SOUTH Korean consumer electronics giant LG Electronics and financial group Mirae Asset have jointly invested in a financing round of Chinese humanoid robotics startup AgiBot.

Mirae Asset-LG Electronics New Growth Fund, an investment fund focused on emerging industries established by Mirae Asset New Economy Fund and LG Electronics, participated in AgiBot’s latest fundraiser, Chinese media reported.

This was LG Electronics’ first global investment in the embodied artificial intelligence sector.

A subsidiary of LG Group, LG Electronics is a global leader in consumer electronics, mobile communications, and home appliances. Mirae Asset is one of Asia’s largest financial groups, managing assets exceeding US$620 billion.

AgiBot has completed 10 financing rounds, with investment from well-known firms, such as Tencent Holdings, JD.com, BYD, SAIC Motor, BAIC Group, and TCL Technology Group, according to data on corporate information platform Tianyancha.

AgiBot announced last month that it had received a strategic investment from CP Robotics, with the Danish robotics software company expected to assist AgiBot in developing business applications in vertical sectors, such as life sciences, new retail, new consumption, and health and wellness services.

On July 8, Swancor Advanced Materials announced that a consortium formed by AgiBot and its core team, along with persons acting in concert, would pay as much as 2.1 billion yuan (US$290 million) for control of the listed Chinese maker of high-performance materials.

The news sparked market speculations that AgiBot was seeking a backdoor listing. However, the firm then clarified that it has no definite plans to make big changes to Swancor’s main business within the next 12 months.(SD-Agencies)