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Key Takeaways:
Galaxis Technology has filed for a Hong Kong IPO, reporting its revenue surged by over 60% in the first nine months of last year
The company ranks fifth in China's fragmented sector for logistics robots, but continues to report big losses
The AI explosion has affected just about every industry imaginable, as companies across the spectrum rush to strut their artificial intelligence credentials. In that crush of information, one sector with a stronger case for the technology is robotics, which is using AI to create a new generation of intelligent, autonomous robots. A growing number of manufacturers in that space are now looking to capital markets to fund their costly growth, including Zhejiang Galaxis Technology Group Co. Ltd., which this month applied to list in a Hong Kong market that has embraced such concept stocks.
Galaxis was established in 2016 by two science geeks. One, Gu Chunguang, holds a PhD from the Massachusetts Institute of Technology (MIT) and previously served as Chief Technology Officer for Shanghai-listed Jointown Pharmaceutical. The other, Yang Yan, also holds a PhD in electrical engineering from Cornell University, and formerly worked at global chip giant Infineon's China unit.
Gu is currently Galaxis' chairman and controls about 40.3% of the company's shares, while Yang is deputy general manager. The company boasts a deep pool of other major backers, including two funds under leading Chinese investment bank CICC, as well as logistics giant S.F. Holding, China Merchants Group and Gu's former employer, Jointown Pharma.
The intralogistics area that's Galaxis' specialty refers to the movement, storage, retrieval and management of materials and goods within warehouses, distribution centers and factories. By 2024, the global intralogistics market was worth a hefty 2.3 trillion yuan ($329.1 billion).
Historically centered on manual labor, intralogistics is undergoing a fundamental shift toward comprehensive intelligence ...
