SoftBank Robotics Invests In Hong Kong Startup Avalon SteriTech: Bloomberg

Anusuya Lahiri
1 min read
0
In this article:

  • SoftBank Group Corp's (OTC: SFTBY) (OTC: SFTBF) robotics arm has agreed to buy a minority stake in cleaning technology startup Avalon SteriTech Ltd, Bloomberg reports.

  • SoftBank Robotics looks to acquire a 5% stake in the Hong Kong-based company. The financial terms of the deal remain undisclosed.

  • The investment marks SoftBank's Hong Kong debut.

  • The report noted Kent Yoshida, Chief Business Officer at SoftBank Robotics, will join Avalon SteriTech's board of directors.

  • The investment follows an existing joint venture between the companies that develops products and technologies for cleaning and bio-decontamination, focusing on Whiz Gambit, an AI-powered robotic cleaning system.

  • Avalon SteriTech looks to conduct a series A funding round to help grow in countries like the U.S., Australia, and the United Arab Emirates.

  • Price Action: SFTBY shares closed lower by 1.58% at $21.75 on Tuesday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories