Japan fashion magnate Maezawa buys ‘affectionate’ robot venture

TOKYO, March 15 (Reuters) – Japanese trend magnate Yusaku Maezawa is obtaining robotics startup Groove X, which tends to make an “affectionate” companion robotic, expressing on Tuesday he was drawn by its ability to “make folks truly feel pleased”.

A fund owned by Maezawa has taken a vast majority stake in the startup, started by an alumni of SoftBank Group Corp’s (9984.T) robotics business, and will transfer to comprehensive ownership in April, Groove X explained, without having delivering further element.

Lovot, an amalgam of “appreciate” and “robot”, has wheels and resembles a penguin with cartoonish human eyes. It has interchangeable outfits and communicates in squeaks.

Lovot “won’t be able to cleanse or do work but I see huge possible in a presence that can make individuals come to feel satisfied, specifically at this time,” Maezawa mentioned in the assertion.

Groove X earlier elevated 8 billion yen ($67.6 million) from investors such as money backed by the Japanese federal government and Toyota Motor Corp (7203.T).

The condition fund, INCJ, explained seperately on Tuesday it had offered its stake to Maezawa for an undisclosed sum. It declined to say if it made a gain.

Maezawa “confirmed a sturdy fascination in the thought of a household robotic as supplying a option to social issues,” INCJ explained.

The entrepreneur, who visited the Worldwide Place Station on a Russian rocket very last calendar year, manufactured his fortune founding the on the web style retailer Zozo which was acquired by SoftBank’s online organization.

Via his fund Maezawa has invested in ventures this sort of as a maker of clever cat-litter trays that analyses bathroom routines and tracks animal wellbeing and a further presenting personalised videos from celebrities.

($1 = 118.3100 yen)

Reporting by Makiko Yamazaki modifying by Richard Pullin

Our Expectations: The Thomson Reuters Trust Concepts.