Japanese investment giant SoftBank has agreed to pay $2.8 billion for a 40% stake in Norwegian warehouse automation company AutoStore.
SoftBank 9984, +1.46% and its Vision Fund investment portfolio have made a series of bets on robotics and artificial intelligence in recent years, which it believes will be key to driving innovation and business opportunities in sectors such as automated deliveries and driving.In December 2020, Softbank’s Vision Fund 2 led a $113.
Founded in 1996, AutoStore is known for its “cube storage automation” — which allows robots to maximize storage space in warehouses. The company says it has deployed 20,000 robots across 35 countries. Its clients include German conglomerate Siemens SIE, +0.31%, Japanese manufacturer Panasonic 6752, -0.07% and U.S. electronics retailer Best Buy BBY, +2.33%, according to its website.
The two companies will work together to “aggressively expand across end markets and geographies,” he added.
Agreed