Innovative venture fund Cathay Innovation takes the lead in financing a luxury robotic pool cleaner company named Beatbot.
In a significant development for the pool cleaning industry, Beatbot, a leading technology brand focused on the robotization of swimming pool environments, has secured a new round of funding. This investment will propel Beatbot's growth as it expands into global markets.
The funding round, led by Cathay Innovation, Monolith Management, and Anker, comes at an opportune time as Beatbot prepares to enter markets in Europe, Australia, South America, and the Middle East. This round also saw participation from previous investors, including Shunwei Capital, Hillhouse Ventures, Source Code Capital, Yunmu Capital, Wu Zhong Financial Holdings, and Professor Gao Bingqiang.
Ming-Po Cai, Founder, Chairman & CEO of Cathay Capital, stated that Beatbot is a global leader in intelligent robotic pool cleaning. Cathay Capital believes that the electrification and intelligence of consumer goods present tremendous investment opportunities, and Beatbot's products are a testament to this belief.
Launched in February 2024, Beatbot's first robotic pool cleaners, the AquaSense Pro and AquaSense, have generated significant revenue and captured 85% of the market share for pool cleaning products priced above $1,400 on Amazon. The AquaSense Pro features a unique buoyancy intelligent control system for 3D full-coverage cleaning and advanced water quality management.
Beatbot's success can be attributed to its pioneering key technologies such as brushless water pumps, AUV spatial locomotion, sonar, laser SLAM, and space mapping algorithms. The product syncs with a mobile app, providing users with cleaning maps and records for enhanced convenience.
With over 28 million private pools worldwide and 500,000 to 700,000 new pools being built each year, the market for intelligent pool robots is vast and growing. However, 40% of pool owners globally still rely on manual cleaning, and only 23% use robotic pool cleaners, mostly low-end models.
The funds raised will be used for product research and development, talent acquisition, and global market expansion. Beatbot has grown rapidly with offices in multiple countries and a 100-member R&D team. The company currently holds 131 patents, including 51 for inventions.
Beatbot aims to invest in R&D to enhance the intelligence of its products, further solidifying its position as a global leader in the intelligent pool robot market. Expansion will be through both online and offline channels, ensuring that Beatbot's innovative solutions are within reach of pool owners worldwide.
