Chinese AMR (Autonomous Mobile Robot) company ForwardX Robotics announced today the recent completion of a Series B+ round of financing worth more than 100 million yuan, led by Zhongbai Industry Investment Fund under China Merchants Capital.
ForwardX has raised a total of 200 million yuan since March 2019, including the recent Series B+ round. The new capital will be used for further research and development (R&D), supply chain build-up and commercialization.
Experienced in warehousing, 3PL (third-party logistics) and manufacturing facilities, ForwardX opened its U.S. headquarters in San Diego, California on March 24, joining the tech hub of Mission Valley where several other key players in robotics-related industries are based.
According to ForwardX, the company is currently serving a number of Fortune 500 enterprises. It has seen an average increase of 200% to 300% in productivity metrics, such as UPH (units per hour) and throughput, and a labor cost reduction of up to 51%.