China-based robotics technology developer Cowarobot has raised RMB135m ($21.1m) in a series B round co-led by SBCVC, a corporate venturing subsidiary of telecommunications and internet group SoftBank.
The round was co-led by venture capital firm China Creation Ventures, which disclosed details of the round on its WeChat account. Infore Investment Holding Group, Orca M&A Capital and China Minsheng Investment Group also participated in the round.
Founded in 2015, Cowarobot develops low-speed autonomously guided robots for use in street cleaning or logistics. Its range also includes a smart luggage product that will be followed by smart baby strollers also capable of following its owner.
The company’s technology uses artificial intelligence to detect and classify potential obstacles and plot an optimal route around them.
Cowarobot will use the series B capital to upgrade its autonomous driving technology and increase the headcount in its research and development team. It has not revealed details of its series A funding.