Tokyo-based robotics startup Telexistence (TX) announced the successful closure of a $170 million Series B round, garnering support from both previous and new investors.

This latest funding round saw participation from lead investors Monoful Venture Partners, KDDI Open Innovation Fund, and Airbus Ventures, along with newcomers SoftBank Group Corp. (SBG), HH-CTBC Partnership (Foxconn Co-GP Fund), and Globis Capital Partners (GCP).

In a strategic move, TX also entered into a business partnership agreement with SoftBank Robotic Group Corp. (SBRG), a SoftBank subsidiary, to facilitate global business collaboration, primarily focusing on the North American market.

Alongside, TX is set to collaborate with electronics manufacturing giant Foxconn to establish production technology for its upcoming model, “GHOST”.

The funding round will also witness two new directorial appointments at TX, namely, Mr. Kenichi “Kent” Yoshida from SBRG and Mr. Ryohei Nomoto from GCP.

Telexistence, since its establishment in 2017, has made substantial strides from a phase of research and development, scaling up from proof-of-concept robots to hundreds of operational robots in dynamic environments beyond factories.

The company’s significant milestone came in 2021 when it announced a partnership with FamilyMart, one of Japan’s major convenience store chains. The collaboration marked the deployment of TX robots across 300 FamilyMart locations.

CEO Jin Tomioka, expressing his enthusiasm on the new partnerships with SBG and Foxconn, said, “TX is committed to accelerating the expansion of its existing robot operations and drive the development of robots with human-level versatility, the ultimate goal in robotics.”

He further added that the company aims to utilize the funding to enhance its global capabilities by attracting top talent worldwide, demonstrating its principle of rewarding performance-based compensation, including salaries and stock options.

The company’s current team represents a diverse blend of talent from 25 different countries, underscoring its commitment to inclusivity. This ethos, coupled with a strong financial backing, primes Telexistence for making a significant impact in the robotics industry.