Makeblock, a China-based developer of a programmable robot kit, closed a RMB300m ($44m) series C round yesterday backed by Yuexiu Industrial Investment Fund, the corporate venturing arm of conglomerate Yue Xiu Enterprises.
CICC Alpha, a subsidiary of investment bank China International Capital Corporation, led the round, which also included investment firm GX Capital and venture capital firm Everest Capital. The company is now valued at $367m.
Founded in 2013, Makeblock produces modular kits consisting of electronic and mechanical parts that users can program through a dedicated platform. The kits are sold as educational products, teaching children to code and understand the basics of artificial intelligence.
The company has partnered more than 20,000 schools internationally and has set up subsidiaries in the US, the Netherlands, Japan and Hong Kong.
The funding will allow Makeblock to accelerate its research and development activities, drive marketing and subsidiary company operations. The company plans on introducing additional products this October.
Telecoms and internet conglomerate SoftBank was reported to be considering a $60m series C investment in Makeblock in July 2017, but the deal does not appear to have closed.
Makeblock received $30m in a series B round in March 2017 co-led by Shenzhen Capital Group and Evolution Media China, an investment arm of corporate-backed joint venture Evolution Media Partners.
Sequoia Capital previously injected $6m in series A capital in 2014, after SOSV had supplied an undisclosed amount of seed funding.