SoftBank-backed Startups Among Those Approved for US Paycheck Loan Program

Business Standard SoftBank-backed startups among those approved for US paycheck loan program

In-car monitoring technology firm Nauto Inc. was approved for $2-5 million.

Four technology startups backed by SoftBank Group Corp's $100 billion Vision Fund were among the small companies approved for a U.S. pandemic aid program, according to data released by the Treasury Department on Monday.

Car-sharing startup Getaround Inc., which raised $300 million in a round led by SoftBank in 2018, was listed as approved for a $5-10 million loan. The Treasury Department provided only ranges for loan amounts, and did not identify by name those recipients seeking loans of less than $150,000.

In-car monitoring technology firm Nauto Inc. was approved for $2-5 million. It raised around $150 million in July 2017 in a round led by SoftBank.

Energy technology firm Energy Vault, headquartered in Switzerland, was approved for a loan of $150,000 to $300,000. Energy Vault raised $110 million in August 2019 from SoftBank.

CloudMinds Technology Inc., a cloud-based systems for robots with the bulk of its workforce and revenue in China, was listed for a loan of $1-2 million. It raised $186 million in May 2019 in a round that included SoftBank, although SoftBank does not have a seat on the company board.

The Chinese company was added to a U.S. trade blacklist this year and has slashed its workforce globally, including in the U.S., Reuters previously reported. It's not clear whether companies on the blacklist are also eligible for the stimulus aid.