Following a successful prior investment, LG Electronics clinches a pivotal deal with Bear Robotics, becoming the majority shareholder by acquiring an additional 30% stake. The transaction established the tech startup, known for its AI-enabled server robots, as a subsidiary of LG Electronics, increasing its valuation to an impressive $600M.
No official comments on the economic details of the acquisition have been provided; however, speculations suggest a $180M stake, subject to confirmation on deal closure.
LG aims to upskill its commercial robot division through Bear’s AI technology, which specializes in remotely controlling multiple robots. The objective is to merge this technology with the incentive of LG’s CLOi Robots, reinforcing both their industrial and home robot sectors.
LG foresees an integration of Bear’s technology into the development of a multifaceted software platform catering to commercial, industrial, and home robot applications. This strategic move sets LG on a path of bolstered robotics software capabilities in an era where AI solutions dominate the robotics industry.
This groundbreaking development traces back to LG’s $60M investment in Bear Robotics in March 2024, crowning LG as the startup’s largest shareholder. However, Bear Robotics’ industry stature dates back to a $490M valuation in 2022, evidence of its monumental growth over a short period.
Despite the majority ownership change, Bear’s founding CEO, John Ha, and the current management team will continue to drive synergy with LG’s robotics unit. Bear’s specialty of operating indoor delivery robots in U.S., South Korea, and Japan aligns seminal with LG’s progressive home robot and industrial robot divisions.
LG commits to push the boundaries of innovation within all corners of robotics, continually subscribing to the power of technology in driving future growth. As advancements in AI technology continue to revolutionize various sectors, the emphasis on robotics grows stronger, creating anticipation around LG’s future contributions to the domain.
Having proactively engaged in robotics research and development for over a decade, LG stands at the forefront of the transformative power of AI. LG’s history with robot deployment, such as the guide robots at South Korea’s Incheon International Airport and projects like the self-driving AI home hub (Q9), further underlines this commitment.
Ultimately, this strategic acquisition equips LG to compete against tech rivals like Samsung in the home robotics sector, reinforcing its position in the emerging the tech landscape.
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