China Digest: Tencent backs Kindred; Futurus gets $10m; Zhicang raises pre Series A

Photo: Futurus Technology.

In multiple investments in China, Tencent has backed AI startup Kindred Systems while Futurus Technology and Zhicang, a machine learning tech firm, have also raised funding.

Tencent backs $28 m Series B in Kindred Systems

Kindred Systems Inc, an integrator of artificial intelligence creating intelligent robots, has raised $28 million Series B from Tencent, China’s investment holding major.

Kindred’s product, Kindred Sort, can pick-up, bar-code scan and sort items 250 to 400 times a hour and acts as robots-as-a service.

The new funding will be used to advance the company’s mission to build human-like intelligence in machines, the company announced on October 24.

Founded in 2014 by Canadian inventor Geordie Rose and Suzanne Gildert, Kindred previously raised $15 million from Google Ventures, Data Collective, Eclipse Ventures and First Round Capital.

AI developer Futurus Technology gets $10m

Beijing-based Futurus Technology has fetched a $10 million Series A led by Cathay Capital, a private investment firm that provides growth capital to Companies in China.

Others who participated in the round include SBCVC and One Capital, the China Money Network reported.

The startup specializes in developing head-up displays. Pilot Hud is one of its product used for safety driving assistance, navigation, music playing, and phone calls.

Machine learning startup Zhicang secures pre Series A

Zhicang, a machine learning technology firm, has raised a pre Series A worth tens of millions of RMB led by Shenzhen Albatross Venture Capital, the China Money Network reported.

Other participants in the latest round include Bluerun Ventures.

Zhicang specializes in machine learning technology and also does research algorithm for logistics companies. The platform aims to solve vehicle routing problem, 3-dimensional packing problem and other mixed problem in logistics industry.

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