Japan fashion magnate Maezawa buys 'affectionate' robot venture (updated)
15/03/2022 04:56
(Recasts on Groove X release)
By Makiko Yamazaki and Sam Nussey
TOKYO, March 15 (Reuters) - Japanese fashion magnate Yusaku
Maezawa is buying robotics startup Groove X, which makes an
"affectionate" companion robot, saying on Tuesday he was drawn
by its ability to "make people feel happy".
A fund owned by Maezawa has taken a majority stake in the
startup, founded by an alumni of SoftBank Group Corp's 9984.T
robotics business, and will move to full ownership in April,
Groove X said, without providing further detail.
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.
Lovot "can't clean or do work but I see big potential in a
presence that can make people feel happy, particularly at this
time," Maezawa said in the statement.
Groove X previously raised 8 billion yen ($67.6 million)
from investors including funds backed by the Japanese government
and Toyota Motor Corp 7203.T .
The state fund, INCJ, said seperately on Tuesday it had sold
its stake to Maezawa for an undisclosed amount. It 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.
The entrepreneur, who visited the International Space
Station on a Russian rocket last year, 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 such as a
maker of smart cat-litter trays that analyses toilet habits and
tracks animal health and another offering personalised videos
from celebrities.
($1 = 118.3100 yen)
(Reporting by Makiko Yamazaki; editing by Richard Pullin)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))