Hyundai purchases Boston dynamics for $1.1 Billion (R16.68 Billion)

Hyundai Motor Group has purchased a controlling interest in Boston Dynamics, valued at $1.1 billion (R16.68 Billion) from SoftBank Group Corp, but Softbank will still retain a 20 percent stake in the business through one of its affiliates.

The American engineering and robotics design company is the established leader in developing agile, mobile robots that have been successfully integrated into various business operations. It has come a long way since first showing off its early robotics exploits. Its products have started with real world use cases, and is now available to purchase for a wide range of purposes as well.

Based on the statement released by the car manufacturing company, they decided to purchase the robotics firm, because it “possesses multiple key technologies for high-performance robots equipped with perception, navigation, and intelligence.” It also intends to use the Boston Dynamics offices in Boston and Silicon Valley to recruit top talents and new collaboration projects with other businesses.

While Spot is arguably their most famous product, Boston Dynamics has also been working on humanoid robots for many years. Hyundai will expand its offerings by developing humanoid robots for services such as caregiving at hospitals in the future. This is where Boston Dynamics’ Atlas comes in. Boston Dynamics CEO Robert Playter said in a statement:

“Boston Dynamics’ commercial business has grown rapidly as we’ve brought to market the first robot that can automate repetitive and dangerous tasks in workplaces designed for human-level mobility. We and Hyundai share a view of the transformational power of mobility and look forward to working together to accelerate our plans to enable the world with cutting edge automation, and to continue to solve the world’s hardest robotics challenges for our customers.”

The company started life as a spinoff from a Massachusetts Institute of Technology project in 1992. Google then acquired it in 2013 which eventually fell under the bigger Alphabet business. Alphabet then sold it to Softbank in 2017.

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