LG acquires majority stake in AI service robot startup

Deal announcement: LG has acquired a controlling stake in Bear Robotics, an AI-powered service robot startup, integrating it into its existing CLOi robotics division.

Transaction details: The acquisition follows LG’s previous $60 million investment for a 21% stake in Bear Robotics in March, though the value of this latest controlling stake remains undisclosed.

• The merger combines Bear Robotics’ AI-powered service robots with LG’s established CLOi commercial robotics business
• LG previously held a minority stake of 21% in the startup
• The initial investment in March 2024 was valued at $60 million

Strategic vision: LG’s commitment to robotics development reflects its broader technological ambitions.

• Lee Sam-soo, an LG executive, emphasized the company’s belief in robots playing an “inevitable role in the future”
• The acquisition strengthens LG’s position in the commercial robotics sector
• The integration allows LG to expand its autonomous service robot capabilities

Looking ahead: This strategic acquisition positions LG to capitalize on the growing demand for service robotics in commercial settings, particularly as businesses seek to address labor shortages and increase operational efficiency through automation.