Cainiao Network, a parcel tracking platform owned by conglomerate Alibaba, has co-led a RMB200m ($29m) series B round in China-based logistics technology developer Flashhold, China Money Network wrote on Thursday.
SB China Venture Capital (SBCVC), a VC subsidiary of internet and telecoms group SoftBank, co-led the round.
Incorporated in 2014, Flashhold has created logistics robots for small to medium-sized warehouses. The robots are able to cover a surface area from 2,000 to 24,000 square metres, relying on artificial intelligence to select, transport and sort items.
The money will go towards a recruitment drive for Flashhold’s research team, the creation of a manufacturing centre and an expansion of its network of partners.
The company previously obtained $5m from ZTE Venture Capital, the corporate venturing fund of telecoms firm ZTE, and $1m in angel funding in 2014.