China-based intelligent warehouse robot producer Quicktron Intelligent Technology has closed a $100m series C-plus round co-led by warehouse equipment provider Kion Group and oil and gas producer Saudi Aramco, DealStreetAsia reported today.
Aramco co-led the round through its Prosperity7 Ventures fund, and it included Bocom International, a subsidiary of financial services firm Bank of Communications, in addition to securities firm Shenwan Hongyuan Group and venture capital firm China Creation Ventures.
Quicktron was founded in 2014 and provides artificial intelligence-driven robots used in the operation of intelligent warehousing systems. Its customers have included e-commerce groups Alibaba and JD as well as logistics services provider Best Logistics.
The funding will be used to further develop the company’s technology and products as well as expand its workforce and increase its production capacity.
In 2017, Quicktron raised almost $29m in a series B round backed by logistics services provider Cainiao and Softbank China Venture Capital, a corporate VC arm of telecommunications and internet group SoftBank.
Quicktron’s founder and CEO, Yang Wei, said in a statement seen by DealStreetAsia: “In the future, Quicktron’s footprints will expand from the current 15 countries to over 100 countries, and achieve annual revenue of RMB10bn ($1.5bn) in the next five years.”