SoftBank in Talks to Acquire Shares of OpenAI-backed 1X Technologies
In the world of robotics, SoftBank has had its fair share of ups and downs. Despite this, recent reports indicate that the Japanese investment firm is not giving up on the industry just yet. SoftBank is currently in discussions to acquire shares of 1X Technologies, a Norwegian humanoid robotics company that was previously backed by OpenAI. The investment is expected to be between $75 million and $100 million, valuing 1X at $375 million before the investment.
Initially, it was thought that SoftBank would directly invest in OpenAI. However, the firm seems to be exploring the robotics route once again. It is widely anticipated that the next breakthrough in the field of artificial intelligence will come from its application in collaboration with robots. SoftBank is actively pursuing AI and making significant efforts to profit from this emerging technology.
According to Ishan, a well-known figure in the tech industry, “Robotics is about to experience its ‘genAI’ moment in terms of attracting investments.”
1X faces tough competition
In an earlier funding round this year, 1X Technologies successfully raised $23.5 million in Series A2 funding, with OpenAI’s Startup Fund serving as the primary backer. Other notable investors included Tiger Global and a group of Norwegian investors. Currently, 1X Technologies has developed a humanoid robot named EVE, which operates autonomously and possesses certain human-like capabilities such as recognizing people and objects, maneuvering through unstructured spaces, and handling various door types.
However, 1X has yet to introduce highly competitive products in the market. The company plans to launch a bipedal robot called NEO with the help of OpenAI’s investment. While NEO is a step forward, it still falls short when compared to robots developed by Google DeepMind and Tesla. These companies are pushing the boundaries of robotics, with Google developing a general-purpose robot and Tesla making significant advancements in the capabilities of its humanoid robots.
Furthermore, Optimus, Tesla’s humanoid robot, operates on neural networks, setting it apart from rule-based systems like those developed by Boston Dynamics. Even Amazon has ventured into the humanoid robot space with its ‘Digit’ robots, designed to optimize efficiency in warehouses by emulating human movements.
SoftBank has a less-than-ideal track record
SoftBank’s success in the robotics industry is crucial for the company, considering its less-than-ideal track record. SoftBank’s Vision Fund unit reported a record annual profit of $32 billion last year, but it incurred significant losses in other areas. To recover from these losses, SoftBank is looking to AI as a means of generating returns. SoftBank’s previous foray into robotics includes the acquisition of Boston Dynamics in 2017, which it later sold to Hyundai Motor Group in 2021. The company also halted production of Pepper, a robot designed to address labor shortages but struggled to find a widespread customer base.
OpenAI also has a mixed history in the robotics field. After years of research, the company disbanded its robotics team in 2021. The team had been focused on developing machines that could learn to perform tasks, such as solving a Rubik’s Cube.
Will Fortunes Change?
The specifics of 1X Technologies’ plans for building the NEO robot have not been disclosed yet. However, the company’s collaboration with OpenAI’s Language Models (LLMs) holds great potential for developing an exceptional humanoid robot. OpenAI’s GPT-4, which now has vision capabilities, could play a significant role in this collaboration.
In addition to 1X Technologies, other companies are also making strides in AI and robotics. NVIDIA Research recently announced its AI agent called Eureka, which can automatically generate algorithms for training robots. By combining the natural language capabilities of GPT-4 with reinforcement learning, robots can acquire complex skills autonomously.
While there are no guarantees, SoftBank’s investment in 1X Technologies could position the firm as a leader in the AI and robotics field. Alternatively, SoftBank may choose to exit the market at the opportune moment.
Editor Notes
SoftBank’s continued interest in the robotics industry, despite its past challenges, indicates a strong belief in the potential of AI and robotics integration. With investments in companies like 1X Technologies, SoftBank is positioning itself for future success in this rapidly evolving field. As AI technology continues to advance, the possibilities for AI-powered robots are boundless. It will be interesting to see how SoftBank’s investment in 1X Technologies pans out and whether it can overcome its previous setbacks in robotics. For more news and updates on AI and other emerging technologies, visit GPT News Room.
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