Sequoia-Backed China Robot Startup Is Raising New FundsBy
Makeblock said to be aiming for a $200 million valuation
Chinese firm said to be raising about $30 million in financing
Makeblock Co., a Chinese maker of DIY robotics parts, is seeking to raise funding at a $200 million valuation as the Sequoia Capital-backed startup expands into classrooms and hobbyist’s workshops globally, people familiar with the matter said.
The Shenzhen-based company us seeking to raise about 200 million yuan ($29 million) in a series B round, the people said, requesting not to be named discussing a private matter. The figures are preliminary and could vary depending on negotiations with potential investors. The company confirmed it’s raising funds, but declined in an e-mailed statement to elaborate or provide further details.
Makeblock is among a flurry of companies including Pearson Plc, Lego Group and Sony Corp. vying for a cut of the so-called STEM-learning industry-- a problem-based approach to education that combines knowledge in science, technology, engineering and mathematics. Spurred on by parents who want their children better prepared for a digital future, the sector is expected to become a $15 billion market by 2020, according to Beijing-based consultancy JMD Education.
Founded in 2013 by aircraft-design major Jasen Wang, Makeblock sells kits of mechanical parts and electronic modules that can cost as much as $800 to robot hobbyists and educators. Its products are used by more than 600,000 people, with more than 60 percent of its revenue generated from overseas. Apart from Sequoia, Shenzhen-based hardware startup accelerator Hax is a backer.