Home Service Robot Company Zbeetle Secures Funding Over 100 Million Yuan
Chinese media 36Kr reported on Friday that Zbeetle, a home service robot company, completed two rounds of financing. The first round was jointly led by Cathay Capital and Zoo Capital, while the second round was jointly led by Ince Capital and Maison Capital, followed by Cathay Capital and Zoo Capital. The overall funding amounted to more than 100 million yuan ($ 16 million).
The new funds will mainly be used for team building and research and development of XWOW automatic robotic floor washing products.
In January 2021, Zheng Quan, a former Microsoft and LVMI (Aqara) employee, founded Zbeetle, a smart home service robot company. Its initial business aspiration was to build an array of intelligent home service robots, so that the company’s products could truly enter thousands of homes.
The XWOW automatic floor washing robot, Zbeetle’s first product, integrates and improves the cleaning performance of hand-held floor washers, based on a sweeper, thanks to revolutionary innovations in the construction of its body, its algorithm base and its mop structure.
As for the founding team, Zheng Quan, CEO of the company, has more than 16 years of professional experience in the Internet and intelligent hardware products. He worked at IBM and Microsoft MACH, and then served as vice president of LVMI (Aqara) and general manager of the Door Lock Center.
The company’s chief operating officer, Liang Ming, has 20 years of experience in managing group or corporate strategies and capital markets. He was the head of Apple’s global supply chain, establishing the IoT (Internet of Things) system of the company’s supply chain assets from scratch. His CMO Shen Yong was also the person in charge of sales and operations of smart home devices of Xiaomi, responsible for the annual sales of a market of more than 10 billion yuan.
According to previous media reports, there were more than 10 fundraising events in the domestic sweeping robot industry in 2021. The largest amount of funding was secured by Dreame, reaching 3.6 billion yuan in its funding round C.
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According to UBS forecast, by 2025 the global and Chinese market size for sweeping robots will reach $ 13 billion and $ 5 billion respectively. According to a report published by CITIC Securities, the penetration rate of domestic sweeping robots in urban households is still below 8%, which means that there is still market space to be exploited.