South Korea Based High-tech giant LG recently declared that, it has invested $60 million strategic investment in Silicon Valley-based startup Bear Robotics to strengthen its business capabilities in the booming market of artificial intelligence-based service robots.

With such a huge pool of investment, LG will become the single largest shareholder of US startup AI-driven Bear Robotics. In an official statement LG said, “Rather than seeking short-term returns, this strategic investment is aimed at bolstering our portfolio for long-term growth.”

The company is well-versed in in platformising service robotics software, robot fleet management technology and cloud-based control solutions. It was founded in 2017, by John Ha and got recognition for their autonomous indoor delivery robots. The company showed its expertise in making platforms for service robotics software and providing robot fleet management technology and cloud-based control solutions.

They have a service robot named as Servi, which is quite famous and being used in restaurants and indoor facilities in countries, including Korea, Japan and the US.

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. LG has forwarded into more promising sectors of robotics operating a guide robot service at Incheon International Airport. It has also said that, the company is committed to developing scalable service robots on an open architecture software platform so that it can cater to a variety of environments, recognizing the importance of standardizing AI-based autonomous robot platforms.

LG’s chief strategy officer, Lee Sam-soo, said, “From a mid- to long-term perspective, we will seek to develop our robot business into a new growth engine, exploring various opportunities through the integration of cutting-edge technologies such as embodied AI and robotic manipulation.”

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