Shenzhen-based Standard Robots has scored RMB 100 million (USD 14.2 million) in its Series B round led by Lightspeed China Partners and Source Code Capital, local outlet 36Kr has learned.
This round comes shortly after the startup gained a strategic investment in May 2015 from Miracle Plus, which was founded in late 2018 by Lu Qi, former Baidu president and former CEO of YC China. The financial details for this investment have not been disclosed.
Stardard Robots, which develops laser-navigation robots that deliver items inside warehouses, will use the new funds to update current products and to expand overseas.
The company’s products have been used in the US and Japan, said 36Kr, without elaboration. Huawei, ZTE, and Foxconn are all among the startup’s clients, according to the company’s website.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.