CORRECTING and REPLACING GRAPHIC Mirai Creation Investment Limited Partnership and Innovation Network Corporation of Japan Take the Lead as GROOVE X Concludes Investment Agreement for Third-Party Allocation of Shares

Approximately JPY 8 Billion in capital to be raised including past seed funding for development of “LOVOT” new-generation household robots



TOKYO--(BUSINESS WIRE)--Please replace the graphic with the accompanying corrected graphic.

The release reads:

MIRAI CREATION INVESTMENT LIMITED PARTNERSHIP AND INNOVATION NETWORK CORPORATION OF JAPAN TAKE THE LEAD AS GROOVE X CONCLUDES INVESTMENT AGREEMENT FOR THIRD-PARTY ALLOCATION OF SHARES

Approximately JPY 8 Billion in capital to be raised including past seed funding for development of “LOVOT” new-generation household robots

Mirai Creation Investment Limited Partnership* (“Fund”), Innovation Network Corporation of Japan (“INCJ”), and the new generation robot business GROOVE X, Inc. (“GX”) signed an investment contract for third-party allocation of shares amounting to a maximum of JPY 6.45 billion on Wednesday, November 29, with the Fund and INCJ as the largest investors.
The Fund and INCJ will finance JPY 1.4 billion respectively on Monday, December 18, and together with funds from other investors, the initial total will amount to JPY 4.35 billion. INCJ also plans to additionally invest at a cap of JPY 2.1 billion, and including GX’s past funding, the grand total is expected to amount to a maximum of JPY 7.87 billion.

GX engages in the development of new generation household robots that can improve people’s quality of daily life. While past robots covered work performed by people, GX focuses on robots that can accompany people on an emotional level and offer feelings of warmth. This robot has been given its concept name “LOVOT™”, which combines the terms “LOVE” and “ROBOT”. In an environment where negative effects of single living are becoming a societal issue, that companionship by “LOVOT™” will provide emotional fulfillment and a sense of relief and as a result, contribute to increasing people’s performance.
A product announcement of “LOVOT™” is planned for fall 2018 while the product launch for the public is scheduled for 2019.

* Operated by SPARX Group Co., Ltd. (“SPARX”) with funds from twenty companies, including main investors Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation.

About GROOVE X:

GROOVE X is a developer of next-generation domestic robots, founded by AI robot developer Kaname Hayashi in November 2015. Hayashi began his career as an engineer with Toyota Motor Corporation, where he conducted aerodynamic research for Formula 1 racing cars. In 2012, he joined leading Japanese IT firm Softbank group, where he served as lead developer of the groundbreaking emotion-responsive humanoid robot, Pepper, released in 2015.


Contacts

GROOVE X, Inc.
Kana Ienaga
Communications
press@groove-x.com