Goldman Sachs, a global investment bank, GGV Capital, a private equity firm, and Asia Investment Capital, an investment company, led a $300m Series C round in MegaRobo, a robotics startup, with participation from Sinovation Ventures, Pavilion Capital and Starr Capital. AI and robotics have emerged as a key area of competition between the US and China, which are racing to develop technologies of the future. Firms like MegaRobo are expected to benefit from government support as Beijing seeks to move beyond low-end manufacturing and up the technology ladder by dominating key fields like automation and machine learning.