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A fund owned by Maezawa has taken a majority stake in the
startup, founded by an alumni of SoftBank Group Corp's robotics
business, and will move to full ownership in April, Groove X
said, without providing further detail.
Lovot, an amalgam of "love" and "robot", has wheels and
resembles a penguin with cartoonish human eyes. It has
interchangeable outfits and communicates in squeaks.
Lovot "can't clean or do work but I see big potential in a
presence that can make people feel happy, particularly at this
time," Maezawa said in the statement.
Groove X previously raised 8 billion yen ($67.6 million) from
investors including funds backed by the Japanese government and
Toyota Motor Corp.
The state fund, INCJ, said seperately on Tuesday it had sold its
stake to Maezawa for an undisclosed amount. It declined to say
if it made a profit.
Maezawa "showed a strong interest in the concept of a home robot
as providing a solution to social issues," INCJ said.
The entrepreneur, who visited the International Space Station on
a Russian rocket last year, made his fortune founding the online
fashion retailer Zozo which was bought by SoftBank's internet
business.
Through his fund Maezawa has invested in ventures such as a
maker of smart cat-litter trays that analyses toilet habits and
tracks animal health and another offering personalised videos
from celebrities.
($1 = 118.3100 yen)
(Reporting by Makiko Yamazaki; editing by Richard Pullin)
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