Japan-based robotics technology developer Groove X received ¥2.7bn ($26m) in series B3 funding yesterday from investors including mobile network operator NTT Docomo, insurer Sompo Holdings and conglomerate Hitachi.
The round included a $17.3m equity tranche featuring Sompo and Hitachi subsidiary Hitachi Global Life Solutions and $8.7m in debt financing from Japan Finance Corporation first revealed last month. The company’s overall funding has reached $128m.
Founded in 2015, Groove X is developing household companion robots under the Lovot brand that can show empathy and respond to human feelings. They are equipped with artificial intelligence, deep learning and voice recognition-powered software which enables them to grow emotionally.
The funding came alongside a strategic partnership that will involve NTT Docomo collaborating with Groove X on innovative communication service creation and business development in industries such as medical care.
The company had secured an undisclosed sum in mid-2019 from Mirai Creation Fund II, the fund run by asset manager Sparx Group and sponsored by carmaker Toyota and conglomerate Sumitomo.
Mirai had led Groove X’s $38.7m series A round in 2017, investing alongside consumer electronics manufacturer Amtran, electronic parts provider Dai-ichi Seiko, industrial cutting toolmaker OSG and messaging app developer Line’s corporate venturing unit, Line Ventures.
Financial services firm Sumitomo Mitsui Banking Corporation also took part in the round, which was filled out by Innovation Network Corporation of Japan, Global Catalyst Partners Japan and Shenzhen Capital Group.
Amtran, Dai-ichi Seiko, Mirai and Global Catalyst Partners Japan had all backed a $12.6m seed round for Groove X in 2016.
