Chinese e-commerce platform Meituan and venture capital firm 5Y Capital led the Series C extension round
VisionNav Robotics manufactures auto forklifts and tractors. (Credit: VisionNav)
VisionNav Robotics, a Chinese manufacturer of driverless industrial vehicles, has raised over $80m in a Series C+ round.
The financing round was led by China-based e-commerce platform Meituan and venture capital firm 5Y Capital.
Established in 2016, VisionNav Robotics has so far developed nine series of driverless industrial vehicles and robot control systems. Its products include auto forklifts and tractors for multiple scenarios.
The company is said to apply artificial intelligence (AI), deep learning, environmental perception, servo control, and other key technologies to industrial vehicles.
VisionNav Robotics provides autonomous vehicles and flexible unmanned solutions for intralogistics in warehouses and factories.
The Chinese start-up stated: “Since the last round of funding, VisionNav Robotics has accelerated its globalisation and set up marketing centers in more than 30 countries and regions.
“The Company has successfully delivered more than 350 projects, more than 1,500 autonomous forklifts and unmanned tractors, covering auto parts, tires, petrochemicals, tobacco, food, pharmaceuticals, 3C electronics manufacturing, e-commerce logistics, third-party logistics, textiles, printing, and papermaking among many others.”
According to the driverless industrial vehicle manufacturer, proceeds from the funding will be used for researching new technology and innovative types of product development.
The proceeds will also be used for optimising product performance, focusing on stability and standardisation of products, and promoting large-scale implementation and localised delivery for customers outside China.
VisionNav Robotics said that its business has covered every scenario of intralogistics. The company claims to have made breakthroughs like unmanned loading and unloading, 9.4m high rack storage, 2m narrow aisle access, and multi-layer mobile material frame stacking apart from other complex scenario applications.