XiRobot (行健机器人), a producer of AI-driven welding and cutting robots, has announced a Series B financing round valued at nearly 60 million yuan (US$8.27 million), led by Cowin Capital and Oriental Capital.
Proceeds from this round will be invested into R&D of its intelligent welding and cutting workstations, iteration of existing products and market expansion.
According to public information, XiRobot, headquartered in Wuhu of eastern China’s Anhui Province, is committed to making industrial robots more intelligent and flexible and assisting the upgrade of manufacturing businesses.
Founded in 2006, the company has acquired core technologies in machine vision, 3D laser, robotic control system, self-programming and more.
One of its flagship products, a robotic welder, can automate such processes as the welding of H-shaped steel beam.
It is able to identify workpieces and welding seams, track the whole welding process and cut the wire.
What’s more, the robot can program itself to perform complicated tasks at the press of a button and without needing human instruction, according to the company’s website.
Globally, the welding robot market reached 62.64 billion yuan in 2022. The Chinese market accounted for 39.66% of the global total.
Currently, over 60% of China’s welding robots are employed in the automotive industry. More than half of them can be found in vehicle welding workshops.
According to a study by huaon.com, a market research company, on China’s welding tool industry between 2022 and 2027, the global robotic welder market is forecast to increase at a CAGR of 9% during this period to 107.8 billion yuan by 2027.