BRV China-backed Service Robot Company Wissen Technology Completes US$10 Million Pre-A+ Series Financing

BEIJING, July 5, 2022 /PRNewswire/ -- Wissen Technology (Shenzhen) Co., Ltd (Wissen Technology), a leading service robot innovator, raised close to US$10 million in a Pre-A+ Series financing led by BlueRun Ventures China ("BRV China"). The funding will go towards reinforcing Wissen Technology's technological edge in the development of collaborative robots ('cobots') and boosting its efforts across talent acquisition and commercialization of applications. Wissen Technology is the only cobot provider with a full-stack technology offering all-in-one smart robot solutions utilizing light, flexible robotic arms.

Founded in 2019, Wissen Technology has dedicated itself to redefine the industry of cobots by reaching new standards in flexibility, agility, elasticity and safety. The KT200 Dual-arm Field Operation Robot, equipped with a variety of end-execution tools, was awarded Contemporary Good Design Award 2021 by Red Dot Design Awards, one of the world's largest design competitions, and is now fully functional across social and public services.

Cobots have grown rapidly in recent years. According to the Ministry of Industry and Information Technology of China, China is a core driving force within the world's robotics industry having created more than RMB100 billion in total revenue over the past year. Further, industrial cobots have been put into use in nearly 200 industries and sectors in China and have proved their competence across education, healthcare and agriculture.

Despite rising demand, cobots face considerable barriers. It requires technological breakthroughs in every stage whether in hardware components such as the base, rotary joints and end-of-arm tools or in terms of software programming such as navigation, visual image analysis and movement control. Only when all elements are perfectly in place can cobots function properly. 

"The investment is meant to lift robotics innovation to a new level," said Wei CAO, Partner of BRV China. "Currently, labor shortage due to an ageing population has led to skyrocketing demand for interactive operation robots in order to carry out unmanned operations across industries."

"There is a need for comprehensive solutions in the form of collaborative robotic arms that are safe, agile and cost-effective. As such products get widely applied across public services, the utility sector, health and sanitation industries, intelligent parks and other areas. We look forward to Wissen's efforts to drive the technology industry forward," added Mr. Cao.

The founding team of Wissen Technology said: "We are determined to deliver a brand-new user experience and expand the utility of elastic robots. With the funding round, Wissen is keen to move towards the mass production of well-rounded collaborative service robots that can safeguard frontline workers and boost operational efficiency."

About BRV China

BlueRun Ventures China (BRV China) is a leading early-stage venture firm in China with offices in Beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China has managed over $2 billion through multiple USD and RMB funds, with over $1 billion cash distributions. BRV China focuses on investing in entrepreneurs who create a sustainable impact through technological innovations across enterprise services, transportation and smart machine, digital healthcare, and consumer technology sectors in China. The firm has invested in more than 150 portfolio companies, including Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop (NYSE: WDH), Energy Monster (NASDAQ: EM), Mogujie/Meilishuo (NYSE: MOGU), Qudian (NYSE: QD), Ganji/58.com, PPTV, Guazi, Meishubao, Nanyan, Shanzhen, Gaussian Robotics, Yi Auto, Pinecone, etc. The firm has been recognized as the "No.1 Early-Stage Investment Firm" in China by Zero2IPO and ChinaVenture, and "Consistent Performing Venture Capital Fund Manager" by Preqin. For further information, please visit https://www.brv.com.cn/en/.

SOURCE Lanchi Ventures

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