LG Electronics announced an investment of $60 million in Bear Robotics, a Silicon Valley-based startup, signaling its commitment to fortify its presence in the burgeoning artificial intelligence (AI)-based service robots market.
LG Electronics will emerge as the primary shareholder in the U.S. startup renowned for its expertise in AI-driven autonomous service robots.
Bear Robotics, established in 2017 by former Google software engineer John Ha, has garnered attention for its AI-powered indoor delivery robot services operational in the United States, South Korea, and Japan, Yonhap news agency reported.
The startup has carved a niche for itself with its prowess in service robotics software platformization, robot fleet management technology, and cloud-based control solutions.
LG Electronics highlighted that this investment aligns with its overarching strategy of transitioning from a hardware-centric to a software-oriented company, a shift underscored by its exit from the mobile phone manufacturing business in 2021.
This move mirrors a broader vision outlined by LG Electronics CEO Cho Joo-wan earlier in January, wherein the emphasis was laid on exploring investments or potential mergers and acquisitions within the service robotics domain.
Notably, LG Electronics has already ventured into this promising sector by implementing a guide robot service at Incheon International Airport since 2017 and introducing delivery and disinfection solutions tailored for various commercial environments.
According to LG Electronics, the global service robotics market is poised for exponential growth, projected to surge from $36.2 billion in 2021 to $103.3 billion by 2026.
