China’s Mech-Mind Robotics has completed its Series C round of funding, thereby raising a corpus of nearly 1 billion yuan ($155 million), per a company statement on Monday.
IDG Capital alongside Chinese consumer products and retail services giant Meituan jointly led the round, while returning investors – Sequoia Capital China and Source Code Capital – made follow-on investments.
The two existing investors had earlier partnered to pump in approximately 100 million yuan ($15 million) in Mech-Mind’s Series B+ round late last year. Before that, in March 2020, Sequoia Capital China had exclusively infused capital in the company’s Series B round.
Chinese investment bank Taihecap facilitated the current transaction.
Mech-Mind, set up in 2016, is an industrial robot developer, that uses new generation technologies such as deep learning, and 3D vision to cater to its clients. It currently caters to sectors such as automobiles, home appliances, food and beverage, logistics, pharmacy, and banking, among others.
It counts BMW, DHL, Siemens, Honeywell, Yaskawa, and Haier, among its clients.
Beyond its home turf, Mech-Mind is present in Japan, Korea, Spain, and Southeast Asia, besides the US.
Mech-Mind is backed by Intel Capital, Qiming Venture Partners, Delian Capital, Galileo Venture, and PreAngel.