Shenzhen-based smart home robot developer UBTech Robotics recently announced completion of USD 820 mln in Series C funding and said that it is now valued at approximately USD 5 bln. Funding was led by Chinese internet conglomerate Tencent (0700.HK) with participation by Industrial and Commercial Bank of China, Chinese consumer electronics manufacturer Haier, Minsheng Securities, Telstra, Beijing-based home decoration retail chain operator Easyhome Investment Holding Group, Thailand's Chia Tai Group (Charoen Pokphand Group), China Minsheng Banking, Yixin Group, China General Nuclear Power Group, Railway Investment Group, and Green Pine Capital Partners, as well as Series B investor CDH Investments.
Zhou Jian, founder and CEO at UBTech, said that the Series C funding is not just an injection of cash, but also includes strategic investment.
UBTech said that it plans to accelerate development of a bipedal, humanoid robot to create a platform-grade commercial product, and that it will also develop its AI ecosystem. Zhou also addressed the company's business plans for the next five years. In 2018, UBTech will focus on high torque servo motor commercialization and will accelerate development of its ROSA robot operating system. In 2019, the company will use its Home AI technology in service robot applications. In 2020, UBTech will release a robot cloud service platform and a next-generation low-cost, large humanoid service robot. In 2021, the company expects that following the introduction of service robots with its Home AI technology, it will offer complete service robot industry solutions including core hardware elements such as servo motors, the ROSA operating system, and its cloud service platform.
Editor's Note: For more information on this topic, please see Rumor: Tencent to Lead USD 400 Mln Funding in Robot Maker UBTech, MD 11/15/17 issue.
Keywords: M&A VC Minsheng Securities China General Nuclear Power Group Railway Investment Group hardware funding Tencent CDH Investments Green Pine Haier Telstra Series C 0700.HK Chia Tai Group Zhou Jian robot UBTech Robotics Yixin Group Easyhome ICBC Minsheng Bank valuation