Chinese intelligent auto-transforming robot developer Robosen announced on Wednesday that it has raised RMB100 million (US$14.46 million) in a series A round of financing led by CMB International, a wholly-owned subsidiary of China Merchants Bank.
The investment also attracted the participation of Hu Yu, the co-founder and executive president of Chinese voice recognition products provider iFlytek, said China Peakedness in a statement released on its WeChat official account. China Peakedness served as the exclusive financial advisor of the deal.
Robosen was founded in 2008 in Beijing to specialize in technologies including digital electric transmission, small & heavy servo motor, artificial joint, and body language recognition. The company debuted an intelligent programmable and transformable robot, "Robosen T9," at the CES tech show in Las Vegas in January 2019. The robot is equipped with the gait recognition technology and 22 servo motors that enable it to "walk freely and steadily" at 39 feet per minute.
The product has modular programming capabilities for multi-interfaces of graphics. It uses a visual programming education system to convert obscure coding into easy-to-understand graphical representations that allow users to select different movement combinations with a few clicks. Users can also play augmented reality (AR) games through a mobile app that acts as remote control of the robot.
Robosen’s business strategy will first focus on the construction of a hot sales item, and then expand into other segments of the Chinese robot market by building the brand and introduce more innovative products including social companion robots, said Robosen CEO Su Guoxing in the statement.
Proceeds will be used for the research and development of new products, talent recruitment, brand promotion, and global sales channel expansion, said Su.