(Yicai Global) Sept. 10 -- Agile Robots, a Chinese-German robotics unicorn, has secured USD220 million in a fundraiser headed by SoftBank Vision Found 2, pushing its market value above USD1 billion.

It was the first time for SoftBank Vision Found 2 to invest in an intelligent robotics company in China. Other investors in the Series C financing round included Xiaomi, Foxconn Technology Group, Abu Dhabi Royal Group, GL Ventures and Sequoia Group, Agile Robots said in a statement yesterday.

Agile Robots, which specializes in developing smart robot software and hardware systems for industry, healthcare and other sectors, said it raised a total of over USD130 million last year, the highest total amount for an intelligent robotics firm in 2020.

“Agile Robots connects artificial intelligence with advanced robotics technology to solve some of the most challenging industry problems and is the latest example of our continued support of Europe’s and China’s growing technology sector,” said Eric Chen, managing partner at SoftBank Investment Advisers, which oversees Vision Fund 2.

The latest funding will be mainly used for product development, series production, and global sales expansion, according to the startup, which is headquartered in both Beijing and Munich.

Agile Robots was set up in 2018 by Chen Zhaofan, a former senior researcher developing space robots at the German Aerospace Center, according to Fortune magazine.

The global market for specialized service robots grew 24 percent to USD13.9 billion last year, and it is expected to jump to USD27.7 billion in 2023, per a report from the International Federation of Robotics.

Editor: Futura Costaglione