Japan household robot maker secures $57m round

Mirai Creation Investment, a fund operated by Sparx, and INCJ will each commit JPY1.4 billion within the month. This will support an initial raise of JPY4.3 billion, with additional participation from investors including Shenzhen Capital, Global Catalyst Partners, Line Ventures and SMBC Venture Capital.

INCJ has indicated it is planning to make a further commitment of up to JPY2.1 billion in an unspecified timeframe. According to a statement, the entire capital raising exercise could amount to up to about JPY8 billion. 

Founded in 2015, Groove focuses on robotics technology that can improve the quality of daily life by providing companionship and substituting human work. Its flagship development product is known as Lovot, a portmanteau of the words love and robot.

Lovot is scheduled for release to the general public in 2019. The fresh capital is expected to be used in part for a marketing program during the launch. The device is being pitched as a solution to negative social effects related to Japan’s aging crisis and increasing number of single-person households. 

Domestic-use robots are attracting increased VC investment as companies begin to develop more devices that function as multi-tool platforms. In Japan, demand for household assistants – also known as smart speakers – is tied to a rising need for in-home healthcare support and statistics suggesting that the lifestyles of younger generations are becoming increasingly solitary.

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• Topics
• North Asia
• Technology
• Early-stage
• Consumer
• Japan
• Innovation Network Corp. of Japan (INCJ)
• Shenzhen Capital Group
• SMBC Venture Capital