CAS-founded industrial automation spinout VIPioneers has added $14.5m to an angel sum of undisclosed size it received from CAS’s Cash Capital two years ago
VIPioneers, a China-based automated systems developer spun out of Chinese Academy of Sciences (CAS), has received RMB100m ($14.5m) in a series A-one round led by private equity firm Saif Partners, Chinese Money Network reported yesterday.
Venture capital and private equity firm Sigma Square Capital participated in the round together with banking advisory and private equity firm Hina Group.
Spun out in 2014 from CAS’s Institute of Automation and officially dubbed Qingdao Huituo Intelligent Machine, VIPioneers develops cloud-enabled products which facilitate automation in self-driving vehicles and a number of heavy industries, including mining, logistics, chemicals production and nuclear power generation.
VIPioneers has reportedly already amassed partnerships worth a total of $14.5m with China-based mining enterprises and is teaming up with local energy firms to pilot mining infrastructure powered by automated technology.
The company’s other alliances include a $14.5m partnership agreed with heavy machinery supplier Xugong Group Construction Machinery in 2017, and a pact inked with bus and truck manufacturer Shaanxi Automobile Group in June 2018.
University of Waterloo and carmaker Ford are also named as VIPioneers affiliates on the company’s official website.
CAS’s investment arm, Cash Capital, contributed to an angel round of undisclosed size for VIPioneers in September 2017, though full details of the transaction could not be confirmed.