Monday, September 24, 2018
LG Electronics Invests US$3 Mil. in US Robot Company
Push for Robot Business
LG Electronics Invests US$3 Mil. in US Robot Company
  • By Cho Jin-young
  • June 22, 2018, 17:42
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A store management robot operated by BossaNova Robotics
A store management robot from BossaNova Robotics

LG Electronics, which focuses on the robot business as one of its future growth engines, has started investing in foreign robot companies.

The company announced on June 22 that it has recently invested US$ 3 million in BossaNova Robotics, a US robot development company. It was the first time the company has invested in an overseas robot development company.

BossaNova Robotics, headquartered in San Francisco, USA, was founded in 2005 and is developing real-time store management robots and solutions using robots, computer vision (technology to give visual capabilities to robots), artificial intelligence (AI), and big data.

The robots developed by the company are used to check the availability of products on display, errors on price tags and product display at 50 Wal-Mart stores in the US, and are also available through distribution channels in Canada.

LG Electronics plans to strengthen its robot development capacity and explore new business opportunities with this investment.

LG Electronics acquired a 10.12% stake in Robotis, a Korean company specializing in robot solutions and educational robots, early this year, and participated in the capital increase of Acryl, an AI ​​start-up in Korea, in March. It announced a plan last month to invest in Robostar, a domestic industrial robot manufacturer.