General-purpose robotics company Flexiv raises over US$100M
Californian-based general-purpose robotics company Flexiv has raised over US$100m in a Series B round.
Major investors included Meituan, Meta Capital, New Hope Group, Longwood, YF Capital, Gaorong Capital, GSR Ventures and Plug and Play.
Flexiv said this was the largest single-round fundraising ever in the field of general-purpose robotics.
Shiquan Wang, co-founder and CEO of Flexiv, said: "The strategic funding from leading companies and funds in various industries will mainly be used for mass production and marketing, new market development, and cutting-edge R&D. 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, medical care, and so on.
“With business opportunities from new investors that cover almost every industry, we will be able to develop and refine our products and robot AI in a diversity of real application scenarios, which greatly benefits our development of the most advanced general intelligence and robotics technology.”
Flexiv is a general-purpose robotics company that focuses on developing the best human-inspired robotics and AI technologies and applying them across all industries. Four years after its founding, Flexiv has completed its core hardware and software products development with over 100 technical patents submitted, and has validated its primary business model, now becomes ready for further business expansion.
In 2019, Flexiv completed its series A+ with accumulated funding of US$22m. In April 2019, Flexiv officially launched its first product, the world's first adaptive robot Rizon.
The company has manufactured over 100 adaptive robots and developed a number of reliable and unique industrial applications after dedicating time and resources in product verification and iterative optimization in the fields.
Flexiv has received repurchase orders from several renowned clients in the automotive, 3C electronics and internet industries, across China, North America, Europe, and South Korea.
Flexiv's earliest investor, Richard Lim, Managing Director of GSR, said: "Flexiv's breakthroughs in cutting-edge technologies for general robotics has pushed the boundaries of industrial automation and intelligence. The team has great industry perspectives and research capabilities. We are delighted to have worked together with Flexiv when they were initially founded at Stanford University and look forward to supporting their efforts to make intelligent robotics an integral part in different industries."
Flexiv researches and develops key proprietary technologies in-house, including robotic manipulator hardware, servo control system, force/torque sensors, robotic operation and development system and different types of algorithms.