TOKYO/NEW YORK (Reuters) – SoftBank-backed startup CloudMinds has been blocked from sharing U.S.-origin technology with its China business, documents showed, illustrating how increased U.S. government restrictions are creating new headaches for tech firms and their investors.
FILE PHOTO: The CloudMinds XR-1 robot performs for visitors at the Mobile World Congress in Barcelona, Spain, Feb. 25, 2019. REUTERS/Rafael Marchante/File Photo
The U.S. Commerce Department sent a letter in July informing CloudMinds it could not transfer technology or technical information – even software bugs – from its U.S. unit to its offices in Beijing without licenses, according to a company training video and internal communications reviewed by Reuters.
The provider of cloud-based systems for robots learnt of the sweeping restrictions – reported here for the first time – just as it was wooing ultimately unconvinced investors for a proposed U.S. initial public offering (IPO).
No licenses have been…
Source Reuters Tech News