Quicktron, a Chinese developer of intelligent warehouses, raises $100m in Series C+ round

German warehouse equipment provider Kion Group and Saudi Arabian Oil’s Prosperity7 Ventures have jointly led a Series C+ round of about $100 million in Quicktron Intelligent Technology, a Chinese intelligent warehouse solutions provider.

Several Chinese financial institutions, including BOCOM International, the financial services arm of Bank of Communications, and Hong Kong-listed financial and equity investment firm Shenwan Hongyuan Group participated in the round.

Quicktron’s existing investor China Creation Ventures (CCV) re-upped in the round.

The Quicktron deal is Prosperity7 Ventures’ first direct investment in China, said Aramco Ventures CEO Mahdi Adel, in a statement released by CCV on Thursday.

The new financing will be used to enhance the firm’s global business layout, improve its technologies and products, expand the team, and lift production capacity.

Founded in 2014, Quicktron is involved in the R&D, production, sales, and project implementation of AI-based intelligent warehousing robots and operation solutions. The firm serves clients in the fields of e-commerce, retail, apparel, pharmaceuticals, and logistics, among others.

Its customers include Chinese e-commerce giant JD.com, online discount sales website VIP.com, and Alibaba’s logistics arm Cainiao.

The Shanghai-based startup has helped Cainiao build an unmanned warehouse equipped with about 1,000 Quicktron’s self-developed portable robots, or the so-called automated guided vehicles (AGVs), in eastern China’s Wuxi City. It claims that the Cainiao warehouse is Asia’s first intelligent warehouse powered by a thousand robots — a scale that only Kiva Systems, a robotics firm that Amazon acquired for $775 million in 2021 has achieved.

“In the future, Quicktron’s footprints will expand from the current 15 countries to over 100 countries, and achieve annual revenue of 10 billion yuan ($1.5 billion) in the next five years,” Yang Wei, founder and CEO of the startup, said in the statement.

After a nearly ten-fold revenue growth between 2017 and 2019, the firm’s total order volume in 2020 is expected to more than triple compared to one year earlier. China Securities Journal, a national securities newspaper, reported that Quicktron may look at an initial public offering (IPO) on Shanghai’s Nasdaq-style STAR Market next year.

Quicktron raised nearly 200 million yuan ($30.6 million) in a Series B round from Cainiao and Softbank China Venture Capital (SBCVC), SoftBank’s China-focused VC arm, in March 2017.

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).   

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  • 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. 
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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.