Shanghai-based Gaussian Robotics, a maker of cleaning robots for industries, has completed its Series B+ round, raising $100 million. The fundraising was led by the Hong Kong-listed Chinese real estate conglomerate Longfor Group.
Chinese tech giant Tencent, consumer products and retail services provider Meituan, and China Securities entered as new investors, while returning investor BlueRun Ventures made a follow-on investment, as per a company statement on Wednesday.
In September 2020, BlueRun Ventures had joined hands with China Securities’ subsidiary China Capital Management and Broad Vision Fund to invest a combined 150 million yuan ($23 million) for Gaussian’s Series B+ round. In 2019, BluRun had also participated in Gaussian’s $100 million yuan ($15 million) Series B.
Established in 2013 by Haotian Cheng, Gaussian Robotics designs and produces intelligent cleaning robots. It claims to have rolled out six pipeline products, which are exported to more than 30 countries.
Commercial property cleaning occupies a significant chunk of Gaussian’s revenues, and it has an 80% market share in China. Its top clients include Longfor, Wanke, Sun Hung Kai Properties, Taikoo Hui, Soho China, as well as Singapore Changi Airport.
China’s commercial realty market is expected to touch 2.4 trillion yuan ($368 billion) in the next three to five years. Commercial property cleaning will be 20% of that size, according to CITIC Securities.
The company’s promoter Cheng is the controlling shareholder in Gaussian with a 22% stake, followed by Shanghai Xianzao Computing Technology with a 14% equity interest. Its majority shareholders include TripAdvisor’s affiliate Kuxun (9%), Tencent (7%), and Step Holdings (1%).
In China, Gaussian Robotics competes with cleaning robot and appliance developers such as Dreame Technology, which secured a 100 million yuan ($15 million) Series B+ round led by IDG Capital in September 2020.