China Deal Monitor: Service robots developer Keenon closes $29m and more updates
Chinese intelligent service robots developer Keenon Robotics has raised 200 million yuan ($29 million) in a Series B round of financing led by Beijing-based investment firm Source Code Capital. Global venture capital company Walden International, and Shanghai Technology and Innovation Investment Fund, a private equity platform backed by state-owned Shanghai International Group, participated in the round, according to a statement on Monday. Existing shareholders including Chinese venture capital firm Yunqi Partners, and Shenzhen-based Ivision Ventures, which is co-led by Nasdaq-listed Xunlei founder Cheng Hao, also backed the Series B round. The investment, which includes two tranches of capital completed in 2019, will be used to further expand its operations in the domestic market, explore overseas opportunities, and to develop new offerings for applications in the healthcare industry, according to the statement. Keenon, founded in 2010, offers indoor autonomous service robots that can be used for shopping guide, hotel services, delivery of food & beverage and medical supplies, among others. The company has provided robots and compatible solutions to over 1,000 enterprises across 400 cities in China. The company said that it has delivered over 3,000 robots for food & beverage delivery and shopping guide in 2019 and is targeting to sell a total of 10,000 robots in 2020. It recorded a revenue of nearly 100 million yuan ($14 million) in 2019. Keenon previously closed tens of millions of yuan in a Series A round from Yunqi Partners and Ivision Ventures in 2016. CHINA DEAL MONITOR DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on March 9, 2020.