Redwood City, California, March 12, 2024–(BUSINESS WIRE)–Bear Robotics, a Silicon Valley pioneer in service robotics and artificial intelligence solutions, today announced the completion of a $60 million Series C funding round. The round is led exclusively by LG Electronics, a global leader in technology and innovation. This strategic injection moves Bear Robotics into new areas targeting emerging markets such as smart warehousing and supply chain automation, where the company unveils next-generation robotics platforms with autonomous navigation systems and adaptive learning algorithms Ready to meet the complex demands of modern supply chains and manufacturing processes.
“Our partnership with LG is more than just funding. It is a strategic alliance that enhances our mission to improve efficiency and productivity in an area ripe for innovation,” said Bear Robotics Chief Executive Officer. said John Ha, CEO of the company. “Leveraging our success in the hospitality sector, we are now expanding our technology horizons and customizing our solutions to meet the unique demands of smart warehousing and supply chain automation, which our robots can achieve in diverse environments. We are setting new benchmarks for what is possible.”
At CES 2024, LG CEO William Cho emphasized LG's focus on the service robot market and openness to strategic equity investments to drive future growth. This investment in Bear Robotics represents a pivotal step in LG's strategy to lead the transformation of service robotics in line with market dynamics and the strategic evolution of business models.
As the industry stands on the cusp of a robotics revolution, LG's strategic investment in Bear Robotics underscores our shared vision for a future where robotics and AI are critical to the industry's success. “This investment will help ensure LG and Bear Robotics' strong competitiveness in the service robot field,” said Lee Sam-soo, chief strategy officer of LG Electronics. “We are committed to evolving our robotics business as a key growth engine, exploring various opportunities through the integration of cutting-edge technologies such as embodied AI and robot handling.”
Bear Robotics will leverage this strategic partnership to introduce breakthrough solutions that address and anticipate the needs of industries around the world, setting new benchmarks in service efficiency and robotics innovation, and transforming We are preparing for a bright future.
About Bear Robotics
Founded in 2017, Bear Robotics makes self-driving indoor robots that assist with daily tasks to reduce the workload of employees. The company's flagship robot, his Servi robot, is installed in hospitality, healthcare, retail, logistics, and high-rise real estate facilities across North America, Europe, and Asia. For more information, please visit www.BearRobotics.ai.
About LG Electronics Co., Ltd.
LG Electronics is a global innovator of technology and consumer electronics with a presence in nearly every country and more than 74,000 international employees. Combined with his four companies in LG (Home Appliance & Air Solutions, Home Entertainment, Vehicle Component Solutions, and Business Solutions), his global revenue in 2023 will exceed 84 trillion won. LG is a leading manufacturer of consumer and commercial products ranging from televisions, home appliances, and air products. solutions, monitors, auto parts and solutions, and its premium LG SIGNATURE brand and intelligent LG ThinQ brand are well known around the world. For the latest news, please visit www.LGnewsroom.com.
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contact address
Gennaro Gallo
Phone: 844-729-2327
Email: press@bearrobotics.ai
Leah Lee
Phone: +82 2 3777 3981
Email: lea.lee@lge.com
Jenny Shin
Phone: +82 2 3777 3692
Email: jungin.shin@lge.com
