In a Series B funding round, the Chinese startup secured over seven million dollars in order to raise its total raised to over forty million dollars.
In contrast to some of its competitors, the company specializes in what is called an automated mobile robot. AMRs are more advanced than AGVs because they are able to plan routes and respond to circumstances in real time.
Think of Syrius's robots as mini autonomously driving bots that can lift and put away parcels. The company sees itself as more of a software company than a hardware one.
Harvest Capital is an investment firm that focuses on technologies applied to traditional industries. ByteDance, the parent company of TikTok, was one of the investors in the Series B. The startup is supported by a Chinese company.
In the past two years, investors have become enamored with China's warehouse robots, which have become popular because of the COVID-19 epidemic and its control measures. Shenzhen-based Hai Robotics made a $200 million announcement in September.
Half of Syrius' revenues are derived from overseas markets. In Japan, where robots are addressing the labor shortage issue, it runs a subsidiary and has served trading house giants.
The founding team for the line of business seems to be the right one. The co-founder of the company was a leader of Project Tango, the mobile augmented reality project that was initiated and later shut down, and the other co-founder was a product management director at the time.
The firm is based in Shenzhen and Beijing and employs 200 people. The startup's main source of income is the sale of robots, as well as offering monthly robot-as-a-service subscriptions, and making its operating system available to third-party robot makers.
China roundup: Keep down internet upstarts, cultivate hard tech
All Rights Reserved © 2024
