SoftBank’s robotics IPO faces a reality check, says AlecMac11:
CloudMinds, a Beijing-based company that builds and operates robots powered by cloud technology, has filed to raise $500 million in a U.S. initial public offering.
The company claims to be the world’s leading cloud robot and services business, and the first to commercialise related products and services. Its products include humanoid and patrol robots, as well as a vending machine powered by artificial intelligence. The SoftBank Vision Fund, backed by Japanese technology-to-telecoms conglomerate SoftBank, owns 34.6% of CloudMinds via its wholly owned subsidiary SVF Cloud. CloudMinds also customises SoftBank’s humanoid Pepper robots with its own technology.
The company generated $121 million in revenue in 2018, up from $19 million the previous year. It made a net loss of $157 million last year, compared to a loss of $47.7 million in 2017.
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