Chietom (智同科技), a Beijing-based developer of precision robotic power transmission solutions, recently raised hundreds of millions of yuan in a new round of funding, lieyunwang, a tech media outlet, reported yesterday.
The round, which the news report did not name but was likely to be Series B, roped in investors including Beijing Financial Street Capital Operation Group, Kingray Capital, Xiaomi Investment, E-town International Investment & Development, Shanghai Huiyan Investment and Hebei Coastal Industry Investment Fund.
In January 2022, Chietom announced a Series A round also worth hundreds of millions of yuan.
Proceeds from the latest round will be plunged into the construction of a smart manufacturing base-cum-engineering R&D center with an annual capacity to produce high-precision gear reducers for 500,000 robots.
The money also will be used for product development and market expansion.
Notably, the startup has put on the agenda its application to list on China’s Nasdaq-style STAR market.
Chietom, founded in September 2015, provides robotic, automation and manufacturing businesses from home and abroad with standardized gear reducers. It also supplies services covering the development, customization and upgrade of high-precision reducers.
The company prides itself on being a high-tech firm capable of independent innovation, precision processing, and customization and fast response to client needs.
Currently, Chietom’s indigenously designed high-precision cycloidal reducers have been deployed in a wide range of sectors covering industrial robot, precision machine tool, and engineering equipment.
It has been a supplier to major domestic robotic startups such as Peitian (配天机器人), Siasun (新松机器人), Turin (图灵机器人), Atomrobot (阿童木机器人) and Rokae (珞石机器人).