LG acquires majority stake in Bear Robotics [Video]

LG Electronics USA Inc. today announced that it has secured a majority stake in Bear Robotics Inc., an autonomous service robot developer in Silicon Valley. LG said the acquisition aligns with its strategy to strengthen its presence in the robotics sector, a key growth area for the company.

“This additional investment underscores our dedication to positioning robots as a pivotal growth engine for the company, reflecting our belief in their inevitable role in the future,” stated Lee Sam-soo, chief strategy officer at LG Electronics. “We will persist in driving innovation across all sectors of robotics, encompassing commercial, industrial, and home applications.”

On Jan. 22, LG’s board of directors exercised a call option to acquire an additional 30% stake in Bear Robotics. This follows an initial investmentof $60 million in March 2024. This investment secured LG a 21% stake and a call option agreement for up to an additional 30% stake. …