Cathay Innovation Leads Investment in High-End Robotic Pool Cleaner Company Beatbot
September 20, 2024
Asia
Beatbot, the technology brand dedicated to the global robotization of swimming pool environments, today announced a new round of financing led by Cathay Innovation, Monolith Management, and Anker. Previous investors, including Shunwei Capital, Hillhouse Ventures, Source Code Capital, Yunmu Capital, Wu Zhong Financial Holdings, and Professor Gao Bingqiang, also participated in this round. The newly raised funds will be used for product research and development, talent acquisition, and global market expansion.
The Growing Global Pool Cleaning Market
According to the United Nations and Maytronics’ annual reports, there are over 28 million private pools worldwide, with 500,000 to 700,000 new pools being built each year. With rising demand for maintenance and upgrades, there remains a significant gap in the adoption of advanced solutions—40% of pool owners globally still rely on manual cleaning, and only 23% use robotic pool cleaners, mostly low-end models. This reveals a vast opportunity for the development of more intelligent and efficient pool cleaning technologies.
High Maintenance Costs in Europe and America
In markets like Europe and the United States, pool cleaning is both frequent and expensive. Pools often require cleaning several times a week during peak seasons. According to Lawnstarter, pool owners spend approximately $5,000 to $6,000 annually on maintenance, which includes cleaning, repairs, utility bills, and seasonal services. The high cost and inconvenience underscore the demand for more efficient, cost-effective solutions.
Product Innovation: Beatbot’s Disruptive Technology
The robotic pool cleaner market is currently dominated by international manufacturers, but innovation has lagged, with little functional differentiation and low levels of intelligence across existing products. Beatbot, an emerging Chinese company, has identified this gap and begun to make significant inroads into the market.
In February, Beatbot launched its first robotic pool cleaners—AquaSense Pro and AquaSense, priced at $2,199 and $1,299, respectively. In just six months, these products generated hundreds of millions in revenue and captured 85% of the market share for pool cleaning products priced above $1,400 on Amazon.
With cutting-edge technology, Beatbot quickly rose as an industry leader. The company’s founder, Wang Shengle, highlighted that their first-generation robotic cleaners are addressing user pain points, offering innovative solutions. For example, the AquaSense Pro features a unique buoyancy intelligent control system that enables 3D full-coverage cleaning of the pool surface, walls, floor, and waterline. It also integrates advanced water quality management, dynamically dispensing cleaning agents based on pool size, and uses self-developed navigation algorithms to ensure 100% cleaning coverage. The product syncs with a mobile app, providing users with cleaning maps and records for enhanced convenience.
Future Plans: Expanding Globally & Advancing Innovation
With this new round of financing, Beatbot plans to further invest in R&D to enhance the intelligence of its products. Additionally, the company aims to expand into markets in Europe, Australia, South America, and the Middle East through both online and offline channels.
Ming-Po Cai, Founder, Chairman & CEO of Cathay Capital, stated: “We believe the electrification and intelligence of consumer goods present tremendous investment opportunities. Beatbot, as a global leader in intelligent robotic pool cleaning, not only anticipates industry trends but also addresses core user challenges with continuous product innovation, a robust supply chain, and strong operational capabilities. Cathay Capital is excited to support Beatbot’s growth as it expands into global markets.”
About Beatbot
Beatbot is a leading technology brand focused on the robotization of swimming pool environments. Founded by industry experts with over a decade of experience in home robotics, Beatbot has grown rapidly, with offices in multiple countries and a 100-member R&D team. The company has pioneered key technologies such as brushless water pumps, AUV spatial locomotion, sonar, laser SLAM, and space mapping algorithms. Beatbot currently holds 131 patents, including 51 for inventions, marking its position as a true innovator in the space.
About Cathay Innovation
Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility / energy. Founded in Paris in 2015, Cathay Innovation now manages over €2.5B AUM with additional offices in Berlin, San Francisco, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more.
To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov.