Matrix leads Series B for China's SpeedBot Robotics
Matrix Partners has led a CNY 300m (USD 44m) Series B round for SpeedBot Robotics, a China-based start-up specialising in vision-guided intelligent robotics.
Other participants include Dice Investment, which is the strategic investment arm of Hunan Iron & Steel Group, China Merchants Securities Capital, and Guangdong Hongde Investment Management. Existing investors CICC Capital, MSA Capital, and Shenzhen Qianhai Co-Power Capital re-upped.
AVCJ Research’s records indicate that SpeedBot received two rounds of angel funding in 2019 and then a CNY 100m Series A led by MSA the following year. Turing Venture Capital also took part. Last year, a Series A extension of more than CNY 100m closed with commitments from CICC Capital, MSA, and 2048 Capital.
Founded in 2018, SpeedBot has developed 3D vision algorithms and accompanying industrial intelligence software that enables rapid object detection and recognition. The goal is to provide reliable, highly flexible, low-code systems that are easy to deploy and maintain.
Customers come from across the heavy industrial, logistics, and automotive sectors. It has achieved large-scale implementation in the sorting, measurement, and inspection of large components. SpeedBot claims revenue grew tenfold year-on-year in 2021 and was up more than 50% in the first half of 2022.
The new funding will be used for the continued development of the company’s intelligent industrial software platform and the extension of its use across different industries.
Wenping Deng, SpeedBot’s chairman and CEO, noted in a statement that high-end smart industrial manufacturing systems – characterised by sensors, intelligent control systems, and automated production lines – are gradually becoming more prevalent in China, but the bulk of activity is still controlled by humans.
Huadong Wang, a partner at Matrix, added that the artificial intelligence-plus-3D vision DNA of the SpeedBot team have enabled the company to overcome longstanding industrial challenges. He noted that SpeedBot has turned technological breakthroughs into standardised and cost-effective products, attracting new customers and maintaining strong repurchase rates among existing clients.
Most VC funding in China’s robotics space has gone to start-ups developing manufacturing, logistics, and warehouse solutions. Recent activity includes a USD 150m Series D for Jaka Robotics, which serves numerous automotive manufacturers, a USD 40m Series B extension for bin-picking specialist XYZ Robotics, and a USD 100m Series D for warehouse robot player Hai Robotics.
China International Capital Corporation served as the exclusive financial advisor on the latest round for SpeedBot.
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