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By News Reporter
Company Aims to Lead Shift to Software-Defined Robotics
SEOUL, Mar. 12, 2024 — LG Electronics (LG) is making a strategic investment move to expedite the advancement of its capabilities in service robotics, a key new business area of the company.
LG has executed a stock purchase agreement to acquire a stake in Bear Robotics, a prominent Silicon Valley-based startup specializing in AI-driven autonomous service robots, through an investment of USD 60 million.
Rather than seeking short-term returns, this strategic investment is aimed at bolstering LG’s portfolio for long-term growth. Upon closing the stock purchase, the company will hold the largest portion of shares in Bear Robotics on a single-shareholder basis.
At CES 2024, LG’s CEO William Cho had discussed such potential equity investments, stating, “In the service robotics market, we’re focusing primarily on areas such as delivery and logistics. However, we are carefully considering future directions, keeping open the possibility of equity investments or mergers and acquisitions.”
Founded in 2017 under the leadership of CEO John Ha, a former Senior Software Engineer and Technical Lead at Google, Bear Robotics has gained recognition for its AI-powered indoor delivery robots catering to markets in the United States, South Korea and Japan. The company boasts a team of skilled engineers, including its co-founder and CTO, with backgrounds in prominent tech companies. Notably, Bear Robotics is drawing attention for its expertise in platformizing service robotics software, robot fleet management technology and cloud-based control solutions.
Leading the Shift to Software-Defined Robotics and Enhancing Synergy in Robot Business
LG is preparing for a transition towards Software-defined Robotics (SDR), a shift from hardware to software emphasis, similar to what has been observed in the mobility industry. In anticipation of future growth, the company is committed to developing scalable service robots on an open architecture software platform so that it may cater to a variety of environments, recognizing the critical importance of standardizing AI-based autonomous robot platforms. With this understanding, LG views this strategic investment as a pivotal opportunity to propel its robot business capabilities.
With years of experience in the robot business, LG has accumulated expertise in deploying robot solutions across various commercial spaces such as airports, hotels, restaurants, hospitals, retail stores, museums, smart warehouses and golf courses. LG operates a facility dedicated to the production of service robots at the LG Future Park in Gumi and boasts world-class capabilities in management of quality, supply chain and customer services.
By combining Bear Robotics’ world-class R&D talents and software platform expertise with its own strengths, LG aims to spearhead efforts in standardizing robot platforms to significantly reduce market-entry costs, thereby enhancing operational efficiency and fostering synergies. “Just as Android revolutionized the smartphone era, standardized open platforms are essential for the activation of the robot market,” remarked Bear Robotics CEO John Ha.
Charting a Course for Future Growth in the Service Robotics Market
In recent years, LG has strategically reallocated resources towards high-growth sectors for the future, aligning with market dynamics and the strategic significance of its business models. The investment in Bear Robotics epitomizes LG’s dedication in accelerating the advancement of its service robot sector, a pivotal component of its future growth strategy.
LG has been nurturing its robot business as one of its future core pillars. From the deployment of guide robots at Incheon International Airport in 2017, it has progressively introduced tailored solutions for diverse commercial settings, encompassing delivery and disinfection functionalities. Since the preceding year, LG has actively pursued expansion into international markets including the United States, Japan and Southeast Asia.
The service robotics market is expected to experience rapid growth, propelled by the rapid advancement of technologies such as AI and communication. On a global scale, the market is anticipated to grow from USD 36.2 billion in 2021 to USD 103.3 billion by 2026.
Last year, LG unveiled its Future Vision 2030, outlining its goal of evolving into a Smart Life Solution Company that can seamlessly connect and expand customer experiences across various domains, including home, commercial, mobility and virtual spaces. Aligned with this vision, LG aims to achieve the ‘Triple Seven’ goal: an average growth rate and operating profit of seven percent or more, alongside an enterprise value translating into an EBITDA ratio of seven.
“As the service robot market enters a period of growth, this equity investment will significantly contribute to securing a ‘Winning Competitive-edge’ for the company,” emphasized Lee Sam-soo, chief strategy officer at LG Electronics. “From a mid- to long-term perspective, we will seek to develop our robot business into a new growth engine, exploring various opportunities through the integration of cutting-edge technologies such as Embodied AI and robotic manipulation.”
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By Alex222222222
Hello,
I purchased an IP surveillance camera and I don't know how to connect it to LG TV. I have already wasted several days looking for applications and ways to connect but in vain, only now do I realize how "poor" the application portfolio of this TV is. Pretty sad. Anyway, I'm looking for an application with which I can watch my surveillance camera live. The camera is from TP-link and supports RTSP/Onvif Protocols.
