Former Google exec’s VC invests $30m into Chinese robotics startup MegaRobo
MegaRobo , a Chinese startup focused on the development of robots and the Internet of Things, announced that it has raised US$30 million in a series B round led by Sinovation Ventures, a VC firm founded by Google China’s former president Kai-Fu Lee.
MegaRobo CEO Daniel Huang /Photo credit: Robert Bosch Venture Capital
Liando Investment, Joy Capital, and Robert Bosch Venture Capital (RBVC), the corporate venture company of Robert Bosch GmbH, also participated in the round.
Founded in 2016 MegaRobo works on the application of robot and artificial intelligence in the life science industry. It also provides automation solutions for smart retail and lightweight manufacturing.
The company said it has launched a laboratory where engineers and biologists can explore how robotics and AI can be used in drug discovery, genetic engineering, and clinical diagnosis, among others.
With the new fund, MegaRobo will further build its laboratory and expand its core business. The Beijing-based company currently has a team of 150 employees.
In 2018 it secured nearly US$10 million in a series A round led by Joy Capital. Last year, it raised an undisclosed amount in a series A+ round led by RBVC, with participation from Gobi Partners, Future Capital, and Joy Capital.
Prior to these, it had closed 5 million yuan (US$746000) in a 2016 seed round and more than 10 million yuan (US$1.5 million) in a 2017 angel round.
Currency converted from Chinese yuan to US dollar: US$1 = 670 yuan.