Robocore Technology, a partner company of Hong Kong Science and Technology Parks Corporation (HKSTP), has completed its Series D funding round.
Foxconn, the world’s largest electronics manufacturer, plans to invest up to US$30 million. In the first step, it has already invested US$10 million in preferred shares, giving it a 6.6% stake in RoboTemi Global, a subsidiary of Robocore.
This investment, made through Foxconn’s unit Q-Run Holdings, marks the company’s official entry into the fast-growing smart robotics market.
The agreement includes two more possible investments of US$10 million each, which could take place on the first and second anniversaries of the initial deal. The value of these future investments will be decided either by both parties together or through an independent review.
The funds from this round will mainly be used to grow Robocore’s telemedicine business in the US, Europe, and Japan. They will also support the launch of new products for consumers in mainland China and help expand global sales and marketing activities.
Roy Lim, CEO of Robocore, said, “With world-leading manufacturing and supply chain capabilities, Foxconn will join forces with us to accelerate our growth, expand into new markets, and help us stride confidently toward our IPO milestone.”
Robocore, based in Hong Kong Science Park, is a service robotics company with an open platform. Its smart robots are already being used at nearly 20,000 customer sites around the world.
In the United States, Robocore operates in more than 5,000 locations, including hospitals, elderly care homes, retail stores, and private homes. For example, over 200 elderly care homes in New York State use its temi robots to help doctors complete remote check-ups in just two minutes, lowering insurance costs and improving healthcare access.
Outside healthcare, Robocore’s robots are also used in about 50 hotels, 1,300 schools and universities, more than 100 smart buildings and shopping malls by 2,000 system integrators worldwide. Its subsidiary, RoboTemi Global in Israel, develops the well-known temi robot series.
With Foxconn’s support in strategy and manufacturing, Robocore expects its revenue to grow three times in the next three years, and aims for a five-fold increase by 2028. This growth will mainly come from faster expansion in major markets like the US, Europe, and Asia.
The company also plans to start the process for an IPO within the next five years, with the goal of becoming one of the fastest-growing service robotics companies in the world. It is aiming for an IPO before 2030.
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