Chubu Electric Invests in Tokyo Robotics Startup
Nagoya, June 12 (Jiji Press)--Chubu Electric Power Co. <9502> said Wednesday that it has invested in Groove X Inc., a robotics startup based in Tokyo.
The power supplier serving the Chubu region of central Japan acquired part of new shares Groove X issued under a third-party allotment scheme. Chubu Electric did not disclose the amount of the investment or the ownership ratio.
Groove X is currently developing a family robot named "Lovot," whose shipments are slated to start in October. The robot will be equipped with features that can be used to keep watch over children and elderly family members for their safety.
Such safety functions are expected to be in high demand as Japan grapples with the rapid aging of society.
The investment is the first by Chubu Electric's corporate venture capital fund, established in April to support startups that use cutting-edge technologies such as artificial intelligence and the Internet of Things.
[Copyright The Jiji Press, Ltd.]