Siemens Novel Businesses has acquired the stake in automated robotics developer Magazino held by High-Tech Gruenderfonds.
Corporate-backed venture capital fund High-Tech Gruenderfonds (HTGF) has sold its stake in Germany-based robotics technology startup Magazino to Siemens Novel Businesses, a subsidiary of electronics conglomerate Siemens.
The size and value of HTGF’s stake have not been revealed. The fund was among the investors in a seed round of undisclosed size in May 2014 alongside two undisclosed angel investors.
Founded in 2014 as a spin-out of Technical University of Munich, Magazino has developed an autonomous robot that is capable…
