Source Code leads Series B for China's Fair Robotics
Fair Robotics, a China-based collaborative robot developer, has raised a USD 50m Series B round led by Source Code Capital.
Alibaba Group and Meituan-backed Dragon Ball Capital came in as new investors, while existing backers Shunwei Capital, GL Ventures, and Eastern Bell Capital re-upped.
Founded in 2019, Fair Robotics provides high-performance collaborative robots with self-developed software and hardware. Mainly used in manufacturing, they are competent in welding, screwing, and painting.
The company recently expanded into the retail industry, where requirements are stricter than in manufacturing. Typically, clients need products that operate continuously and can run stably for more than three months to meet the bulk purchasing standards.
Fair Robotics added that retail industry customers are price-sensitive. At present, the company's robots cost about the same as the monthly salary of a senior skilled worker. It serves more than 30 clients and expects shipments in 2022 to be 5x larger than in 2021.
COVID-19 has significantly accelerated the digital transformation of traditional industries and the penetration of collaborative robots. According to Shenzhen-based consulting firm GGII, collaborative robot sales in China rose 20% in 2020, while on a global level sales declined. It estimates China sales will exceed 60,000 units by 2025, propelling the market size to CNY 4.5 bn (USD 712m).
Similar investments include a CNY 1bn (USD 154m) Series C round for industrial robotics supplier Mech-Mind last year. Meituan and Source Code were among the participants. The company specializes in artificial intelligence (AI) and machine vision solutions for robotic arms.
In the broader robotics space, the likes of Agile Robots, XYZ Robotics, Jaka Robotics, Han’s Robot, and Flexiv have all received VC funding in the past 18 months.
Thriving Capital served as exclusive financial advisor to Fair Robotics for the Series C.
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