Beijing-based robot maker Evolver has formed a strategic cooperation with authorities in Qingdao, a coastal city in East China’s Shandong province.
As part of the partnership, the government of Qingdao’s Jimo district will invest RMB 500 million (USD 71 million) in the startup, which produces a companion and teaching robot called Fabo, according to Chinese media outlet PEdaily. Evolver is now valued at RMB 2 billion.
The startup will use these funds to develop new products. It has plans for an initial public offering via the Star Market, a new bourse in China’s stock market, in the next one to two years, according to PEdaily.
In addition to companion robots, the company also has cleaning and receptionist robots in its product lineup.
Under the partnership, Evolver will set up a production site in Qingdao. The city government will promote the usage of Fabo in Qingdao’s kindergartens, as well as primary and middle schools.