#Industry News
ELITE ROBOT Raises $31M to Speed Up Product Innovation and Expand Business Globally
The Series B1 Funding will support company’s global expansion with strong product lines for all manufacturers turning to automation
ELITE ROBOT — the leading collaborative robot manufacturer has raised a $31 million in Series B1 funding. The round was led by Lenovo Capital and PEPM, with additional financing from existing investors ZGC Group, Orient Securities Company Limited, Smallville Capital, Qianhaipengcheng, Seekdource Investment. Winsoul Capital involved in this round as exclusive financial advisor.
ELITE ROBOT has been building collaborative robot products from scratch. Back to 2016, the startup had just managed to develop their first cobot product.
Now, the company covers around 140 staff around the world with steady strategy. The North America branch officially set up days ago. In 2020, ELITE ROBOT generates over 800% growth rate in annualized revenue, which is impressive.
Like other tech unicorns, ELITE ROBOT paying attention to the product development meanwhile optimizing sales channels. The funding comes on the heels of 5,000 units annual capacity, making ELITE ROBOT one of the fastest growing cobot companies.
“At present, most collaborative robot manufacturers are still deeply affected by product understanding and ROI game: the performance of the affordable ones will not go up, and the ones with excellent performance will not go down the price. “ Founder and CEO Dr. Cao Yunan said. “In addition, international brands still strongly occupy the top position of the entire track, and domestic brands are catching up. In this context, we bet on “platform level” as the road to break the situation for collaborative robots by creating a simple, easy-to-use, safe and powerful, flexible and expandable collaborative robot.”
With the funding round, ELITE ROBOT can develop the coming new products with stronger technical support and sales service. At the same time, the global automation market will hear more from this Asian cobot manufacturer who is offering cost-efficiency and reliable automation solution.
About ELITE ROBOT
Founded in 2016, ELITE Robot is a spinoff robotics developer initiated by a group of Ph.D. mechatronic and software engineers from Beihang University. In the years since, ELITE Robot has been principally engaged in the R&D and manufacture of collaborative robots, including reducers, underlying operating systems, embedded hardware and software, and modular joints.
ELITE Robot has been deeply engaged in intelligent manufacturing and has successfully developed lightweight 6-axis (3kg/ 6kg/ 12kg) and first 7-axis cobots.
Our cobots have gained a positive reputation among users in the automotive, electronics, packaging logistics, metal processing, rubber & plastics, chemicals, and other industries.
INQUIRIES:
Iris Ren, Vice President of Marketing & Oversea Sales Director
renyi@elibot.cn
ELITE Robot Global Website:
https://www.elibot.cn/en/#/
North America website:
http://www.elite-robotics.com
YouTube
https://www.youtube.com/channel/UCpQ5-WbkV0BeQ7M1Me7t1PA
https://www.facebook.com/ELITERobotOfficial
https://www.linkedin.com/company/elibots
