To enter medical and senior care robotics market, Foxconn Technology invests $30 M in Robocore
To enter the medical and senior care robotics market, Taiwan-based Foxconn Technology Co., Ltd. (FTC) has invested $30 million in Hong Kong-based Robocore Technology Limited.
The Hong Kong Science and Technology Parks Corporation (HKSTP) partner Robocore said in a statement on Tuesday that its Series D funding was completed.
FTC has strategically invested up to $30 million in Robocore’s wholly-owned subsidiary, RoboTemi Global Ltd., through its wholly-owned subsidiary Q-Run Holdings Limited.
In addition to strengthening its artificial intelligence (AI) ecosystem and smart manufacturing, this is Robocore’s first foray into the smart robotics market and lays the groundwork for its eventual initial public offering (IPO).
The deal entails a potential $30 million investment from the FTC, starting with a $10 million preferred share investment to purchase a 6.6% equity stake in RoboTemi Global Ltd.
Two additional $10 million investment tranches are also included in the agreement; these could be exercised on the first and second anniversaries of the original investment.
These tranches’ valuations will be decided by consensus or independent evaluation.
The primary goals of this funding round are to launch new products for the consumer market in mainland China, grow Robocore’s global sales and marketing operations, and fortify the company’s telemedicine business in the US, Europe, and Japan.
By taking these steps, it hopes to strengthen its position as the industry leader and get ready for an IPO before 2030.
Over the next three years, Robocore is anticipated to triple its revenue growth with the strategic and manufacturing support of the FTC, with a five-fold increase targeted by 2028.
Rapid expansion in the US, Europe, and Asia will be the main drivers of the company’s growth.
In addition, Robocore intends to start its initial public offering (IPO) process in five years with the goal of becoming one of the fastest-growing service robotic companies globally.
“This is more than a capital injection — it’s an affirmation of our company’s future prospects,
“With world-leading manufacturing and supply chain capabilities, FTC will join forces with us to accelerate our growth, expand into new markets, and help us stride confidently toward our IPO milestone,” said Roy Lim, Chief Executive Officer of Robocore Technology.
Eric Or, Acting Chief Operating Officer of HKSTP, said AI empowers Hong Kong’s long-term economic development.
“HKSTP is pleased to see Robocore’s rapid growth and global impact,
“Robocore’s successful funding round not only signifies that a world-leading technology enterprise has endorsed its core robotics technology, but also proves that Hong Kong’s tech ventures can firmly establish their position on the global stage,” he added.
