LG Electronics has acquired management rights to Bear Robotics by purchasing an additional 30 percent stake in the Silicon Valley-based robotics startup, increasing its total holding to 51 percent.
The acquisition aims to accelerate LG's commercial robot business, known for its CLOi server robots. Bear Robotics CEO John Ha and other key executives will remain in their positions.
The deal's financial details have not been disclosed, but industry insiders estimate the total value, including LG's existing commercial robot operations, to be around $180 million.
LG first invested $60 million in Bear Robotics in March 2024, acquiring a 21 percent stake and retaining call option rights for an additional 30 percent. The board meeting held on Wednesday finalized the exercise of this option.
Bear Robotics, founded in 2017 by former Google engineer John Ha, is recognized for its autonomous service robot, Servi, which is marketed in the U.S., Korea, and Japan. The company also specializes in advanced robotics software, including autonomous driving and multi-robot route optimization.
LG plans to utilize Bear Robotics' software technology to create a versatile platform applicable across various robot categories.
Lee Sam-soo, vice president and chief strategy officer at LG Electronics, stated that the investment underscores the company's commitment to robotics as a new growth sector.