Foxconn engages in a $30 million investment in Robocore, expanding its presence into the realms of medical and elderly care robotics.
Foxconn Makes Strategic Investment in Robocore Technology Limited
Foxconn Technology Co., Ltd., a global leader in technology manufacturing, has made a strategic investment of up to $30 million in Robocore Technology Limited, a Hong Kong-based open-platform service robotics enterprise. This investment is aimed at expanding Foxconn's presence in the medical and elderly care robotics market, as well as strengthening Robocore's telemedicine business and launching new consumer products.
The investment will be made in phases. Foxconn has already acquired a 6.6% equity stake in Robocore’s subsidiary RoboTemi Global Ltd., through an initial $10 million investment in preferred shares. Over the next two years, two additional $10 million tranches may be exercised on the first and second anniversaries of the initial investment, subject to mutual agreement or third-party valuation.
Robocore's products, which are deployed at nearly 20,000 client sites worldwide, include programmable service robots for healthcare, education, consumer, and facility management sectors. Notably, over 5,000 sites in the US, including hospitals, elderly homes, retail chains, and households, utilize Robocore's products. In New York State alone, more than 200 elderly homes use Robocore's temi robots for remote diagnoses, reducing insurance costs and improving medical coverage rates.
Foxconn's manufacturing and supply chain expertise is expected to help Robocore scale rapidly, with the goal of achieving at least a three-fold revenue growth in three years and a five-fold increase by 2028. This growth will further consolidate Robocore's industry leadership position while preparing for a pre-2030 Initial Public Offering (IPO).
This strategic move aligns with Foxconn’s broader diversification from smartphones into smart robotics, AI, and cloud-related technologies. It also contributes to Hong Kong's ambition to grow as an innovation and technology hub, as expressed by HKSTP's Acting Chief Operating Officer, Mr Eric Or. AI plays a significant role in Hong Kong's long-term economic development, according to Mr Or.
Robocore Technology's CEO, Mr Roy Lim, stated that the investment is an affirmation of the company's future prospects. Proceeds from this funding round will be used to strengthen Robocore’s telemedicine business, launch new products for mainland China's consumer market, and expand global sales and marketing operations.
With this investment, Foxconn officially enters the smart robotics market. Robocore, headquartered in Hong Kong Science Park, is the world's leading open-platform service robotics enterprise. The company's growth strategies aim to further consolidate its industry leadership position while preparing for a pre-2030 IPO.
