Flexiv, an adaptive robotics company, has closed a Series B funding round with over US$100m (£73.7m) investment secured.
Claimed by the company it to be the largest single-round fundraising ever in the field of general-purpose robotics, Flexiv said it will use the investment for further business expansion and to mass-produce its human-inspired robots and AI technologies.
Founded at Stanford University, Flexiv researches and develops key proprietary technologies in-house, including robotic manipulator hardware, servo control systems, force/torque sensors, robotic operation and development systems as well as different types of algorithms.
It completed Series A+ funding in 2019 and launched its first product in April 2019.
Shiquan Wang, CEO of Flexiv, said: “We will continue focusing on automation transformation of the manufacturing industry, while exploring new applications in a broader range of industries including services, agriculture, logistics and medical care.”
The latest funding round included investment from Meituan, Meta Capital, New Hope Group, Longwood, YF Capital, Gaorong Capital, GSR Ventures and Plug and Play.
The company said it has so far received repurchase orders from several clients in the automotive, 3C electronics, and internet industries across China, North America, Europe, and South Korea.
Furthermore, it has over 100 technical patents submitted and has validated its primary business model.
