Beijing-headquartered ForwardX has secured $10 million in its Series A round while internet of things (IoT) startup Youdian Technology has raised $22 million.
AI startup ForwardX raises $10m in Series A
Beijing-based autonomous luggage maker ForwardX has announced that it has raised $10 million in its Series A round to bring its self-driving suitcase Ovis to the market.
The latest round was co-led by CDH Investments and Eastern Bell Venture Capital. According to Crunchbase, it had last raised $1 million in an angel round in December 2016.
Founded in 2016 by former Oracle exec Nicholas Chee, the startup already provides a self-driving factory flatbed truck currently in use at some warehouses of JD.com, according to a Forbes report.
is also exploring the creation of mobility machines for last-mile deliveries. It is also in talks with e-commerce players like JD.com and DHL to make robots carrying items and following factory workers. ForwardX also has an office in San Jose.
Smart luggage startups such as Raden and Bluesmart have recently had to shut shop, citing stricter airline regulations on batteries in luggage. Ovis from ForwardX comes with a removable battery, making it thus far compliant with regulation.
Youdian Technology raises $22 million in Series A round
Internet of Things (IoT) startup Youdian Technology has closed a $22-million Series A round led by Northern Light Venture Capital.
The round was joined by Taiwanese electronics giant Foxconn Technology Group, according to a report by Tencent Yixian.
The latest funding round brings the startup’s valuation to over $109 million, it added.
The Shenzhen-based startup was founded by a former Huawei executive and focuses mainly on the research and development of IoT-enabled smart home products, with smart door locks and security devices as its flagship products.