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Wednesday, September 27, 2023

Japanese Startup Telexistence Raises USD 170M (JPY 23Bn) Series B


Telexistence (“TX”) has successfully raised a USD 170M Series B round. In addition to the follow-on investments from the lead investors in previous funding rounds, including Monoful Venture Partners, KDDI Open Innovation Fund, and Airbus Ventures, TX has also secured funding from new investors including SoftBank Group Corp. (“SBG”), HH-CTBC Partnership (Foxconn Co-GP Fund), and Globis Capital Partners (“GCP”). TX also entered into a strategic business partnership agreement with SoftBank Robotic Group Corp. (“SBRG”), a subsidiary of SBG, to promote their business collaboration globally, with a focus on accelerating commercialization in North America. Additionally, TX will initiate its collaboration with Foxconn to establish production technology, carrying out mass production for its next-generation model, “GHOST”. With this funding, Mr. Kenichi “Kent” Yoshida (SBRG) and Mr. Ryohei Nomoto (GCP) will be newly appointed as directors.

Since its inception in 2017, TX has surged ahead from R&D and proof-of-concept with small-scale robots to deploying hundreds of its own robots in dynamic environments outside factories and executed at commercial scale. In 2021, TX announced a partnership with FamilyMart, one of the three major convenience store chains in Japan, through which the team is deploying its robots to 300 of FamilyMart’s stores.

“With the proud backing of our new partners SBG and Foxconn, TX increases its commitment to accelerate the rapid expansion of its existing robot operations and drive the development of robots with human-level versatility, which is the goal of anyone involved in robotics.“ said Jin Tomioka, CEO of Telexistence. “With this latest funding, we aim to amplify our search for top, diverse talent to enhance our global capabilities at scale.” Tomioka added, “Regardless of nationality, age, or length of tenure, TX believes that there are countless opportunities for individuals with demonstrated skills to thrive, and in fact, current team members hail from 25 different countries. TX adheres to the organizational principle of providing compensation, including salaries and stock options, that is commensurate with performance to the greatest extent possible.”

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