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LG Electronics invests $90m in robotics companies

Participation in funding round for Bossa Nova marks fifth investment in robotics for LG

LG Electronics invests $90m in robotics companies
LG Electronics has participated in a funding round for Bossa Nova robotics.

LG Electronics has announced investment in US shelf-scanning robot company Bossa Nova Robotics, its fifth investment in a robotics company in twelve months.

The electronics giant has now investment $90m in robotics companies as part of its strategy to develop commercial robots

The company recently announced an investment of $3m, as part of a $29m funding round, in US-based Bossa Nova Robotics. Bossa Nova is a leader in on-shelf product data scanning - using robots and other technology to scan, collect and analyse data on inventory on retail shelves.

LG has invested in four other robotics companies, all in South Korea, including cognitive computing company Acryl; wearable robotics and specialist SG Robotics which makes ‘exoskeleton-like devices to help disabled people to walk; educational robotics company Robotis; and industrial robotics company Robostar.

LG has already deployed a number of robots in Korea for trial service, with its Guide Robot and Cleaning Robot dispatched to assist travelers at South Korea's largest airport during the winter games in PyeongChang. Earlier this year at CES, LG introduced three new CLOi concept robots specifically developed for commercial use in high-traffic locations such as hotels and supermarkets. LG's CLOi robots are being developed in parallel to ThinQ products, LG's AI brand for consumer electronics and home appliances.

"Robotics, as a key component of our ThinQ AI strategy, is a critical future growth opportunity for LG," said Kim Sungwook, vice president of the global open innovation division at LG Electronics. "LG is committed to expanding its robotics capabilities through investments in innovative partners as well as intense R and D efforts from within."

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