Robot Company Keenon Completes D Round of Financing Worth $200 Million Led by Vision Fund

robot
(Source: Keenon)

Chinese media outlet 36Kr reported on Wednesday that Keenon Robotics Co., Ltd. has completed a D round of financing worth $200 million. This round of funding was led by Vision Fund and was followed by CICC ALPHA and Prosperity7 Ventures.

China Renaissance was the exclusive financial adviser for this deal. Up to now, this round of financing stands as the biggest commercial financing deal in the field of commercial robots in China.

Li Tong, founder and CEO of Keenon, said that this round of financing will be used to expand its R&D and supply chain advantages, enhance its overall sales and service capabilities, accelerate the company’s application in multiple scenarios, and further promote the scaling and deployment of commercial robots.

Keenon, established in 2010, is an artificial intelligence enterprise dedicated to providing intelligent unmanned distribution solutions for global enterprises. In December last year, the Shanghai-based firm announced the completion of a Round C of financing worth several hundred million yuan, with SoftBank Ventures Asia and Alibaba Group as investors. As of October 2020, its food delivery robots have ranked first in the 4.6 trillion yuan catering market, with a global market share of over 80%.

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Keenon’s robots have served in more than 500 cities in China, as well as over 60 overseas countries. Li Tong told 36Kr that at present, the company has many product lines such as catering, hotel and medical care, and its product shipments have exceeded 20,000 units.

The new World Robotics 2020 Industrial Robots report shows a record of 2.7 million industrial robots operating in factories around the world. According to the forecast of the Chinese Institute of Electronics, China’s service robot market will occupy 30% of the global market in 2023, and the scale is expected to reach 8 billion US dollars.