LG Electronics Inc. has invested $3 million in US-based Bossa Nova Robotics — marking the first time the company has injected funds into an overseas robot developer.
The South 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 the key growth engines for LG recently.
“The US company was established in 2005 and provides inventory-management solutions for retailers,” Yonhap news agency reported on Friday. Nova Robotics’ robots have been supplied to some 50 Walmart supermarket chain operations.
The South Korean company has been making various moves in expanding its presence in the robotics industry. It showcased guide-navigation robots in places like Incheon International Airport.
LG earlier made investments in South Korean robot-related startups, including SG Robotics, Robotics, Acryl, and Robostar. The company said it will speed up development of new robot solutions utilizing artificial intelligence and self-driving technologies.