Capital Today leads $40m Series B for China's XYZ Robotics
XYZ Robotics, a Chinese start-up specialising in robotic hand-eye coordination, has raised an extended Series B round of USD 40m led by Capital Today China Group.
Existing investors Gaorong Capital, 5Y Capital, and Source Code Capital also participated. Capital Today led a USD 35m Series B investment in 2021 with support from Gaorong, 5Y, and Source Code. That followed a Source Code-led USD 20m Series A extension in 2020 after an initial tranche of USD 8m provided by Gaorong and 5Y in 2019.
Founded in 2018 by scientists from Carnegie Mellon University, Massachusetts Institute of Technology, and Peking University, Shanghai-based XYZ provides one-stop solutions for 3D vision picking, such as logistics product sorting, industrial loading, and unloading and assembly. The aim is to provide fully autonomous robot perception and operation.
XYZ markets itself as the only company to finish in the top three in Amazon's robot picking challenge for three consecutive years. These contests focus on "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.
The company’s technology is based on automatic sorting without registration information. It describes its mission as the ability to “pick anything, place anywhere”. The idea is that algorithms reduce reliance on hardware, enabling logistics industry customers to save on costs.
In the past year, XYZ has established several hundred projects in domestic and overseas markets across industries including automotive, e-commerce, logistics, manufacturing, chemicals, pharmaceuticals, and consumer goods.
Capital Today was active in this space as recently as last week, when it led an extended Series D of USD100m for warehouse robot company Hai Robotics. 5Y, Source Code also participated in that round.
XYZ’s competitors include Mech-Mind Robotics, which announced an extended Series C of undisclosed size Monday led by an undisclosed investor with participation from IDG Capital. Mech-Mind raised nearly RMB1 billion ($154 million) in a Series C led by Meituan and IDG in 2021 with support from Source Code and Sequoia Capital China.
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