By <\/p>\n
July 12, 2017, 10:27 PM EDT July 13, 2017, 1:29 AM EDT <\/p>\n
SoftBank Group Corp. is in talks to invest in Makeblock Co., a Chinese maker of DIY robotics, people familiar with the matter said. <\/p>\n
Makeblock is seeking to raise about $60 million in a series C round by the end of this year as it targets a doubling of its valuation to $400 million, the people said, asking not to be identified talking about private plans. The figures are preliminary and could vary depending on negotiations, the people said. <\/p>\n
SoftBank and Makeblock declined to comment. <\/p>\n
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Makeblock is competing with a coterie of Chinese startups, as well as Pearson Plc, Lego Group and Sony Corp., who all want a slice of a learning industry that focuses on science, technology, engineering and maths. So-called STEM-education could become a $15 billion market by 2020, according to Beijing-based consultancy JMD Education. Shenzhen-based Makeblock already works with SoftBank-- the two partnered this month to offer a DIY drone, and the Japanese company distributes its educational robotics kits. <\/p>\n
STEM education, which employs a problem-based approach to education, is tapping into Chinese parents craze for their children to learn coding and robotics. Makeblock has created a local competition equivalent to the Intel Corp.-backed RoboRave contest. <\/p>\n
Founded in 2013 by aircraft-design major Jasen Wang, Makeblock sells kits of mechanical parts and electronic modules that can cost as much as $800 to robot hobbyists and educators. Its user base grew to 2 million by July from 600,000 in February, with about 70 percent of its revenue generated from overseas. Apart from Sequoia Capital, Shenzhen-based hardware startup accelerator Hax is also a backer. <\/p>\n
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SoftBank Is Said to Mull Investing in China Robotics Startup - Bloomberg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By July 12, 2017, 10:27 PM EDT July 13, 2017, 1:29 AM EDT SoftBank Group Corp. is in talks to invest in Makeblock Co., a Chinese maker of DIY robotics, people familiar with the matter said. Makeblock is seeking to raise about $60 million in a series C round by the end of this year as it targets a doubling of its valuation to $400 million, the people said, asking not to be identified talking about private plans. Continue reading