Beijing-based ForwardX Robotics has raised US$15m (£12m) in a new round of Series B+ funding.
Led by China Merchants Capital as part of its SINO-BLR Industrial Investment Fund, this new investment round brings ForwardX’s total funding to more than $40m (£32m).
“We are seeing huge challenges for supply chain leaders across the logistics and manufacturing industries, from growing labor shortages and consumer expectations to a greater need for flexibility,” said Nicolas Chee, founder and CEO of ForwardX Robotics.
“Our AI-based automation solutions allow our customers to adapt to a rapidly changing landscape and boost their productivity and efficiency three-fold.
“With the fallout of Covid-19 already here, enterprises will be looking to futureproof their operations and we’re going to be there with them as they make the transition.”
With the market for AMRs and AGVs forecasted to generate over US$10bn (£8bn) by 2023 according to Interact Analysis, ForwardX aims to continue its growth following a recent expansion into the North American market.
According to ForwardX, its automation platform, which features computer vision technology and advanced fleet management capabilities, provides the logistics and manufacturing industries with flexible, high-efficiency solutions.
Its customers, which include third-party logistics provider SF DHL China, are reportedly seeing near-100% accuracy with doubled and tripled levels of productivity and operational cost savings of up to 50%.
The company said it will use the Series B+ funding to continue its growth through further product development, international expansion, and increased production and commercial deployment of its solutions.
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