XYZ Robotics closes Series A+ with USD 20 mln

2020-08-27
|
Lynn Lin

XYZ Robotics closes Series A+ with USD 20 mln

XYZ Robotics, a technology company dedicated to the application of robot hand-eye coordination, announced the completion of its Series A+ round of financing led by Source Code Capital, raising approximately 20 million US dollars.


Gaorong Capital and Morningside Venture Capital followed the investment beyond the prescribed amount. Lighthouse Capital served as the exclusive financial advisor for this round of financing.


This round of financing will be mainly used for the R&D, sales expansion and daily operations of XYZ Robotics, to further improve the company’s R&D and market developing capabilities.


Zhou Jiaji, CEO of XYZ Robotics said that the company would further research on logistics scenarios and production line processes, for the purpose of applying the robot hand-eye coordination capabilities to more scenarios and empowering more replicable scenarios.


XYZ Robotics was co-founded by Zhou Jiaji, a CMU Robotics doctor, Yu Guanting, a MIT EECS doctor and Xing Liang Libo, a master graduated from Peking University, whose team is the only one in the world that has ranked among the top three in the Amazon Robot Picking Challenge for three consecutive years.


In the logistics industry, the most difficult part of automated sorting lies in how to grab the right product among various non-registered products. To achieve fully automatic sorting in category warehouses, XYZ Robotics combines the technologies of deep learning, 3D geometric vision, optimal motion planning algorithms and global patented quick-change fixture system.


As a result, its products perform outstandingly in all key performance indicators including picking efficiency, SKU coverage, and manual intervention rate. By providing cost-effective products and solutions, XYZ Robotics makes automated sorting less dependent on the performance of hardware.


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