Chinese robotics player XYZ raises $20m

Founded in 2018 by scientists from Carnegie Mellon University, Massachusetts Institute of Technology (MIT) and Peking University, XYZ Robotics is the only company to finish in the top three in Amazon's robot picking challenge for three consecutive years. "Bin picking” which refers to a robot’s ability to use sensors and cameras to identify and retrieve objects positioned at random in a bin. 

Its technology is based on automatic sorting without registration information. Algorithms reduce reliance on hardware, enabling logistics industry customers to save on costs. XYZ Robotics claims to have implemented its solution in a leading warehouse 13 days before the launch of a large-scale sales promotion. The system operated with an accuracy rate of 99.9% and the customer is expected to cover the cost of installation within two years.

Jiaji Zhou, CEO of XYZ Robotics, said the company wants to develop more scalable and replicable application scenarios for the logistics industry. The first tranche of the Series A closed last year at $8 million. It was co-led by Gaorong and Morningside, with participation from Sinovation Ventures and New Wheel Capital.

Rivals include Mech-Mind Robotics, which recently raised a RMB100 million ($14 million) Series B round led by Sequoia Capital China. The company specializes in artificial intelligence and machine vision solutions for robotic arms with a focus on bin picking. 

Geek+, a manufacturer of robots used to move merchandise around warehouses, remains one of the best-funded Chinese start-ups in the broader logistics technology space. It closed a Series C round in June, having raised $200 million across two tranches.

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• Topics
• Greater China
• Early-stage
• Technology
• Industrials
• China
• Gaorong Capital
• Morningside Technologies
• Source Code Capital