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Samreen Ahmad · · 1 min readSoftBank to lead $220m round of robotics startup that caters to Foxconn
“SoftBank is leading a US$220 million round into Agile Robots, a startup based in Munich and Beijing that says its systems will be deployed by Foxconn, the assembler of iPhones, to help build smartphones,” The Information reported, citing sources.
Details:
- Agile Robots will be worth around US$1 billion after the fundraise, according to a source.
- This comes as authorities in China step up their scrutiny into local tech companies. As a major investor in Chinese firms Didi Global and Full Truck Alliance, SoftBank has been hit hard by the clampdown.
Dive deeper:
- While the regulatory crackdown has affected SoftBank Group’s expectations for returns, its “broader thesis in China is unchanged: it’s still a large, growing, and compelling economic opportunity,” Navneet Govil, chief financial officer of Vision Fund, said last month.
- In August, the Japanese conglomerate reported a 39% drop in its quarterly net profit for its April to June quarter as it took a US$6.3 billion loss on nine of its investments.
Editing by Collin Furtado and Eileen C. Ang
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