Sep 12, 2019 (China Knowledge) - Chinese robot transportation start-up Segway-Ninebot aims to list on Shanghai STAR Market in the near future. The company hopes to raise RMB 2.8 bln (USD 3.9 bln) through its IPO.
Established in 2015, Segway-Ninebot is a startup formed following the acquisition of the United States transporters manufacturer Segway Inc. by Beijing-based transportation robotics startup Ninebot Inc. The company mainly develops and manufactures scooters and service robots using artificial intelligence (AI). However, in recent years, Segway-Ninebot has ventured into the logistics sector, by providing e-commerce and food delivery solutions with its scooters and robots.
Segway-Ninebot has developed various models of autonomous delivery robots, such as the Segway S1, Segway S2 as well as Segway X1 robots. These different models were designed for different requirements, however, they are all incorporated with AI that can identify obstacles along delivery routes and contain positioning and mapping systems.
Moreover, the robotics start-up has begun partnerships with food delivery companies Meituan-Dianping and Ele.me for the use of its autonomous robots for deliveries. It is estimated that the switch from manual delivery to delivery robots will help companies save a large part of labor costs, from RMB 1.5 to only RMB 0.05 per delivery.
The demand for reliable and efficient autonomous robots by delivery companies has increased in recent years. This has created huge potential for Segway-Ninebot’s businesses. In a previous funding in Oct 2017, the company raised USD 100 mln, increasing its valuation to USD 1.5 bln.
The company’s IPO application is currently undergoing review.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI