SoftBank-backed Chinese warehouse solutions startup bags $100m in series C+ round

Quicktron Intelligent Technology, a Chinese intelligent warehouse solutions provider, announced that it has raised US$100 million in a series C+ round from Saudi Aramco’s investment unit Prosperity7 Ventures and Kion Group, a German multinational manufacturer of materials handling equipment.

BOCOM International (a subsidiary of the Bank of Communications), Shenwan Hongyuan, and CCB Principal Asset Management also joined the round, along with existing investor CCV.

Prosperity7 Ventures said this is the firm’s first direct investment in the Chinese market.

Photo credit: Quicktron Intelligent Technology

Founded in 2014, Quicktron develops robot intelligent warehousing solutions based on artificial intelligence.

Its business covers the research and development, production, sales, project implementation, and management of warehouse robots. It claims that the intelligent warehousing system is still an untouched field in China.

Some of its customers include Chinese firms JD.com, Vipshop, and Best Logistics.

The new funds will go toward the firm’s global expansion efforts, products and technology development, as well as talent acquisition, said the company in a statement.

Covering 15 countries, Quicktron aims to expand to over 100 countries and generate 10 billion yuan (US$1.5 billion) in revenue in five years, said Quicktron founder and CEO Yang Wei.

In 2017, the Shanghai-based company raised nearly 200 million yuan (US$30.5 million) in a series B round from Alibaba’s logistics company Cainiao and SoftBank.

It’s up against rivals such as Megvii, which is considering an IPO in Shanghai’s Nasdaq-like STAR market, and Geek+, which closed its series C funding round at over US$$200 million in early 2020 from GGV Capital and Vertex Growth Fund, among others.

Currency converted from Chinese yuan to US dollar: US$1 = 6.54 yuan.