ForwardX Robotics, a Chinese developer of AI-powered autonomous mobile robots (AMRs) for warehousing and manufacturing environments, has closed its Series B funding round by raising more than US$38m (£28m).
Led by CDH Investments’s VGC, Eastern Bell Capital, and Dohold Capital and including Angel Around and ZGC Group, this funding brings ForwardX’s total Series B funding to over US$63m (£46m) after an initial round of US$10m (£7.3m) in March 2019 and an extension of US$15m (£11m) in April 2020.
Since its founding in 2016, ForwardX has raised close to US$74m (£54m) in venture capital.
“Our customers in the warehousing and manufacturing industries come to us to transform their operations and help them unlock new levels of efficiency that were previously unattainable,” said Nicolas Chee, founder and CEO of ForwardX Robotics.
“ForwardX Robotics’ flexible automation platform enables supply-chain facilities to elevate worker performance, reduce growing labor costs pressures, and adapt quickly and effectively to changes in the market.”
The company said it will use its Series B funding to accelerate development of new and existing products, expand its market share across China and the USA, and invest in new international markets, such as Japan, Germany, and the UK.
