Foxconn Technology unit pumps US$30m into HK-based Robocore

Taiwanese electronics contract manufacturer Foxconn Technology Group's subsidiary Q-Run Holdings is pumping US$30 million into Hong Kong-based Robocore Technology, a partner company of Hong Kong Science and Technology Parks Corporation (HKSTP).

This investment marks FTC's official entry into the smart robotics market, bolstering its smart manufacturing and artificial intelligence (AI) ecosystem, while paving the way for Robocore's future IPO.

The transaction involves a total potential investment of up to US$30 million from FTC, beginning with an initial US$10 million investment in preferred shares, acquiring a 6.6% equity stake in RoboTemi Global.

The agreement also includes two subsequent investment tranches of US$10 million each, which may be exercised on the first and second anniversaries of the initial investment. Valuations for these tranches will be determined by mutual agreement or third-party assessment.

With FTC's strategic and manufacturing support, Robocore is expected to achieve three-fold revenue growth over the next three years and aims for a five-fold increase by 2028. The company's growth will be primarily driven by accelerated expansion in the US, Europe, and Asia. Robocore plans to initiate its IPO process within five years, aiming to become one of the world's fastest-growing service robotic enterprises.

Proceeds from this funding round will be mainly used to strengthen Robocore's telemedicine business in the US, Europe and Japan, launch new products for mainland China's consumer market, and expand global sales and marketing operations. These initiatives aim to further consolidate its industry leadership position while preparing for a pre-2030 IPO.

"This is more than a capital injection — it's an affirmation of our company's future prospects," said Roy Lim, CEO of Robocore Technology. "With world-leading manufacturing and supply chain capabilities, FTC will join forces with us to accelerate our growth, expand into new markets, and help us stride confidently toward our IPO milestone."

Eric Or, acting chief operating officer of HKSTP, said, "AI empowers Hong Kong's long-term economic development. HKSTP is pleased to see Robocore's rapid growth and global impact. Robocore's successful funding round not only signifies that a world-leading technology enterprise has endorsed its core robotics technology, but also proves that Hong Kong's tech ventures can firmly establish their position on the global stage."

Headquartered in Hong Kong Science Park, Robocore is an open-platform service robotics enterprise. Its products are deployed at nearly 20,000 client sites worldwide. Additionally, it serves over 5,000 sites in the US, spanning hospitals, elderly homes, retail chains, and households, according to the release.

MARKETING-INTERACTIVE has reached out to Robocore for more information.

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