Boston Dynamics sold to Hyundai in $1.1 billion settlement
Japanese holding company SoftBank has sold US-based robotics company Boston Dynamics to Hyundai in a $1.1 billion deal (€904 million).
The deal was announced on Friday, and with it, Hyundai owns a majority 80% stake in the company with SoftBank retaining a 20% stake through a subsidiary.
Boston Dynamics is perhaps most famous for its robot dog, Spot, which harnesses artificial intelligence to perform site reports for the construction industry.
The machine draws up progress reports and real-time solutions which may provide managers with efficient and effective problem management.
Read more: Trimble partnership unveils technologies for new robotic dog
The US company was sold to SoftBank by Google back in 2017 after having purchased it five years prior.
The deal comes as Hyundai is looking to expand its range into the robotics industry as part of a shift to a broader range of mobility services.
Hyundai CEO Euisun Chung has pledged to reduce the company's reliance on traditional cars and develop growth drivers including robotics and urban air mobility.
The company released a statement detailing its commitment to robotics software in warehouses and factories as well as service robots to aid the elderly or disabled.
It said: “This transaction will unite capabilities of Hyundai Motor Group and Boston Dynamics to spearhead innovation in future mobility."
Hyundai has come under fire for being slow to embrace new technologies has been rapidly increasing investment in new ventures since Chung took over as CEO in October.
He has promised to reform the company into a global leader in mobility services.
This comes as part of a $35 billion investment into moving away from traditional carmaking and breaking into more sustainable sectors such as electric vehicles, hybrids, hydrogen fuel cells and driverless cars over the next five years.
Read more: Hyundai to develop own EV platform & charging systems
Back in January, the company announced it was to make its first fully-electric vehicle - the Kona Electric - at a plant in the Czech Republic, tripling its consumer market.
The vehicle was previously only available in South Korea.
Also in January, the South Korean automaker announced a partnership with Uber to deliver the creation of flying taxis for the public sector.
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