Markets

LG Acquires Stake In Bear Robotics For $60 Mln

March 11, 2024 — 11:38 pm EDT

Written by RTTNews.com for RTTNews

(RTTNews) - LG Electronics Inc. (LG) said it has executed a stock purchase agreement to acquire a stake in Bear Robotics, a prominent Silicon Valley-based startup specializing in AI-driven autonomous service robots, through an investment of $60 million.

Upon closing the stock purchase, the company will hold the largest portion of shares in Bear Robotics on a single-shareholder basis.

Founded in 2017 under the leadership of CEO John Ha, a former Senior Software Engineer and Technical Lead at Google, Bear Robotics has gained recognition for its AI-powered indoor delivery robots catering to markets in the United States, South Korea and Japan. Bear Robotics is drawing attention for its expertise in platformizing service robotics software, robot fleet management technology and cloud-based control solutions.

The service robotics market is expected to experience rapid growth, propelled by the rapid advancement of technologies such as AI and communication. On a global scale, the market is anticipated to grow from $36.2 billion in 2021 to $103.3 billion by 2026.

RTTNews
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.
More articles by this source

Tags

Markets

Latest Articles
Data is currently not available