Mech-Mind Robotics Technologies Ltd. this week said that it has raised nearly 1 billion yuan ($155 million U.S.) in Series C1 funding. The Beijing-based company said it will use the financing to improve its computer vision products, services, and delivery capacity.
Founded in 2016, Mech-Mind said it now has nearly 500 employees worldwide. It provides 3D cameras, machine vision software, and deep learning algorithms. It also offers motion-planning technology, programming models, and consulting and training services.
The company said manufacturing and logistics customers can use its systems for mixed-order picking, palletizing and depalletizing, and machine tending. It claimed that its systems can attain picking speeds of 1,200 pieces per hour.
In July, MechMind released its new Mech-Eye Nano, a small camera than can be mounted on robot arms for pick-and-place and other operations in manufacturing. It has worked with Siemens on using simulation to develop its products.
Mech-Mind adds to existing funding
In May, Mech-Mind said it had already raised a total of more than $100 milllion. At the time, the company claimed that it was “one of the world's most funded AI+ industrial robotics startups.”
IDG Capital and Meituan led Mech-Mind's Series C1 round, with participation from returning investors Sequoia Capital China and Source Code Capital. Taihecap was an investment bank advisor.
Mech-Mind said it serves verticals such as automotive, home appliance, food and beverage, and pharmacy. The company's customers include BMW, DHL, Honeywell, Siemens, and Yaskawa.
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