Internet and telecommunications group SoftBank’s Vision Fund led a $36m series D round yesterday for Brain Corp, a US-based developer of artificial intelligence robotics technology.
Mobile semiconductor producer Qualcomm also took part in the round, investing through corporate venturing unit Qualcomm Ventures alongside investment manager ClearBridge Investments and investment adviser Satwik Ventures.
Brain Corp has built an AI system that supports robotics systems for business and industrial use, predominantly for floor cleaners and scrubbers, including Whiz, an autonomous floor sweeper produced by SoftBank’s robotics division.
The series D funds will support sales and manufacturing activities of the company’s partners in new geographic markets, as well as an expansion into new areas of warehouse-based robotics activity like analytics for shelving or stock cart delivery.
BofA Securities was placement agent for the round, which came in the wake of a $114m series C in 2017 also led by Vision Fund and backed by Qualcomm Ventures. The latter was touted as an existing investor but Brain Corp has not revealed details of earlier funding.
Eugene Izhikevich, chief executive of Brain Corp, said: “We have always envisioned a world where robots make the lives of people safer, easier and more productive.
“Autonomous robots are playing a vital role in supporting essential businesses and their workers during this health crisis. This investment will help us continue our pace of innovation and fuel our growth as we execute on the opportunity in front of us.”
