LG Electronics Inc., a multinational company, has announced a $60 million investment to acquire a stake in Bear Robotics. This Silicon Valley startup is renowned for its AI-driven autonomous service robots. Once the stock purchase is finalized, LG will own the majority of Bear Robotics stocks, becoming the largest single shareholder.
Bear Robotics was founded in 2017 by CEO John Ha, a former Senior Software Engineer and Technical Lead at Google. The startup is earning recognition for its AI-powered indoor delivery robots that serve markets in the United States, South Korea, and Japan. The company showcases expertise in service robotics software, robot fleet management technology, and cloud-based control solutions.
The service robotics market is projected to experience substantial growth, with new advancements in technologies such as AI and communication being key drivers. Globally, the market is expected to grow from $36.2 billion in 2021 to $103.3 billion by 2026.
