A group of Chinese investment firms has backed US-based general-purpose adaptive robot developer Flexiv Robotics in its latest financing. Separately, Saudi Arabia’s national air cargo carrier Saudia Cargo has set up a joint venture (JV) in Hong Kong with its long-term partner TAM Group.
Robot developer Flexiv closes ‘nine-figure’ USD financing
General-purpose adaptive robot developer Flexiv Robotics announced on Monday the completion of a “nine-figure US dollar” Series C funding round to invest in production expansion, R&D, and ecosystem expansion.
Chinese equity investment firms Shanghai Everchanting Venture Capital Management (咏归基金) and GF Xinde Investment Management jointly led the deal, with participation from investors like Hongtai Aplus and TH Capital, said Flexiv in a statement.
Existing shareholders Gaorong Capital, eGarden Ventures, and MFund continued to double down on the Series C round.
The Series C financing comes as Flexiv has moved into “a new development phase of accelerated commercialisation,” said its founder and CEO Wang Shiquan. Wang said that the fresh capital “offers a solid foundation for Flexiv’s future endeavours to expand manufacturing, scale up business operations, nurture its ecosystem, and explore forward-looking technologies.”
With offices in the US, Singapore, and Greater China, US-based Flexiv said it has delivered its general-purpose robots to “dozens of corporate clients” globally across areas including 3C electronics, automobiles, home appliances, food & agriculture, healthcare & biopharmaceuticals, aerospace, and new energy.
Founded in 2016 by a team from the Robotics and Embodied AI Lab (REALab) at Stanford University, Flexiv reached the unicorn valuation of over $1 billion in July 2022, when it closed a Series B+ round at close to $100 million.
Its Series B round, announced in December 2020, was valued at over $100 million. Flexiv’s investors include Meituan, New Hope Group, Jack Ma-backed Yunfeng Capital, China Merchants Capital, and GSR Ventures.
Saudi’s national air cargo carrier sets up JV in HK
Saudi Arabia’s national air cargo carrier Saudia Cargo has set up a joint venture (JV) in Hong Kong with its long-term partner TAM Group on Monday to capture growing market demand amid closer trade ties between the Middle East and the Far East, particularly Greater China and other Asian markets.
The JV, named “Saudia Cargo Global,” is designed to serve as Saudi Cargo’s command centre for Greater China, Asia-Pacific (APAC), and beyond as the company looks to leverage Hong Kong as a major cargo hub to connect regional businesses with Saudi Arabia and the global marketplace, said the two companies.
Saudia Cargo plans to double its fleet of freighter planes to 16 in the next three years, and “a lot will be going to the Far East,” its CEO and managing director, Loay Mashabi, said at a Monday media briefing.
In China, the Saudi company has hubs in Beijing, Shanghai, Hong Kong, Guangzhou, and Hangzhou.
The Hong Kong-based venture, which currently employs about 20 people, will introduce “enhanced services specifically tailored to the diverse needs of the Greater China market, with plans to further expand into APAC,” said the companies.
These offerings include optimised freighter operations leveraging Hong Kong’s strategic location, advanced e-commerce logistics solutions to capitalise on the region’s booming online trade, and specialised pharmaceutical transports meeting stringent global standards.
