Source Code Capital portfolio company "XYZ Robotics" announced the completion of a $35 million Series B round, with existing shareholder Source Code Capital continuing to increase its stake.

源码资本·July 19, 2021·0·0

XYZ Robotics has closed a $35 million Series B round led by Capital Today, with pro-rata over-commitments from existing investors Gaorong Ventures, 5Y Capital, and Source Code Capital. LightSource Capital served as the exclusive financial advisor. **Source Code Capital led XYZ Robotics' Series A+ round.** Following this financing, the company will increase R&D investment, deepen vertical integration of its technology stack, and build out scalable sales and delivery systems.

XYZ Robotics recently completed a $35 million Series B round led by Capital Today, with pro-rata and additional participation from existing shareholders Gaorong Ventures, 5Y Capital, and Source Code Capital. LightSource Capital served as the exclusive financial advisor. Source Code Capital led XYZ Robotics' Series A+ round. Following this financing, the company will increase R&D investment, deepen vertical integration of its technology stack, and build out scalable sales and delivery systems.

Founded in June 2018 and headquartered in Shanghai, XYZ Robotics provides end-to-end 3D vision-based picking solutions for logistics parcel sorting, depalletizing and palletizing, industrial loading/unloading, and assembly — powered by leading robotic hand-eye coordination technology to accelerate the era of fully autonomous robotic perception and manipulation.

Human repetitive labor in factories, warehouses, and similar environments can be broken down into walking, manual operation, and visual inspection. XYZ Robotics aims to tackle the largest and most tedious category: manual operation. The company's vision is "Pick Anything. Place Anywhere," and it defines itself as a technology-driven company that mass-produces a new kind of labor force to transform social productivity.

Leveraging distinctive strengths in 3D vision algorithms, motion control algorithms, and gripper design, XYZ Robotics has rapidly accelerated its commercial deployment over the past year. Its robotic picking solutions have already been deployed across e-commerce, logistics, industrial manufacturing, consumer goods, pharmaceuticals, and other sectors, with products widely adopted by industry-leading companies.

On this financing round, Jiaji Zhou, founder and CEO of XYZ Robotics, said: "First, I want to thank our team for their continued dedication. We share a unified belief in building the best robotic products and delivering real value to society. Over the past three years, we've pushed through every challenge and kept improving. We're honored to have earned Capital Today's trust, and we believe this partnership will help elevate our comprehensive capabilities and achieve new milestones. I also want to especially thank our existing shareholders for their continued oversubscription across multiple rounds and their unwavering support for our mission and vision. Enabling autonomous robotic perception and manipulation — hand-eye coordination — is an endless journey. Going forward, we will scale products within our current technological boundaries while also developing and integrating new technology stacks to unlock new incremental application scenarios."

What makes XYZ Robotics truly unique is its deep understanding of robotics. Through full-stack technology and integrated hardware-software solutions, XYZ Robotics enables robots to achieve optimal technical performance and ease of use, delivering genuine value to customers. Particularly in complex scenarios such as small-item unstructured picking in logistics and deep-bin unstructured loading/unloading in industrial settings, XYZ Robotics holds a generational advantage in critical metrics including cycle time, SKU and workpiece coverage, and bin clearance rate.

As the lead investor in the company's Series A+ round, Chen Runze of Source Code Capital said: "Through our ongoing observation, we've increasingly come to see that dexterous, flexible manipulation capability is the key enabler for broader automation penetration. A robot is no longer just a single piece of equipment, but a systems engineering challenge spanning perception, decision-making, planning, control, execution, and simulation. The XYZ Robotics team has remained committed to its long-term vision, making sustained investments in the critical pain points of this systems engineering challenge, while also advancing commercialization with best-in-class product quality and delivery — earning customer trust in the process. We look forward to XYZ Robotics bringing infrastructure and productivity upgrades to more industries."