# GROOVE X

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/groove-x

- Industry: Consumer Products
- Headquarters: Tokyo, Japan
- Website: www.groove-x.com
- Total disclosed funding: $80M
- Latest round: Series B (Jun 12, 2019)
- Investors on record: 10

## About

GROOVE X, Inc. develops and manufactures innovative social robots, notably LOVOT, designed to enhance emotional well-being and foster human interaction. Their products aim to provide companionship and improve connectivity among users.Founded in 2015 and headquartered in Tokyo, Japan, GROOVE X, Inc. focuses on creating emotional support robots. The company was founded by Kaname Hayashi, who has a background in robotics. In total, the company has completed 8 deals, with its most recent funding round being a Series B that raised JPY 400.000 mn from NTT DOCOMO on March 15, 2022. As of now, the total amount raised stands at JPY 400.000 mn, with a current valuation of JPY 14,102.755 mn.GROOVE X specializes in the development and manufacturing of LOVOT, a family-oriented robot that promotes emotional well-being and companionship. LOVOT is marketed primarily in Japan, targeting families, healthcare facilities, and educational institutions. The company also offers accessories like the LOVOT carry backpack, enhancing the user experience and fostering positive interactions among users.In 2020, GROOVE X reported a revenue of JPY 7,015,774.3. The company generates revenue through direct-to-consumer sales and retail partnerships, focusing on their flagship product, LOVOT. Customers purchase LOVOT units alongside accessories, contributing to a pricing structure that reflects the premium nature of their robotics technology.GROOVE X plans to utilize recent funding to expand its reach beyond Japan, focusing on delivering its robots to international markets. The investment from Maezawa Fund, acquired on March 15, 2022, will support these initiatives. The company is also exploring the design and launch of new products aimed at enhancing customer engagement and interaction.

## Funding rounds

- Series B, Jun 12, 2019, $28M — Chubu Electric Power, SPARX Group
- Series A, Dec 4, 2017, $39M — INCJ, SMBC Venture Capital, SPARX Group, LINE Ventures, OSG Corporation, Shenzhen Capital Real Estate Fund, I-PEX Inc., AmTRAN Technology Co.,Ltd, Global Catalyst Partners
- Seed, Sep 30, 2016, $11M — SPARX Group, OSG Corporation, I-PEX Inc., AmTRAN Technology Co.,Ltd, Global Catalyst Partners
- Seed, Jan 7, 2016, $2M — SPARX Group, Global Catalyst Partners

## Investors

- SPARX Group (https://capitalatlas.ai/funds/sparx-group) — Seed, Series A, Series B
- Global Catalyst Partners (https://capitalatlas.ai/funds/global-catalyst-partners) — Seed, Series A
- OSG Corporation — Seed, Series A
- I-PEX Inc. — Seed, Series A
- AmTRAN Technology Co.,Ltd — Seed, Series A
- INCJ — Series A
- SMBC Venture Capital (https://capitalatlas.ai/funds/smbc-venture-capital) — Series A
- LINE Ventures (https://capitalatlas.ai/funds/line-ventures) — Series A
- Shenzhen Capital Real Estate Fund (https://capitalatlas.ai/funds/shenzhen-capital-real-estate-fund) — Series A
- Chubu Electric Power — Series B