VisionNav Robotics Raises $80M in C+ Round, Leading Largest Funding in Driverless Industrial Vehicles

Shenzhen, China, April 29, 2022 /CNW/ – VisionNav Robotics (“the Company”), a global manufacturer of driverless industrial vehicles, has announced a C+ round of over $80 million led by Meituan (China leading e-commerce platform for services) and 5Y Capital, making VisionNav the company with the most funding rounds and the largest single financing in the field of driverless industrial vehicles globally.

VisionNav Robotics pointed out that this fundraising will mainly be used to:

  • Research new technologies and innovative forms of product development;

  • Optimize product performance, focusing on product stability and standardization;

  • Promote large-scale implementation and localized delivery for global customers.

Founded in 2016, VisionNav Robotics is today a leading company in driverless industrial vehicles. It is committed to applying artificial intelligence (AI), environmental perception, deep learning, servoing and other core technologies to industrial vehicles, providing autonomous vehicles and flexible unmanned solutions. for intralogistics in factories and warehouses. At present, VisionNav Robotics has developed nine series of driverless industrial vehicles and robot control systems.

Since the last fundraising, VisionNav Robotics has accelerated its globalization and set up marketing centers in more than 30 countries and regions. The company has successfully delivered more than 350 projects, more than 1,500 autonomous forklifts and unmanned tractors, covering auto parts, tires, petrochemicals, tobacco, food, pharmaceuticals, electronics manufacturing 3C, e-commerce logistics, third-party logistics, textiles, printing. , and papermaking among many others. More than 70% are projects with complex scenarios and rigid demands, and cooperation has also been established with more than fifty Fortune 500 companies.

Low efficiency, a difficult labor recruitment environment and a lack of digitalization have been major pain points that have plagued companies’ intralogistics for a long time. Driverless industrial vehicles offer a feasible solution to these problems, forming a potential high-growth market. According to data from World Industrial Truck Statistics (WITS), the global forklift shipment volume reached 1.58 million units in 2020 and 2.34 million units in 2021, an increase of 42, 93% compared to last year. Fortune Business Insights forecasts the CAGR of global forklift shipments from 2021 to 2028 to be around 4.3%. At present, the electrification rate of global forklifts has reached 63% (WITS, 2020), and it is expected that 20% will be autonomous in 2028, with a market size of nearly 100 billion.

VisionNav Robotics attaches great importance to the development and application of driverless industrial vehicles. Based on cutting-edge robot perception, control, positioning and planning technology, its business has covered all scenarios of intralogistics, achieving breakthroughs such as 9.4-meter-high rack storage, l 2-meter narrow aisle access, unmanned loading and unloading, multi-layered moving material frame stacking and other complex scenario applications, precipitated a large number of learning scenarios, established industry feasibility standards and formed absolute technical barriers.

In terms of business model, VisionNav Robotics has maintained close cooperation with key players along the business chain, including major international suppliers and end customers. The cost advantage has been verified to stand out in the market. Li Luyang, CEO of VisionNav Robotics, said that against the backdrop of an uncertain international situation and the ongoing pandemic, the robotics industry has ushered in a year of “challenge” and is heading towards a delivery stage at large scale and standardized. VisionNav Robotics has gradually shaped the ecology around unmanned intralogistics, the integration of the supply chain has been improved, and the operational capacity of the whole chain has also built a competitive barrier for the company.

According to Li, the sales amount has increased 10 times between 2019 and 2021. Compared to 2021, it is estimated that it will increase by 300% in 2022, with the average order amount increasing by 350% and the amount of buyback orders customers by 300%. %. With the entry of new markets and large-scale delivery in advantageous scenarios, the commercial scale promises to be increased by 5 times this year.

(PRNewsfoto/VisionNav)

(PRNewsfoto/VisionNav)

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