Shanghai-based collaborative robot maker Jaka Robotics has raised more than 300 million yuan ($46 million) in its series C funding round, as China strives to boost smart manufacturing in various sectors amid a tech race with the U.S.
Jaka will use the capital raised from the round, which was led by CITIC Private Equity Funds Management and State Development & Investment Corp., to upgrade its products, improve its customer service system and accelerate its global expansion, the company said in a statement released on Thursday.
Founded in 2014, Jaka has rolled out four series of collaborative robots which are used in various industries ranging from car manufacturing to logistics, according to its website. Eyeing global markets, the startup has opened a technology research center in Japan and said it plans to build more branches in other countries and regions to meet local demand.
In November 2019, China established a $21 billion fund to invest in companies from industries including new materials, information technology and electrical equipment with an aim to accelerate the upgrading of the country’s manufacturing industry.
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