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ForwardX Wins $15M for AMRs

April 29, 2020

ForwardX Robotics, a Beijing-based leader in AI- and Robotics-based automation, scored a new round of Series B+ funding in the amount of $15 million. Led by China Merchants Capital as part of their SINO-BLR Industrial Investment Fund, this new round of investment brings ForwardX’s total funding to more than $40 million, including last year’s $15 million Series B round.

“We are seeing huge challenges for supply chain leaders across the logistics and manufacturing industries, from growing labor shortages and consumer expectations to a greater need for flexibility,” said Nicolas Chee, founder and CEO of ForwardX Robotics. “Our AI-based automation solutions allow our customers to adapt to a rapidly changing landscape and boost their productivity and efficiency three-fold. With the fallout of COVID-19 already here, enterprises will be looking to futureproof their operations and we’re going to be there with them as they make the transition.”

With the market for AMRs and AGVs forecasted to generate over $10bn by 2023 according to Interact Analysis, ForwardX aims to continue its rapid growth with a recent expansion into the North American market.

“In just over 3 years, ForwardX Robotics has cultivated its own unique competitive advantages and grown to become a leading AMR provider,” said Anthony Yang, Managing Director at China Merchants Capital. “Having successfully deployed their solutions in both logistics and manufacturing scenarios, we are very optimistic about ForwardX’s future. Moving forward, the SINO-BLR Industrial Investment Fund will help ForwardX Robotics expand the breadth and depth of its applications and continue to enhance its competitive advantage.”

Boasting patented computer vision technology and advanced fleet management capabilities, ForwardX’s automation platform provides customers in the logistics and manufacturing industries with flexible, high-efficiency solutions to address their unique challenges. So far, customers are already seeing near-100% accuracy with doubled and tripled levels of productivity and operational cost savings of up to 50%.

“Most of the automation equipment in the industry is used to replace manual labor in repetitive and simple processes. However, in the future, we believe collaborative robots will increasingly participate in complex production processes,” said Felix Yang, Accelerated Digitalization Lead, Greater China at SF DHL China, a ForwardX customer and the largest third-party logistics provider in the world. “While improving production efficiency, ForwardX’s collaborative solutions help us respond flexibly to a changing industry and bring us closer to industry needs.”

The company will use the Series B+ funding to continue its growth through further product development, international expansion, and increased production and commercial deployment of its solutions.

“We’re truly delighted to be working with the SINO-BLR Industrial Investment Fund. Their belief in the power of technology and the future of industry aligns closely with our vision,” added Chee. “This new development solidifies our mission to empower businesses around the world to reach their true potential.”

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