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Bear Robotics Secures $60M in Series C Funding Round, Supported by LG Electronics

By Alex Passett
March 18, 2024

As I covered earlier today over on IoT Evolution World (read the full story here), the act of boosting intelligent investments in advancing technologies (and the necessary security measures therein) is laden with a not-to-be-underestimated importance. Supporting the IoT and IIoT landscape – fostering innovation and top-notch security alike – is vital; stimulating talent shows that organizations care about the quality of their workforce, as well as the latest and greatest being brought to market.

Such is also the case with today’s news centered around Bear Robotics and LG Electronics.

I recall penning an article about Bear Robotics around this time last year; the Silicon Valley-based service robots developer had placed a sizeable investment in an M2M company that hones remote and predictive smart systems for customer-facing indoor structures. That investment underscored Bear Robotics’ position as a provider of “next-gen robot delivery solutions.”

Now, the tables turn.

Last week, Bear Robotics announced the completion of a $60 million Series C funding round, which was led exclusively by LG Electronics.

“But 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.”

The long-story-short of it? This strategic investment from LG further validates Bear Robotics as an innovator and will enable its teams to more precisely target established and emerging solutions and overarching markets – highly capable service robots, smart warehousing systems, supply chain automation, robotic manipulation, embodied AI, autonomous navigation, adaptive learning algorithms, etc.

“Our investment will help secure a leading competitive edge for LG and Bear Robotics in the service robotics domain, among others,” noted Lee Sam-soo, Chief Strategy Officer at LG Electronics. "We are committed to evolving our robot business as a key growth engine, in addition to our exploration of various cutting-edge opportunities.”




Edited by Greg Tavarez
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