South Korean tech giant LG Electronics Inc. announced Tuesday that it signed a $60 million stock purchase agreement to acquire a stake in Bear Robotics Inc., a Silicon Valley-based startup specializing in AI-driven autonomous service robots.
The move is seen as part of an effort to transform the company into a smart life solution entity. Following the investment, LG Electronics is expected to become the single largest shareholder of Bear Robotics. Bear Robotics, founded by former Google software engineer Ha Jung-woo in 2017, specializes in AI-based indoor autonomous delivery robots, offering services not only in Korea but also in the United States and Japan. LG Electronics is also expanding its business beyond service robots to include industrial robots with a focus on smart factories and home robots such as smart home AI agents. The company is also actively using AI technology in its traditional strengths like home appliances and TVs, while exploring new business areas such as smart homes, mobility, commercial ventures, and metaverse, to diverse its portfolio. Source: Pulse News
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