April 20, 2024

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[THE INVESTOR] LG Electronics said on June 22 it invested US$3 million in US-based Bossa Nova Robotics, marking the first time the company has injected funds into an overseas robot developer.

The Korean tech giant said it is aiming for the investment to bolster its competitiveness in the robot industry, which has been cited as one of key growth engines for LG recently.

The US company was established in 2005, and provides inventory-management solutions for retailers. Bossa Nova Robotics’ robots have been supplied to some 50 Walmart supermarket chain operations.

LG has been making various moves in expand its presence in the robotics industry. It showcased guide-navigation robots in places like Incheon International Airport.

It earlier made investments in Korean robot-related startups, including SG Robotics, Robotis, Acryl, and Robostar.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)