LG Electronics said on Tuesday it has made a $60 million strategic investment in Silicon Valley-based startup Bear Robotics in a move to strengthen its business capabilities in the booming market of artificial intelligence-based service robots.<\/p>\n
Under a new stock purchase agreement, LG Electronics will become the largest single shareholder in the US startup specialising in AI-driven autonomous service robots.<\/p>\n
“Rather than seeking short-term returns, this strategic investment is aimed at bolstering LG Electronics’ portfolio for long-term growth,” the company said in a statement.<\/p>\n
Founded in 2017 by former Google’s software engineer John Ha, Bear Robotics offers AI-powered indoor delivery robot services in the United States, South Korea and Japan, reports Yonhap news agency.<\/p>\n
The startup is well known for its expertise in platformising service robotics software, robot fleet management technology and cloud-based control solutions.<\/p>\n
LG Electronics said the latest investment is also in line with its long-term strategy to transition from a hardware-centric to a software-oriented company, following its exit from the mobile phone manufacturing business in 2021.<\/p>\n
The move is also part of a broader strategy outlined by LG Electronics CEO Cho Joo-wan in January, which emphasized exploring investments or mergers and acquisitions within the service robotics market.<\/p>\n
LG Electronics has already taken steps into this promising sector, operating a guide robot service at Incheon International Airport, west of Seoul, since 2017 and introducing delivery and disinfection solutions for diverse commercial settings.<\/p>\n
The global service robotics market is anticipated to grow from $36.2 billion in 2021 to $103.3 billion by 2026, according to LG Electronics.<\/p>\n","protected":false},"excerpt":{"rendered":"
LG Electronics said on Tuesday it has made a $60 million strategic investment in Silicon Valley-based startup Bear Robotics in a move to strengthen its business capabilities in the booming market of artificial intelligence-based service robots. Under a new stock purchase agreement, LG Electronics will become the largest single shareholder in the US startup specialising in AI-driven autonomous service robots. “Rather than seeking short-term returns, this strategic investment is aimed at bolstering LG Electronics’ portfolio for long-term growth,” the company said in a statement. Founded in 2017 by former Google’s software engineer John Ha, Bear Robotics offers AI-powered indoor delivery […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800983","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800983"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800983\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}