The announcement that the China-based producer of adaptable robots Flexiv Chinese series has successfully concluded a Series B fundraising round with a total sum of $100 million in US currency was made public in December 2020 by the company.
Flexiv Chinese, situated in China. This round of fundraising was participated in by a large number of investors, including Meituan, Meta Capital, Longwood, Jack Ma’s YF Capital, Plug & Play, and a great many others.
Meituan, a company that dominates the on-demand service industry in China, is the individual investor that contributed the most money to this fund. Meituan is also the name of the company.
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The announcement of Flexiv‘s $100 million Series B round on the eve of the New Year culminated an eventful couple of months for Chinese agrifood automation companies in terms of financing.
Guangzhou-based XAG reportedly collected $182 million in November from Baidu, SoftBank, and other investors to further develop its portfolio of agricultural drones, robotics, and sensors.
FJ Dynamics, a Shenzhen-based firm that designs and manufactures “smart” rice transplanters and other autonomous devices, received more than $15 million from Tencent and other investors in the middle of December.
Flexiv would be able to extend its solutions to the investor’s primary food delivery solution with the help of the strategic investment made by Meituan. As a result, the company’s market share would increase.
Because of the nature of this problem, it is necessary to carry out several very repetitive, high-volume actions, which are prime candidates for being automated.
With the assistance of the newly acquired funding, the company plans to expand into additional markets such as services, agriculture, logistics, and medical care in order to find applications for general-purpose robots that are powered by artificial intelligence (AI).
The majority of the company’s workforce is in China, despite having offices in both California and several major Chinese cities. It also has its headquarters in the Golden State.
The company’s executive offices are in California, nevertheless. This approach is frequently used by Chinese artificial intelligence (AI) firms run by Chinese nationals who have spent time in the United States for educational or professional purposes.
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Wang Shiquan, a former student at Stanford University and former employee of the university’s Biomimetics and Dexterous Manipulation Lab, launched the company in 2016, having previously served as its founder.
Wang Shiquan is the only person who owns shares in this company at this time. The construction of bendable robots that could be put to use in the manufacturing sector was the fundamental motivation behind the invention of this technology.
Rizon, an adaptive robot released by the firm in 2019, represents a new generation of robotics products. Its improved force detection and force control abilities are due in large part to the fact that Rizon employs a state-of-the-art algorithm to govern the force applied to its entire body.
This progress is probably due to Rizon’s improved awareness of and commands over physical force. Because of its superior design, the device was honored with two prestigious awards: the iF Design Award and the German Innovation Award.
Rizon has built a strong name thanks to the superior adaptability of its products as well as its cutting-edge, aesthetically pleasing appearance.
As a direct result of the growing interest shown by businesses all over the world in automating their supply chains and manufacturing lines, the automation sector has been growing and continuously attracting the attention of new investors.
Given that Flexiv is already among the most well-known companies in this industry, the fact that it was able to successfully acquire such a substantial amount of additional money should not come as much of a surprise.
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According to Wang Shiquan, the man who designed Flexiv, the company is actively working on developing its primary market in the North American region. This claim was made by Wang Shiquan.
When it comes to robotics, each nation on earth holds a specific competitive advantage over the others in the world. Manufacturing, supply chains, and labor prices are all areas in which China excels, and as a result, China enjoys a competitive edge in these sectors. China also excels in many other areas.
In addition to this, he made the following statement that Flexiv will continue to innovate and investigate product advancements in order to make robots that are more dexterous, intelligent, flexible, and ubiquitous, as well as to facilitate the next generation of industrial automation.
