REDWOOD CITY — Bear Robotics, a Silicon Valley manufacturer of service robotics and artificial intelligence solutions, has completed a $60 million Series C funding round exclusively led by South Korea’s LG Electronics.
This strategic infusion propels Bear Robotics into new territories, targeting emerging markets such as smart warehousing and supply chain automation, where the company is poised to unveil its next-generation robotics platform, featuring autonomous navigation systems and adaptive learning algorithms, meticulously designed to meet the complex demands of modern supply chains and manufacturing processes.
“Our partnership with LG goes beyond funding; it’s a strategic alliance that boosts our mission to enhance efficiency and productivity in sectors ripe for innovation,” stated John Ha, CEO of Bear Robotics. “Capitalizing on our success in the hospitality sector, we are now expanding our technology’s horizon, customizing our solutions to meet the unique demands of smart warehousing and supply chain automation, and setting new benchmarks for what our robots can achieve in diverse environments.”
At CES 2024, LG CEO William Cho highlighted the company’s focus on the service robotics market and its 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 in service robotics, aligning with market dynamics and the strategic evolution of its business models.
As the industry stands on the cusp of a robotics revolution, LG’s strategic investment in Bear Robotics underscores a shared vision for a future where robotics and AI are integral for industry success. “This investment will help secure a leading competitive edge for LG and Bear Robotics in the service robotics domain,” noted Lee Sam-soo, Chief Strategy Officer at LG Electronics. “We are committed to evolving our robot business as a key growth engine, exploring various opportunities through the integration of cutting-edge technologies such as Embodied AI and robotic manipulation.”
