Robot AI Company Mech-Mind Robotics Raises Close to US$15 Million in Series B+
Fast-growing 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.
Mech-Mind Robotics utilizes cutting-edge deep learning, 3D vision, and motion planning technology to put intelligence into industrial robots. Led by a world-class team of engineers with comprehensive skills, 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. Traditionally, complex picking activities such as palletizing and depalletizing, order picking, parcel loading, and machine tending are all pure manual work, which is costly, inefficient, and not usually welcomed by workers because of its repetitiveness and tediousness. 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 is 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 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.
Given the plenty of room for potential growth within the diverse applicable industrial automation scenarios, Mech-Mind was named in The Information's List of the 50 Most Promising Startups by last week, also ranked 3rd among TI50 China Selection.
Mech-Mind currently serves more than 200 customers in over 10 countries. Fueled by the B+ round of capital, Mech-Mind will accelerate the process of technology commercialization and global outreach to continuously expand its business capacity and take the lead in the era of industrial transformation.