SoftBank Eyes Majority Stake in OpenAI-Backed Robotics Startup
SoftBank is in talks to acquire a majority stake in OpenAI-backed robotics startup 1X Technologies at an estimated valuation of $6 billion. The deal would mark SoftBank's latest move into artificial intelligence and robotics, following its recent agreement to buy ABB's robotics business for $5.4 billion.
SoftBank has been expanding its investments in AI infrastructure and robotics, committing tens of billions of dollars to OpenAI and other companies. In 2023, OpenAI invested in 1X through the OpenAI Startup Fund, which led a $23.5 million Series A2 round alongside Tiger Global and Norwegian investors.
Founded as Halodi Robotics, 1X has been developing humanoid robots intended for consumer use. Its current product, NEO, is a home robot that can perform household tasks and learn new actions through the company's Redwood AI model. The robot is priced at $20,000 for an early-access purchase, with a subscription version costing $499 per month.
The acquisition talks between SoftBank and 1X follow earlier discussions between OpenAI and 1X about a possible acquisition last year. However, the talks did not progress to a transaction.