International Intelligent Machines Co Ltd, a leading Chinese intelligent service robots developer and manufacturer, has announced it raised tens of millions of dollars in a Series A financing round, amid growing demand in the service robots market.
The new fundraising is backed by the China-Belarus industrial investment fund, managed by China Merchants Capital.
Proceeds from the new funding will be used for research, development and manufacturing of smart service robots in the property management and education sectors, system construction, channel deepening and team building.
"We will continue to deepen cooperation with China Merchants Group, seeking new business opportunities in fields such as the property management sector," said Zheng Xiaogang, chairman and CEO of International Intelligent Machines.
Zheng said with the smart community construction boom across China, the smart property management era is coming.
"With the development of robotics and changing user habits, robots will gradually perform some of the jobs that used to be done by humans," Zheng added. "Intelligent service robots clearly have advantages, as they will help reduce labor costs, increase efficiency and improve service and living standards."
Yang Hong, general manager of the China-Belarus industrial investment fund said the new funding marked China Merchants Group's attempt to tap into the artificial intelligence sector.
Established in 2017, the $585 million investment fund aims to introduce high-quality projects and firms to the China-Belarus Industrial Park, focusing on fields such as the fine chemical, healthcare, advanced manufacturing and high-tech sectors. In early 2018, International Intelligent Machines officially settled in the park.
"We look forward to the firm's good prospects and huge potential in the future. And we believe that China Merchants Group and the fund will empower the company with abundant overseas resources and industrial experiences," Yang added.
Founded in 2015, International Intelligent Machines focuses on the development of smart service robots, intelligent hardware and robotics application, owning a wide range of patents in the fields of machine vision, positioning and navigation, electromechanical control and smart voice.
Headquartered in Shenzhen, Guangdong province, the company has an overseas technology R&D center in Singapore and an AI institute in Great Stone, Belarus. It mainly offers intelligent service robots and visual products, providing a complete set of intelligent solutions for smart property systems.
"We will see growing demand for smart products in the property service market," Zheng said. "We will be committed to offering a total solution for the property ecology chain, allowing the application of smart robots to conform to actual needs."
To date, the company has cooperated with China Merchants Group in the fields of smart property, smart parks and smart ports. It has signed agreements with smart manufacturing firm Sinomach Intelligence Technology Co Ltd and Shenzhen GTA Education Tech Ltd.