Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = LG Electronics has invested $60 million(KRW 80 billion) in BearRobotics, an AI-based self-driving service robot startup, and signed a share subscription agreement to acquire a stake in the company.

The equity investment is part of a strategic investment to enhance its business portfolio. Upon closing of the transaction, LG Electronics will become the largest single shareholder of BearRobotics.

BearBotics was founded in 2017. It is led by CEO Ha Jung-woo, a former Google software engineer and tech lead. With AI-based autonomous indoor delivery robots, it provides services in Korea, the US, and Japan.

“LG Electronics’ commercial robotics business is mainly focused on service areas such as delivery and logistics, and we are open to the possibility of equity investment or M&A, and are carefully watching the direction of development,” said CEO Jo Joo-Wan at the CES 2024 press conference in Las Vegas earlier this year.

LG Electronics believes that the paradigm of commercial robots will shift to AI-based software-defined robots(SDR).

By Soon-ki Lee(s8789@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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