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

In Mujin, developer of a robot-control OS

Joins Series D round through TGC Square

Sees synergies with key SK affiliates

SK Square has invested in Mujin, a Japanese physical artificial intelligence company. The move underscores SK Square’s push beyond its AI and semiconductor-centered portfolio overhaul into physical AI.

According to industry officials on October 11, TGC Square, SK Square’s overseas investment arm, recently participated in Mujin’s Series D funding round. SK Square’s investment amount was not disclosed, but the round raised more than 300 billion won, or about $217 million.

Founded in 2011, Mujin is one of Japan’s leading physical AI companies. It has developed MujinOS, a general-purpose robot-control platform. Its core technology enables integrated control of entire facilities by making robots in warehouses and factories more intelligent and equipping them with a range of automation functions.

On the strength of that technology, Mujin has raised more than 600 billion won, or about $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 affiliates across SK Group. 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 inside semiconductor plants through a single operating system.

With the latest investment, the number of U.S. and Japanese AI and semiconductor companies backed by SK Square through TGC Square has risen to eight, based on disclosed deals. Previous investments include U.S. companies d-Matrix, TetraMem, Hammerspace and Numat Technologies, and Japan’s Qlux, iCore and Link-US. Among them, U.S. AI chip startup d-Matrix, which SK Square backed in 2023, has recently seen its valuation jump to about $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 keep reshaping its portfolio and pursuing new investments under a strategy of focus and selectivity to enhance corporate value as a semiconductor investment holding company.

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