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Kids love taking things apart and trying to put them back together, and Makeblock Co. Ltd. wants to use that curiosity to teach children all about robotics.
Today, the Shenzhen-based startup announced that it has closed $30 million in a Series B funding round, which will allow it to further develop its do-it-yourself robot kits and expand into new markets.
The funding round was led by Evolution Media China and Shenzhen Capital Group Co. Ltd, bringing Makeblock’s total funding to date up to $36 million. The company’s valuation is currently set at $200 million.
Makeblock’s kits come with everything needed to assemble a variety of robots, including electronic and mechanical components, as well as specialized software that can program the completed robots. According to the company, Makeblock kits are currently available in more than 140 countries, and they are used by more than 20,000 schools and educational organizations.
In a statement, Makeblock founder and Chief Executive Jasen Wang highlighted the creative potential of robots in the classroom.
“Creation is happening everywhere at an explosive rate,” said Wang. “From schools using Makeblock to teaching STEM concepts, to tech giants like Microsoft, Intel, Apple Education tapping Makeblock to unleash creativity in the classroom, down to parents at home trying to aid in their child’s education, the true power of Makeblock as a platform is to inspire creation. Our goal is to get Makeblock in every school, every home, every creative space to give anyone, at any age the ability to be a creator or inventor.”
Aside from getting kids interested in STEM subjects, Makeblock could also introduce children to one of the hottest tech industries with plenty of potential for growth. Last year, a report by research firm International Data Corp. noted that with the continued push toward automation, the robotics market could hit $135.4 billion in revenue by 2019.
In addition to developing its products, Makeblock says that it will also use the new funding to expand to other regions with new offices in Beijing, Hong Kong, North America, Japan and the Netherlands. Makeblock will also host its first robotics competition later this year.
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