SoftBank Looking At Leading A $75M To $100M Investment In 1X Technologies — Report

Masayoshi Son seems very serious about getting back to playing “offense” when it comes to investing in new companies.

Son’s SoftBank is looking at leading a $75 million to $100 million round for Norway-based Robotics startup 1X Technologies at a $375 million pre-investment valuation, per a report in The Information.

The 9-year-old humanoid robotics startup has previously raised $37 million — per Crunchbase data — from investors such as Tiger Global Management and Type One Ventures.

The company raised a $23.5 million round in March led by the OpenAI Startup Fund.

SoftBank’s investment comeback

It is not surprising to see SoftBank wanting to be in on the same startup as OpenAI due to its desire to be a big player in AI.

In June, Son told investors that the multinational investment holding behemoth would again shift from “defense mode” as it looks to be a leader in AI.

Last month, the Financial Times reported SoftBank is considering investing in ChatGPT creator OpenAI or one of its competitors.

Then late last month, it also was reported by the Financial Times that OpenAI is in advanced talks with former Apple designer Jony Ive and Son to launch a venture to build the “iPhone of artificial intelligence.” The venture could involve an investment of more than $1 billion in funding from SoftBank.

SoftBank and its affiliates also recently led a $280 million funding round for San Francisco-based location-mapping startup Mapbox, which is incorporating AI to push automated driving and safety.

While Son and SoftBank have ramped up investing, its famed Vision Fund — known for its investment in startups including Uber, WeWork and DoorDash — has been relatively quiet.

There have been reports Son has moved to a different investment project from the Vision Fund codenamed “Project R,” which is looking for deals in warehouse automation, AI and robotics companies.

1X seems to fit that bill.

Related reading:

SoftBank May Slowly Be Starting To Play ‘Offense’ In AI Arms Race After Son’s Promise

Illustration: Dom Guzman