Bear Robotics, a Silicon Valley-based innovator of indoor service robots, is continuing its advancements in the robotics and artificial intelligence space. The tech pioneers just announced a strategic investment to fund its Korea-based partner, M2MTech, which specializes in IoT convergence for smart remote and predictive systems with elevators.
What does the investment mean for Bear Robotics?
This investment comes as Bear Robotics extends their Servi robot line with a fully integrated elevator delivery robot, Servi Lift, which is capable of completing last-mile deliveries inside of multi-story buildings such as hotels, senior living communities, ghost kitchens, hospitals, corporate campuses, and other high-rise commercial and residential real estate properties.
“We believe this investment will truly maximize facility efficiencies and minimize user inconvenience. The ELSA convergence platform developed by M2MTech provides strong security, interoperability, and connectivity advantages that will set the stage for us to scale our last-mile mobility solutions,” commented John Ha, co-founder and CEO of Bear Robotics.
In engineering Servi Lift, Bear Robotics sought interoperability as its absolute competitive advantage to be applied with major players in the smart elevator market such as OTIS, TKE, Mitsubishi, KONE, Hyundai and Schindler. With the expansion of urbanization, Bear Robotics is bullish on the “smart city” shift to robot-friendly buildings, enhanced access security, and the penetration of smart elevators in smart buildings with strong linkages between systems.
Why is the M2MTech investment a timely one?
“With the global IoT elevator market forecasted to grow to $64 billion by 2030, it was imperative for us to invest into our close partnership with M2MTech that our engineering teams have built over the last couple of years, and to realize the synergies we believe will advance our last-mile aspirations,” said Juan Higueros, co-founder and COO of Bear Robotics.
“We are confident that this collaborative approach will generate more efficient operations for many of our existing clients and open a broad array of new opportunities that will place Bear Robotics in a position to be the world’s leading multi-story robot delivery solutions provider.”
100 trials of Servi Lift are reserved for 2023. Broader rollouts are lined up in 2024.