Investors have thrown their backing behind a round topping $100m for Stanford-linked production automation robot developer Flexiv.
Flexiv, a US-based production-line robot manufacturer spun out of Stanford University, secured more than $100m yesterday in a series B round featuring local services portal operator Meituan Dianping and diversified conglomerate New Hope Group.
Venture capital firms Meta Capital, Plug and Play Ventures, Gaorong Capital and GSR Ventures also took part in the round, as did private equity firms Longwood Fund and YF Capital.
Founded in 2016, Flexiv has developed a manufacturing robot called Rizon that has been designed to perform intricate production tasks in multiple industries.
Rizon incorporates artificial intelligence that helps it rapidly learn new functions, as well as performance materials to prevent the robot from trembling in unstable working environments.
The company operates in multiple Chinese cities and counts China as its biggest market, but regards North America as a key expansion target.
Shiquan Wang, Flexiv’s co-founder and chief executive, said: “The…
