CloudMinds, a China-based robotic technology developer backed by internet and telecommunications group SoftBank and contract electronics manufacturer Foxconn, has raised over RMB1bn ($153m) in series B-plus funding, DealStreetAsia reported today.
The round was co-led by Shanghai Chengtou Group and Guosheng Group, investment vehicles for the city of Shanghai’s municipal government.
Founded in 2015, CloudMinds is working on artificial intelligence-enabled robots connected by mobile-based cloud infrastructure. It plans to develop robots that can assist consumers in the home but is currently building robots for use in areas such as retail, security surveillance and the service industry.
In March 2020, the company was blocked from sharing its US-originated technology with its China-based operations. It later rebranded its US-based unit to Wright Robotics in August and begun to sell its products through mobile network partner T-Mobile US.
CloudMinds filed for a $500m initial public offering on the New York Stock Exchange in July 2019, but the US Securities and Exchange Commission ruled in February this year that it be declared abandoned after the company failed to respond to requests for clarification on its status.
SoftBank’s Vision Fund took part in a $300m series B round for CloudMinds in March 2019, investing alongside Anji Boye Investment Partnership, Lishui Boan Investment, Lishui Bojiang Furui Investment and Lishui Bojiang Chuangrui Investment.
That round also featured Chinalife Nova Investments, Fantino Investments, White Gloss, Matrix Partners China, Fantino Investments, Edintown Investments, Magic Flower Culture Communication and Hicreat Group.
The company had raised $100m in series A funding from undisclosed investors in 2017, following a $28m seed round backed by SoftBank and Foxconn the year before. Unnamed backers had previously provided it with $3m through an angel round in 2015.