SmartMore, a China-based developer of computer vision technology for the manufacturing industry, closed a $200m series B round yesterday backed by Lenovo Capital, the corporate venturing subsidiary of electronics producer Lenovo.
Sequoia Capital China, ZhenFund, IDG Capital, CoStone Capital, Green Pine Capital Partners, Hermitage Capital, Bull Capital Partners and APlus Plus Partners also contributed to the round.
Founded in 2019, SmartMore is working on artificial intelligence-equipped manufacturing hardware and software as well as technology for ultra-high-definition video capturing and processing.
The startup’s products include a smart inspection system for automotive manufacturing, a lens identification, sorting and packaging machine for the precision optics industry, and a range of wafer analysis and inspection technology for use in semiconductor production.
Proceeds from the series B round will go to research and development and market development activities. The company had raised over $100m in an October 2020 series A round featuring Lenovo Capital, IDG Capital, Sequoia Capital China, ZhenFund, CoStone Capital and Green Pine Capital Partners.
SmartMore had previously secured an eight-figure dollar amount in a pre-series A round in July 2020 led by IDG Capital and backed by Lenovo Capital and ZhenFund. It reportedly raised millions of renminbi (RMB1m = $145,000) in an angel round backed by IDG Capital in January that year.