SoftBank has announced a joint venture with US firm Symbotic to provide an artificial intelligence (AI) powered warehousing service. The Japanese multinational said it had purchased additional shares from Symbotic.

The venture, named GreenBox Systems LLC, will see SoftBank and Symbotic invest $100m, with the firms owning 65% and 35% of GreenBox, respectively.

The Massachusetts-based supply-chain company Symbotic will exclusively provide approximately $7.5bn of its AI-powered systems to GreenBox’s warehouses.

The venture will capitalise on the warehouse-as-a-service market, which is valued at $500bn annually, according to a joint company statement.

Vikas J. Parekh, managing partner at SoftBank Investment Advisers, said “GreenBox taps into the powerful potential of AI and other enabling technologies in supply chains”

“GreenBox will equip customers with more intelligent, streamlined, and scalable warehousing solutions while eliminating the burden of major capital expenditures,” Parekh added.

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“GreenBox enables Symbotic to bring the benefits of our technology to a broader customer universe, expanding our market opportunity,” said Rick Cohen, Symbotic’s chairman and CEO.