SoftBank Group has partnered with Symbotic for a warehousing venture that will be majority owned by the Japanese investor and will buy $7.5 billion of the U.S. firm’s artificial intelligence-powered systems, the companies said.
The companies are investing a combined $100 million in the venture, which will be called GreenBox Systems.
GreenBox Systems, the 65-35 percent joint venture between SoftBank Group and Symbotic, will address the more than $500 billion annual warehouse-as-a-service market opportunity.
Symbotic announced an approximately $7.5 billion new customer contract with GreenBox, who will be the exclusive provider of Symbotic systems in the warehouse-as-a-service market, and will make supply chain services available to customers.
GreenBox will automate supply chain networks globally by operating and making accessible Symbotic’s AI and automation technology for the warehouse. Symbotic’s AI-powered robotics and software technology will be the cornerstone of GreenBox, installed in single and multi-tenant facilities.
GreenBox will order Symbotic’s systems over a six-year period commencing in fiscal year 2024, to be implemented across its warehouse network in larger-scale deployments than Symbotic’s current installed base systems.
Symbotic expects in excess of $500 million in annual recurring software, parts and services revenue from GreenBox once all systems are operational. Symbotic systems typically become fully operational within 24 months of project design approval.
