Roy Lim has big plans for Robocore Technology, the robotics firm he founded seven years ago in Hong Kong.

Originally a local distributor, the company has already enjoyed dramatic growth. Some 20,000 client sites worldwide are using Robocore products today, including hospitals, schools, hotels, retail chains and people’s homes, with sizeable deployments in East Asia, Europe and North America.

Now, Mr Lim is targeting a fivefold revenue increase by 2028 ahead of a potential IPO before 2030, with an eye on new growth opportunities in an effervescent global market.

Rapid advances in AI continue to make robots more useful and capable, opening up promising revenue streams and applications.

An ageing population is driving unprecedented demand for care-based robotics in particular, a key priority for Robocore, especially in China, Japan and the US.

“Our vision has expanded significantly,” Mr Lim explains.

“We are building a comprehensive Robot-as-a-Service model, shifting from one-off hardware sales to recurring subscription-based services across healthcare, education, hospitality and smart buildings.”

The Hong Kong Trade Development Council (HKTDC) has played a key role in this ongoing momentum.

Last year, for example, Robocore widened its global reach at HKTDC-organised pavilions in some of the world’s biggest tech fairs, including CES in Las Vegas, MWC in Barcelona, VivaTech in Paris and GITEX Global in Dubai, as well as at HKTDC’s Think Business, Think Hong Kong promotion in Milan.

In 2024, the firm showcased its cutting-edge solutions in Hong Kong pavilions in the Chinese Mainland, including major shows such as the World Artificial Intelligence Conference in Shanghai and the Global Digital Trade Expo in Hangzhou, as well as at numerous HKTDC fairs in Hong Kong, such as Eco Expo, the Hong Kong Electronics Fair, InnoEX and the International Medical and Healthcare Fair.

“The HKTDC’s combination of trade show platforms, international buyer networks and market intelligence has been a force multiplier for our global expansion – particularly in helping us access markets in the Middle East, Southeast Asia and North America that would have been much harder to penetrate on our own,” Mr Lim highlights.

This sustained outreach has resulted in some lucrative deals.

At GITEX last October, for example, Mr Lim was able to reconnect with Oman’s Ministry of Labour, leading to an MoU signed later that month in Hong Kong to co-establish an AI and Robotics Centre in Oman.

Robocore’s robots assisted the Oman Chamber of Commerce and Industry at this year’s Asian Financial Forum, reaffirming the Hong Kong company’s support for Oman’s national AI and technology agenda.

Mr Lim aims to deploy 10,000 units in Oman to create thousands of jobs in the country. “We are currently expanding the scope of the partnership and exploring further deployment across additional government ministries,” he says.

He also closed a deal in Dubai with outdoor advertising giant JCDecaux. The partnership combines JCDecaux’s expertise in digital out-of-home advertising with Robocore’s engineering know-how to create mobile, AI-driven advertising platforms that can navigate high-traffic venues, such as shopping malls, airports and exhibition centres.

This diversification is helping Robocore compete in an increasingly challenging global market, where hardware margins are being squeezed.

The robotics solution provider has already raised more than US$100 million to sustain its growth, completing Series D funding last August.

The latest financing round included a major new backer, Taiwan’s Foxconn Technology, which is investing up to US$30 million in Robocore’s subsidiary company Temi Global.

Mr Lim is keen to ramp up global sales and marketing as well as R&D in preparation for his firm’s IPO.

An initial US$10 million tranche from Foxconn’s subsidiary Q-Run Holdings has valued Robocore at approximately US$151 million. Two additional US$10 million tranches are planned for 2026 and 2027.

As competition intensifies from well-resourced players in the Chinese Mainland and the US, Foxconn’s capital and strategic support, including world-class manufacturing and supply chain capabilities, will make it easier to win more large-scale enterprise contracts.

“We have a strong foundation to build on,” Robocore’s Founder declares.