Bear Robotics secures $60m in Series C funding led by LG Electronics
Bear Robotics, a pioneering Silicon Valley company specializing in service robotics and artificial intelligence solutions, has announced the successful closure of a $60 million Series C funding round, led by LG Electronics. This significant financial milestone will accelerate Bear Robotics’ expansion into new markets, including smart warehousing and supply chain automation, showcasing its next-generation robotics platform. This platform promises autonomous navigation systems and adaptive learning algorithms designed to meet the complex requirements of modern supply chains and manufacturing processes.
John Ha, CEO of Bear Robotics, emphasized the strategic nature of the partnership with LG Electronics, which transcends mere financial support. “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,” Ha stated. This collaboration is expected to leverage Bear Robotics’ proven track record in the hospitality sector and extend its innovative solutions to meet the unique demands of smart warehousing and supply chain automation.
During CES 2024, LG Electronics’ CEO, William Cho, underscored the company’s commitment to the service robotics market and its strategy of making strategic equity investments to foster future growth. The investment in Bear Robotics aligns with LG’s ambition to lead the transformation in service robotics, reflecting the evolving market dynamics and strategic business model adaptations.
The investment by LG Electronics in Bear Robotics is a testament to their shared vision of a future where robotics and AI are integral to industry success. “This investment will help secure a leading competitive edge for LG and Bear Robotics in the service robotics domain,” remarked Lee Sam-soo, Chief Strategy Officer at LG Electronics. Both companies are committed to evolving their robotics business into a significant growth engine, exploring opportunities through the integration of cutting-edge technologies like embodied AI and robotic manipulation.
Bear Robotics is poised for a transformative future, with this strategic partnership enabling the introduction of innovative solutions that anticipate and meet global industry needs, establishing new standards in service efficiency and robotics innovation. Since its founding in 2017, Bear Robotics has been at the forefront of manufacturing self-driving indoor robots, including the flagship Servi robots, enhancing operational efficiency across hospitality, healthcare, retail, logistics, and multi-story real estate venues worldwide.