Cold chain robot maker Yueshi raises tens of mlns of yuan in strategic funding

In cold chain storage and logistics, automation equipment like mobile robots and driverless forklifts have been central to an industry transformation.

Yueshi Robot (粤十机器人), a developer of autonomous robots and forklifts catering to cold chain applications, has announced the completion of a strategic funding round valued at tens of millions of yuan.

The raise was backed by a Fortune 500 company, which Yueshi Robot did not name.

Proceeds from the fundraising will be spent on product R&D and market exploration abroad.

Notably, this is the third cash injection into the Shenzhen-based robotic startup in three months.

In October, Yueshi Robot closed its angel and strategic rounds in quick succession, led by Haiyi Investment and China Co-Op.

“The latest raise is a milestone in the business growth of Yueshi Robot… this attests to the huge future of our robotic products,” said Professor Zhang Haoran, co-founder and CTO of Yueshi Robot, who also teaches at the prestigious Peking University.

Image credit: Unsplash

According to a company statement, Yueshi aims to tap into the ecosystem of the Fortune 500 company to venture overseas, as part of its plan to deploy cold chain robotics to a wider global market.

Pivot to automation

In cold chain storage and logistics, automation equipment like mobile robots and driverless forklifts have been central to an industry transformation.

The company’s tech team has leveraged core technologies in AI, environmental perception, deep learning, robotic servo system to reshape the cold chain logistics segment.

Yueshi’s product line comprises autonomous robot, forklift and a cloud-based management platform, all tailored to application in the cold chain industry.

The firm’s entry into the space came as China released a blueprint for the 14th Five-Year Plan period (2021-2025), encouraging a pivot of the nation’s cold chain industry toward digitalization and automation.

This drive involves the promotion of automatic rack and shelf, self-initiated sorting and picking, material handling robot, smart temperature control, and construction of an unmanned cold storage warehouse.

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Ni Tao

Ni Tao is the founder and editor-in-chief of cnrobopedia. Prior to cnrobopedia, he had a full decade of experience with a major state-run English-language newspaper as a tech reporter and opinion writer. He is also a communications specialist, having provided consultancy services to established firms like Siemens, Philips, ABinBev, Diageo, Trip.com Group (Nasdaq: TCOM, HK: 9961), Jianpu Technology (NYSE: JT) and a handful of domestic startups. A graduate of Fudan University, he writes widely about China's business and tech scenes and other topics for global publications including South China Morning Post, SupChina, The Diplomat, CGTN, Banking Technology, among others, and tries to impart his experience to students at Fudan University Journalism School, where he is a part-time lecturer. When he's not writing about robotics, you can expect him to be on his beloved Yanagisawa saxophones, trying to play some jazz riffs, often in vain and occasionally against the protests of an angry neighbor. Get in touch with him by dropping a line at nitao0927@gmail.com.

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