Apple’s key supplier, Foxconn Technology (FTC), has made a strategic investment in Hong Kong-based robotics firm Robocore Technology as the world’s largest precision electronics manufacturer forayed into the smart robotics market, according to a release on Wednesday.
FTC plans to invest up to $30 million in Robocore, starting with an initial investment of $10 million in exchange for a 6.6% equity stake in Robocore’s wholly owned subsidiary RoboTemis Global. The agreement also includes two subsequent investment tranches of $10 million each, which may be exercised on the first and second anniversaries of the initial investment, per the release.
The funding proceeds will be used to strengthen Robocore’s telemedicine business in the US, Europe, and Japan, as well as the launch of new consumer-facing products targeting the mainland China market. Robocore plans to initiate a public listing before 2030, without disclosing the destination.
Founded in 2019, Robocore designs, develops, and manufactures advanced robotics for healthcare, education, consumer, and smart facility management markets. The firm claims that its products are deployed at nearly 20,000 client sites worldwide.
With FTC’s strategic and manufacturing support, Robocore is expected to hit a three-fold revenue growth over the next three years and aims for a five-fold increase by 2028, per the release.
Besides its Hong Kong headquarter, the firm counts Israel-based RoboTemi Global as its wholly owned subsidiary to develop its key product — temi robot.
Robocore’s funding signifies a heightened investment interest towards Hong Kong startups. July marked a notable uptick in Hong Kong’s startup scene, with seven funding deals secured in a single month — equal to the total number of deals closed throughout the first six months of 2024.
