Media365
Deep Robotics – one of the “Six Little Dragons” from Hangzhou, the capital of eastern Zhejiang province – on Tuesday said it had raised 500 million yuan (US$70 million) in fresh funding from a group of Chinese investors.
According to the company’s statement, its latest round of financing was led by CMB International, China Asset Management and funds under state-owned telecommunications network operators China Telecom and China Unicom.
Deep Robotics founder and CEO Zhu Qiuguo, who also serves as an associate professor and PhD adviser at Zhejiang University, said the new funding would be used for research and the recruitment of top robotics talent.
Deep Robotics aimed to make its machines “intelligent assistants” that would be deployed in various industries, Zhu said in the statement.
Its latest funding round underscored the sharpened focus of venture capital firms and institutional investors in China’s fast-growing robotics sector.
