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Companies

China's Makeblock raises $44m for robot-building kits for kids

Funding reflects country's appetite for deep technology and "Made in China "2025"

Makeblock is a rising star among the growing ranks of manufacturing startups in Shenzhen.

Chinese robotic startup Makeblock has closed a series C-round fundraising totaling 300 million yuan ($44 million), as Beijing's drive for leadership in advanced industries motivates investors to pump more money into deep technology.

The investment, led by a subsidiary of China International Capital Corporation, pushed Makeblock's valuation to about $367 million. The Shenzhen-based startup raised $30 million last year from Evolution Media and Shenzhen Capital Group. It has also received backing from Sequoia Capital.

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