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SoftBank Looking At Leading A $75M To $100M Investment In 1X Technologies — Report

Oct 19, 2023 - news.crunchbase.com
SoftBank is reportedly considering leading a funding round of $75 million to $100 million for Norwegian robotics startup 1X Technologies. The startup, which has previously raised $37 million from investors including Tiger Global Management and Type One Ventures, is valued at $375 million pre-investment. This move aligns with SoftBank's renewed focus on AI, as expressed by CEO Masayoshi Son in June.

In addition to 1X Technologies, SoftBank is also reportedly considering investing in OpenAI or one of its competitors. The company has also recently led a $280 million funding round for location-mapping startup Mapbox. Meanwhile, Son is said to have shifted his focus to a new investment project, "Project R", which is seeking deals in warehouse automation, AI, and robotics companies.

Key takeaways:

  • Masayoshi Son's SoftBank is considering leading a $75 million to $100 million investment round for Norway-based Robotics startup 1X Technologies at a $375 million pre-investment valuation.
  • SoftBank is showing interest in AI and robotics companies, with reports of it considering investing in OpenAI or one of its competitors, and leading a $280 million funding round for Mapbox, an AI-incorporating startup.
  • There are reports of Son moving to a new investment project from the Vision Fund, codenamed "Project R", which is looking for deals in warehouse automation, AI and robotics companies.
  • Despite SoftBank and Son's increased investing, their Vision Fund, known for its investment in startups like Uber, WeWork and DoorDash, has been relatively quiet.
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