LG has increased has taken a majority stake in Bear Robotics, a Silicon Valley-based startup specializing in AI-driven autonomous service robots.
The electronics giant first bought into the company last march when it paid $60m for a 21 percent stake and has now exercised an option to buy a further 30%, giving it majority control.
LG’s existing commercial robot business, primarily centred around its CLOi Robots products, will be integrated with Bear Robotics which will continue to be led by members of its key management team including CEO John Ha.
Founded in 2017, Bear Robotics develops AI-powered indoor delivery robots for clients in the United States, South Korea and Japan and LG says it will use the firm to expand its presence in the commercial robot market.
LG will also continue its work on home robots which will be spearheaded by the LG Home Appliance Solution Company.
“This additional investment underscores our dedication to positioning robots as a pivotal growth engine for the company, reflecting our belief in their inevitable role in the future,” stated Lee Sam-soo, Chief Strategy Officer at LG Electronics.
“We will persist in driving innovation across all sectors of robotics, encompassing commercial, industrial and home applications.”