Suzhou MagicStore (魔仓机器人), a warehouse robotics startup, yesterday announced a seed financing round valued at 20 million yuan (US$2.85 million), led by Source Code Capital, K2VC, with participation from HKX, VH Capital and TusStar.
Proceeds from this round will be used to recruit employees, develop products and advance overseas and domestic market expansion.
Founded in January 2023, Suzhou-headquartered MagicStore specializes in building intelligent warehouse robots. It looks to replace the traditional automated storage and retrieval system with one featuring self-developed T-AMR and a software control platform at its core, according to the startup.
Simply put, MagicStore’s solutions will enable autonomous robots to move materials upstairs and downstairs within a factory of a warehouse with less effort.
This, if realized, will stand in sharp contrast to current modes of material handling by major AMR or forklift suppliers.
Traditionally, mobile robots need to take elevators themselves to navigate across different floors of a multi-story warehouse.
MagicStore seeks to disrupt this norm, by rolling out a jack-like structure that can elevate itself, so as to send pallets to the designated heights.
As an alternative to current patterns of order picking and retrieval, the technologies provided by MagicStore promise to slash warehousing costs by limiting the order picking, palletizing and depalletizing activity mostly vertically.
The company claims that it strives to use standardized products, modular software, and flexible deployment to build highly “adaptable, compatible, reliable and swiftly delivered” solutions, in a bid to help users achieve optimum return on investment.
Less than half a year since its inception, MagicStore has delivered its first project. Its business scope is expected to extend to new energy, pharmaceutical, food, smart manufacturing and a handful of other real industries.