Shenzhen-headquartered Chinese food delivery robot maker Pudu Technology Inc (PuduTech) has closed its Series C round of financing at 500 million yuan ($78 million), according to a company statement on Tuesday.
The latest round attracted an undisclosed strategic investor while return backers, Sequoia Capital China and Chinese consumer product and retail service giant Meituan, made a follow-on investment.
Meituan had initially invested over 100 million yuan in July last year in the company’s Series B round. The following month, Meituan had participated in a similar-sized Series B+ round led by Sequoia Capital China.
Chinese global investment bank Taihecap served as PuduTech’s financial advisor for the deal.
With the fresh capital, PuduTech aims to advance its technology innovation, pipeline product matrix, usage scenario analysis and market development.
The five-year-old PuduTech, which develops indoor smart delivery robots, leverages computer vision, autonomous positioning navigation, and motion control. Its flagship products like BellaBot, HolaBot and PuduBot cater to sectors such as restaurants, hotels, hospitals, office buildings, among others.
Its automatic mobile robot (AMR) offerings are exported to over 60 countries and regions. In China, its top clients include JD.COM, property major Country Garden, hot pot restaurant chain giant Haidilao International Holding, among others.
PuduTech promoter Tao Zhao holds a 25.55% stake in the company followed by global online travel platform TripAdvisor’s subsidiary Kuxun with a 20% equity interest.
QC Capital and Sequoia Capital China own 7.87% and 7.58% stakes, respectively. QC Capital had joined hands with Rongquan Investment to invest 50 million yuan in PuduTech’s Series A round in 2018.