China VC-backed robotics start-up CloudMinds raises $100m
CloudMinds, a Chinese cloud-based robotics start-up backed by several VC investors, has closed a $100 million Series A round of funding from a group of investors.
SBCVC has re-upped in this round, joined by Taiwan-based Foxconn Technology Group, Shenzhen’s Launcher Capital, Bojiang Capital, Beijing Venustech, Institute of Tsinghua University, Zhongguancun Development Group, Shenzhen Capital Group, Walden International and Kaixuan Capital, it confirmed to local media.
Shenzhen-based CloudMinds was founded by Bill Huang, formerly head of China Mobile's research division, in 2015. The company focuses on developing cyber security, artificial intelligence and cloud computing technology used in robots. With R&D and operations in the US and Japan, the firm aims to launch a humanoid family service robot by 2025.
CloudMinds recently launched its flagship product DATA, a cloud-based smart control terminal that connects a physical robot with a system to ensure that the robot operates safely. It also launched a META Program to develop a cloud-based navigation robot for vision-impaired users.
In May 2016, CloudMinds completed a $10 million seed round from SBCVC – which contributed $10 million – alongside Walden International, Kaixuan Capital and Foxconn.
SBCVC, also known as SoftBank China Venture Capital, closed its fifth fund at $459 million last year, well above the initial target of$400 million. The fund has a focus on robotics and advanced industrial applications in China.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.