Ricoh Co. Ltd. and Butlr Technologies Inc., a U.S.-based company that builds scalable people-sensing data infrastructure, have announced that the two companies have entered into a business alliance agreement through Ricoh's corporate venture capital (CVC) fund, the RICOH Innovation Fund, on Jan. 1, 2025. The Stock Purchase Agreement was signed on Dec. 13, 2024.

The Ricoh Group is dedicated to helping customers unlock their creative potential in the workplace. By harnessing digital technology, it optimizes business processes, boosts organizational productivity and fosters meaningful collaboration. In the Workplace Experience domain, Ricoh focuses on delivering optimal working environments that support seamless communication and high-quality collaboration-free from location constraints. Through this approach, it empowers customers to bring their ideas to life and create new value.

Through this capital and business alliance, Ricoh and Butlr will undertake and explore the following initiatives:

• Applying Butlr's sensor products and technologies to Ricoh's services, such as RICOH Spaces.
• Expanding the deployment of Butlr's sensor products and services, currently implemented locally by Ricoh, to global markets.
• Leveraging Ricoh's sales channels for the global distribution of Butlr's sensor products.
• Jointly developing new products and services that utilize Butlr's sensor technologies.
• Exploring other areas of mutual benefit identified by both companies.

Ricoh established this CVC fund in November 2023 and is working to accelerate its transformation into a digital services company by supporting the growth of B2B startups. 

"We are delighted to strengthen our partnership with Butlr through this capital and business alliance," said Sanae Endo, general manager of the Corporate Planning Center, Ricoh Co. Ltd. "I have no doubt that together with Butlr, we will further advance Ricoh's Workplace Experience business and contribute to the societal implementation of physical space AI that Butlr is striving to achieve."

"Our partnership with Ricoh enables us to expand our presence in the workplace and meet the growing demand for our Heatic 2+ sensors, which provide original, real-time insight into the needs of the workforce while ensuring privacy," said Honghao Deng, CEO and co-founder, Butlr. "Together, Ricoh and Butlr are transforming the workplace experience by enabling the highest levels of productivity and collaboration."

Looking ahead, Ricoh will continue to support the demonstration of human creativity and contribute to creating a sustainable future society by continuing to bring about change in how we work through collaboration and co-creation through open innovation.

Overview of Investment Partner:

• Company Name: Butlr Technologies Inc.
• Representative: Honghao Deng
• Headquarters: 800 Airport Boulevard, Suite 510, Burlingame, CA, 94010 U.S.A.
• Established: June 4, 2019
• Mission: To build the world's most scalable people-sensing data infrastructure, ushering in a new era of human-centered buildings and spaces.

Business Activities:

• Development of wireless sensors that detect human movement and presence using body heat.
• Space intelligence platform powered by AI and thermal sensing technology.