IDG, Meituan co-lead Chinese robot developer Mech-Mind’s $155m round

Artificial intelligence and robotics converge.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.