Singapore-based cleaning robot manufacturer LionsBot International has raised about $17 million in a Series A funding round, according to recent filings with the city-state's regulator.
The startup's filings with the Accounting and Corporate Regulatory Authority (ACRA) showed that the latest funding round was backed by TransLink Capital, Supersteam Asia Pacific, Freny Firoze Irani and LionsBot's founders.
TransLink Capital, the lead investor, is a U.S. venture capital company that helps entrepreneurs expand in Asia. It invested $7 million in the round, according to the filings.
LionsBot can raise up to $20 million in the round, filings show.
The round includes fresh equity and the conversion of previously issued notes. The latest financing gives the company a pre-money valuation of $80 million.
ACRA filings only reflect the equity funding received so far by a company. The overall funding round could be larger due to other components such as debt. DealStreetAsia has reached out to LionsBot for confirmation.
Founded in 2018 by Agatha Michelle Seow, Dylan Ng Terntzer and Rajesh Elara Mohan, LionsBot develops cleaning robots for commercial applications. Its main offering, LeoBot, is capable of vacuuming and scrubbing and is interactive.
The robots can be programmed to clean large public areas and only require remote supervision, freeing up the cleaning workforce to carry out higher-value tasks such as supervisory duties and customer service.
Some of the other features include obstacle avoidance, auto-docking capabilities, AI-enabled batteries and various cleaning modes. They come with soft bumpers and an emergency stop button, as well as clear lights and audio alerts to avoid colliding with people.
According to a report released by research company MarketsandMarkets, the global cleaning robot market is projected to grow from $9.8 billion in 2022 to $25.9 billion by 2027 at a compound annual growth rate of 21.5%.
Among the factors that could drive market growth are the increasing development of vacuum cleaners with self-charging capabilities, the compact size of the robots, and rapidly advancing smart home technology.
In Singapore, there are 605 robots installed per 10,000 employees in the manufacturing industry, the second-highest number globally after South Korea's 932, according to a 2021 report by the International Federation of Robotics.
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