Backed by Foxconn’s US$30 million bet, Robocore eyes global dominance in medical and elderly care robotics, projects 5X revenue by 2028, and gears up for IPO.
Foxconn Technology has recently entered the smart robotics sector with an investment of up to US$30 million in Robocore Technology Limited’s subsidiary, RoboTemi Global Ltd.
The deal, announced after Robocore completed its Series D funding, gives Foxconn’s unit, Q-Run Holdings Limited, an initial 6.6% stake in RoboTemi Global. The investment commences with US$10 million in preferred shares, followed by two additional tranches of US$10 million each over the next two years, subject to mutual agreement or a third-party valuation.
According to the companies, the move strengthens Foxconn’s artificial intelligence and smart manufacturing ecosystem while supporting Robocore’s ambitions for an initial public offering (IPO).
With Foxconn’s backing, Robocore projects revenue to triple within three years and grow five-fold by 2028. Funds will support the expansion of telemedicine in the US, Europe, and Japan, as well as product launches in mainland China and global sales growth, as the company prepares for an IPO before 2030.
“This is more than a capital injection; it is an affirmation of our company’s future prospects,” said Roy Lim, CEO of Robocore Technology. “With world-leading manufacturing and supply chain capabilities, Foxconn will join forces with us to accelerate growth, expand into new markets, and stride confidently toward our IPO milestone,” he said.
Eric Or, Acting COO of Hong Kong Science and Technology Parks Corporation (HKSTP), added: “AI empowers Hong Kong’s long-term economic development. Robocore’s successful funding round not only signifies that a world-leading enterprise has endorsed its core robotics technology, but also proves Hong Kong’s tech ventures can establish themselves globally.”
Robocore, headquartered in Hong Kong Science Park, is a leader in open-platform service robotics. Its robots are deployed across nearly 20,000 sites worldwide, including hospitals, elderly care homes, hotels, schools, and smart buildings. In New York State alone, over 200 elderly facilities use its robots for remote medical diagnostics.
