China robotics player Mech-Mind raises $154m

Sequoia Capital China and Source Code Capital also participated. The company raised a RMB100 Series B led by Sequoia China in 2020, following two investments in 2019, including a commitment of undisclosed size from Intel Capital and an RMB100 million Series A that featured Qiming Venture Partners and Delian Capital.

Established in 2016, Mech-Mind specializes in artificial intelligence (AI) and machine vision solutions for robotic arms. This includes a focus on “bin picking” which refers to a robot’s ability to use sensors and cameras to identify and then retrieve specific objects positioned at random in a bin.

Focus applications include logistics, sorting, loading, and electrical assembly. In 2019, Mech-Mind served more than 100 customers in seven countries, mainly in the manufacturing and logistics sectors. It didn’t disclose updated figures of the new funding round.

Mech-Mind sells “black boxes” (a system which can be viewed in terms of its inputs and outputs, without any knowledge of its internal workings) directly to end customers, which is typically a standardized AI vision product. The price for one box ranges from RMB50,000 to RMB200,000.

The company also helps customers install boxes on robotic arms. Deployment is fast enough not to impact customers’ daily operations, one investor told AVCJ.

Operations currently include a team of 500 people – compared to 150 in March 2020 – with headquarters in Beijing and Shanghai, branch offices in Shenzhen, Guangzhou, Changsha, Qingdao, and Munich, Germany. A Japanese footprint has also been established.

“Mech-Mind has both algorithmic capabilities in 3D vision and deep core device capabilities. It can deliver complete robot intelligence to customers in a wide range of industrial and logistics application scenarios. We look forward to more collaboration between Meituan and Mech-Mind," Wenqian Zhu, vice president of strategy and investment at Meituan, said in a statement.

Industrial robotics is an active area for venture capital in China. Agile Robots, a Germany and China-based industrial robotics company, has raised a $220 million Series C led by SoftBank Vision Fund 2 this month. In July, XYZ Robotics, a Chinese start-up specializing in robotic hand-eye coordination raised a $35 million Series B.

Other players in the space include industrials-focused players Jaka Robotics, which raised RMB300 million in Series C funding in January, and Han’s Robot, which raised a RMB395 million Series B in June. In January, Flexiv, a start-up specializing in machines that adapt to unpredictable environments, raised a $100 million Series B.

Taihe Capital serves as the financial advisor of the round.

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• Topics
• Greater China
• Expansion
• Industrials
• Technology
• Meituan-Dianping
• IDG capital
• Sequoia Capital
• Source Code Capital
• China
• artificial intelligence