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SoftBank joins US$300M round in Chinese robot startup

SoftBank Group Corp.'s SoftBank Vision Fund LP is entering a US$300 million investment round in China-based robotics and artificial intelligence startup CloudMinds Technologies Co. Ltd., Bloomberg News reported March 26, citing a Cloudminds interview.

The latest funding, which is aimed at helping Cloudminds increase its production capacity, is in early stages and is subject to change, according to Cloudminds' CFO Richard Tang.

The latest funding round will finance the development of Cloudminds' US$20 million production line, which is being built in Shanghai, according to the report.