China Digest: Baidu arm backs robot developer; Aiqi gets $14.5m

Two Chinese robotic startups, Robot++ and Aiqi Technology, have secured $2.9 million and $14.58 million, respectively, in their latest rounds.

Robot developer snags $2.9m in pre-Series A

Baidu Ventures has led an RMB20 million ($2.91 million) pre-Series A financing round in Chinese robot developer Robot++, making the startup’s valuation increase to RMB120 million ($17.43 million).

According to Chinese media’s reports, Panda Capital and Zhi Neng Dian Wang Venture Capital also joined the round. The new capital will go towards product development and marketing.

Wei Liu, CEO, Baidu Ventures, said, the development of AI technology and the task capability of intelligent robots would be rapidly improved to serve various scenarios and the cost would be fast lower in the future.

“The wall-climber robot will work in a scenario that humans are not good at and the market for high-altitude operation is still a blue ocean,” said the CEO.

Aiqi secures over $14m in Series A+

Xiaomi-backed robot maker Aiqi Technology has raised over RMB100 million ($14.58 million) in the extension of Series A financing round from Volcanics Venture, First Seafront Fund and Shenzhen Guozhong Venture Capital Management, according to CCDI’s report.

Aiqi Technology, founded in 2013, is an internet technology firm focusing on the AI and robotic fields. By end of this year, it aims to have 10 SKUs on the Mi Rabbit brand product line as well as its own brand Onebot will launch the first product, an educational robot for around 10-year-old children.

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