Chinese robot transportation start-up Segway-Ninebot is planning to list on Shanghai STAR Market in the near future. The company hopes to raise RMB 2.8 bln through its IPO. The company’s IPO application is currently undergoing review.
Scooters and robots incorporated with AI
Established in 2015, Segway-Ninebot is formed following the acquisition of the United States transporter manufacturer Segway Inc. by Beijing-based transportation robotics startup Ninebot Inc. The company mainly develops and manufactures scooters and service robots with artificial intelligence features. In recent years, Segway-Ninebot has ventured into the logistics sector, by providing e-commerce and food delivery solutions with its scooters and robots.
“This listing will give Segway-Ninebot much greater consumer visibility. Besides, the firm is likely to go public again — on Nasdaq.”Thomas Yao, Partner at IMO.VC
Segway-Ninebot has developed various models of autonomous delivery robots. These different models were designed for different requirements, but they are all incorporated with AI that can identify obstacles along delivery routes and contain positioning and mapping systems.
Food delivery partnerships create huge potential
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 at a valuation of USD 1.5 bln.