Japan-based robotics developer Groove X yesterday secured ¥4.35bn ($38.7m) in a series A round backed by consumer electronics producer Amtran Technology and Line Ventures, the investment arm of internet company Line.
Electronic components company Dai-ichi Seiko and cutting tool manufacturer OSG also took part in the round, as did SMBC Venture Capital, the investment subsidiary of financial services provider Sumitomo Mitsui Banking Corporation.
The round was co-led by investment fund Mirai Creation Investment, which is backed by 20 corporates including carmaker Toyota, and public-private partnership Innovation Network Corporation of Japan (INCJ), and also featured Shenzhen Capital Group and Global Catalyst Partners Japan.
Founded in 2015, Groove X is working on a range of robots called Lovot, a portmanteau of “love” and “robot,” intended to provide companionship and emotional support to users. The product is scheduled for release in 2019.
Mirai and INCJ each committed to supply $12.4m for an initial close of the round on December 18, while INCJ plans to provide an $18.7m extension at an unspecified later date.
Amtran, Dai-ichi Seiko, Mirai Creation Fund and Global Catalyst Partners Japan had previously supplied $12.6m in seed funding for the company across two tranches closed in January and September 2016.