FAIR Collaborative Robotics Closes Over $50 Million Series B Funding Round

Recently, collaborative robotics manufacturer FAIR Innovation (Suzhou) Robot Systems Co., Ltd (hereinafter referred to as "FAIRINO Robot") completed over $50 million in Series B financing, this round of financing was led by Source Capital, with the participation of Ali and Meituan Longzhu, followed by old shareholders such as Shunwei Capital, Gao Ling Venture Capital, and Zhongding Capital, and Yuanqi Capital as long-term exclusive financial advisor. Yuanqi Capital is the long-term exclusive financial advisor. The funds will be used to increase production capacity and expand the software team.

FAIRINO Robot has the capability of self-research and self-production of hardware and software in the field of collaborative robots, and provides more cost-effective and high-performance products to the market. Thanks to its industry-proven product engineering experience and the support of core resources in the industry, the core components such as self-developed gearboxes and servo motors designed by FAIRINO's team for collaborative robots have been recognised by headline customers in the retail, industrial, medical, healthcare and agricultural industries.

"Taking collaborative robots in the retail commercial field as an example, customers usually require the product to be switched on 7*24h and keep running stably for more than three months in order to meet the bulk procurement standard, and its testing conditions are more stringent compared with those of traditional industrial customers, while the commercial customers are more sensitive to the selling price of a single robot." FAIRINO Robot said to 36 Krypton: "FAIRINO adhere to self-research and self-production of hardware and software to ensure product quality and cost-effective, to the head of the current and FAIRINO has reached a procurement cooperation, for example, to meet its test standards, only a head of the brand competitors priced at a number of times FAIRINO with the same performance of the product."

Unlike the common overseas me too design model in the current industry, FAIRINO insists on forward research and development of full-stack hardware and software for collaborative robots, and through close cooperation with end customers and partners, it has developed a high-frequency, low-resistance DST toothed harmonic reducer to significantly optimise the product's lifespan, and has helped a number of headline customers in the industry to bring the application of collaborative robots from promotional displays to large-scale deployment in the production environment.

In addition, unlike traditional collaborative robots, FAIRINO has always been based on its full-stack supply chain capabilities to establish a diverse platform for the development of intelligent and flexible robotic joints, so that the penetration rate of automation equipment in different industries can be rapidly increased.

FAIRINO further explains, "Harmonic reducers and servo motors account for 70% of the BOM of collaborative robots, and harmonic reducers are the component with the highest barriers, requiring heavy capital investment and years of process experience in serving large customers to deliver high-performance, long-life products. FAIRINO's angel shareholders are the largest small-module gear solution provider in China, with decades of experience serving the industry's largest customers, and are the exclusive suppliers of many listed companies. FAIRINO Robot combines the R&D and design capabilities of the FAIRINO team in harmonic reducers and collaborative robots, as well as the manufacturing capabilities of the shareholders, to be able to steadily mass-produce high-performance, cost-effective collaborative robotic products in two years and gain recognition from the industry's headline customers."

In order to assist customers to achieve flexible collaborative robot business implementation, FAIRINO provides APIs that are compatible with a variety of mainstream development environments in the market, supports embedded and remote cloud SaaS deployment, and provides a wealth of self-developed industry-specific accessories for the industry, forming a professional solution matrix with partner products and services.

By the domestic enterprise digital transformation boom, as well as the impact of the global epidemic on the traditional business model and other multiple influences, collaborative robot market is growing at a high rate. According to the previous data of GaoGong Robotics Industry Research Institute, with the strong rebound of China's industrial robotics market in 2020, the overall sales hit a record high, and the growth rate recovered to 10.84%; among them, China's collaborative robot sales growth rate of 20.73% in 2020 was significantly higher than the global sales growth rate of collaborative robots (-5.50%). It is expected that in 2021, China's sales of collaborative robots is expected to exceed 17,800 units, the market size will exceed 1.6 billion yuan; to 2025, China's sales of collaborative robots is expected to exceed 60,000 units, the market size of 4.5 billion yuan, the compound annual growth rate of more than 30%.

Currently, the FAIRINO collaborative robots are sold at a price close to the monthly salary of a senior skilled worker, and in terms of performance, they maintain the highest technical parameters in the industry against a single indicator. Moreover, it has pioneered a number of solutions that have not been achieved in the industry before and has thus entered into more brand new fields, creating non-standard skilled jobs that can be replaced by collaborative robots, such as retail, catering, welding, torque management, sorting, painting, testing, and other industries.

FAIRINO has a clear business model, providing only hardware and software specimens, not directly serving end customers, and fully empowering downstream integrators and partners. FAIRINO aims to provide automation integrators and developers in various industries with a more cost-effective and friendly collaborative robot development platform, replacing traditional three-degree-of-freedom drive mechanisms and even XY motion mechanisms in the industry, so that implementers and end-customers can use efficiently deployable multi-degree-of-freedom flexible articulated robots.

With more than 30 customers served to date, FAIRINO expects to ship five times more collaborative robots in 2022 than it did in 2021. According to FAIRINO, increasing production capacity and responding quickly to customers' purchasing plans is a top priority.

Established in 2019, the founders of FAIRINO Robot, Yao Ting and Gong Xiangfeng, both graduated from Harbin Institute of Technology and have many years of experience in overseas robotics research and commercialization organizations, have rich and successful entrepreneurial experiences in the field of robotics and intelligent equipment, and their founding companies are in the leading position in their respective industries. The core team has more than 10 years of experience in the research and development of industrial robot bodies and core components.