Beijing, China-based AI and robotics startup, MegaRobo has raised US$ 30M in a Series B funding round held in November 2020, led by Sinovation Ventures. Other participants in the round include Liando Investment, Joy Capital and Robert Bosch Venture Capital (RBVC).
Proceeds from the funding round will be used by the startup in further developing its laboratory and expanding its main business.
Founded by Daniel Huang and Zhixin Qiao in 2016, MegaRobo is a national high-tech startup working on the R&D (research and development) and application of robotics and AI in the life science industry. It also delivers reliable automation solutions for smart retail and lightweight manufacturing sectors. MegaRobo works on multiple fundamental technologies and has applied for over 150 invention patents, which have been approved by the ISO9001 quality management system authorization.
The startup is said to have launched a laboratory where engineers and biologists can work and discover how robotics and AI can be applied in drug discovery, genetic engineering, and clinical diagnosis, among others. Apart from its headquarters in Beijing, the startup has branches in Shenzhen, Shanghai and Suzhou as well.
MegaRobo obtained an undisclosed amount in a Series A+ round held in 2019, led by RBVC along with participation from Gobi Partners, Future Capital, and Joy Capital. In 2018, it secured almost US$ 10M in a Series A round led by Joy Capital. Preceding these rounds, it had raised US$ 746K in a 2016 seed round and over US$ 1.5M in a 2017 angel round.
About Sinovation Ventures
Sinovation Ventures is a venture capital firm that vigorously invests in the Chinese technology market. Dr. Kai-Fu Lee is the Chairman and CEO of Sinovation Ventures. The firm is currently managing $2B dual currency investment funds and over 350 portfolio companies across the technology spectrum in China. It has a presence in the Chinese cities of Beijing, Shanghai, Nanjing, Guangzhou and Shenzhen.
Sinovation invests in start-ups at the seed, Series A and Series B stages in the U.S. It assesses the startups and their technologies mainly on how they will be beneficial for the U.S. market, along with evaluating their potential for fruitfully entering the Chinese market in due time. In such cases, Sinovation endeavors to become the best “go-to Chinese market” partner for its startups, while also effectively bringing its deep collective expertise from its China portfolio into the U.S. market.
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