2021-09-24 Company Announcement

VMS Invested HAI Robotics Raised Over US$200mn in Series C & D Rounds

We are pleased to announce that VMS has completed its investment in Series C funding of HAI Robotics (the “Company”), a Chinese warehouse robotics firm pioneering in autonomous case-handling robotics (ACR) system. At the same time, the Company has announced closing two consecutive rounds of financing (Series C and D), raising in total over US$200mn. The funding will help the Company boost its product capability through technological upgrades, expanding its global operation networks, optimizing its supply chain management and corporate structure.

The C round funding was led by 5Y Capital with participation from VMS, Sequoia Capital China, Source Code Capital, Walden International and Scheme Capital, while the D round was led by Capital Today with some existing investors, including Sequoia Capital China, 5Y Capital, Source Code Capital, Legend Star, and 01VC. To date, the Company has completed seven rounds of financing, with the B+, C, and D rounds being completed within one year. The rapid funding schedule signifies the market’s recognition of its ACR products, technological strength and services.

HAI Robotics commenced the research and development of the ACR system HAIPICK® in 2015 and it is the world’s first ACR system for commercial use. It offers intelligent picking, handling and sorting of warehouse goods, increasing the work efficiency of workers by 3-4 times and the three-dimensional storage capacity by 80%-130%. With the HAIPICK® system, customers can realize the automated transformation of the warehouse within one week, and it takes one month for the entire system to go live.

The warehouse robotics industry is expecting significant demand as it enables companies to improve logistics efficiency, lower labor cost and ultimately elevate the bottom line. Differentiating itself from the traditional Kiva robots, HAI Robotics occupies an absolute dominant position in the autonomous case-handling robotics market. The Company’s number of signed contracts significantly exceeds its peers and it has already accumulated many industry-leading customers. The Company is undergoing an explosive growth stage with sales increase by 5 times year on year. To date, the Company has been running over 200 projects around the globe with more than 2,000 ACR robots deployed, accounting for 90% share in the ACR robot market. The HAIPICK® system’s warehousing automation technology has been widely used in eCommerce, 3PL, shoes and apparels, 3C electronics, electric power, medicine, retail supermarkets and other industries, serving numerous domestic and foreign customers such as SF DHL, Best Logistics, State Grid Nari Group, Philips, Shanghai Pharmaceuticals, LF Logistics, Kerry Logistics, Xinning Logistics, WINIT, Booktopia etc.

The Company’s founding team has strong professional background in robotics. Two of them, Richie Chen (Chief Executive Officer) and Shengdong Xu (Chief Technology Officer) received their Master’s degree in Robotics from ETH Zürich. Professor Li Zexiang of the Hong Kong University of Science and Technology is the Company’s Chief Advisor. Li has participated in the establishment and incubation of a range of well-known domestic robotics companies such as Googol Technology, DJI, and Li Qun Automation.

VMS has further enhanced its quality investment portfolio in TMT companies with the inclusion of HAI Robotics. A global boom in eCommerce has significantly boosted the demand for high-quality supply chain solutions and smart logistics services. We believe the likes of market leaders, including HAI Robotics and JD Logistics (2618.HK), another VMS invested company, would be perfectly positioned to capitalize on this industry shift. We are committed to searching for companies that are well-positioned to benefit from attractive industry trends, in order to realize potential value and create the best returns for our investors.

If you would like to hear the latest updates on the Firm and the Fund, please feel free to contact our Investor Relations team at IR@VMSIG.COM.

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