SoftBank Robotics Invests In Hong Kong Startup Avalon SteriTech: Bloomberg

• SoftBank Group Corp's (OTC:SFTBY) (OTC: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.