In a world where every company is searching for automotive production, Flexiv is a Chinese company that develops robotics and attracts many investors towards it.
Recently, Flexiv has received over $100 million from investors like TechCrunch learned, Meituan, a major Chinese agricultural company, New Hope Group, Chinese venture firm meta capital, private equity firm Longwood, plug and play china, Jack Ma’s YF Capital, GSR Ventures, US ventures, and Meituan according to Chinese ai 100m meituanliaotechcrunch.
Flexiv has its own branch and works in California and many Chinese cities. Of the total two – thirds of people work in China. These employees have studied in the US and are working for a common goal which is the development of Artificial intelligence. A new investment round gave this company more than $120 million in startup capital.
Flexiv was started by Wang Shiquan in 2016. It was founded with the aim of developing artificial intelligence robotics that could be used in different fields like medical care, agriculture, and other services.
Wang explains that he is trying to make such a robot that would have good decision-making according to the situation, a higher tolerance, and the software working in it. Although few robots have been designed and could perform the task assigned, they can not make decisions using their AI, and their tolerance capability in a variable environment is not much better.
He also says that developing AI robots needs high-quality electronic gadgets, and manufacturing processes, which require a lot of capital to keep revamping the lab so that it can make new products that will be required.
The company has made many robots, something like 100 in number. And they are thinking of selling the software license to get some capital and provide some of its after-sale services. But now they face another tough challenge, and that is to find a customer for it who could want the technologies that they possess.
Although Wang says that its main markets are the US and China. It has a plan to expand its market in the US in the future. He also described the advantages of having a robot development lab in China in terms of labor cost and supply chain. He is trying to develop something different, a robot that could adjust itself according to the environment and should have higher decision-making power than an “Artificial intelligence robot”.
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