Shiquan Wang led Chinese robot maker Flexiv has raised more than 100 million for its Rizon adaptive robot in a Series B funding round that saw participation from Meituan, Meta Capital, Longwood, Jack Ma’s YF Capital, Plug and Play and many other investors. China’s on-demand services giant Meituan was the biggest investor amongst all.
The automation industry has been flourishing and attracting investors regularly as businesses worldwide are looking to automate their production lines and supply chains. Flexiv is amongst one of the prominent names in the game, and thus, it comes as no surprise that it was able to bag such a hefty investment at a time when the industry s flourishing.
The startup was founded Stanford University alumnus Shiquan Wang in 2016 and provides turnkey solutions and services to customers in a range of industries. It has customers in the automotive, 3C electronics, and internet industries across China, North America, Europe, and South Korea.
The company’s star product- the Rizon robot, incorporates disruptive and innovative product design, unique adaptivity, simple and aesthetic industrial design. It has been awarded by both the iF Design Award and German Innovation Awards.
Recently, the California-based startup had showcased the newest model of its adaptive robots, Rizon 4s, which is said to feature stronger force control performance, better disturbance-rejection abilities and multi-contact force control. The robot gained industry wide critical acclaim, and paved the way for the gigantic Series B funding that we see today.
“The strategic funding from leading companies and funds in various industries will mainly be used for mass production and marketing, new market development, and cutting-edge R&D. We will continue focusing on automation transformation of the manufacturing industry while exploring new applications in a broader range of industries including services, agriculture, logistics, medical care, and so on. With business opportunities from new investors that cover almost every industry, we will be able to develop and refine our products and robot AI in a diversity of real application scenarios, which greatly benefits our development of the most advanced general intelligence and robotics technology.” said Shiquan Wang, co-founder and CEO of Flexiv.