China-based smart robotics technology developer ForwardX Robotics has received more than RMB250m ($38.4m) in pre-series C funding from investors including state-owned conglomerate ZGC Group, DealStreetAsia reported yesterday.
The round was co-led by CDH Investments’ CDH VGC vehicle with Eastern Bell Capital and Dehou Capital, and it also featured Angel Around Capital.
ForwardX has developed autonomous mobile robots for use in manufacturing and logistics, and its customers include logistics services provider SF Express.
The company raised $1m from unnamed angel investors in 2016 before CDH Venture and Eastern Bell Venture Capital co-led a $10m series A round two years later.
The two returned for a $14.9m series B round in March 2019 led by an entity called Lakeside Mileage and also backed by financial services firm Bank of Communications International and Jiuxian Capital.
Longfor Capital provided an undisclosed amount of series B1 funding for ForwardX five months later, and China Merchants Capital’s Sino-BLR Industrial Investment Fund added $15m in April 2020.
