Chinese cloud AI startup CloudMinds raises a US$100 million series A

Fri Feb 24, 2017 - 10:06am GMT+0000
Chinese cloud AI startup CloudMinds raises a US$100 million series A
Chinese cloud AI startup CloudMinds raises a US$100 million series A

CloudMinds Inc., a Chinese startup focused on the development of cloud-intelligence-based applications and robots, announced that it has secured US$100 million in a series A funding round during a press conference held in Beijing yesterday.

No identities of the investors were disclosed but this latest round follows the completion of a US$30 million in angel and seed financing led by Softbank Group International and participated by backers including Hon Hai Precision Industry Co., Ltd., Walden International and Keytone Ventures in May 2016.

Founded in 2015 by Huang Xiaoqing, the former head of research at China Mobile, CloudMinds vision is to build helpful and affordable humanoid robots for the average household by 2025. The company focuses on three sectors including robots and devices, secure networks, and artificially intelligent cloud.

“The ultimate shape of the robot is ultimately a humanoid robot, but to simulate a human brain neuron composition, whereby although the average human brain only weighs less than 1.5kg, there is a need for an artificial brain to weigh over one thousand tons,” explained Huang Xiaoqing, the chairman of CloudMinds.

“Hence, the only way for a humanoid robot is to place the machine brain on the cloud. In that sense, venture capitals are more concerned about the development of the domestic artificial intelligence field which is an important platform for the international robots,” he adds.

During the same conference, CloudMinds also launched a cloud intelligence ecosystem that combines the cloud, networks, and terminals. At present, the company has released the world’s first guide helmet known as META which is designed to help the blind navigate streets.

Apart from the guide helmet for the blind, CouldMinds is in the process of building a cloud central control system connecting actual humanoids with a central “nerve system” on the cloud. It is also exploring ways to apply artificial intelligence to financial services, healthcare, government, and manufacturing.

Its cloud central control system has been used by some enterprises in China, including insurance companies and property firms, as well as governments.

By Vivian Foo, VCNewsNetwork