China-based startup Shenzhen Yuejiang Technology Limited (Yuejiang), maker of the multi-functional desktop robotic arm Dobot, has raised $3 million (RMB20 million) in third-round funding, improving its post-money valuation to RMB150 million.
The latest funding has also placed Yuejiang as one of the most valuable robotic startups in China, if not Asia. It had earlier received angle funding from two individuals, and raised $600,000 from crowdfunding platform Kickstarter.
Touted as the first robotic arm from China that is specifically targeted for domestic use, the Dobot can be controlled by a mobile device to perform functions such as writing and camera motion with high precision.
The startup’s 30-member team aims to strengthen R&D at its lab in Shenzhen and expand its market presence, specifically to ramp up a distribution network to cover the whole of China and overseas.
Yuejiang CEO and founder Jerry Liu said market opportunities for Dobot continue to expand as more and more SMEs and amateurs are looking for the open source technology to assemble products for fulfilling the personal use and developing the business application.
“The company sees the huge market demand in the robotic arm and firmly believes it will further bring adding value to the
business sectors and consumers,” Liu said. “We will be continuously dedicated to providing the leading robotic arms solutions in the worldwide.”
And to cater to various industries, Yuejiang is adding advanced functions to allow the Dobot to perform actions such as PCB soldering, 3D printing and laser cutting with industrial precision.
The Dobot can be controlled by up to seven methods including wireless, hand gestures and EEG. Despite the major developments, Yuejiang opted for lower product price. The company has shipped 2000 units worldwide.