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.