April 29, 2022
China’s VisionNav Robotics, which manufactures driverless industrial vehicles, has announced raising $80 million in a Series C+ round, led by Meituan (China-based e-commerce platform for services) and 5Y Capital.
The company said it will use the new funding to research new technology and innovative forms of product development; optimize product performance, focusing on product stability and standardization; and promote large-scale implementation and localized delivery for global customers.
Founded in 2016, VisionNav Robotics applies artificial intelligence, environmental perception, deep learning, servo control and other core technologies to industrial vehicles, providing autonomous vehicles and other unmanned solutions for intralogistics applications in factories and warehouses. The company said it has developed nine series of driverless industrial vehicles and robot control systems.
Since its last funding round, the company said it accelerated its globalization, and set up marketing centers in more than 30 countries and regions, delivering more than 350 projects and 1,500-plus autonomous forklifts and unmanned tractors. Markets include automotive parts, petrochemicals, tobacco, food, pharmaceuticals, 3C electronics manufacturing, e-commerce logistics, third-party logistics, textiles, printing and paper-making. More than 70% are projects that include complex scenarios and rigid demands, VisionNav said.
Breakthrough technologies of the company include developing a 9.4-meter high rack storage system, 2-meter narrow aisle access, unmanned loading and unloading, multi-layer mobile material frame stacking, among others.
Li Luyang, CEO of VisionNav Robotics, said that under the backdrop of an uncertain international situation and the ongoing pandemic, the robotics industry has ushered in a year of challenge, and is now moving towards a large-scale and standardized delivery stage. Li said the company has seen 10-fold growth in sales between 2019 and 2021, with an estimated surge of 300% in 2022, with an average order amount increasing by 350%.
For more details on the company and its technologies, visit the VisionNav Robotics website here.