Beijing robotics firm ForwardX’s Series C hits $61 million

ForwardX this week announced an additional $30 million in funding, bringing the Beijing-based firm’s Series C up to $61 million. The funding follows an initial tranche announced way back in December 2021. It brings the warehouse robotics firm’s total funding up to $140 million since its 2016 launch.

The last few years have been a good time to be running an autonomous mobile robotics (AMR) company, of course. The early days kicked things into overdrive for companies looking to automate, and the venture capital has followed suit. Even after most geographies have reopened, plenty of factors have continued to drive adoption from the supply chain crunch to labor shortages.

“Our success in securing this funding reflects the positive momentum we have built over the past few years,” CEO Nicolas Chee said in a release. “ForwardX Robotics has experienced substantial growth across key markets, and we are excited to expand our footprint globally.

For its part, ForwardX already boasts an impressive client list, including L’Oréal, IKEA, SF DHL, UNIQLO, Walmart and Mitsubishi. Those are the sorts of names that keep VCs interested. All told, the company says it’s deployed some 3,000 robots across 150 sites on four continents. Presently it’s seeking further expansion into the North American, European, Asian and Australian markets.

Warehouse, logistics and manufacturing are the primary targets for the company’s ARMs. Unlike much of the competition — which has drilled down on perfecting a single task — ForwardX has been quick to diversify its robot portfolio, with systems that transport, store, pick and dock. Those are maintained by a proprietary fleet management software. It’s effectively a brownfield solution for companies that are looking to automate several steps of the process with robots that can work in concert with one another.

There are a lot of different approaches in the space currently. There’s still surprisingly limited penetration of automated systems into warehouses, so there’s a lot of space for a number of different solutions to thrive.

Disclaimer

Innov8 is owned and operated by Rolling Rock Ventures. The information on this website is for general information purposes only. Any information obtained from this website should be reviewed with appropriate parties if there is any concern about the details reported herein. Innov8 is not responsible for its contents, accuracies, and any inaccuracies. Nothing on this site should be construed as professional advice for any individual or situation. This website includes information and content from external sites that is attributed accordingly and is not the intellectual property of Innov8. All feeds ("RSS Feed") and/or their contents contain material which is derived in whole or in part from material supplied by third parties and is protected by national and international copyright and trademark laws. The Site processes all information automatically using automated software without any human intervention or screening. Therefore, the Site is not responsible for any (part) of this content. The copyright of the feeds', including pictures and graphics, and its content belongs to its author or publisher. Views and statements expressed in the content do not necessarily reflect those of Innov8 or its staff. Care and due diligence has been taken to maintain the accuracy of the information provided on this website. However, neither Innov8 nor the owners, attorneys, management, editorial team or any writers or employees are responsible for its content, errors or any consequences arising from use of the information provided on this website. The Site may modify, suspend, or discontinue any aspect of the RSS Feed at any time, including, without limitation, the availability of any Site content. The User agrees that all RSS Feeds and news articles are for personal use only and that the User may not resell, lease, license, assign, redistribute or otherwise transfer any portion of the RSS Feed without attribution to the Site and to its originating author. The Site does not represent or warrant that every action taken with regard to your account and related activities in connection with the RSS Feed, including, without limitation, the Site Content, will be lawful in any particular jurisdiction. It is incumbent upon the user to know the laws that pertain to you in your jurisdiction and act lawfully at all times when using the RSS Feed, including, without limitation, the Site Content.