Canadian floor-cleaning robot company Avidbots raises US$70-million in new funding

Avidbots Corp., which makes commercial floor-scrubbing robots, said it has raised US$70-million in new equity, marking one of the biggest financing rounds for a Canadian startup in recent months as the tech sector grapples with a prolonged downturn. Jeneration Capital, which has offices in Hong Kong and Beijing, led the round, which Avidbots said Tuesday brought its total venture financing to US$107-million to date. Numerous existing investors including BDC Capital, Golden Ventures and Kensington Capital Partners returned for the financing round, as did new investors such as BMO Capital Partners. Founded in 2014, Avidbots has focused its robotics efforts on a suite of floor-cleaning robots called Neo. The Kitchener, Ont.-based company says more than 1,000 have been sold worldwide in more than a dozen countries for clients in sectors such as warehousing, health care and manufacturing.