xi's moments
Home | Companies

J-Elephant completes $15m rounds of fundraising

By Cheng Yu | chinadaily.com.cn | Updated: 2022-04-27 19:48

Beijing J-Elephant Technology Co Ltd, an forklift autonomous mobile robot manufacturer, announced on Wednesday it has raised nearly 100 million yuan ($15 million) in its angel and pre-A rounds of fundraising.

The angel round was jointly invested in by Sequoia Capital China, Legend Star and Sinovation Ventures. The pre-A round attracted other investors, including Linear Capital and Challenjers Venture.

According to Lyu Feng, CEO of J-Elephant Technology, compared with traditional human forklifts and forklift automated guided vehicles, the company's forklift AMRs are more flexible and safe.

"Our latest product has no blind areas, while manual forklifts and forklift AGVs have a blind area of around 25 and 40 percent respectively. It can also be integrated with existing automation tools effectively, which will help reduce deployment costs for clients," he said.

According to the company, the new round of funds will be used for research and development, talent recruitment, mass production capacity building and business expansion.

Kai-Fu Lee, chairman and CEO of Sinovation Ventures, said: "Logistics transportation not only affects people's daily life, but also plays an indispensable role in industrial automation. China is pushing the world toward intelligent manufacturing, and the next generation of intelligent logistics will be a core resource for China to drive domestic economic circulation and the next global industrial revolution."

As an incubating project of Sinovation Ventures' artificial intelligence laboratory, J-Elephant Technology has proved its latest forklift AMR has rich commercialization scenarios and broad market potential, as its products have been adopted by many of the world's top 500 companies, said Ren Bobing, executive director of Sinovation Ventures.

Global Edition
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349