Total amount raised
$175.8 Millions
Latest funding date
03/01/2024
Location
Bear Robotics has successfully raised funds across multiple rounds, including a significant $60 million investment from LG Electronics. The company is currently in the Series C funding stage, attracting a total of 17 investors.
Bear Robotics offers an AI-powered platform designed to enhance workforce efficiency through delivery robots, with products like Servi, Servi Plus, and Carti. Keep reading to explore the intricacies of Bear Robotics' fundraising journey and the investors backing this innovative platform.
What Is Bear Robotics?
Bear Robotics, founded in May 2017, is headquartered in Redwood City, California. The company specializes in AI-powered robotics for the food service and hospitality industry, aiming to improve dining experiences and employee satisfaction.
Founded by Brennand Pierce, Fangwei Li, John Ha, and Juan Higueros, Bear Robotics employs between 251 and 500 people. Their innovative products, such as Servi and Carti, are designed to address challenges in the restaurant industry through advanced robotics and AI.
How Much Funding Has Bear Robotics Raised?
- Angel Round
- Amount Raised: $750K
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources without diluting equity.
- Seed Round
- Amount Raised: $2M
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their robotics technology.
- Series A
- Amount Raised: $32M
- Date: January 2020
- Lead Investors: SoftBank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and expand market reach.
- Series B
- Amount Raised: $81M
- Date: March 2022
- Lead Investors: IMM
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and enter new markets.
- Series C
- Amount Raised: $60M
- Date: March 2024
- Lead Investors: LG Electronics
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of next-generation robotics and explore new areas like smart warehousing.
Total Amount Raised: $175.75M. Current Valuation: Not publicly disclosed.
Key Investors
- LG Electronics
- Details: LG Electronics is a global leader in electronics and home appliances, headquartered in South Korea. The company has made a strategic investment of $60 million in Bear Robotics to enhance its capabilities in service robotics.
- Investment Focus Areas: Service Robotics, Artificial Intelligence Solutions, Smart Warehousing, Supply Chain Automation
- Notable Investments: Bear Robotics, guide robots at Incheon International Airport, various commercial robot solutions
- IMM
- Details: IMM is a private equity firm based in South Korea, known for its investments in various sectors. The firm led the $81 million Series B funding round for Bear Robotics.
- Investment Focus Areas: Technology, Healthcare, Consumer Goods
- Notable Investments: Not publicly disclosed
- SoftBank
- Details: SoftBank is a multinational conglomerate holding company headquartered in Tokyo, Japan. It led the $32 million Series A funding round for Bear Robotics.
- Investment Focus Areas: Technology, Telecommunications, AI
- Notable Investments: Uber, WeWork, Arm Holdings
What's Next for Bear Robotics?
Bear Robotics is poised to explore new frontiers in smart warehousing and supply chain automation, leveraging their next-generation robotics platform. The strategic partnership with LG Electronics opens doors to significant opportunities in various industries, including warehousing, supply chain, and manufacturing. This collaboration is expected to drive innovation and efficiency, setting new benchmarks for productivity.
Future fundraising opportunities look promising, with the successful Series C funding round positioning Bear Robotics well for additional investments. The focus on advanced robotics and AI solutions is likely to attract further interest from investors. However, the company may face challenges in integrating their technology into existing industry processes and ensuring scalability and reliability in diverse environments.
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