Beijing-based robotic automation provider ForwardX Robotics, known for making an intelligent suitcase that follows its owner through airports and hotel lobbies, has landed $15 million of venture capital and aims to continue its rapid growth by leveraging a recent expansion into the North American market.
The “series B+” funding round was led by China Merchants Capital as part of their SINO-BLR Industrial Investment Fund, and brings ForwardX’s total funding to more than $40 million, including last year’s $15 million Series B round. The company will use the Series B+ funding to continue its growth through further product development, international expansion, and increased production and commercial deployment of its solutions.
Previously known widely for its “Ovis” robotic suitcase, ForwardX is also a provider of intelligent warehousing robots. The firm has deployed its X150 and X350 AMR models to major e-commerce and third party logistics (3PL) firms like JD.com and DHL.
ForwardX’s autonomous mobile robot (AMR) platform uses computer vision technology and fleet management capabilities, providing customers in the logistics and manufacturing industries with flexible, high-efficiency solutions, the company said. According to ForwardX, its customers are seeing near-100% accuracy with doubled and tripled levels of productivity and operational cost savings of up to 50%.
“We are seeing huge challenges for supply chain leaders across the logistics and manufacturing industries, from growing labor shortages and consumer expectations to a greater need for flexibility,” Nicolas Chee, founder and CEO of ForwardX Robotics, said in a release. “Our AI-based automation solutions allow our customers to adapt to a rapidly changing landscape and boost their productivity and efficiency three-fold. With the fallout of COVID-19 already here, enterprises will be looking to futureproof their operations and we’re going to be there with them as they make the transition.”