Senta (森塔机器人), a startup focusing on AI and robotics, announced the completion of an angel round of funding worth several million yuan, backed by LH Investment and ZS Ventures.
Proceeds from the raise will be spent on the development of AI visual algorithms and smart paint-spray robots.
The company, headquartered in Yantai and founded only in November 2023, a coastal city of eastern Shandong Province, specializes in AI smart technologies and applications.
Its main product, currently under development, will be an AI-powered paint-spray robot which it looks to supply to industrial clients.
The company’s precursor is a Hangzhou-based firm that started looking into AI, computer vision and reinforced learning as early as 2016.
It chose to go first into paint-spray robotics due to the immense market prospects.
According to market intelligence, the market worldwide for paint spray robots was valued at US$19.5 billion in 2022, including US$13 billion for industrial applications and US$6.5 billion for the service sector.
The market size is projected to hit US$23 billion by the end of this year, with industrial paint-spray robots taking US$16 billion and their variants in the service segment generating US$7 billion.