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By ajmboy
So LG has put webOS on TVs, projectors, and now cars with webos auto. Does anyone thing LG will ever produce a webos powered smartphone or tablet? I know samsung has tried with tizen and it was only with the palm pre 2 and touchpad from HP that we saw webos on these types of devices. Just curious on what everyone thingks. Here's what webos used to look like..
HP Touchpad
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By Jersey Jim
I am searching for a wireless outdoor camera to display on my LG TV for my wife to keep an eye on the grandkids in the yard while she's working form home. Does the camera need to support the ThinQ App on the TV? I want to use one camera but don't know what to buy. I have a wireless wifi router in the house, if that helps.
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By News Reporter
When it comes to interacting with a brand, 71 percent of customers expect personalization in products and services, while 76 percent get frustrated when they don’t find it, according to a recent
link hidden, please login to view. This applies to customer experiences on the road, with more drivers searching for mobility solutions that actively assess – and adapt to – their very own driving scenario. Thanks to intelligent camera sensors which retrieve and assess all kinds of roadside information, cars can now think for themselves, providing adjustments tailored to each driving situation without drivers having to do the tweaking themselves.
Camera sensors are image, distance and object-based sensors which provide the driver with important identifiable information about the vehicle’s surroundings. They are crucially different to standard cameras in that they not only capture images but also make active assessment of the information displayed in these images. With a variety of functions such as measuring vehicle distance to recognize imminent collisions and assessing when the driver veers out of lane, camera sensors play a fundamental role in safe driving and are pivotal for the customized, proactive mobility experience that today’s drivers demand.
Let’s take a closer look at how sensors are inventing new tailored customer experiences on the road.
Using Data to Transform Driving Experiences
Built-in camera sensors have shifted the paradigm of driving. In the past, the driver was entirely responsible for judging traffic and maneuvering the vehicle. But with camera sensors now acting as an extra pair of eyes, vehicles can take a lot of the work.
The core technology that makes autonomous driving possible is the Advanced Driving Assistance System (ADAS) and its cameras. Like the name suggests, these cameras detect traffic, signals, vehicle speeds, direction, pedestrians and all other important information located within the driving environment.
The customized information these sensors collect not only plays an instrumental role in detecting potential vehicle hazards and establishing a safe driving environment, but also unlocks a more pleasurable and convenient driving experience.
Today’s most advanced automobiles are fully equipped with recognition technology that lets them perform a multitude of tasks when given simple gestures by the driver. For instance, some cars unlock when it senses the owner is nearby, others adjust the seats once recognizing the person or open the sunroof with a wave of a hand – and some do it all. What’s more, if you enjoy nodding your head along to your favorite songs on the road, you can even register a unique hand gesture for cranking up the volume.
Beyond hand gestures, cars can recognize the identity of everyone on board through built-in interior cameras, which means it can adjust seats and temperatures specifically for that person automatically. While services may vary by manufacturer, these automatic, sensor-powered features are essential for shaping the tailored driving experiences we can claim with the latest vehicles.
Other than these tailor-made features to maximize the driver’s comfort, LG’s award-winning ADAS system and its top-notch camera sensors come with a variety of features to ensure the safest driving experience. With sensors making real-time assessments of the roadside situation and the ADAS system adapting accordingly, the driver no longer needs to worry about keeping eyes on the road at all times.
For an inexperienced or distracted driver, it’s quite easy to veer out of lane – which may potentially lead to various incidents, including striking other vehicles or roadside objects. In such situations, the camera sensor comes to aid by monitoring the car’s lane departure and transmitting the visual information to the ADAS system. The ADAS then gives the driver a warning to get back on track, or in the case of more advanced and autonomous systems, will gently lead the automobile back to the original lane.
The ADAS system and its built-in camera sensors play an important role in forward collision avoidance as well. For those times when the driver cannot immediately catch onto the sudden appearance of vehicle obstacles, camera sensors act as a handy second pair of eyes. For instance, when a pedestrian bounds across the road and the driver cannot react accordingly, camera sensors will capture the information so that the ADAS system can give out an emergency signal, or if necessary, set off the emergency brakes automatically.
With tailor-made features which adapt to every driver’s unique roadside experience, LG’s advanced camera sensors and the ADAS system will continue to deliver the utmost driving comfort as well as ensure the safest ride.
Looking to the future, the company is all-in on the development of innovative mobility technologies that make novel experiences even more convenient, enjoyable and unique to each individual driver.
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