Robotics Industry

South Korea’s LG Electronics Invests $60 million into US startup Bear Robotics

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LG Electronics has invested $60 million in a US startup, Bear Robotics, aiming to lead the future of service robotics globally.

LG Electronics has invested $60 million in Bear Robotics, a US service robots startup company based in Redwood City, California. LG is a South Korea tech conglomerate, that specializes in telecommunications and electronics. Established in 2017, Bear Robotics uses Autonomous Mobile Robots (AMRs) for the food and hospitality industry in the United States, Japan, South Korea, and Singapore. With a vision for a sustained future, LG aims to strengthen its artificial intelligence robot services. Having purchased $60 million worth of Bear Robotics’ stock, LG now owns the largest percentage of shares as a single shareholder.

The CEO of Bear Robotics, John Ha, wanted to improve the model of the restaurant business, increase its efficiency, and give employees of restaurants the chance to allot more time to serve their customers. After succeeding in creating this well-designed system, Bear Robotics wanted to further improve its “smart warehousing and supply chain automation,” which it can do with LG's funding and partnership. LG also has acquired specialized experience of service robots across different sectors. Working and sharing expertise together with Bear Robotics, LG will be able to improve its robotics industry and reach its goal of being the leader for a centralized service robots industry. LG's goal is to make use of service robots affordable to businesses so that businesses can earn more profits and be as efficient as possible.

LG is forward thinking in investing in industries that will dominate markets for years to come. One aspect of this is improving its service robot area. It started to do so with information guide robots at the Incheon Airport, and continues to improve and expand its development in this area. The service robotics industry is anticipated to expand from $36.2 billion to $103.3 billion by 2026 worldwide. The partnership between Bear Robotics and LG aims to enhance efficiency in the service industry through robotics services and allow both companies to reach their business goals across South Korea, the United States, and the rest of the world. Bear Robotics issued an official statement in response to the funding received from LG, which said: “This investment not only secures a leading competitive edge for both companies but also underscores our shared commitment to driving innovation and efficiency across industries worldwide.”

Tatiana Ostwalt is a Young Professional at the East-West Center in Washington DC. She recently completed a Master of International Affairs from Columbia’s School of International and Public Affairs, where she studied International Economic Policy and Data Analytics and Quantitative Analysis as a STEM degree, and East Asia.