Yicai Global) March 30 -- Shanghai Flashhold Intelligent Technology Co. has become the highest valued unicorn in China’s storage automation industry, the country’s largest fulfilment robot developer and the second biggest in the world after a recent financing round.
The Shanghai-based firm announced that it raised nearly CNY200 million (USD29 million) in a series-B round that was jointly led by Alibaba Group Holdings Ltd. [NYSE:BABA]’slogistics arm Cainiao Network Technology and SB China Venture Capital. The parties did not provide a breakdown of contributions.
Flashhold’s bots can process 350 orders a day and can work 24 hours a day, seven days a week, making them three to four times more efficient than human order-fillers, the company said. Their error rate is 0.5 per 10,000 orders, which is significantly lower than that of traditional manual operations. Its robot shipments are expected to increase four- to five-fold this year.
The group was founded in 2014 and specializes in developing mobile robotic, mobile shelving and stock replenishment and fulfilment automation systems. Its products feature software systems developed based on artificial intelligence algorithms that enable them to complete the entire order filling process unaided. The company was backed by a CNY10 million angel investment and round-A investment worth CNY40 million in August 2014 and October 2015, respectively.