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Benzinga
Benzinga
Business
Anusuya Lahiri

SoftBank Robotics Invests In Hong Kong Startup Avalon SteriTech: Bloomberg

SoftBank Hong Kong SFTBY United States SoftBank Group Corp Australia United Arab Emirates
  • 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.
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