Fashion magnate Maezawa takes stake in 'affectionate' robot venture
15/03/2022 03:32
By Makiko Yamazaki and Sam Nussey
TOKYO, March 15 (Reuters) - A Japanese state-backed fund
said on Tuesday it sold its entire stake in robotics startup
Groove X, which makes an "affectionate" companion robot, to a
fund owned by Japanese fashion billionaire Yusaku Maezawa.
The state fund, INCJ, four years ago invested 3.5 billion
yen ($29.6 million) in Groove X, which was founded by an alumni
of SoftBank Group Corp's 9984.T robotics unit. It did not
disclose the price of the sale to the Maezawa fund and declined
to say if it made a profit.
Maezawa "showed a strong interest in the concept of a home
robot as providing a solution to social issues," INCJ said in a
statement giving its rationale for the exit.
The Lovot, an amalgam of "love" and "robot", has wheels and
resembles a penguin with cartoonish human eyes. It has
interchangeable outfits and communicates in squeaks.
Groove X in the past raised funds from investors such as a
Toyota Motor Corp-backed fund 7203.T and chat app operator
Line Corp.
Maezawa, who late last year visited the International Space
Station on a Russian rocket, made his fortune founding the
online fashion retailer Zozo 3092.T which was bought by
SoftBank's internet business.
Through his fund Maezawa has invested in ventures including
one making smart cat-litter trays which analyse toilet habits
and track animal health and another that offers personalised
videos from celebrities.
($1 = 118.3100 yen)
(Reporting by Makiko Yamazaki; editing by Richard Pullin)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))