China-based computer vision technology developer Aqrose Technology has secured an eight-digit dollar sum in a series A-plus round led by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, according to China Money Network.
Baidu Ventures, the corporate venturing arm of internet company Baidu, also participated in the round alongside VC firm DCM Ventures.
Founded in 2017, Aqrose Technology supplies computer vision and machine learning-powered products that support automated industrial operations in sectors including IT, communications and consumer electronics.
Aqrose’s range includes an intelligent sorting system as well as quality control products that automatically identify defects in equipment and technologies designed to power picking robots.
The funding will go towards a build-out of Aqrose’s R&D team as it looks to expedite the commercialisation of its products. Specifically, the company hopes to enhance its AI algorithms, robot algorithms, optical imaging and system engineering.
Baidu Ventures and DCM Ventures reportedly co-led Aqrose Technology’s $8m series A round in 2018, adding to an eight-digit renminbi angel round (RMB10m = $1.5m) the previous year backed by PowerCloud Venture Capital, a VC fund whose founders include drone technology firm PowerVision and industrial technology maker Beijing Jiaxun Feihong Electrical.
InnoAngel Fund also participated in the 2017 angel round. It was not immediately clear whether InnoAngel is the same as Innovation Angel Funds, which is also an investor in PowerCloud Venture Capital.