Mooe Robot (木蚁机器人), a domestic AGV and unmanned forklift manufacturer, recently secured over 100 million yuan (US$13.71 million) from a Series B2 round of financing, tech media outlet 36Kr reported today.
China Securties led the round, with participation from Huzhou Xunshang Venture Capital.
Proceeds from Series B2 will be used toward new product R&D, overseas market expansion and talent recruitment.
The sums are also expected to consolidate Mooe’s influence as a leader in logistics and industrial material handling services, a press release says.
Previously, the Shanghai-based AGV startup has roped in investors such as Estar Capital, Bluerun Capital, Deppon Express and iStartVC, who together poured hundreds of million of yuan into Mooe.
Founded in 2016, Mooe has been committed to using AGV and self-driving forklift technologies to automate logistic processes and bolster efficiency.
To date it claims to have served 70% of the top logistics players in China, such as SF Express, Deppon Express, Yunda Express, ANE, and Kuayue-Express.
Aside from providing autonomous forklifts, Mooe also supplies clients with a forklift-as-a-service platform.
Under this platform, forklifts will become a terminal for gathering, storing, analyzing and processing key operational data related to task saturation management, warehouse location, and traceability of goods.
These functions enable clients to facilitate the digital transition of warehousing and logistics sectors.
Go west, young entrepreneur
With a mission statement of “freeing man from carrying for good,” Mooe has set its sights on expanding overseas, with Europe being among its first destinations. Early this year, its first batch of unmanned forklifts have been adopted by an unnamed top integrator in Europe.
“We continue to deploy projects and collaborate abroad, laying solid groundwork for our brand to go global,” said Qian Yongqiang, founder and CEO of Mooe. “Currently, we’ve reached a consensus with the (aforementioned) company and will go all in on our European business.”
Since 2009, China has become the world’s largest producer and consumer of forklift.
Now with the advent of unmanned forklift and autonomous driving, domestic manufacturers will be able to find a solution to the large volume of material handling tasks and the intensity of manual labor that arise during industrial production and warehouse logistics processes, said Li Hui, managing director of China Securities Capital.
Mooe has put close to 100 self-driving forklifts to use in the logistics industry. It stands out among peers with its robot fleet dispatch capabilities and has achieved a breakthrough in logistics, a highly complex application scenario known for its obsession with a high performance-price ratio.
“After improvement to the products, it will be able to provide value for industrial customers in a better way,” Li noted.