HAI ROBOTICS, a developer of artificial intelligence (AI)-enabled robotic solutions for warehouses and factories, has secured over $100 million in a Series D+ round of financing led by Capital Today, which has backed JD.com and Meituan.
In its third fundraising in the past 12 months, HAI ROBOTICS saw participation from investors including 5Y Capital, Source Code Capital, Sequoia Capital China and 01VC, the startup said in a statement on Monday. It said a blue-chip US dollar fund also invested in the deal, but did not specify the investor’s identity.
With operations in over 30 countries and regions globally, HAI ROBOTICS plans to invest the fresh capital in the R&D of its warehouse robotic systems and business expansion worldwide.
“We target to power every warehouse with more efficient, intelligent and flexible robotic products to help address challenges brought by the world’s labour shortage and ageing population,” said the company’s co-founder and chief executive officer, Chen Yuqi.
The new funding comes less than one year after HAI ROBOTICS announced the completion of its Series C, D rounds at over $200 million. Capital Today was also the lead investor in the Series D round while 5Y Capital, a China-based venture capital (VC) firm previously known as Morningside Venture Capital, led the Series C round.
Shenzhen-based HAI ROBOTICS was officially established in 2016 by Chen and chief operating officer Fang Bing, both alumni of the Hong Kong Polytechnic University, as well as a third co-founder, Xu Shengdong. The founding team in 2015 created its first flagship product HAIPICK, which is said to be able to help clients automate their warehouses in just one week and to improve work efficiency by about three to four times, according to its website.
The startup leverages AI and robotics to develop autonomous case-handling robotics (ACR) systems used in warehouse logistics across industries such as apparel, third-party logistics (3PL), retail, pharmaceuticals and cross-border e-commerce – a market estimated to reach $41 billion globally by 2027 based on research firm LogisticsIQ’s projections.
Its clients include delivery services providers SF Express and DHL, Dutch health tech company Philip, Chinese sportswear brand Anta Sports and Hong Kong-based supply-chain company Li & Fung Limited.
HAI ROBOTICS first entered the Japanese market in December 2019 by forging a strategic partnership with Tokyo-based robotics company Mujin and later set up a Japan subsidiary in late 2020. Following Japan, it formed a partnership with South Korea’s LG CNS, a unit of LG Corporation, in September 2020, after which it established a US office in April 2021.
The firm now has offices in Shenzhen, Hong Kong, Taiwan, Japan and the US. It currently employs more than 1,600 people worldwide, of which over 50% are R&D professionals.