Bear Robotics (LG) seeks $300 million investment
Article excerpt
Bear Robotics became one of the most recognized brands in service robotics thanks to the creation of robots that carried dishes in restaurants. Now, the company controlled by LG Electronics, could be preparing to ask investors to value it at a considerably higher figure. According to automate.org, the Silicon Valley robotics company is reportedly seeking up to $300 million in pre-IPO funding, ahead of a possible Nasdaq listing. Bank of America has apparently been chosen to manage the funding round, and Bear is targeting institutional investors with a valuation of approximately $1.5 billion. This would represent a significant leap from the valuation associated with LG's $60 million investment in Bear in 2024. But valuation is only part of the story. Investors would increasingly back Bear's attempt to move from restaurant service robots to a broader automation platform encompassing autonomous mobile robots, industrial material movement, manipulation, and eventually, physical AI. LG's role in this transition has grown rapidly. The company invested $60 million in Bear in March 2024, initially acquiring a 21% stake. Less than a year later, LG exercised an option to acquire an additional 30%, giving it control of the company. LG also integrated its CLOi commercial robot business into Bear, making the company a centerpiece of its commercial robotics strategy. Since then, Bear has...
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Bear states that these machines are already being deployed in LG's smart factories, providing the company with something many robotics startups take years to achieve: an industrial environment in which to develop, deploy, and refine its technology.