Startup News

SoftBank Leads $170M Funding Round for Japanese Robotics Startup Telexistence

1 Mins read

Photo was created by Webthat using MidJourney

SoftBank Backs Telexistence in Funding Round

Japanese robotics startup Telexistence has secured $170 million in a Series B funding round, with SoftBank as one of the key investors. This investment aligns with SoftBank’s renewed focus on AI-driven technologies and its commitment to investment opportunities in the sector.

Telexistence’s AI-Powered Robotic Arms for Retail and Logistics

Telexistence, founded in 2017, specializes in the development of AI-powered robotic arms for the retail and logistics industry. The company gained attention when it announced plans to deploy its robots in 300 FamilyMart convenience stores across Japan. The latest funding will support the company’s expansion efforts.

Strengthening Global Workforce and Strategic Partnership

Telexistence plans to utilize the newly raised capital to enhance its global workforce, as stated by CEO Jin Tomioka.

Additionally, the startup has formed a strategic partnership with SoftBank Robotics Group, aiming to accelerate its commercialization efforts in North America. Telexistence is in discussions with major convenience store chains in the region for potential proof of concept projects.

Collaboration with Foxconn for Next-Generation Robot

In conjunction with the funding round, Telexistence announced its collaboration with Foxconn, a prominent manufacturing partner. The two companies will work together to produce Telexistence’s next-generation robot named “Ghost,” further advancing its robotic technology.

Notable Additions to Telexistence’s Board of Directors

As a result of their investment, SoftBank Robotics Group’s Kenichi Kent Yoshida and Globis Capital Partners’ Ryohei Nomoto will join Telexistence’s board of directors. Their expertise and support will contribute to the strategic direction and growth of the company.

SoftBank’s Continued Focus on Robotics Investments

SoftBank has demonstrated significant interest in the robotics sector, previously investing in California-based Bear Robotics and Shanghai-based Keenon Robotics. Through the SoftBank Vision Fund 2, the company has also backed Opentrons, a developer of medical testing robots, solidifying its commitment to advancing the field of robotics.


Related posts
Startup News

Decoding Ola Electric's $300 Million Series E Financing Round

3 Mins read
Startup News

Gizmo Raises $3.5M with Gamified Quizzes and AI Magic

3 Mins read
Startup News

Shadowfax Journey: A $60 Million Boost Led by TPG NewQuest

3 Mins read
Connect and Engage

Stay in the loop and engage with us through our newsletter. Get the latest updates, insights, and exclusive content delivered straight to your inbox.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Tech News

ETF Investors Take a Different Path Amid Wall Street's Tech Craze