South Korean LG Electronics (LG), on Monday, said it will acquire a majority stake in the California-based start-up Bear Robotics through an investment of $60 million as part of LG’s expansion and advancement in service robotics.
The electronics company said, upon the closing of the deal, LG will hold the largest portion of shares in the AI-powered indoor robotic firm on a single-shareholder basis.
Founded in 2017, Bear Robotics looks to provide innovative robotic solutions to the health and hospitality industry, the firm designed robots named Servi, Servi Plus, and Servi Lift serving different features.
The robot maker was founded by John Ha, former Senior Software Engineer at Google, and it specializes in customized service robotics software, robot fleet management technology, and cloud-based control solutions.
LG Business Solutions USA, a subsidiary of LG also collaborated with SVT Robotics, software provider, to deploy LG’s new CLOi CarryBot, autonomous mobile robots (AMRs) in the United States warehouse environment.
Earlier this year, LG Electronics along with the State of West Virginia collaborated to grow new business ventures in the state to advance the development of new technologies for renewable energy, healthcare, and industries of the future.
To read more on Technology, head to the link.
