LG Electronics is investing $60m in Bear Robotics, a Silicon Valley startup specialising in AI-driven autonomous service robots.
LG aims to expedite the advancement of its capabilities in service robotics, focusing on long-term growth rather than short-term returns.
The investment positions LG as the largest single shareholder in Bear Robotics after the stock purchase agreement is closed.
Bear Robotics, founded in 2017, is known for AI-powered indoor delivery robots and platforms service robotics software, robot fleet management, and cloud-based control software.
In a press statement, LG said it is preparing to transition to Software-defined Robotics (SDR), emphasising a shift from hardware to software in its robot business.
LG has experience deploying robot solutions in various commercial spaces and operates a dedicated facility for service robot production.
LG believes the service robotics market is expected to grow rapidly, from $36.2bn in 2021 to $103.3bn by 2026, driven by advancements in AI and communication technologies.
Go deeper with GlobalData
GlobalData’s Thematic Intelligence: Robotics (2023) report found that exoskeletons, logistics robots, drones, and consumer robots will be the fastest-growing robotics segments between 2022 and 2030, with the exoskeleton market expected to grow at a compound annual growth rate of 39%.
Advances in cloud and AI which will help inter-robotic connectivity will stimulate this growth. By 2030, GlobalData estimates that the total robotics market is forecast to be worth over $218bn.
