are no barriers, however, they can’t work in difficult environments. Many of the simplest tasks, such as dish washing, require AI-recognition and decision-making power.”
The company started mass production this year and has made around 100 robots until now. The company plans to do monetization by selling robots and providing after-sales services. So, the main challenge lies in finding customers and partners across different industries for its technologies.
China is Flexiv’s largest market and a key to its expansion plan. Wang stated, “All the countries have a competitive edge in robotics. So, the main advantage of China is in supply chains, labor costs, and manufacturing.”
The company’s founder had this to say, “In the area of adaptive and traditional robotics, the distance between the countries is narrowing down.”
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