ForwardX Robotics plans to use the funds to expand globally. Here are the top-line bullets you need to know.
ForwardX Robotics, an autonomous mobile robot maker, has raised $31M in a Series C round that drew participation from Eastern Bell Capital, Qualcomm Ventures, and Taikang Life Insurance Company.
How’s the company performing?
- China-based ForwardX Robotics makes autonomous mobile robots for manufacturing and warehousing. The firm’s robots can lift up to 2,646 pounds of goods.
- The company’s clients include JD Logistics, SF Supply Chain China, TCL Electronics, and Dongfeng Motor Corp, among others. Notably, the company has completed 5M picks for JD.com’s warehouses to date.
- ForwardX Robotics has an office in Tokyo, and it plans to open a US branch and launch into Europe next year.
- The company has over 180 employees.
Source: ForwardX Robotics
Why does the market matter?
- The global autonomous mobile robots market is expected to reach a value of $8.3B by 2027, growing at a CAGR of 19.6%, according to Grand View Research.
- The increasing adoption of process automation has contributed to market growth.
- E-commerce volumes have skyrocketed amid the pandemic, increasing the demand for fulfillment solutions.