LG Electronics Makes Strategic Investment in Bear Robotics to Lead Shift to Software-Defined Robotics
LG Electronics is taking a bold step towards leading the shift to software-defined robotics with a strategic investment in Bear Robotics, a Silicon Valley-based startup specializing in AI-driven autonomous service robots. The company has executed a stock purchase agreement to acquire a stake in Bear Robotics through an investment of USD 60 million, aiming to bolster its portfolio for long-term growth.
Founded in 2017, Bear Robotics has gained recognition for its AI-powered indoor delivery robots and platformizing service robotics software. LG’s CEO William Cho highlighted the company’s focus on areas such as delivery and logistics at CES 2024, emphasizing the importance of equity investments in the service robotics market.
LG is preparing for a transition towards Software-defined Robotics (SDR), aiming to develop scalable service robots on an open architecture software platform. By combining Bear Robotics’ R&D talents and software platform expertise with its own strengths, LG aims to standardize robot platforms and reduce market-entry costs, enhancing operational efficiency and fostering synergies.
The service robotics market is expected to experience rapid growth, with LG positioning itself as a key player in this sector. The company’s investment in Bear Robotics aligns with its Future Vision 2030, aiming to evolve into a Smart Life Solution Company that seamlessly connects customer experiences across various domains.
With this strategic investment, LG is poised to secure a winning competitive edge in the service robot market and develop its robot business into a new growth engine. As the market continues to evolve, LG is committed to exploring opportunities through the integration of cutting-edge technologies such as Embodied AI and robotic manipulation.
LG Electronics is a global innovator in technology and consumer electronics, with a presence in almost every country and a workforce of over 74,000. The company’s investment in Bear Robotics reflects its dedication to driving innovation and growth in the service robotics market, positioning itself as a leader in the shift towards software-defined robotics.
