Elite Robot will use this new infusion of funds to pursue these goals: facilitate scale production of products, grow its engineering and sale team, establish regional support for customers across the world, and invest in new products and technology innovation.
ELITE Robot, a leading manufacturer of Collaborative Robots for manufacturing and industrial applications, announced it has closed $27 million in Series B funding, bringing its overall funding to $47 million. Financing led by CICC, with follow-on Investment from National SME Development Fund and Lenovo Capital and Incubator Group.
This latest round of financing testifies to the investor’s belief in the promise of collaborative robotics and the new product CS series robot progress since its Series A. In addition to launching the CS cobot later this year, Elite Robot research continues to make notable contributions to the field of robotics hardware. Elite Robot is working with partners, including Foxconn and ZTE, to accelerate the real-world impact of this disruptive technology.
ELITE takes full advantage of the collaborative robot category of lightweight and more flexible collaborative robots for assembly, material handling (pick & place), palletizing, screw driving, vision inspection, and so on. In the future, ELITE will continue to provide cost-effective and professional industry-reliable robot product solutions while adhering to the notion of “easy to use” as a core value of its user experience and leading the technological revolution of robots.