Chinese AI industrial robotics startup Mech-Mind Robotics (Mech-Mind) has recently completed its B+ round of fundraising.
Backed by Sequoia Capital China and Source Code Capital, the B+ round raised almost US$15 million, bringing the total amount raised across all rounds to approximately US$40 million.
The success of this round reflects Mech-Mind’s rapid development, enormous potential, superior quality, and advanced technological solutions, the company said.
Mech-Mind Robotics utilizes cutting edge deep learning, 3D vision and motion planning technology to put intelligence into industrial robots. The startup provides an all-in-one solution for industry end users looking to harness artificial intelligence in industrial robots.
“We intend to solve pain points in industries with our capabilities. For example, one major pain point existing for decades in many industries in logistics or manufacturing scenarios is picking under complex scenarios… We are now equipping industrial robots with our AI abilities, which can in turn make what seemed impossible possible and affordable” said Tianlan Shao, CEO and Founder of Mech-Mind Robotics.
According to the new World Robotics 2020 Industrial Robots report, there are a record of 2.7 million industrial robots operating in factories around the world. However, only less than 1% of them currently in the market are equipped with AI abilities. With millions of industrial robots delivered every year, Mech-Mind has a big potential market ahead.
The company has been taking the lead in this vertical and is the first to realize the combination of AI and industrial robotics in real-life scenarios on a large scale for industry players in automotive, home appliances, steel, food, logistics, hospitals, and banks.
“Mech-Mind will empower local integrators with full AI abilities. We will provide them with key components of robot intelligence including 3D cameras, software and AI algorithms. We offer highly standardized and easy-to-deploy hardware and software products to integrators that they don’t need to have strong AI abilities by themselves. With our empowerment, integrators can now deliver solutions that were considered very advanced and complex, such as vision-guided palletizing and depalletizing, vision-guided machine tending, vision-guided order picking and vision-guided assembly or locating,” said Shao. – BusinessNewsAsia.com