LG Electronics invests 60M$ in service robots
LG Electronics is investing USD 60 million in Bear Robotics, a Silicon Valley AI robot startup, becoming its largest single shareholder.
At CES 2024, William Cho, LG's CEO indicated a focus on delivery and logistics within the service robotics sector and openness to investments to bolster this area.
Bear Robotics, established in 2017 by ex-Google engineer John Ha, is known for its AI delivery robots made in South Korea costing $999 monthly fee for Servi in the U.S (near $2.75 per hour),
With $60 million Series C funding LG will be the largest single shareholder of Bear Robotics following 2022's Series B funding round of $81 million.
LG is shifting towards software-driven robotics, aiming to standardize AI robot platforms for varied environments. LG has experience in deploying robots in public spaces and runs a dedicated service robot facility at LG Future Park in Gumi.
This long-term growth strategy is expected to help LG develop scalable service robots on an open architecture software platform, enhancing operational efficiency and reducing market entry costs.
“Just as Android revolutionized the smartphone era, standardized open platforms are essential for the activation of the robot market,” said Ha.
LG views service robotics as a future growth pillar, expanding from initial guide robots at airports to various commercial applications.
The global service robotics market is projected to expand significantly in the coming years.
STATISTA estimates a worldwide market value of US$33.50bn in 2024 forecasting to reach US$55.18bn by 2028.
LG states that the investment will help develop the robot business into a significant growth engine for the company.
🎯 Related AGV Network Articles
Spread the word 📢
Related News
