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 of recognising objects, picking and storing inventory in warehouses. The company hopes to develop further robotic systems specifically targeted at the logistics industry.
Benjamin Erhart and Andreas Olmes, who supervised the deal on behalf of HTGF, said: “The trade sale of our shares to Siemens Novel Businesses one year after the seed financing is an outstanding example of a young, seed-financed company from a college environment that has the potential to make a significant contribution to a large company group like Siemens.”
This article first appeared on our sister site Global Corporate Venturing.
