As ThinQ Expands, LG Announces Investment in Another Robotics Firm
LG has been positioning itself to make a major play in the world of robotics. In a statement, the company announced a recent investment in Bossa Nova Robotics, the first overseas investment in a robotics partner. LG said that it seems robots as playing a major role in their ThinQ strategy, and they’ve made more than $90 million worth of investments to back that belief.
Bossa Nova Robotics is a provider of on-shelf data for the global retail industry, the LG statement explained. Their technology helps large-scale retail stores run more efficiently by automating the collection and analysis off on-shelf inventory data. The company’s name may not be that familiar to most, but they’ve been in the headlines before alongside Walmart, who’s been testing their shelf-scanning robots in a number of its stores over the past year.
“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, said in a statement. “LG is committed to expanding its robotics capabilities through investments in innovative partners as well as intense R&D efforts from within.”