AMR company Quicktron completes funding
Chinese Autonomous Mobile Robot (AMR) company Quicktron, a leader in the intelligent warehouse logistics industry, has completed a C+ funding.
The round was led by KION Group, one of the world's leading providers of industrial trucks and supply chain solutions, and Prosperity7 Ventures, the diversified growth fund of Aramco Ventures.
Other Chinese investment institutions took part. The new funds will go towards global market expansion and further technical development, furthering the company's mission to free human beings from manual handling.
Operating income from 2017 to 2019 increased nearly tenfold and the total volume of orders in 2020 is expected to be more than 300% that of 2019.
The company is also launching a sci-tech innovation board listing plan next year, gearing the company up to be the first listed AMR stock.
As a pioneer in the AMR industry, founder and CEO of Quicktron Wei Yang said that given the global penetration rate of AMR is as low as 1%, he believes there is still an untapped industry worth 500 billion CNY. What’s more, growth in this sector has also accelerated as the COVID-19 pandemic has fueled the need to reduce reliance on manual labor in logistics. This has been particularly prominent in Europe where e-commerce has been growing rapidly as consumers develop a habit for online shopping, forcing more and more retailers to make the switch to online.
In 2020, Quicktron launched its product-level intelligent robotic solution, Quick Pick, which is currently being used in e-commerce, retail, footwear, manufacturing, and other industries. The solution is equipped with highly efficient and stable robots that bear a high storage capacity. It also features small, lightweight, efficient, flexible, and cost-effective intelligent mobile handling robots that work well in intensive storage environments where it can carry and transfer items for on-site operators.
This combination effectively reduces the need for manual operation to achieve high efficiency and versatility, easing the labor intensity and boosting overall efficiency during the traffic surge in storage handling, order picking and item return requests.
"...furthering the company's mission to free human beings from manual handling..."