ShenzhenChinaAnd April 29, 2022 /PRNewswire/ – VisionNav Robotics (the “Company”), the global manufacturer of driverless industrial vehicles, has announced a funding round of more than $80 million led by Meituan (China’s leading e-commerce platform) and 5Y Capital, making VisionNav the company with the most Funding rounds and the largest single financing in the field of autonomous industrial vehicles globally.
VisionNav Robotics has highlighted that this funding round will be used primarily to:
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- Researching new technologies and innovative forms of product development;
- Improving product performance, focusing on product stability and standardization;
- Enhancing large-scale execution and local delivery to international clients.
Founded in 2016, VisionNav Robotics is today a leading manufacturer of autonomous industrial vehicles. It is committed to applying artificial intelligence (AI), environmental awareness, deep learning, servo control and other core technologies to its industrial vehicles, thus providing autonomous vehicles and flexible driverless solutions for in-house logistics for factories and warehouses. At present, VisionNav Robotics has developed nine series of driverless industrial vehicles and robotic control systems.
Since the last funding round, VisionNav Robotics has accelerated its internationalization and established marketing divisions in more than 30 countries and regions. The company has successfully delivered over 350 projects, reaching more than 1,500 autonomous forklifts and driverless tractors, covering the sectors of auto parts, tires, petrochemicals, tobacco, food, pharmaceuticals, 3C electronics manufacturing, e-commerce logistics, third party logistics and textiles Printing, stationery, etc. More than 70% projects with complex scenarios and strict requirements, and more than fifty Fortune 500 companies have been cooperated.
Low efficiency, challenging labor environment and lack of digitization have been the main problems of corporate internal logistics for a long time. Driverless industrial vehicles offer a solution to these problems, and constitute a potentially huge growth market. According to data from World Industrial Trucking Statistics (WITS), the global forklift shipment volume reached 1.58 million units in 2020 and 2.34 million units in 2021, an increase of 42.93% over the previous year. Fortune Business Insights expects the global forklift shipments to have a compound annual growth rate (CAGR) from 2021 to 2028 of approximately 4.3%. At present, the global forklift electrification rate has reached 63% (WITS, 2020) and 20% is expected to be self-sufficient in 2028, with a market of close to $100 billion.
VisionNav Robotics attaches great importance to the development and application of autonomous industrial vehicles. Based on advanced realization of robot, control, positioning and scheduling, its business has covered all internal logistics scenarios, and has made great achievements such as 9.4m high rack storage, 2m narrow aisle access, unmanned loading and unloading, multiple mobile material stacking frames Layering and other applications of complex scenarios, accelerating a large number of learning scenarios, setting industry feasibility standards and posing absolute technical barriers.
In terms of the business model, VisionNav Robotics has maintained close cooperation with key players in the business chain, including major international suppliers and end customers. Cost advantage has emerged in the market. Li Luoyang, CEO of VisionNav Robotics, said that against the backdrop of the uncertain international situation and the ongoing pandemic, the robotics industry has entered a “challenging” year and is heading towards the stage of large-scale and standardized delivery. VisionNav Robotics has gradually shaped the environment around unmanned internal logistics, supply chain integration has been improved, and the operational capability of the entire chain has also formed a competitive barrier for the company.
according to mebusiness has been doubled by 10 between 2019 and 2021. Compared to 2021, it is expected to jump 300% in 2022, with the average order amount increasing by 350% and the amount of new customer orders increasing by 300%. With entry into new markets and large-scale delivery in advantageous scenarios, the commercial scale promises to increase 5 times this year.
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