A Chinese firm called “Fair Robotics” has recently received over $50 million in round-B financing led by Source Code Capital, along with joint investment from Alibaba and Meituan-backed Long-Z. Previous investors Shunwei Capital, GL Ventures and Eastern Bell Capital followed up, while Thriving Capital served as the long-term exclusive financial advisor.
Founded in 2019, Fair Robotics provides high-performance collaborative robot to the market with its self-developed and self-produced software and hardware capabilities. The core components designed by the firm’s team for collaborative robot, such as reducers and servo motors, have been recognized by customers across retail, medicine, health care, agriculture and other industries.
“For example, customers of collaborative robot in the retail commercial sector usually require the products to be on for 24×7 and kept running stably for more than three months to meet the bulk purchasing standards. In addition, commercial customers pay more attention to the selling price of a single robot,” the company said.
At present, Fair’s collaborative robot are priced close to the monthly salary of a senior skilled worker. It has also entered more brand-new fields, such as retail, catering, welding, torque management, sorting, spraying, testing and so on. Up to now, Fair has served more than 30 customers, and its shipments of collaborative robot in 2022 are expected to increase five fold compared to 2021.
Fair has a clear business model, positioned to provide automation integrators and developers across various industries. It offers a more cost-effective and development-friendly platform, allowing both implementers and customers to use multi-degree-of-freedom flexible joint robot that can be deployed efficiently.
Affected by the digital transformation boom of Chinese enterprises and the impact of the COVID-19 pandemic on traditional business models, the collaborative robot market is developing rapidly. According to previous data from GGII, the sales growth rate of Chinese collaborative robot in 2020 was 20.73%, which is significantly higher than the global level of -5.50%. It is estimated that by 2025, the sales volume of collaborative robot in China is expected to exceed 60,000 units, and the market size will reach 4.5 billion yuan ($712.51 million).