Tongchuan Technology (同川科技), a Chinese producer of harmonic reducers essential to robotics, recently signed an agreement to close its Series A funding for tens of millions of yuan, Chinese media reported today.
The latest fundraiser was backed by Addor Capital. Tongchuan said it plans to use the proceeds to expand the production of harmonic reducers, develop new products and scale up the business.
Harmonic reducer is a key component that is found in robots of all kinds, such as industrial and collaborative robots.
cnrobopedia reported in August that the Shenzhen-based firm actually snagged a Series A round led by Seekdource Capital, a venture fund centered on investment into robotics.
Founded in 2012, Tongchuan is committed to providing the robotic industry with precision transmission tools, harmonic reducer included.
Over the past few years, after the firm sold a controlling stake to a public company called Hanyu Group, it has accelerated the efforts to manufacture reliable, lightweight and modular parts like reducers, all-in-one actuators, and joint modules.
According to market intelligence, the Chinese market for harmonic reducer is divided between foreign brands like Harmonic Drive and established domestic rivals including Leaderdrive (绿的谐波).
A trend of substitution of imports with homegrown technologies is gaining currency in recent years. This has inspired companies like Tongchuan to take its leap.
With a goal to shake up the domination of opponents, Tongchuan began a R&D campaign years ago and came up with innovations in gear teeth design that it said would not only improve the lifespan of harmonic reducers, but also reduce noise and vibration.
Currently, Tongchuan’s products are now applied in a number of fields, such as industrial robotics, aerospace and aviation, machine tool, new energy equipment, among others.