LG Electronics to Invest $60 Million in Bear Robotics
By Kwanwoo Jun
LG Electronics will invest $60 million in Silicon Valley startup Bear Robotics, stepping up its push for new growth engines.
The South Korean consumer electronics giant will be the largest single shareholder in the U.S. company specializing in autonomous service robots powered by artificial intelligence following the stock-purchase deal, it said in a statement Tuesday.
"The investment in Bear Robotics epitomizes LG's dedication in accelerating the advancement of its service robot sector, a pivotal component of its future growth strategy," the company said.
LG Electronics' move comes as the Seoul-based company has been struggling with sluggish demand for home appliances and other consumer electronics at home and abroad.
Bear Robotics, founded in 2017 by former Google software engineer Ha Jung-woo, has been recognized for its AI-powered indoor delivery robots in the U.S., South Korea and Japan, it said.
LG Electronics, which has robot assembly lines in South Korea, has marketed commercial robots for guidance, delivery and disinfection purposes since 2017 while seeking to expand its robotics business into the U.S., Japan and Southeast Asia, it said.
The global service robotics market is expected to grow to $103.3 billion by 2026 from $36.2 billion in 2021, fueled by rapid AI and communication technology development, it said.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
March 12, 2024 01:35 ET (05:35 GMT)
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