Jingwu AI, a Chinese service robot provider, has secured nearly RMB 100 million (around USD 15.5 million) in its A round financing led by Oriental Fortune Capital, according to business media 36Kr.
Founded in 2019, Jingwu AI focuses on developing hotel delivery robots and cleaning robots. The proceeds of its latest funding round will be used for the company’s R&D and manufacturing of cleaning robots, as well as global expansion of delivery robots.
China’s service robot market was worth USD 2.2 billion in 2019, accounting for about 25% of the global market value, according to data from International Federation of Robotics (IFR). The Chinese Institute of Electronics forecasted that China’s share in the global market will reach 30% in the future. The World Robotics Report 2020 expected the global market of professional service robots to reach USD 27.7 billion by 2023, which means that the Chinese market will reach USD 8 billion.
Zhen Guo, chief executive of Jingwu AI, said that the company’s cleaning robots can shorten the cleaning time of each room from 30 minutes to 15 minutes. When serving a hotel with over 100 rooms, the efficiency of one robot is equivalent to a cleaning worker.
Jingwu sold thousands of delivery robots in first- and second-tier cities within half a year, with a price of RMB 25,000 (USD 3,873) per unit. The company has established strategic partnerships with domestic hotel groups including BTG Homeinns, Jinjiang and Dossen. Jingwu is aiming for global expansion after the latest financing round.