China-based industrial robot developer Mech-Mind Robotics closed an RMB1bn ($155m) series C round yesterday co-led by local services platform Meituan and venture capital group IDG Capital.
Sequoia Capital China and Source Code Capital filled out the participants in the round, the earlier tranches of which included the same investors and were reported in May and April this year. The April round was reportedly sized in the nine-figure yuan range (RMB100m = $15.3m).
Mech-Mind is working on 3D vision and deep learning-equipped robotics technology designed to help automate industrial processes including automotive parts production and e-commerce delivery services.
The company had raised $15.2m in a series B-plus round featuring Source Code Capital and Sequoia Capital China, in November 2020, which came in the wake of a $14.3m series B round eight months earlier led by Sequoia Capital China.
Intel Capital, the corporate venturing vehicle for chipmaker Intel, supplied an undisclosed amount for the company in 2019, after a series A round led by Qiming Venture Partners and a series A-plus of similarly undisclosed size led by Delian Capital.
