LG Electronics Makes $60 Million Investment in Bear Robotics to Strengthen AI-Based Service Robots Business

LG Electronics Makes $60 Million Investment in Bear Robotics to Strengthen AI-Based Service Robots Business

Seoul: In a strategic move to enhance its presence in the rapidly growing market of artificial intelligence-based service robots, LG Electronics announced a $60 million investment in Silicon Valley-based startup Bear Robotics. This investment solidifies LG Electronics’ position as the largest single shareholder in the US startup, known for its AI-driven autonomous service robots.

The decision to invest in Bear Robotics reflects LG Electronics’ long-term growth strategy, focusing on expanding its portfolio beyond hardware-centric products. The company’s shift towards a software-oriented approach aligns with its vision for the future, following its exit from the mobile phone manufacturing business in 2021.

Bear Robotics, founded in 2017 by former Google software engineer John Ha, has gained recognition for its expertise in platformising service robotics software, robot fleet management technology, and cloud-based control solutions. The startup offers AI-powered indoor delivery robot services in the United States, South Korea, and Japan, catering to a diverse range of industries.

LG Electronics’ investment in Bear Robotics is part of a broader initiative outlined by CEO Cho Joo-wan earlier this year, focusing on exploring opportunities in the service robotics market through investments and potential mergers and acquisitions. The company has already made strides in this sector, operating guide robot services at Incheon International Airport and introducing delivery and disinfection solutions for various commercial settings.

With the global service robotics market projected to reach $103.3 billion by 2026, LG Electronics is positioning itself to capitalize on this growth opportunity. By partnering with innovative startups like Bear Robotics, the company aims to stay at the forefront of technological advancements and deliver cutting-edge solutions to its customers.

As LG Electronics continues to evolve its business strategy and expand its presence in the AI-based service robotics market, industry professionals and enthusiasts are encouraged to stay tuned for the latest updates and insights. Subscribe to our newsletter for exclusive content and analysis, and download the ETTelecom App for real-time updates on this exciting development. Join the community of 2M+ industry professionals and be part of the future of technology.