Robotics is one of the fastest growing sectors in electronics, and LG tries to use this prospect by expanding its investments for its sheer innovation. Having done deals with local Korean startups over the last twelve months, LG’s latest investment in the US Based Bossa Nova Robotics is the first overseas venture in a robotic innovation.
Robotics, as a key component of our ThinQ AI strategy, is a critical future growth opportunity for LG – Kim Sungwook, vice president of the global open innovation division at LG Electronics
Following a number of deals with the Korean startups over the past years, LG, in total, has committed over USD 90 million to robotics startups in the first 12 months of its investment initiative.
LG, this year at the CES, has promoted numerous robotic concepts that could help in a number of fields like shopping trolleys, and security in airports. In fact, in airports, we do find LG security robots and even cleaning robots wandering around.
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.
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Bossa Nova Robotics is the leading real-time provider; it assists to run large-scale retail stores proficiently by collecting and analyzing on-shelf inventory data. Bossa Nova’s shelf-scanning robots have been trialed at several Walmart stores since last year.
The funding of Bossa Nova follows LG’s investments in four other Korea-based robotics companies: Acryl, SG ROBOTICS, Robotis, and Robocar. These investments show LG’s efforts to bring the innovation of robotics to the market in the near future. The company is in parallel trying to develop consumer electronics and home appliances as well.