Flexiv Bags $100M Round for Rizon Robot
January 5, 2021
Flexiv has closed an over 100m USD Series B round with major investors including
Meituan, Meta Capital, New Hope Group, Longwood, YF Capital, Gaorong Capital,
GSR Ventures and Plug and Play, marking the largest single-round fundraising
ever in the field of general-purpose robotics.
“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.
Flexiv Ltd. is a world-leading general-purpose robotics company that focuses on
developing the best human-inspired robotics and AI technologies and applying
them across all industries. Four years after its founding, Flexiv has completed
its core hardware and software products development with over 100 technical
patents submitted and has validated its primary business model, now becomes
ready for further business expansion.
In 2019, Flexiv completed its series A+ with accumulated funding of 22m USD. In
April 2019, Flexiv officially launched its first product, the world's first
adaptive robot Rizon. In 2020, Rizon received global recognition for its design
and product value by winning both the iF Design Award and German Innovation
Award. The company has manufactured over 100 adaptive robots and developed a
number of reliable and unique industrial applications after dedicating a
tremendous amount of time and resources in product verification and iterative
optimization in the fields.
With its state-of-the-art technology and highly cost-effective solutions, Flexiv
has received repurchase orders from several renowned clients in the automotive,
3C electronics, and Internet industries across China, North America, Europe, and
Flexiv's earliest investor, Richard Lim, Managing Director of GSR, said:
“Flexiv's breakthroughs in cutting-edge technologies for general robotics has
pushed the boundaries of industrial automation and intelligence. The team has
great industry perspectives and research capabilities. We are delighted to have
worked together with Flexiv when they were initially founded at Stanford
University and look forward to supporting their efforts to make intelligent
robotics an integral part in different industries.”
“Flexiv developed adaptive robots with sophisticated force control system and
cutting-edge AI technology that mimic human behavior, bringing the versatility
and intelligence of robots to a whole new level. Notably, Flexiv has now
achieved mass production and successfully validated its customer value and core
business model. We believe that Flexiv’s products will bring unique value to a
much broader range of application scenarios, and effectively accelerate the
transformation and automation in different industries.” said Bin Yue, the
founding partner of Gaorong Capital.
researches and develops key proprietary technologies in-house, including robotic
manipulator hardware, servo control system, force/torque sensors, robotic
operation and development system, and different types of algorithms. This
ensures the product’s distinct advantages and outstanding performance.
In addition, research results from Flexiv’s AI team have been published in
top-notch academic journals such as Nature-machine intelligence and Engineering
where the concept of general-purpose intelligent agent system has been defined
for the first time and has broken world records of different benchmarks in
multiple AI-related fields for 18 times.
“I’m very pleased to see that Flexiv has paved a unique path of robotic hardware
and software technologies to bring the capability of force control robots to
real-world applications. The Rizon robot, which establishes an effective fusion
of advanced force control and cutting-edge algorithms, represents a major
milestone for future robotics development,” commented Oussama Khatib, Chair of
IFRR and director of the Stanford Robotics Lab.