LG Electronics Investor Bear Robotics CEO Ha Jung-woo "Expanding Industrial Robot Business"

$60 Million Investment Received by Autonomous Robot Developer
"LG Electronics Had High Understanding of Robot Business"

Industrial Market Growing as Much as Food Service Market
Home Appliance Factories and Fulfillment Business Underway

"We pride ourselves on having the best technology in the field of autonomous driving robots."

On the 19th (local time), Hajeongwoo, CEO of Bear Robotics, whom we met in Santa Clara, USA, was full of confidence. Bear Robotics is an AI-based autonomous driving robot developer that recently attracted attention by securing a $60 million (approximately 79.6 billion KRW) investment from LG Electronics. The company is expanding its business scope from serving robots to industrial robot markets such as logistics and delivery. Recently, it has supplied robots to several large factories including Panasonic and has also formed partnerships with Canadian logistics company LIDD.

Ha Jung-woo, CEO of Bear Robotics, meets with the press and takes photos at a Korean restaurant in Santa Clara, USA, on the 19th (local time) /

In the interview, CEO Ha explained the process of attracting investment from LG Electronics. Although there were several investment offers, he evaluated that LG Electronics had the highest understanding of the robot business.

He said, "Many robot companies in the U.S. have closed down," adding, "Because it requires a lot of capital and many employees, the traditional venture capital (VC) investment formula does not fit." He further explained, "(LG Electronics) has business experience, so they clearly understood our business and better understood exactly what support was needed."

It is said that LG Electronics showed interest in Bear Robotics' investment first. As part of pioneering new businesses, LG needed to expand its B2B (business-to-business) robot business, and this company caught their eye. At the same time, Bear Robotics was planning to raise investment, so the timing and understanding between the two companies matched well.

CEO Ha is a former Google engineer. In 2017, while running a Korean restaurant as a side business in Silicon Valley, he thought a robot to assist with serving was needed, which led him to enter the robot business. He concretized the startup idea by explaining it to Korean business owners who operated several restaurants.

Bear Robotics is increasing its influence by introducing various products to the global market, including autonomous driving serving robots capable of riding elevators. Recently, it has been expanding its industrial robot business.

CEO Ha said, "Restaurants have many people and a complex environment," adding, "The outside of restaurants actually looks easier."

Bear Robotics is more interested in logistics robots based on autonomous driving technology. He said, "We are collaborating with a company called Fasto and expanding partnerships with Canada’s LIDD." Fasto and LIDD are engaged in AI logistics platforms and logistics consulting businesses, respectively. Bear Robotics plans to focus on supplying fulfillment (integrated logistics management) robots in the future. It also plans to cooperate with LG Electronics, which has announced plans to grow its commercial robot business in delivery and logistics as a future new business. Additionally, it will supply robots to help move materials or production products in small home appliance factories. CEO Ha emphasized, "We will focus on the transportation side that moves goods from A to B."

Market research firm Statista forecasted that the global industrial robot market size will reach $9.31 billion this year.