[Exclusive] SK Square Invests in Japan Physical AI Firm Mujin

In Mujin, developer of a robot-control OS

Joins Series D through TGC Square

Expects synergies with key SK affiliates

SK Square has invested in Mujin, a Japanese physical AI company. The move underscores how SK Square, which is reshaping its portfolio around AI and semiconductors, is broadening its investment reach into physical AI.

TGC Square, SK Square’s overseas investment unit, recently participated in Mujin’s Series D funding round, according to industry sources on October 11. SK Square’s investment amount was not disclosed, but the round raised more than 300 billion won ($217 million).

Founded in 2011, Mujin is one of Japan’s leading physical AI companies. It has Mujin OS, a general-purpose robot control platform. Its core technology makes robots in warehouses and factories more intelligent while enabling integrated control of entire facilities with a range of automation functions.

Based on that technology, Mujin has raised more than 600 billion won ($435 million) to date. Investors in a funding round late last year included Japan’s NTT Group, the Qatar Investment Authority and Salesforce Ventures. Mujin was valued at more than $1 billion.

SK Square is understood to have focused on the synergies Mujin’s physical AI technology could create with key SK Group affiliates. The technology could be applied to semiconductor packaging, logistics processes and fab construction sites. It could also accelerate the development of autonomous fabs by integrating and controlling various logistics robots in semiconductor plants through a single operating system.

With the latest deal, the number of US and Japanese AI and semiconductor companies backed by SK Square through TGC Square has risen to eight, based on announced investments. It had previously invested in US companies d-Matrix, TetraMem, Hammerspace and Numat Technologies, and in Japan’s Qlux, iCORE and Link-US. Among them, d-Matrix, a US AI chip startup that received SK Square’s investment in 2023, has recently seen its valuation climb to more than $2 billion, more than seven times the level at the time of SK Square’s investment.

“We plan to continue identifying new investment opportunities across the AI and semiconductor value chain,” an SK Square official said. The company will reorganize its business portfolio and pursue new investments under a strategy of selection and concentration to raise corporate value as a semiconductor-focused investment holding company, the official added.

Ra Hyun-jin, Hankyung.com reporter raraland@hankyung.com