Private equity giant EQT discusses its humanoid robot rollout
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Photo illustration: Maura Losch/Axios. Photo: Courtesy of Figure.
Humanoid robot maker 1X on Monday announced a deal whereby it will make up to 10,000 of its machine men available to portfolio companies of EQT, the alternative investments giant whose venture capital arm is a 1X investor.
Why it matters: This is nightmare fuel for private equity critics.
Zoom in: Axios had some questions for EQT Ventures partner Ted Persson. What follows is an edited version of our emailed discussion:
Axios: What EQT looking for a humanoid robot partner?
Persson: "The MoU isn't about EQT 'selecting a robotics partner,' but rather establishing a framework for collaboration and learning with a company we already know well and believe has the potential to lead this category."
What's the backstory of the deal?
"This came together very organically. EQT Ventures has been an investor in 1X since 2023, so we've had a long-standing relationship and close view of their progress.
- "As 1X began preparing for commercial-scale rollout, both sides saw an opportunity to explore how humanoid robotics could potentially support EQT's global portfolio, particularly in industries facing labor shortages or complex operational needs."
How will EQT gauge ROI here?
"The MoU is not a financial investment or a deployment commitment, so ROI isn't measured in the traditional sense. The goal is to help portfolio companies understand where humanoid robotics can have the potential to safely and meaningfully support their operations.
- "Any actual adoption, including commercial terms, pricing, or number of units, will be entirely decided by each individual portfolio company.
- "We also believe this market could be supply-constrained in the coming years, so giving our companies early access helps ensure they're able to adopt the technology if and when it becomes relevant to them."
Who would pay for the robots? EQT or portfolio companies? "1X manages all the commercial arrangements directly with the companies. [EQT's] role is to facilitate access, knowledge sharing, and responsible exploration of the technology.
- "The intent to collaborate under the MoU covers the entire EQT platform. That means any EQT portfolio company, across private capital and real assets, can choose to explore a pilot with 1X if it makes sense for their operations."
