May 23, 2022
China’s RobotPlusPlus, which develops “aerial work robots” (inspection robots for ships, storage tanks, etc.), has announced raising $15 million in a Series B funding round. This brings a total of $35 million in funding for the company, since its founding in 2017.
The company said it plans to use the new capital to accelerate its research & development timeline, and expand its global presence. New robotic offerings will be released for cargo hold cleaning, tank painting, and facade cleaning, in addition to upgrading current products through integrating more autonomous technology.
“Our latest round of funding contributes to the positive momentum we have been building over the past year,” said Hua-yang Xu, CEO and founder of RobotPlusPlus. “With a growing market share across our key territories, we look to continue to deliver more transformational results to our current and future clients.”
The company’s systems include robotics in industries such as maritime, ship repair, petrochemicals, and power generation. The company aims to improve aerial work safety for operators while improving the efficiency of inspection, maintenance and repair (IMR) solutions and lower operating costs for asset owners.
RobotPlusPlus said it has sold hundreds of its magnetic crawler robots to clients worldwide, and also provides robotics-as-a-service services to clients.
“While we’ve previously focused on the Chinese market, 2021 has brought us more success outside China,” said Andy Lu, partner and senior vice president of RobotPlusPlus. “We’re looking forward to making our solutions available to a broader audience and cementing our position as a key player globally.” The company said an example of this is a new office in Singapore to expand into Asian and Middle Eastern markets.
The latest funding round was led by Meituan, China’s leading tech and online retail company, and Fosun, a global innovation-driven consumer group.
“An aging workforce, rising labor costs, frequent aerial work-related accidents, and the COVID-19 pandemic have had an accelerative effect on the aerial work robotics sector,” said Pu Xiao, investment manager at Fosun. “RobotPlusPlus’ mission is to empower humans with robots while helping increase operational safety and productivity. We’re excited to support RobotPlusPlus in leveraging AI and RaaS to optimize aerial work environments and enable robotic applications.”
For more details on the company’s technology, visit the RobotPlusPlus website here.