EP Equipment announced a strategic financing round invested by Sinovation Ventures, a leading tech venture capital headquartered in Beijing. With the new investment partnership, EP Equipment expects to accelerate its technology and product development, with the aim of capitalizing on the growth in the industrial Autonomous Mobile Robots (AMRs) market.
The strategic investment partnership was signed in Beijing between Jinhui He, Founder and President of EP Equipment and Dr. Kai-Fu Lee, Chairman and CEO of Sinovation Ventures.
“Our partnership will allow us to leverage each other’s strengths to capitalize on the market opportunities. With artificial intelligence (AI) and robotic technology development, we have set a long-term strategy aiming to make EP Equipment one of the leading companies bringing revolutionary technology into the manufacturing industry.” said Jinhui He, EP Equipment Founder and President.
“We are delighted to enter into this strategic investment partnership with EP Equipment. From my prediction, AI is the next enabling technology which will gradually penetrate each and every industry, like Internet and electricity. Manufacturing is particular challenging given it involves heavy-duty equipment, parts, and goods that require new generation of AI programs, AMRs and robotic technologies. It is really exciting to see the technology being applied in the traditional material handling industry to revolutionize how things are being moved. We are honored to invest in EP Equipment. Together we expect to uncover more areas of innovations between a leader in the material handling sector and our AI expertise,” said Dr. Kai-Fu Lee.
Dr. Kai-Fu Lee is one of the global pioneers in artificial intelligence and has been involved in researching, developing, and investing in AI for over 35 years. Prior to founding Sinovation, Dr. Lee was the founding President of Google China, and senior executive at Microsoft, SGI, and Apple.
“EP X-mover series will be one of the best commercialized AMR cases. With this new partnership, EP Equipment will further strengthen our position in the booming AI market.” President He emphasized.
The strategic investment by Sinovation Ventures is another defining driver in EPs 10-year business goal to become a one-stop-provider for material handling products, energy storage as well as human-robot symbiotic collaboration.
EP Equipment will engage with different resources provided by Sinovation Ventures to advance in the above-mentioned areas. The company will focus on developing simple, reliable and revolutionary low-cost robots to change the workforce, free up time for operators and ensure operators’ safety when implementing human-robot collaboration.