SoftBank Robotics Invests In Hong Kong Startup Avalon SteriTech: Bloomberg

SoftBank Group Corp's SFTBY SFTBF robotics arm has agreed to buy a minority stake in cleaning technology startup Avalon SteriTech Ltd, Bloomberg reports.
SoftBank Robotics looks to acquire a 5% stake in the Hong Kong-based company. The financial terms of the deal remain undisclosed.
The investment marks SoftBank's Hong Kong debut.
The report noted Kent Yoshida, Chief Business Officer at SoftBank Robotics, will join Avalon SteriTech's board of directors.
The investment follows an existing joint venture between the companies that develops products and technologies for cleaning and bio-decontamination, focusing on Whiz Gambit, an AI-powered robotic cleaning system.
Avalon SteriTech looks to conduct a series A funding round to help grow in countries like the U.S., Australia, and the United Arab Emirates.
Price Action: SFTBY shares closed lower by 1.58% at $21.75 on Tuesday.