Bear Robotics Receives $60 Million Investment from LG

LG Electronics may no longer be a name in smartphones, but it still sees a big future in devices like robots. The company today confirmed a $60 million investment in Bear Robotics, a Californian startup that makes AI-powered waiter robots (autonomous tray towers on wheels that are intended to replace waiters) for restaurants and other venues. The investment makes LG Electronics Bear's largest shareholder. According to PitchBook data, Bear's last donation in 2022 valued the company at just over $490 million post-money. It's not clear what the valuation is for this latest investment, but last year was not a great year for startups in this space.

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Giant Investment from LG to Bear Robotics Company

The Bear investment comes nearly two months after LG CEO William Cho hinted at CES 2024 in January that LG was interested in equity investments in robots specialising in delivery and logistics. Following LG's closure of its struggling mobile business globally in April 2021, the Korean electronics and appliance giant has shifted its business focus to other growth areas, including smart homes, connected devices, Internet of Things (IoT), electric vehicle (EV) components, and robotics and artificial intelligence platforms.

This investment is not LG's first robotics business. The Korean electronics company has been researching and developing software and hardware in robotics for years. According to its statement, LG deployed guide robots at Incheon International Airport, South Korea's largest airport, in 2017.