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LG Electronics has secured a majority stake in Bear Robotics, a Silicon Valley-based startup specializing in AI-driven autonomous service robots. The acquisition aligns with LG's strategy to strengthen its presence in the robotics sector, a key growth area for the company.
LG’s board of directors exercised a call option to acquire an additional 30% stake in Bear. This follows an initial investment of $60 million in March 2024, which secured LG a 21% stake and a call option agreement for up to an additional 30% stake. Upon completion of the call option exercise, LG will hold a controlling 51% stake in Bear, effectively incorporating it as a subsidiary.
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LG’s commercial robot business, primarily centered around “LG CLOi Robots,” will be integrated within Bear Robotics. The key management team of Bear Robotics, including CEO John Ha, will remain in place and will continue to focus on creating synergies in LG’s commercial robot business.
Founded in 2017, Bear Robotics has gained recognition for its AI-powered indoor delivery robots, catering to markets in the United States, South Korea and Japan. The company is noted for its expertise in distributed multi-robot control, remote fleet management system and AI-powered robot platform.
LG aims to expand its presence in the commercial robot market through Bear Robotics. Concurrently, LG intends to leverage its AI and manufacturing expertise to reinforce its home and industrial robot businesses.
The home robot segment will be spearheaded by the LG Home Appliance Solution Company. The company’s focus will be on delivering a holistic experience where home robots, powered by LG’s Affectionate Intelligence, can astutely discern the well-being of family members and seamlessly integrate with home appliances and services.
A prime illustration of this vision is the Self-driving AI Home Hub named Q9, slated for release within the year. The Q9 harnesses multimodal sensing capabilities, encompassing voice, sound and image recognition, coupled with autonomous driving technology. This enables it to navigate the home effortlessly, precisely identify users’ status and respond to their needs effectively by seamlessly connecting and controlling home appliances and IoT devices. The Q9 adeptly navigates obstacles such as carpets and uneven surfaces, while its expressive display conveys emotions, fostering enhanced interaction and engagement.