Startup News: Quicktron completes C+ funding led by KION Group and Prosperity7 Ventures – Modern Materials Handling
Quicktron, a leading autonomous mobile robot (AMR) based in China, announced today that it has recently completed a new financing round. The C+ round funding was led by KION Group, one of the world’s leading providers of industrial trucks and supply chain solutions, Prosperity7 Ventures, the diversified growth fund of Aramco Ventures as well as multiple investment institutions in China. All proceeds will go towards global market expansion and further technical development, furthering the company’s mission to free human beings from manual handling.
In the announcement, Quicktron summarized its growth in recent years. Operating income from 2017 to 2019 increased nearly tenfold and the total volume of orders in 2020 is expected to be more than 300 percent that of 2019. Reports have also been made public that Quicktron will be launching a sci-tech innovation board listing plan next year, gearing the company up to be the first listed AMR stock.
Given that the global penetration rate of AMR is as low as one percent, Wei Yang believes there is still a large untapped industry worth, according to Quicktron. Growth in this sector has also accelerated as the COVID-19 pandemic has fueled the need to reduce reliance on manual labor in logistics
In today’s announcement regarding the C+ funding, Quicktron didn’t state the dollar amount of the funding round.