LG's Bear Robotics Seeks Up to W400 billion Pre-IPO Funding, Eyes Nasdaq Listing
Bear Robotics, a robotics startup under LG Electronics, is raising 300 billion to 400 billion won (about HK$17.6 billion to HK$23.46 billion) in pre-IPO funding at a target valuation of roughly 2 trillion won (about HK$117.3 billion), ahead of a planned Nasdaq listing. The company has appointed Bank of America as lead underwriter. The target valuation is about 1.86 times higher than its 700 billion won valuation in a 2024 Series C round. LG holds about 56.9% of the company.
Bear Robotics, a robotics startup under LG Electronics, is seeking 300 billion to 400 billion won (about HK$17.6 billion to HK$23.46 billion) in pre-IPO funding, with a target valuation of approximately 2 trillion won (about HK$117.3 billion). The company plans to prepare for a listing on the Nasdaq in the United States and has appointed Bank of America as the lead underwriter for the funding round.
The target valuation represents an increase of about 1.86 times compared with the 700 billion won valuation at the time of its Series C round in 2024.
Founded in 2017 and headquartered in California, Bear Robotics was established by John Ha, a former Intel research scientist and Google technology lead. The company develops service robots that assist restaurant waitstaff in delivering food to customers. It raised US$750 million in its angel funding round. LG Electronics invested US$60 million in Bear Robotics in 2024, becoming a shareholder with approximately 56.9% equity.