Aiqi Technology, a China-based toy robot maker backed by consumer electronics producer Xiaomi and insurance group Ping An, has received RMB100m ($14.6m) in series B funding, China Money Network reported.
Venture capital firm Volcanics Venture led the round, which included private equity fund First Seafront Fund and the Chinese government-backed Shenzhen Guozhong Venture Capital Management.
Founded in 2013, Aiqi develops artificial intelligence-based robotics toys that help children develop skills such as coding. It intends to hire more staff, bolster its production and develop its hardware and software with the new funding.
Ping An Ventures, the corporate venturing arm of Ping An, led the company’s $14.6m series A-plus round in In March 2017, a year after it closed an undisclosed amount of series A funding from Qiming Venture Partners, Shangshi Fund and Triniti Capital.
Xiaomi and venture capital firm Shunwei Capital had supplied an undisclosed amount of seed funding for Aiqi in 2014.