Foxconn Technology, helping Robocare with financial support, will also provide a boost to Hong Kong’s aspiration to become an innovation and technology hub.
A unit of Foxconn Technology Group, the largest electronics contract manufacturer, is putting its money of US$30 million in Robocore Technology, a Hong Kong-based company, marking its entry into the smart robotics industry.
The Taiwan-based company, publicly traded in Taipei and 9.88% owned by an Apple and NVIDIA supplier, made the investment as part of Robocore’s recently completed Series D funding round. Robocore is headquartered in the Hong Kong Science Park.
Robocare founder and Chief Executive Officer (CEO) Roy Lim Long-hei stated on Wednesday that he believes this investment was not merely a financial boost, but also affirms a vote of confidence in the company’s future prospects.
Lim noted that Foxconn Technology’s extensive manufacturing capabilities and supply chain network would help Robocore to grow more quickly and enter new markets. He also mentioned that the deal would hopefully help Robocore to get into an initial public offering in the United States (US) within the next five years.
The investment in smart robotics demonstrates the efforts of parent company Foxconn, which is listed as Hon Hai Precision Industry on the Taiwan Stock Exchange, to diversify its business from smartphones to AI servers and other cloud and networking products.
The company came to be known as a global tech manufacturing powerhouse by assembling iPhones, but it is no longer focusing on Apple, as it is now diversifying into AI to expand its income streams.
Robocare is involved in the design, development, and manufacturing of programmable service robots for use in healthcare, education, consumer markets, and smart facility management. Its subsidiary based in Israel, RoboTemi Global, is responsible for developing the artificial intelligence-enabled temi robot, a smart personal assistant for homes.
Foxconn Technology, helping Robocare with financial support, will also provide a boost to Hong Kong’s aspiration to become an innovation and technology hub.
The deal will start with an initial investment of US$10 million to acquire a 6.6% equity stake in RoboTemi Global, with two additional investments of US$10 million to be made following consecutive anniversaries of the initial investment, according to Robocore.
The proceeds from the funding round will be mainly used to strengthen Robocore’s telemedicine business in the United States, Europe, and Japan. Then, after that, they will focus on areas that include launching new products in the mainland Chinese consumer market and expanding global sales and marketing operations.
Lim wrote in an email that currently, their production capacity is divided equally between Dongguan and Taiwan. The Taiwan plant is increasing its output rapidly, mainly to meet the demands of the US healthcare and medical market. The tariffs imposed by US President Donald Trump have made production in Taiwan more appealing.
With Foxconn’s unit’s help, Robocore stated that it expects to achieve a fivefold increase in revenue over the next three years, aiming for a tenfold increase by 2028. Currently, its main markets are in the US, Hong Kong, and mainland China.
According to Robocare, its service robots are used in nearly 20,000 client places globally. In the United States, its product robots are used in 5000 sites spanning from hospitals, nursing homes, retail chains, and private homes.
In New York State alone, its Temi robots are used in more than 200 nursing homes to help doctors conduct remote diagnoses within two minutes, which enables lower insurance costs and improves medical coverage rates.
Lim added that, to date, about 720 Robocore service robots are active in 38 public hospitals across Hong Kong. He added that they are focusing on expanding internationally, keeping Hong Kong as a key reference point.
