(Yicai Global) Sept. 8 -- Chinese cleaning robot maker Shunzao Technology has completed its USD50 million Series B round of financing, led by a fund formed by two real estate titans Poly Group and Country Garden.
Baobi Fund led the latest round, tech information website 36Kr reported today. Shanghai-based Blue Lake Capital, as well as Shunzao Technology’s existing shareholders Xiaomi and Shunwei Capital, owned by the handset maker's founder Lei Jun also participated in the fundraiser.
With support from the property fund, the company is expected to enter the home decoration market and make intelligent cleaning equipment a must-have for families, the report added.
Shunzao will use the proceeds of its B round to develop technologies, update its core products, build global channels, and form automated factories, said the Beijing-headquartered firm.
Set up in 2019, Shunzao, which is part of Xiaomi's smart home ecosystem, mainly produces robot vacuum cleaners and mops.
The Chinese cleaning appliance market has been growing amid the Covid-19 pandemic. Retail sales in the field jumped 40 percent to CNY13.6 billion (USD2.1 billion) in the first half of this year from a year earlier, according to data provider AVC. Sales should reach CNY31.4 billion this year.
Editor: Emmi Laine, Xiao Yi