In this Wednesday, April 20, 2016 photo, Jasen Wang, founder of Shenzhen educational robot company Makeblock, poses with of some of his company’s products in Shenzhen, China. Once a fishing village, Shenzhen transformed into a powerhouse manufacturing “special economic zone” that powered China’s economic ascent and now it’s reinventing itself again, this time as the country’s version of Silicon valley, shedding low-cost factory production for growth staked on finance, technology and culture. (AP Photo/Kelvin Chan)

ISSUE – Feb. 20 | Sequoia-Backed China Robot Startup Is Raising New Funds

Makeblock Co., a Chinese maker of DIY robotics parts, is seeking to raise funding at a $200 million valuation as the Sequoia Capital-backed startup expands into classrooms and hobbyist’s workshops globally, people familiar with the matter said.

The Shenzhen-based company us seeking to raise about 200 million yuan ($29 million) in a series B round, the people said, requesting not to be named discussing a private matter. The figures are preliminary and could vary depending on negotiations with potential investors. The company confirmed it’s raising funds, but declined in an e-mailed statement to elaborate or provide further details. [ Bloomberg ]