Mint Partners with Rice Robotics to Establish New Company
Mint announced that its wholly-owned subsidiary, Aspiration X, has entered into a joint venture agreement with Rice Robotics to establish Rice Robotics AGI, a new British Virgin Islands joint venture company. Rice Robotics AGI will focus on the development and sales of the next generation of AI companion robots, or as may be expanded or changed by Rice Robotics AGI from time to time in accordance with the JV Agreement. Pursuant to the JV agreement, Aspiration X and/or its nominee(s) will contribute HK$15M in funding, as well as provide human resources and research and development support to Rice Robotics AGI. On the other hand, Rice Robotics will, among other things, provide Rice Robotics AGI with its existing technology, intellectual property, clients, know-how and marketing and sales support. The JV agreement also contains customary provisions relating to governance of Rice Robotics AGI, including shareholder consent rights for certain significant matters, transfer restrictions, and pre-emptive rights in connection with future issuances of shares of Rice Robotics AGI. The establishment of this joint venture marks a significant strategic step by Mint to further expand its footprint in the AI companion robot market, expected to extend the Group's robotics capabilities from business-to-business applications into the consumer space. The collaboration brings together Mint's strategic resources with Rice Robotics' proven autonomous navigation and AI technology, building on the successful co-development and delivery of the FLOKI Minibot M1 for commercial applications. Rice Robotics AGI is now expected to channel that technical foundation directly into the consumer arena, focusing on developing and commercializing consumer-oriented AI companion robots that integrate emotional AI and autonomous navigation to create joyful everyday experiences.
