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LG Electronics Paves the Way for Service Robotics Growth with Bear Robotics Investment

2024-03-13 2 min read

LG Electronics Paves the Way for Service Robotics Growth with Bear Robotics Investment

Reading Time: 2 minutes

LG Electronics (LG) is strategically investing to accelerate the development of its service robotics capabilities, a crucial new business area for the company.

Through a USD 60 million investment, LG has entered into a stock purchase agreement to acquire a stake in Bear Robotics, a leading Silicon Valley-based startup specializing in AI-driven autonomous service robots.

This strategic investment is focused on strengthening LG’s portfolio for long-term growth, with the company set to become the largest single shareholder in Bear Robotics upon the completion of the stock purchase.

During CES 2024, LG’s CEO William Cho discussed potential equity investments, emphasizing a focus on areas like delivery and logistics within the service robotics market. LG is also considering future directions, including the possibility of equity investments or mergers and acquisitions.

Bear Robotics, founded in 2017 by CEO John Ha, has gained recognition for its AI-powered indoor delivery robots in the United States, South Korea, and Japan. The company is known for its expertise in platformizing service robotics software, robot fleet management technology, and cloud-based control solutions.

LG is transitioning towards Software-defined Robotics (SDR), emphasizing a shift from hardware to software, akin to the evolution observed in the mobility industry. With a commitment to developing scalable service robots on an open architecture software platform, LG aims to address various environments and standardize AI-based autonomous robot platforms.

With extensive experience in the robot business, LG has deployed robot solutions in diverse commercial spaces worldwide. By combining Bear Robotics’ R&D talents and software platform expertise with LG’s strengths, the collaboration aims to standardize robot platforms, reducing market-entry costs, enhancing operational efficiency, and fostering synergies.

LG’s investment in Bear Robotics reflects its dedication to accelerating the growth of its service robot sector, a crucial element of its future growth strategy. LG has nurtured its robot business as a core pillar, deploying robots in various settings, including airports, hotels, restaurants, hospitals, retail stores, museums, smart warehouses, and golf courses.

Anticipating rapid growth in the service robotics market driven by advancements in AI and communication technologies, LG aims to position itself as a Smart Life Solution Company. The company unveiled its Future Vision 2030 last year, outlining its goal to seamlessly connect and expand customer experiences across home, commercial, mobility, and virtual spaces.

[Korean Robotics Company News]

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