Bear Robotics Lands $60 Million in Series C Funding from Tech Giant LG Electronics
Bear Robotics, a Silicon Valley trailblazer in service robotics and artificial intelligence solutions, today announced the completion of a $60 million Series C funding round. This round is exclusively led by LG Electronics, a global leader in technology and innovation. 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240312368593/en/
Bear Robotics embarks on a new era, targeting breakthroughs in automation and accelerating the future of service robotics with $60 million in funding from LG Electronics. (Photo: Business Wire)
"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."
Bear Robotics is gearing up for a transformative future, leveraging this strategic partnership to introduce groundbreaking solutions that respond to and foresee the needs of industries worldwide, setting new benchmarks in service efficiency and robotics innovation.
About Bear Robotics
Founded in 2017, Bear Robotics manufactures self-driving indoor robots to assist employees on daily tasks that can ease their workload. The Company’s flagship Servi robots have been deployed in hospitality, healthcare, retail, logistics and multi-story real estate venues in North America, Europe, and Asia. For additional information, please visit: www.BearRobotics.ai.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312368593/en/
Contact information
Gennaro Gallo
Phone: 844-729-2327
Email: press@bearrobotics.ai
Léa Lee
Phone: +82 2 3777 3981
Email: lea.lee@lge.com
Jenny Shin
Phone: +82 2 3777 3692
Email: jungin.shin@lge.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo