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Kennon Robotics bags USD 200 million to expand into unexplored markets

Author : Pankaj Singh | Published Date : 2021-09-17 

Shanghai-based service robotics company Keenon Robotics Co. Ltd. has reportedly raised USD 200 million in a Series D funding round which was led by Softbank Vision Fund 2. This is considered to be the largest funding to date in the service robot business space.

The funding round also saw participation from Prosperity7 Ventures LLC, China International Capital Corporation, and ALPHA. China Renaissance Holdings Ltd. acted as the exclusive financial advisor for this fundraising.

Keenon Robotics will use the fresh funds to provide new, cost-efficient applications through extensive research & development. The company also intends to capitalize on its strong relationships with its existing investors to build long-term value by expanding to unexplored markets and reaching a new customer base, cited sources with relevant information.

For the record, Keenon Robotics was founded in 2010 to provide intelligent delivery solutions across the world. Its state-of-the-art technologies and innovative solutions have resulted in extensive application in the real estate, hospitality, and healthcare sectors.

Founder of Keenon Robotics Tony Li was quoted saying that the company will use the acquired funds for the launch of innovative products which offer higher efficiency at reduced costs. The company, which has currently reached Europe, Singapore, America, and South Korea markets also intend to expand its global footprint, he added.

Kentaro Matsui, Managing Director at SoftBank Group reportedly said that robotic solutions can assist people with tedious and repetitive tasks and have a huge impact on the services industry by enhancing productivity.

If market speculations are right, approximately 2.7 million industrial robots are being used in factories globally, especially following the COVID-19 pandemic that propelled the need for no-contact services. Additionally, the growing trend of adopting automated solutions to ensure high efficiency, safety, and productivity is likely to raise the demand for service robots in the upcoming years.

Source Credits—

https://www.prnewswire.com/news-releases/keenon-robotics-raises-200-million--in-series-d-funding-led-by-softbank-vision-fund-2-301377232.html

 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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