lg-electronics-acquires-majority-stake-in-bear-robotics-valuing-startup-at-600m

LG Electronics Acquires Majority Stake in Bear Robotics, Valuing Startup at $600M

LG Electronics, a leading South Korean tech company, has made a significant move in the world of robotics. In a recent announcement, LG revealed that it has acquired an additional 30% stake in Bear Robotics, a California-based startup known for its AI-powered server robots designed for restaurants. This acquisition brings LG’s ownership in Bear to a majority stake of 51%, effectively making Bear a subsidiary of the larger company.

LG’s Strategic Investment

The deal, which has not disclosed the exact financial details, is estimated to value Bear Robotics at a substantial $600 million. This move marks a strategic decision by LG to capitalize on the growing potential of robotics technology as a key driver of future growth. The acquisition of Bear Robotics aligns with LG’s vision to enhance its commercial robot unit, known for developing “LG CLOi Robots,” and strengthen its presence in the home and industrial robot sectors.

Bear Robotics’ Expertise

Bear Robotics is recognized for its advanced AI technology that enables the efficient control of multiple robots, particularly in managing fleets remotely. LG plans to leverage Bear’s expertise to develop a comprehensive software platform for commercial, industrial, and home robots. With a focus on AI-driven solutions, this collaboration is expected to enhance LG’s capabilities in robotics software and position the company for future success in the rapidly evolving robotics industry.

CEO John Ha’s Vision

John Ha, the CEO and founder of Bear Robotics, brings a unique perspective to the partnership, having transitioned from a Google software engineer to a restaurateur before establishing Bear in 2017. His firsthand experience with the challenges of the restaurant industry inspired the creation of serving robots that are now operational in the U.S., South Korea, and Japan. The collaboration with LG will enable Ha and his team to continue innovating and creating synergies that drive the evolution of robotics technology.

LG’s Commitment to Innovation

Lee Sam-soo, chief strategy officer at LG Electronics, emphasized the company’s dedication to advancing robotics as a key growth engine. LG’s long-standing commitment to research and development in robot software and hardware positions it as a leader in the field. With a history of deploying guide robots at major airports and a thriving home robotics division, LG is poised to shape the future of robotics across various sectors.

As LG continues to expand its presence in the robotics market, the acquisition of Bear Robotics signals a strategic investment in the future of technology. With a focus on innovation and collaboration, LG is set to redefine the possibilities of robotics in commercial, industrial, and home applications.