Samsung Electronics to expand its robot business via investments

The South Korean multinational electronics corporation Samsung Electronics is going to expand its robot business via investments. The company will be investing in companies involved in robot development. As per Han Jong-hee who’s currently the Vice Chairman of Samsung Electronics, they plan to emphasize building the company’s robot platform, a new type of growth engine.

Robots are the future and Samsung Group is moving towards that future one step at a time. In the coming years, Samsung looks forward to embarking on robotics fields even further. Through the investments, Samsung Electronics will be backing the development of potential futuristic products. 

Samsung corporation eyes merging and acquiring shares at companies in the robot space such as Rainbow Robotics, a South Korea-based robotics platform company. It is anticipated that the merger and acquisition of Rainbow Robotics might be fulfilled by the end of 2023. 

South Korean software company Neubility is another company supported through investments from Samsung Electronics. Neubility has received several business cooperation opportunities along with consulting help over the two years. The company is engaged in providing robot services and has attained $2.3 million from the Samsung corporation. As of now, Samsung Electronics has kept details related to acquiring companies confidential. 

South Korea’s robotics industry has been booming for the past decade. With the world’s highest robot density in manufacturing of 932 robots per 10,000 employees last year, the country is showing progress in the global robotics arena despite being new compared to Western and Japanese industrial counterparts. 

The Korea Institute of Machinery and Materials recently built a smart farm robot to help harvesters. The robot requires little to no human assistance and can easily transport fruit and veggies too. A similar development happened in police patrolling where the South Korean government aims to deploy self-driving robots to aid police during night patrols by the next year. 

Later on, this year Samsung Electronics decided to launch their EX1 product, a walking aid robot designed specifically for elderly people. Since the proportion of the elderly population is growing, Samsung Electronics views it as necessary to commercialize service robots in the South Korean market as well. 

Super large AI ChatGPT is picking pace around not only South Korea but also the globe. The multinational giant seeks to incorporate AI tech in the home appliances domain. At Bespoke Life Media Day Event in Seoul, 

Samsung Electronics came up with a new advanced OLED (Organic Light-Emitting Diode) TV in the domestic market after shifting its focus from LCD-based QLED TVs. The new model has been shaped as per the taste of modern-day consumers. The worldwide shutdown and slowdown have affected the majority of companies. Like every other business, Samsung aspires to cover its deficit created last year and before. 

More emphasis is being put on eco-friendly products and lesser energy consumption in the industries for everyday life home appliances. By 2027, the global service robot market will possibly cross $140 billion. New investment endeavours by Samsung Electronics are expected to intensify competition in the Korean robotics industry, especially among leading players such as LG Electronics.